Document:

Exhibit 10.3

   

  SEPARATION AGREEMENT AND COMPLETE RELEASE

   

  This Separation Agreement and Complete Release (“Agreement”) is entered into, by and between the undersigned Jon Levin (the “Employee”) and
    Tilray Inc. (the “Company”), as of the date that Employee signs this Agreement.

   

  WHEREAS, Employee was employed by the Company as Chief Operating Officer;

   

  WHEREAS, the Company is working to complete a change in control on or before April 30, 2021, whereby the Company would merge with Aphria (the
    “Change in Control”);

   

  WHEREAS, if the Change in Control is completed on or before April 30, 2021, then the Company has decided to terminate Employee’s employment,
    effective April 30, 2021;

   

  WHEREAS, if the Company terminates the Employee’s employment, then the Company desires to provide severance pay to Employee to assist Employee in
    Employee’s transition to new employment; and

   

  WHEREAS, Employee and the Company desire to resolve any and all of their differences between them, whether now pending or which may arise through
    the course of Employee’s employment with the Company, with respect to Employee’s employment with the Company and the termination thereof.

   

  THEREFORE, in consideration of the mutual promises and covenants set forth below, the sufficiency and receipt of which are hereby acknowledged,
    Employee and the Company acknowledge and voluntarily agree as follows:

   

  1.      That Employee’s last day of employment will be April 30, 2021, contingent upon completion of a Change in Control that the Company may complete on
    or before April 30, 2021; provided, however, that if the Company does not complete the Change in Control on or before April 30, 2021, then this Agreement will be null and void and the Employee’s employment will be governed by the terms of his
    Employment Agreement.

   

  
    
      

  

  
   

  
   

  2.      That the Company will pay Employee severance at Employee’s current base rate of wages, less applicable taxes and withholdings, equal to twelve
      (12) months (“Severance Period”), of pay, as severance pay, paid in substantially equal installments in accordance with the Company’s regular payroll practices, beginning with the regularly scheduled pay date following your final date; provided,
    however, that the Company will make such payment only if Employee does not revoke Employee’s acceptance of this Agreement, according to the procedure established in this Agreement. In addition, if applicable, the Company will excuse the Employee from
    repaying any signing bonus s/he received, provided Employee does not revoke this Agreement.

   

  3.      That the Company will reimburse Employee for premiums that Employee pays for continuation coverage pursuant to the Consolidated Omnibus Budget
    Reconciliation Act of 1985, as amended (“COBRA”) for Employee and Employee’s eligible dependents until the earlier of twelve (12) months from your final date or the time when Employee or Employee’s dependents, respectively, are no longer
    eligible for continuation coverage, provided that Employee does not revoke Employee’s acceptance of this Agreement during the revocation period specified in this Agreement. Thereafter, any continuation of Employee’s health care coverage in accordance
    with COBRA will be at Employee’s sole expense. If Employee revokes Employee’s acceptance of this Agreement during the revocation period specified in this Agreement, then any continuation of Employee’s health care coverage from Employee’s last day of
    employment forward in accordance with COBRA will be at Employee’s sole expense.

   

  4.      That the Company will pay Employee an amount equal to Employee’s target bonus for the 2021 calendar year, pro-rated based on the number of days
    that Employee was employed by the Company during the 2021 calendar year, less applicable taxes and withholdings.

   

  
    
      

  

  
   

  
   

  5.      That the Company will accelerate the vesting of all of Executive’s outstanding equity incentive awards.

   

  6.      That any benefits due Employee under the Company’s 401(k) plan will be determined in accordance with the plan as in existence on the effective date
    of this Agreement.

   

  7.      That the Company will not contest Employee’s initial application for unemployment compensation benefits following the expiration of the Severance
    Period.

   

  8.      That upon receiving a request from a prospective employer of Employee, the Company will give a neutral reference that will inform the prospective
    employer of the dates and positions of Employee’s employment with the Company.

   

  9.      That Employee will timely submit Employee’s business expenses, if any, and the Company will handle Employee’s timely submissions in accordance with
    its policies and past practices.

   

  10.      That except as provided for in Paragraph Numbers 2, 3, 4, 5, 6 and 9 of this Agreement, all compensation and other payments or benefits due
    Employee as a result of Employee’s employment with the Company have been paid in full, and that Employee is not entitled to any additional salary, bonus, stock options, commissions, paid time off, or other benefits (aside from any benefits to which
    Employee is entitled as a participant in any employee benefit plan as to which Employee may have continuing rights pursuant to the terms of such plan) or payments whatsoever.

   

  
    
      

  

  
   

  
   

