Document:

EX-10.37

 Exhibit 10.37 

Obsidian Energy Ltd. 

AMENDED AND RESTATED 

DIRECTORS’ DEFERRED SHARE UNIT PLAN 

As of November 1, 2016 

 Obsidian Energy Ltd. 

Amended and Restated Directors’ Deferred Share Unit Plan 

Table of Contents 
  

							
	 SECTION 1. INTERPRETATION AND ADMINISTRATIVE PROVISIONS
	  	 	1	 
	 1.1
	 	Purpose	  	 	1	 
	 1.2
	 	Definitions and Interpretation	  	 	1	 
	 1.3
	 	Administration	  	 	2	 
	 1.4
	 	Governing Law	  	 	3	 
		
	 SECTION 2. GRANTS OF DEFERRED SHARE UNITS UNDER THE PLAN
	  	 	3	 
	 2.1
	 	Deferred Share Unit Participation	  	 	3	 
	 2.2
	 	Election to Receive Deferred Share Units	  	 	3	 
	 2.3
	 	Date Deferred Share Units are Credited	  	 	3	 
	 2.4
	 	Number of Deferred Share Units Credited	  	 	4	 
	 2.5
	 	DSU Notice	  	 	4	 
	 2.6
	 	Dividend Equivalents	  	 	4	 
	 2.7
	 	Account Statements	  	 	4	 
	 2.8
	 	Vesting	  	 	4	 
	 2.9
	 	Redemption of Deferred Share Units	  	 	4	 
		
	 SECTION 3. GENERAL
	  	 	5	 
	 3.1
	 	Capital Transaction Adjustments	  	 	5	 
	 3.2
	 	Non-Exclusivity	  	 	5	 
	 3.3
	 	Unfunded Plan	  	 	5	 
	 3.4
	 	Successors and Assigns	  	 	6	 
	 3.5
	 	Transferability of Awards	  	 	6	 
	 3.6
	 	Amendment and Termination	  	 	6	 
	 3.7
	 	No Special Rights	  	 	6	 
	 3.8
	 	Tax Consequences	  	 	6	 
	 3.9
	 	No Liability	  	 	7	 
	 3.10
	 	Section 409A	  	 	7	 
	 3.11
	 	Effective Date	  	 	7	 

 Obsidian Energy Ltd. 

Amended and Restated Directors’ Deferred Share Unit Plan 

Section 1. Interpretation and Administrative Provisions 
  

	1.1	 Purpose 

The purposes of the Plan are: 
  

	 	(a)	 to promote a greater alignment of interests between directors of Obsidian Energy Ltd. (the
“Corporation”) and its shareholders by providing a means to accumulate a meaningful financial interest in the Corporation that is commensurate with the responsibility, commitment and risk of directors; 

 

	 	(b)	 to support a compensation plan that is competitive and rewards long-term success of the Corporation as measured
in total shareholder returns for the Corporation; and 

  

	 	(c)	 to assist the Corporation’s ability to attract and retain qualified individuals with the experience and
ability to serve as directors. 

  

	1.2	 Definitions and Interpretation 

For the purposes of the Plan, the following terms have the following meanings: 

“Board” means the board of directors of the Corporation; 

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

“Committee” means the Governance Committee of the Board, or such other committee of the Board as may be so mandated by the
Board; 
 “Common Share” means a common share of the Corporation; 

“Corporation” means Obsidian Energy Ltd. and its successors; 

“Deferred Share Unit ” means a right granted by the Corporation to a Participant to receive, on a deferred payment basis, a
cash payment equivalent to the Fair Market Value of a Common Share on the terms contained herein; 
 “Deferred Share Unit
Account” means the notional account maintained by the Corporation for each Participant which will be credited with grants of Deferred Share Units in accordance with the terms of this Plan; 

“Dividend Equivalents” has the meaning set out in Section 2.6; 

“DSU Notice” means a notice from the Corporation to a Participant informing the Participant that he or she has been credited
with Deferred Share Units; 
 “Election” has the meaning ascribed thereto in Section 2.2; 

“Fair Market Value” means the volume weighted average trading price of the Common Shares on the Toronto Stock Exchange for the
five trading days immediately preceding the day on which the Fair Market Value is to be determined; 

 “Maturity Date” has the meaning set out in Subsection 2.9(a); 

“Minimum Participation Percentage” has the meaning set out in Section 2.1; 