  11.      That Employee, on behalf of Employee, Employee’s heirs, executors, assigns, and attorneys, hereby completely and irrevocably discharges and
    releases the Company and its subsidiaries and affiliated entities and their respective current and former officers, directors, employees, agents, owners, members, successors, assigns, and attorneys, hereinafter “the Releasees” from all claims, demands,
    actions, causes of action, and liabilities of any kind whatsoever, including, without limitation, claims arising out of or in any way related, directly or indirectly, to Employee’s employment with the Company, compensation therefor, or termination
    thereof, including, without limitation, claims for unpaid compensation, benefits, bonus compensation, commissions, or severance pay, wrongful discharge, defamation, discriminatory compensation practices, retaliation, breach of contract, unjust
    enrichment, fraudulent inducement to contract, negligent misrepresentation, tortious interference with a business contract or business relationship, breach of fiduciary duty, promissory estoppel, intentional or negligent infliction of emotional
    distress ,negligence claims and claims pursuant to Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e, the Age Discrimination in Employment Act (the “ADEA”), 29 U.S.C. § 621, the Americans with Disabilities Act, 42 U.S.C. § 12101, the
    National Labor Relations Act, 29 U.S.C. § 151, the Family and Medical Leave Act, 29 U.S.C. § 2601, the California Fair Employment and Housing Act, Cal. Government Code § 12001, the Unruh Civil Rights Act, Cal. Civil Code § 1102.1, California laws
    regarding the payment of wages, overtime, and vacation pay, Cal. Labor Code §§ 96 and 98, California Industrial Welfare Commission Wage Orders, the Minnesota Human Rights Act, Minn. Stat. § 363A, the Colorado Anti-Discrimination Laws, including without
    limitation, Part 4 of Article 34 of Title 24 of the Colorado Revised Statutes, Colorado Minimum Wage Order No. 32, , the Texas Human Rights Act, Texas Labor Code § 21.051, the Texas Wage Payment Law, Tex. Lab. Code Ann. § 61.001, § 21.0022, the Equal
    Pay Act, 29 U.S.C. § 206, the Employee Retirement Income Security Act, 29 U.S.C. § 1001, and any state or local law of a similar nature to any of the foregoing, arising at any time prior to and including the effective date of this Agreement; provided,
    however, that Employee will continue to reserve all of Employee’s rights as a plan participant in any continuing employee benefit plan, subject to the terms of such plans. Employee further agrees that Employee will not seek reinstatement or
    re-employment with the Company, or any of its known affiliated companies at any time in the future. Specifically excluded from this release are the rights and obligations of Employee and the Company under this Agreement.

   

  
    
      

  

  
   

  
   

      That furthermore, Employee hereby waives any claim against the Releasees for attorneys’ fees, expenses and costs related to the claims, demands, actions,
    causes of action, and liabilities set forth in the preceding paragraph.

   

  12.      That Employee will not make any statement, orally, in writing, or otherwise, or in any way disseminate any information, concerning the Releasees,
    or concerning their respective businesses, business operations, or business practices, which in any way, in form or substance, harms, disparages, or otherwise casts an unfavorable light upon the Releasees, or their respective employees, officers, or
    directors (past or present), or their reputations or standing in the business community or the community as a whole.

   

  13.      That the Company will not make any official statement through its executive leadership team or Board of Directors, whether orally, in writing, or
    otherwise, concerning Employee that is in any way disparaging or otherwise casts an unfavorable light upon Employee or Employee’s reputation or standing in the business community or the community as a whole. For avoidance of doubt, any statements made
    by the Company regarding its own performance, whether or not Employee participated in or was involved in the subject matter of the Company’s statement, is specifically excluded from this paragraph.

   

  
   

  
   

  14.     That Employee shall not initiate, assist, testify, or consult with respect to any investigation, complaint, suit, or action involving or
    related to the Releasees, other than for a claim brought by Employee challenging the validity of this Agreement under the ADEA, or the Older Worker Benefit Protection Act, unless compelled to do so by legal process. That, furthermore, Employee will
    indemnify the Releasees for all expenses and costs, including reasonable attorneys’ fees, which the Releasees incurs as a consequence of Employee’s breach of this covenant. That nothing in any provision of this Agreement prevents Employee from filing
    an administrative charge or complaint, or otherwise communicating with or participating in an investigation by the Equal Employment Opportunity Commission or equivalent state agency, the National Labor Relations Board, the Occupational Safety and
    Health Administration, the Securities and Exchange Commission, any agency Inspector General, or any other federal, state, or local agency governing employee rights. Nothing in this Agreement shall be construed to limit any disclosure to any such
    governmental officials or agencies or making disclosures that are protected under whistleblower provisions of federal law or regulation. However, by signing this Agreement, Employee waives Employee’s right to recover any damages or other relief in any
    claim or suit brought by employee, or by or through the EEOC, or other federal, state, or local law, except where prohibited by law. This Agreement does not limit Employee’s right to receive an award for information provided to any government agency.
    Employee agrees to release and discharge the Releasees not only from any and all claims that Employee could make on Employee’s own behalf, but Employee also specifically waives any right to become, and Employee promises not to become, a member of any
    class in any proceeding or case in which a claim or claims against the Releasees may arise, in whole or in part, from any event that occurred prior to the date of this Agreement. If Employee is not permitted to opt-out of a future class, the Employee
    agrees to waive any recovery for which Employee would be eligible as a member of such class. Nothing in this Agreement is intended to limit or interfere with Employee’s rights under Section 7 of the National Labor Relations Act.

   

  
    
      

  

  
  
    

  

  
   

  15.     Employees owe obligations of confidentiality to the Company, which are detailed in the Employee’s Confidentiality Agreement with Tilray Inc.
    and in the Company’s Code of Business Conduct and Ethics. Notwithstanding Paragraph 23, below, all obligations contained in the Confidentiality Agreement remain in effect after termination of Employee’s employment with the Company. That Employee
    covenants and represents that Employee has returned to the Company all of its known property of any kind that was in Employee’s possession, custody, or control prior to the execution of this Agreement, including all documents, records, correspondence,
    keys, and credit cards and each and every copy of such materials. Employee agrees that if the Company discovers after the effective date of this Agreement that Employee has any of their files, documents, or records at Employee’s home or otherwise in
    Employee’s possession or control, Employee will immediately turn over such files, documents, or records to the Company.

   

  16.     That Employee confirms that Employee (a) has no knowledge of any facts or circumstances that Employee understands would give rise to a
    violation of any law, regulation, or Company policy; arising out of or in connection with Employee’s employment or termination thereof; (b) has not reported any allegations of unlawful or unethical conduct to any third party that have not also been
    disclosed to the Company; (c) and acknowledges that Employee has received no injuries and contracted no occupational diseases arising out of or in connection with Employee’s employment with the Company.

   

  17.     That the parties hereby further acknowledge:

   

  	 	(a)	That each has had the reasonable opportunity to review and consider the terms of this Agreement for a period of twenty-one (21) days; and that Employee has been advised, through this Agreement, to
          consult with an attorney, engaged at Employee’s own expense, prior to signing this agreement:

   

  
  
    

  

  
   

  
    
      

  

   

  

  	 	(b)	That each fully understands, and had the opportunity to receive counsel regarding, their respective rights, obligations and liabilities hereunder;
	 	 	 
	 	(c)	That to the extent that Employee has taken less than twenty-one (21) days to consider this Agreement, Employee acknowledges that Employee has had sufficient time to consider this Agreement and to
          consult with counsel and that Employee does not desire additional time;
	 	 	 
	 	(d)	That Employee waives all claims accrued as of the date of execution and that this Agreement to the greatest extent permitted by law, but that this Agreement does not waive any claims that may arise
          in the future;
	 	 	 
	 	(e)	That nothing in this Agreement is or will be construed as an admission by either party, or any affiliate thereof, of any breach of any agreement or any intentional or unintentional wrongdoing of any
          nature;
	 	 	 
	 	(f)	That the terms of this Agreement are not effective or enforceable until seven (7) days after its execution, during which period Employee may revoke Employee’s acceptance of this Agreement by having
          written or electronic notice delivered to the attention of Nyree Pinto, VP, Global Talent, 2701 Eastlake Avenue EAST, Floor Three, Seattle, WA, 98102, or nyree.pinto@tilray.com;
	 	 	 
	 	(g)	That the consideration the Company is providing Employee herein is in excess of the benefits that the Company would otherwise be obligated to provide Employee;

   

  
  
    

  

  
   

  
    
      

  

  18.     That Releasees are intended third party beneficiaries of this Agreement.

   

  19.     That this Agreement will be binding upon and accrue to the benefit of Employee, Employee’s heirs, executors, and assigns, and the Releasees.

   

  20.     That in the event of a breach of this Agreement by either party, the prevailing party in any action to enforce that party’s rights hereunder
    will be entitled to recover all costs and expenses, including reasonable attorneys’ fees.

   

  21.     That if any term, provision, covenant, or condition of this Agreement will be held by a court of competent jurisdiction to be invalid or
    unenforceable, in whole or in part, such decision will not affect the validity of the remaining portions.

   

  22.     That this Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and
    hereto were upon the same instrument. One or more of the counterparts of this Agreement may be delivered by facsimile or pdf electronic file with the intention that delivery by such means shall have the same effect as delivery of an original
    counterpart.

   

  23.     That this Agreement is the entire agreement between the parties and supersedes and voids, except as described in Paragraph 1, all prior
    agreements and understandings between the parties, if any, with respect to Employee’s employment with the Company and the termination thereof, and that this Agreement cannot be amended or modified except by a writing signed by both parties.

   

  
    
      

  

  
  
    

  

  
   

  IN WITNESS WHEREOF, the parties have executed multiple copies of this Agreement, each of which constitutes an original, but all of which,
    when taken together, constitute the same document.

   

  	 	 	 	Tilray Inc.
	 	 	 	 
	 	DocuSigned by:                                                      	 	 
	By:	/s/ Jon Levin

        	 	By:  /s/ Rita Seguin

          

        
	 	1712090D9AF7499...	 	 
	 	          	 	 	 
	Print	 	 	Print Name
	Name: 	Jon Levin	 	and Title:     Rita Seguin
          

        
	 	 	 	 
	Date of Execution:	
           4/29/2021

        	 	Date of Execution: 4/29/2021EX-10.1

 Exhibit 10.1 

Execution Version 

FIFTH AMENDMENT TO CREDIT AGREEMENT 

This FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Fifth
Amendment”) dated as of May 3, 2021, is among CONTANGO OIL & GAS COMPANY, a Texas corporation (the “Borrower”); each of the undersigned Guarantors
(collectively with the Borrower, the “Obligors”); JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, together with its successors, the
“Administrative Agent”); and the Lenders signatory hereto. 
 Recitals 

A. The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of September 17, 2019 (as
amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower. 

B. The Borrower, the Administrative Agent and the Lenders party hereto have agreed to amend certain provisions of the Credit Agreement, as more
fully set forth herein. 
 C. NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Defined Terms. Each capitalized term which is defined in the Credit Agreement, but which is not defined in this Fifth
Amendment, shall have the meaning ascribed such term in the Credit Agreement. Unless otherwise indicated, all article and section references in this Fifth Amendment refer to articles and sections of the Credit Agreement. 

Section 2. Amendments to Credit Agreement. 

2.1 Amendments to Section 1.02. 

(a) Each of the following definitions is hereby added to Section 1.02 in its appropriate alphabetical order to read as follows: 

“Available Tenor” means, as of any date of determination and with respect to the then-current
Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as
of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (vi) of Section 3.03(b). 

  
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 “Benchmark” means, initially, LIBO Rate; provided
that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBO Rate or the
then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (ii) or clause (iii) of
Section 3.03(b). 
 “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this
rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business
loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. 

“Fifth Amendment” means that certain Fifth Amendment to Credit Agreement, dated as of May 3, 2021,
among the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto. 
 “Fifth Amendment
Effective Date” has the meaning assigned to such term in the Fifth Amendment. 
 “Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to LIBO Rate. 

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives
Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or
such successor thereto. 
 “LIBOR” has the meaning assigned to it in Section 1.06. 

“NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor
source. 
 “Payment” has the meaning assigned to it in Section 11.15. 

“Payment Notice” has the meaning assigned to it in Section 11.15. 

“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such
Benchmark is LIBO Rate, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not LIBO Rate, the time determined by the Administrative Agent in its reasonable
discretion. 
 “SOFR Administrator” means the NYFRB (or a successor administrator of the secured
overnight financing rate). 

  
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 “SOFR Administrator’s Website” means the
NYFRB’s Website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 

“Term SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of
the occurrence of a Term SOFR Transition Event. 
 “Term SOFR Transition Event” means the
determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a
Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously occurred resulting in a Benchmark Replacement in accordance with Section 3.03(b) that is not Term SOFR. 

(b) Each of the following definitions in Section 1.02 is hereby amended and restated in its entirety to read as follows: 

“Agreement” means this Credit Agreement, as amended by the First Amendment, the Second Amendment, the
Third Amendment, the Fourth Amendment and the Fifth Amendment, and as the same may from time to time be further amended, modified, supplemented or restated. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime
Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1.0% and (c) the Adjusted LIBO Rate for a one month Interest Period on
such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.0%; provided that, for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the
LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted
LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to
Section 3.03 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to Section 3.03(b)), then the Alternate Base Rate shall be the greater of clauses
(a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.25%, such rate shall be deemed to be 1.25%
for purposes of this Agreement. 
 “Benchmark Replacement” means, for any Available Tenor, the first
alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 

(1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; 

  
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 (2) the sum of: (a) Daily Simple SOFR and (b) the related
Benchmark Replacement Adjustment; 
 (3) the sum of: (a) the alternate benchmark rate that has been selected by the
Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for
determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit
facilities at such time and (b) the related Benchmark Replacement Adjustment; 
 provided that, in the
case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided
further that, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement
Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment, as set forth in clause (1) of this definition (subject to the first
proviso above). 
 If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the
Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark
with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 

(1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set
forth in the order below that can be determined by the Administrative Agent: 
 (a) the spread adjustment, or method for
calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant
Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; 

(b) the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark
Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable
Corresponding Tenor; and 

  
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 (2) for purposes of clause (3) of the definition of “Benchmark
Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable
Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such
spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities; 

provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information
service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion. 

“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any
technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining
rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters)
that the Administrative Agent decides in its reasonable discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner
substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the
administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the
then-current Benchmark: 
 (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition
Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof)
permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 

  
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 (2) in the case of clause (3) of the definition of “Benchmark
Transition Event,” the date of the public statement or publication of information referenced therein; 
 (3) in the case
of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the Lenders and the Borrower pursuant to Section 3.03(b); or 

(4) in the case of an Early Opt-in Election, the sixth (6th) Business Day after the
date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date
notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Majority Lenders.

 For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as,
but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be
deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published
component used in the calculation thereof). 
 “Benchmark Transition Event” means the occurrence of
one or more of the following events with respect to the then-current Benchmark: 
 (1) a public statement or publication of
information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such
component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or
the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the
administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or
such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 

  
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 (3) a public statement or publication of information by the regulatory
supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative. 

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any
Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 

“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a
Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 3.03(b) and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 3.03(b). 

“Consolidated Cash Balance Threshold” means $15,000,000. 

“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a
tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Early Opt-in Election” means, if the
then-current Benchmark is LIBO Rate, the occurrence of: 
 (1) a notification by the Administrative Agent to (or the request
by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally
executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 

(2) the joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBO Rate and the provision by
the Administrative Agent of written notice of such election to the Lenders. 

  
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 “Excluded Accounts” means (a) each account for
which all of the deposits consist of amounts utilized to fund payroll, employee benefit or tax obligations of the Borrower and its Subsidiaries in the ordinary course of business, (b) fiduciary accounts that are contractually obligated to be
segregated from the other assets of any Loan Party for the benefit of unaffiliated third parties, (c) “zero balance” accounts, (d) royalty suspense accounts for which all of the deposits consist of amounts due and owing to
unaffiliated third parties in connection with the Borrower’s and the Subsidiaries’ royalty, overriding royalty or net profits interest payment obligations owing to such third parties and (e) other accounts, provided that
as the aggregate daily maximum balance for all such accounts excluded pursuant to this clause (e) shall not at any time exceed $1,000,000. 

“Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on such
day’s federal funds transactions by depositary institutions, as determined in such manner as shall be set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as the effective
federal funds rate; provided that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of
such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months (or, with the consent of each Lender, twelve months) thereafter, as the Borrower may elect; provided, that (i) if any
Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day
in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and
thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Issuing Bank” means (a) solely with respect to the Existing Letter of Credit, Royal Bank of
Canada in its capacity as the issuer of the Existing Letter of Credit and (b) JPMorgan, in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.08(i).
The Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of the Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit
issued by such Affiliate. Each reference herein to the “Issuing Bank” in connection with a Letter of Credit or other matter shall be deemed to be a reference to the relevant Issuing Bank with respect thereto. 

“Letter of Credit” means any letter of credit issued pursuant to this Agreement and shall include the
Existing Letter of Credit. 

  
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 “Mid-Con Letter of
Credit” means that certain Irrevocable Standby Letter of Credit No. IS000034149U issued by Wells Fargo Bank, National Association to Mid-Con Energy Properties, LLC for the benefit of American
Contractors Indemnity Company and/or U.S. Specialty Insurance Company, Tokyo Marine HCC Surety, in an aggregate face amount equal to $1,000,000.00. 

“Relevant Governmental Body” means the Federal Reserve Board or the NYFRB, or a committee officially
endorsed or convened by the Federal Reserve Board or the NYFRB, or any successor thereto. 
 “SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 “Swingline Commitment” means, as to the Swingline Lender, $0. 

“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the
forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 

“Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding
the related Benchmark Replacement Adjustment. 
 (c) Each of the definitions of “Compounded SOFR”,
“Federal Reserve Bank of New York’s Website”, “Mid-Con Merger Reserve Report”, “SOFR-Based Rate” and “Third Amendment
Reserve Reports” is hereby deleted in its entirety. 
 (d) The definition of “LIBO Screen Rate” is
hereby amended by replacing each reference to “zero” contained therein with “0.25%”. 
 (e) The definition of
“Overnight Bank Funding Rate” is hereby amended by replacing the reference to “Federal Reserve Bank of New York’s Website” contained therein with “NYFRB’s Website”. 

2.2 Amendment to Section 1.06. Section 1.06 is hereby amended and restated in its entirety to read as follows:

 Section 1.06 Interest Rates; LIBOR Notification. The interest rate on Eurodollar Loans is determined by reference to the LIBO
Rate, which is derived from the London interbank offered rate (“LIBOR”). LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On
March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that: (a) immediately after December 31, 2021, publication of all seven euro LIBOR settings, all seven Swiss Franc LIBOR
settings, the spot next, 1-week, 2-month and 12-month Japanese Yen LIBOR settings, the overnight,
1-week, 2-month and 12-month British Pound Sterling LIBOR settings, and the 1-week
and 2-month U.S. Dollar LIBOR settings will permanently cease; immediately after June 30, 2023, publication of the overnight 

  
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and 12-month U.S. Dollar LIBOR settings will permanently cease; immediately after December 31, 2021, the
1-month, 3-month and 6-month Japanese Yen LIBOR settings and the 1-month, 3-month and 6-month British Pound Sterling LIBOR settings will cease to be provided or, subject to consultation by the FCA, be provided on a changed methodology (or
“synthetic”) basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored; and immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of
the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that dates announced by the
FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Each
party to this Agreement should consult its own advisors to stay informed of any such developments. Public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR.
Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, Section 3.03(b) provides the mechanism for determining an alternative rate of interest. The
Administrative Agent will promptly notify the Borrower, pursuant to Section 3.03(b), of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any
responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to LIBOR or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate
thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 3.03(b), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR
Transition Event or an Early Opt-in Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 3.03(b)), including without limitation, whether the
composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank
offered rate prior to its discontinuance or unavailability. 
 2.3 Amendments to Section 2.07(a).
Section 2.07(a) is hereby amended and restated in its entirety to read as follows: 
 (a) Borrowing Base as of the
Fifth Amendment Effective Date. For the period from and including the Fifth Amendment Effective Date to but excluding the next Redetermination Date, the amount of the Borrowing Base shall be $250,000,000. Notwithstanding the foregoing, the
Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.07(e), Section 2.07(f), Section 2.07(g) or
Section 8.13(c). For the avoidance of doubt, the redetermination of the Borrowing Base on the Fifth Amendment Effective Date constitutes the May 1, 2021 Scheduled Redetermination. 

  
 Page 10 

 2.4 Amendment to Section 2.08(m). Section 2.08(m) is hereby
deleted in its entirety. 
 2.5 Amendment to Section 3.03(a)(i). Section 3.03(a)(i) is hereby amended by
replacing the phrase “for such Interest Period; or” contained therein with the phrase “for such Interest Period; provided that no Benchmark Transition Event shall have occurred at such time; or”. 

2.6 Amendment to Section 3.03(b). Section 3.03(b) is hereby amended and restated in its entirety to read as
follows: 
 (b) Benchmark Replacement. 

(i) Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement
is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan
Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is
determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document
in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of
any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders. 

(ii) Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this
paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the
then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any
other Loan Document; provided that, this clause (ii) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not
be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in its sole discretion. 

  
 Page 11 

 (iii) In connection with the implementation of a Benchmark Replacement, the
Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement
Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 

(iv) The Administrative Agent will promptly notify the Borrower and the Lenders of (A) any occurrence of a Benchmark
Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement
Conforming Changes, (D) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (v) below and (E) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that
may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.03(b), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole
discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 3.03(b). 

(v) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with
the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including Term SOFR or LIBO Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that
publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information
announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable
or non-representative tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently displayed on a screen or information service for a Benchmark (including a
Benchmark Replacement) or (2) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of
“Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 

(vi) Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may
revoke any request for a Eurodollar Borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any
such request into a request for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the
then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. 

  
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 2.7 Amendment to Section 8.01. Section 8.01 is hereby amended
by deleting subsection (s) thereof in its entirety. 
 2.8 Amendment to Section 8.18. Section 8.18 is
hereby amended and restated in its entirety to read as follows: 
 Section 8.18 Minimum Hedging. On or prior to
(x) the date that is thirty (30) days after the Fifth Amendment Effective Date and (y) the date that is thirty (30) days after the date each Reserve Report is required to be delivered by the Borrower pursuant to
Section 8.12(a) (each, a “Minimum Hedging Requirement Date”), the Borrower shall provide evidence to the Administrative Agent, in form and substance reasonably satisfactory to the Administrative Agent, that
the Loan Parties have entered into Swap Agreements with one or more Approved Counterparties hedging minimum notional volumes of (i) at least 70% of the reasonably projected production of crude oil and natural gas, calculated on a combined basis
and on a barrel of oil equivalent basis, from proved developed producing Oil and Gas Properties evaluated in the Reserve Report most recently delivered to the Administrative Agent, for each full calendar month during the period from and including
the first full calendar month following such Minimum Hedging Requirement Date through and including the 12th full calendar month following such Minimum Hedging Requirement Date and (ii) at
least 50% of the reasonably projected production of crude oil and natural gas, calculated on a combined basis and on a barrel of oil equivalent basis, from proved developed producing Oil and Gas Properties evaluated in the Reserve Report most
recently delivered to the Administrative Agent, for each full calendar month during the period from and including the 13th full calendar month following such Minimum Hedging Requirement Date
through and including the 24th full calendar month following such Minimum Hedging Requirement Date (provided that the Loan Parties shall not be required to hedge volumes attributable to the
reasonably projected production from offshore Oil and Gas Properties for the months of August, September or October). 
 2.9 Amendment to
Section 9.01(a). Section 9.01(a) is hereby amended and restated in its entirety to read as follows: 

(a) Ratio of Total Debt to EBITDAX. The Borrower will not permit, as of the last day of any fiscal quarter, commencing
with the fiscal quarter ending June 30, 2021, the ratio of (A) Total Debt as of such day to (B) EBITDAX for the period of four fiscal quarters ending on such day (the “Leverage Ratio”) to be greater than 3.25
to 1.00. 

  
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 2.10 Amendment to Section 9.01(b). Section 9.01(b) is hereby
amended and restated in its entirety to read as follows: 
 (b) Current Ratio. The Borrower will not permit, as of the
last day of any fiscal quarter, commencing with the fiscal quarter ending June 30, 2021, its ratio of (i) consolidated current assets (including the unused amount of the total Commitments then available to be borrowed, but excluding non-cash assets under FASB ASC 815) to (ii) consolidated current liabilities (excluding non-cash obligations under FASB ASC 815 and current maturities under this
Agreement) to be less than 1.00 to 1.00. 
 2.11 Amendment to Section 9.02(f). Section 9.02(f) is hereby
amended by (a) replacing the reference to “5,000,000” contained therein with “$10,000,000” and (b) deleting the word “and” at the end thereof. 

2.12 Amendment to Section 9.02(g). Section 9.02(g) is hereby amended by (a) replacing the reference to
“$300,000,000” contained therein with “$500,000,000”, (b) replacing the reference to “3.50” contained therein with “3.25” and (c) replacing the“.” at the end thereof with “; and”. 

2.13 Amendment to Section 9.02. Section 9.02 is hereby amended by adding a new subsection 9.02(h) to read in its
entirety as follows: 
 (h) Debt existing on the Fifth Amendment Effective Date in respect of the Mid-Con Letter of Credit. 
 2.14 Amendment to Article XI. Article XI is hereby amended by adding a
new Section 11.15 to the end thereof to read as follows: 
 Section 11.15 Erroneous Payments. 

(a) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent
has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and
collectively, a “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later
than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including
the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right
of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on “discharge
for value” or any similar doctrine. A notice of the Administrative Agent to any Lender under this Section 11.15(a) shall be conclusive, absent manifest error. 

  
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 (b) Each Lender hereby further agrees that if it receives a Payment
from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such
Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees
that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it
shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in
respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation from time to time in effect. 
 (c) The Borrower
hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights
of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Loan Party. 

(d) Each party’s obligations under this Section 11.15 shall survive the resignation or replacement of the
Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document. 

2.15 Amendment to Section 12.03(b)(i). Section 12.03(b)(i) is hereby amended and restated to read as follows:

 (i) THE EXECUTION OR DELIVERY OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY OR THEREBY,
THE PERFORMANCE BY THE PARTIES HERETO OR THE PARTIES TO ANY OTHER LOAN DOCUMENT OF THEIR RESPECTIVE OBLIGATIONS HEREUNDER OR THEREUNDER, THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREBY OR BY ANY OTHER LOAN DOCUMENT, OR ANY ACTION TAKEN IN
CONNECTION WITH THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, THE PAYMENT OF PRINCIPAL, INTEREST AND FEES, 

  
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 Section 3. Assignment and Assumption. On the Fifth Amendment Effective Date,
immediately prior to giving effect to the amendments in Section 2 of this Fifth Amendment, each Lender party to the Credit Agreement immediately prior to the Fifth Amendment Effective Date (each an “Existing
Lender”, and collectively, the “Existing Lenders”) has, in consultation with the Borrower, agreed to, and, for an agreed consideration, does hereby reallocate its Maximum Credit Amount, Commitment and Loans (and
participations in Letters of Credit and LC Disbursements), among other things, to allow Wells Fargo Bank, National Association (the “Exiting Lender”) to sell and assign all of its Commitment and Loans (and participations in Letters
of Credit and LC Disbursements) and to allow each of Comerica Bank, UMB Bank, N.A. and Bank of America, N.A. (each, a “New Lender”, and collectively, the “New Lenders”) to become a party to the Credit Agreement as a
Lender by acquiring an interest in the Aggregate Maximum Credit Amount and the total Commitments (the “Reallocation”). On the Fifth Amendment Effective Date, and after giving effect to the Reallocation: (a) the Maximum Credit
Amount and Applicable Percentage of each Lender (including the New Lenders) shall be as set forth on Annex I attached to this Fifth Amendment (and for the avoidance of doubt, the Maximum Credit Amount of the Exiting Lender shall be $0), which Annex
I supersedes and replaces Annex I to the Credit Agreement (and Annex I to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Annex I attached hereto); and (b) (i) the Exiting Lender shall cease to be a
Lender for all purposes under the Credit Agreement and the other Loan Documents, (ii) notwithstanding anything to the contrary contained in the Loan Documents, Wells Fargo Bank, N.A. shall cease to be an Issuing Bank (the “Exiting
Issuing Bank”) and the Mid-Con Letter of Credit shall cease to be a Letter of Credit, in each case, for all purposes under the Credit Agreement and the other Loan Documents and (iii) each New
Lender shall become a party to the Credit Agreement, as amended by this Fifth Amendment, as a “Lender” and have all of the rights and obligations of a Lender under the Credit Agreement, as amended by this Fifth Amendment, and the other
Loan Documents. Each of the Administrative Agent, each Existing Lender (including, for avoidance of doubt, the Exiting Lender), the Issuing Bank and the Borrower hereby consents and agrees to the Reallocation, including each New Lender’s
acquisition of interest in the Maximum Credit Amount and Commitments and each Existing Lender’s assignment of its Maximum Credit Amount, Commitment, Loans and participations in Letters of Credit to the extent necessary to effect the
Reallocation. With respect to the Reallocation, each Existing Lender shall be deemed to have sold and assigned its Maximum Credit Amount, Commitment, Loans and participations in Letters of Credit, and Cadence and each New Lender shall be deemed to
have acquired the Maximum Credit Amount, Commitment, Loans and participations in Letters of Credit allocated to it from each Existing Lender, pursuant to the terms and conditions of the Assignment and Assumption attached as Exhibit G to the Credit
Agreement (the “Assignment Agreement”), as if each Existing Lender and each New Lender had executed such Assignment Agreement with respect to the Reallocation, pursuant to which, (i) each New Lender shall be an
“Assignee”, (ii) each Existing Lender shall be an “Assignor” and (iii) the term “Effective Date” shall be the Fifth Amendment Effective Date as defined herein. The Administrative Agent hereby waives the fee payable
to the Administrative Agent pursuant to Section 12.04(b) of the Credit Agreement in connection with the Assignment and Assumption. On the Fifth Amendment Effective Date, the Administrative Agent shall take the actions specified in
Section 12.04(b)(iv), including recording the assignments described herein in the Register, and such assignments shall be effective for purposes of the Credit Agreement. 

  
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 Section 4. Conditions Precedent. This Fifth Amendment shall become effective on
the date (such date, the “Fifth Amendment Effective Date”) when each of the following conditions is satisfied (or waived in accordance with Section 12.02): 

4.1 Counterparts. The Administrative Agent shall have received from each Lender and the Obligors counterparts (in such number as may be
requested by the Administrative Agent) of this Fifth Amendment signed on behalf of such Persons. 
 4.2 Fees and Expenses. The
Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the Fifth Amendment Effective Date, including to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Credit Agreement. 

4.3 Promissory Notes. The Administrative Agent shall have received a new duly executed Note payable to each Lender, to the extent
requested by such Lender, in a principal amount equal to the applicable new Maximum Credit Amount of such Lender, dated as of the Fifth Amendment Effective Date. 

4.4 No Default. No Default shall have occurred and be continuing as of the Fifth Amendment Effective Date. 

The Administrative Agent is hereby authorized and directed to declare this Second Amendment to be effective (and the Fifth Amendment Effective
Date shall occur) upon the fulfillment (or waiver in accordance with Section 12.02) of the conditions precedent set forth in this Section 4 to the satisfaction of the Administrative Agent. Such declaration shall be
final, conclusive and binding upon all parties to the Credit Agreement for all purposes. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. For purposes of determining compliance with
the conditions specified in this Section 4, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter required thereunder
to be consented to or approved by or acceptable or satisfactory to such Lender, unless the Administrative Agent shall have received written notice from such Lender prior to the Fifth Amendment Effective Date specifying its objection thereto.

Section 5. Miscellaneous. 

5.1 Post-Effective Date Undertakings. 

(a) On or prior to the date that is thirty (30) days after the Fifth Amendment Effective Date, the Administrative Agent shall have
received, together with title information previously delivered to the Administrative Agent, title information reasonably satisfactory to the Administrative Agent setting forth the status of title to at least 85% of the total value of the proved Oil
and Gas Properties evaluated in the Fifth Amendment Reserve Reports (on a combined basis). 
 (b) On or prior to the date that is five
(5) Business Days after the Fifth Amendment Effective Date, the Borrower shall deliver to the Administrative Agent notarized deeds of trust and/or mortgages or supplements to existing deeds of trust and/or mortgages in form reasonably
satisfactory to the Administrative Agent, to the extent necessary so that the Mortgaged Properties represent at least 90% of the total value of the proved Oil and Gas Properties evaluated in (i) the reserve report dated as of February 19,
2021 prepared by William M. Cobb & Associates, Inc. with respect to the oil and gas reserves attributable to the Oil and Gas Properties of the Borrower and the Subsidiaries located in the Gulf of Mexico, Mississippi and Texas as of January

  
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1, 2021, (ii) the reserve report dated as of February 23, 2021 by William M. Cobb & Associates, Inc. with respect to the oil and gas reserves attributable to the Oil and Gas
Properties of the Borrower and the Subsidiaries acquired in the Mid-Con Merger located in Oklahoma and Wyoming as of January 1, 2021 and (iii) the reserve report dated as of February 23, 2021 by
William M. Cobb & Associates, Inc. with respect to the oil and gas reserves attributable to the Oil and Gas Properties of the Borrower and the Subsidiaries acquired from Grizzly Energy, LLC located in Montana, New Mexico, Texas and Wyoming
as of January 1, 2021 (collectively, the “Fifth Amendment Reserve Reports”) (on a combined basis). 
 5.2
Confirmation. The provisions of the Credit Agreement, as amended by this Fifth Amendment, shall remain in full force and effect following the Fifth Amendment Effective Date. 

5.3 Ratification and Affirmation; Representations and Warranties. Each Obligor hereby: (a) acknowledges the terms of this
Fifth Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document remains in full force and effect as expressly amended
hereby; (c) agrees that from and after the Fifth Amendment Effective Date each reference to the Credit Agreement in the other Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Fifth Amendment; and
(d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Fifth Amendment: (i) the representations and warranties set forth in each Loan Document are true and correct in all material
respects (except to the extent any such representations and warranties are limited by materiality, in which case, they are true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an
earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (except to the extent any such representations and warranties are limited by materiality, in which case, they shall be
true and correct in all respects) as of such specified earlier date and (ii) no Default has occurred and is continuing. 
 5.4
Counterparts. This Fifth Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. Delivery of an executed counterpart of a signature page of this Fifth Amendment by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a
manually executed counterpart of this Fifth Amendment. 
 5.5 No Oral Agreement. This Fifth Amendment, the Credit Agreement and
the other Loan Documents executed in connection herewith and therewith represent the final agreement among the parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. There are no
unwritten oral agreements between the parties. 
 5.6 GOVERNING LAW. THIS FIFTH AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 Page 18 

 5.7 Payment of Expenses. In accordance with Section 12.03, the Borrower
agrees to pay or reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket expenses incurred in connection with this Fifth Amendment, any
other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable and documented fees and disbursements of counsel to the Administrative Agent. 

5.8 Severability. Any provision of this Fifth Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 5.9 Successors and Assigns. This Fifth
Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 
 5.10
Loan Document. This Fifth Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto. 

[Signature Pages Follow] 

  
 Page 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Amendment to be duly executed,
effective as of the Fifth Amendment Effective Date. 
  

							
	BORROWER:	 		 	CONTANGO OIL & GAS COMPANY
				
		 		 	By:	 	 /s/ E. Joseph Grady

		 		 	Name:	 	E. Joseph Grady
		 		 	Title:	 	Vice President & CFO
			
	GUARANTORS:	 		 	CONTANGO OPERATORS INC.
				
		 		 	By:	 	 /s/ E. Joseph Grady

		 		 	Name:	 	E. Joseph Grady
		 		 	Title:	 	Vice President & CFO
			
		 		 	CONTARO COMPANY
				
		 		 	By:	 	 /s/ E. Joseph Grady

		 		 	Name:	 	E. Joseph Grady
		 		 	Title:	 	Vice President & CFO
			
		 		 	CONTANGO MIDSTREAM COMPANY
				
		 		 	By:	 	 /s/ E. Joseph Grady

		 		 	Name:	 	E. Joseph Grady
		 		 	Title:	 	Vice President & CFO
			
		 		 	CONTANGO ALTA INVESTMENTS, INC.
				
		 		 	By:	 	 /s/ E. Joseph Grady

		 		 	Name:	 	E. Joseph Grady
		 		 	Title:	 	Vice President & CFO
			
		 		 	CONTANGO RESOURCES, INC.
				
		 		 	By:	 	 /s/ E. Joseph Grady

		 		 	Name:	 	E. Joseph Grady
		 		 	Title:	 	Vice President & CFO

  
 Fifth Amendment 

Signature Page 

 
			
	MICHAEL MERGER SUB LLC
		
	By:	 	 /s/ E. Joseph Grady

	Name:	 	E. Joseph Grady
	Title:	 	Vice President & CFO
	
	MID-CON ENERGY PROPERTIES, LLC
		
	By:	 	 /s/ E. Joseph Grady

	Name:	 	E. Joseph Grady
	Title:	 	Vice President & CFO

  
 Fifth Amendment 

Signature Page 

							
	ADMINISTRATIVE AGENT:	 		 	JPMORGAN CHASE BANK, N.A.,
		 		 	as Administrative Agent and a Lender
				
		 		 	By:	 	 /s/ Anson Williams

		 		 	Name:	 	Anson Williams
		 		 	Title:	 	Authorized Officer

  
 Fifth Amendment 

Signature Page 

							
	LENDER:	 		 	ROYAL BANK OF CANADA,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Jay T. Sartain

		 		 	Name:	 	Jay T. Sartain
		 		 	Title:	 	Authorized Signatory

  
 Fifth Amendment 

Signature Page 

							
	LENDER:	 		 	CADENCE BANK, N.A.,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Molly Zlotnik

		 		 	Name:	 	Molly Zlotnik
		 		 	Title:	 	Vice President

  
 Fifth Amendment 

Signature Page 

							
	LENDER:	 		 	KEYBANK NATIONAL ASSOCIATION,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ George E. McKean

		 		 	Name:	 	George E. McKean
		 		 	Title:	 	Senior Vice President

  
 Fifth Amendment 

Signature Page 

							
	LENDER:	 		 	FROST BANK,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Matt Shands

		 		 	Name:	 	Matt Shands
		 		 	Title:	 	Vice President

  
 Fifth Amendment 

Signature Page 

							
	LENDER:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 		 	as Exiting Lender and Exiting Issuing Bank
				
		 		 	By:	 	 /s/ Matthew Denkler

		 		 	Name:	 	Matthew Denkler
		 		 	Title:	 	Director

  
 Fifth Amendment 

Signature Page 

							
	LENDER:	 		 	FIFTH THIRD BANK, NATIONAL ASSOCIATION,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Thomas Kleiderer

		 		 	Name:	 	Thomas Kleiderer
		 		 	Title:	 	Managing Director

  
 Fifth Amendment 

Signature Page 

							
	LENDER:	 		 	CIT BANK, N.A.,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Katya Evseev

		 		 	Name:	 	Katya Evseev
		 		 	Title:	 	Director

  
 Fifth Amendment 

Signature Page 

							
	LENDER:	 		 	WEST TEXAS NATIONAL BANK,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ Frank K. Stowers

		 		 	Name:	 	Frank K. Stowers
		 		 	Title:	 	Senior Vice President

  
 Fifth Amendment 

Signature Page 

							
	LENDER:	 		 	COMERICA BANK,
		 		 	as a New Lender
				
		 		 	By:	 	 /s/ Britney P. Geidel

		 		 	Name:	 	Britney P. Geidel
		 		 	Title:	 	Relationship Manager, AVP

  
 Fifth Amendment 

Signature Page 

							
	LENDER:	 		 	UMB BANK, N.A.,
		 		 	as a New Lender
				
		 		 	By:	 	 /s/ Erica Spencer

		 		 	Name:	 	Erica Spencer
		 		 	Title:	 	VP - Energy Division

  
 Fifth Amendment 

Signature Page 

							
	LENDER:	 		 	BANK OF AMERICA, N.A.,
		 		 	as a New Lender
				
		 		 	By:	 	 /s/ Pace Doherty

		 		 	Name:	 	Pace Doherty
		 		 	Title:	 	Vice President

  
 Fifth Amendment 

Signature Page

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