“Minimum Share Ownership Requirements” means the minimum Common Share ownership requirements for individual directors of the
Corporation established by the Board from time to time; 
 “Participant” means each member of the Board who is not also a
full-time employee of any Obsidian Energy Entity; 
 “Participant’s Annual Fixed Remuneration” means the fixed
remuneration payable to a Participant in respect of the services provided by the Participant to the Corporation in any calendar year in their capacity as a Board member, including without limitation, as Chairman of the Board, Vice-Chairman or chair
or member of any committees. For clarity, this excludes any of the Participant’s Other Remuneration; 
 “Participant’s
Deferred Remuneration” has the meaning set out in Section 2.1; 
 “Participant’s Other Remuneration”
means any variable remuneration payable to a Participant in respect of the services provided by the Participant (in their capacity as a Board member, Chairman of the Board, Vice-Chairman, a committee chair or a committee member) to the
Corporation in any calendar year, other than the Participant’s Annual Fixed Remuneration, including without limitation any of the following: (i) any Board or committee meeting fee(s); and (ii) any other fee earned in a director’s
capacity as a Board or committee member; 
 “Obsidian Energy Entity” means the Corporation and each of its Subsidiaries;

 “Plan” means the Obsidian Energy Ltd. Amended and Restated Directors’ Deferred Share Unit Plan, as originally
implemented effective as of January 1, 2011 and as amended from time to time; 
 “Subsidiary” has the meaning ascribed
thereto in the Securities Act (Alberta); and 
 “Termination Date” means the date on which a Participant ceases to
hold all positions with a Obsidian Energy Entity. Notwithstanding the foregoing, where the Participant is a US taxpayer, this is the date on which a separation from service with the Corporation takes place as defined in Section 409A(a)(2)(A)(i)
of the Code. 
 Where the context so requires, words importing the singular number include the plural and vice versa, and words importing the
masculine gender include the feminine and neuter genders. In this Plan, references to “Sections” or “Subsections” are references to sections or subsections in this Plan. 

 

	1.3	 Administration 

Subject to the Committee reporting to the Board on all matters relating to this Plan and obtaining approval of the Board for those matters
required by the Committee’s mandate, this Plan will be administered by the Committee, which has the sole and absolute discretion to: (i) interpret and administer the Plan; (ii) establish, amend and rescind any rules and regulations
relating to the Plan; and (iii) make any other determinations that the Committee deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the
Plan, in the manner and to the extent the Committee deems, in its sole and absolute discretion, necessary or desirable. Any decision of the Committee with respect to the administration and interpretation of the Plan shall be conclusive and binding
on the Participants. 

  
 - 2 - 

	1.4	 Governing Law 

The Plan shall be governed by, and construed and interpreted in accordance with, the laws of the Province of Alberta and the federal laws of
Canada applicable therein. 
 Section 2. Grants of Deferred Share Units Under the Plan 2.1 Deferred Share Unit Participation 

Each Participant shall receive such minimum percentage of such Participant’s Annual Fixed Remuneration as determined by the Board (the
“Minimum Participation Percentage”) in the form of Deferred Share Units. 
 Subject to the mandatory participation
requirements imposed on Participants, any Participant may elect to receive all or a part of the Participant’s Annual Fixed Remuneration and all or a part of the Participant’s Other Remuneration in the form of Deferred Share Units. 

The Participant’s Annual Fixed Remuneration required and (where applicable) elected to be received in the form of Deferred Share Units
plus the Participant’s Other Remuneration elected to be received in the form of Deferred Share Units (if any) is collectively referred to as the “Participant’s Deferred Remuneration”. 

 

	2.2	 Election to Receive Deferred Share Units 

In order for a Participant to receive more than the Minimum Participation Percentage of the Participant’s Annual Fixed Remuneration in the
form of Deferred Share Units or to receive any of the Participant’s Other Remuneration in the form of Deferred Share Units; the Participant shall complete and deliver to the Corporate Secretary of the Corporation a written election in the form
attached as Schedule “A” (the “Election”) by no later than December 1 of the calendar year immediately preceding the calendar year in respect of which the Participant’s Annual Fixed Remuneration or the
Participant’s Other Remuneration are earned or, in the case of an individual who becomes a Participant after the commencement of a calendar year and in the case of all Participants in respect of the first year in which the Plan is established,
within 30 days of becoming eligible to participate in the Plan and only in respect of any of such Participant’s Annual Fixed Remuneration or Participant’s Other Remuneration not earned before the Election is made. 

In the Election, a Participant may designate the percentage of the Participant’s Annual Fixed Remuneration in excess of the Minimum
Participation Percentage thereof (if any) for the applicable calendar year that is to be received in the form of Deferred Share Units; or the percentage of the Participant’s Other Remuneration (if any) for the applicable calendar year that is
to be received in the form of Deferred Share Units. 
 The Participant’s Election for the latest calendar year shall continue to apply
to all subsequent calendar years until the Participant submits another Election in respect of a calendar year by no later than December 1 of the immediately preceding calendar year, in accordance with this section. A Participant shall only file
one Election in respect of the Participant’s Annual Fixed Remuneration and/or Participant’s Other Remuneration payable in any calendar year and the Election shall be irrevocable for that calendar year. 

 

	2.3	 Date Deferred Share Units are Credited 

The Corporation shall credit Deferred Share Units in respect of the Participant’s Deferred Remuneration to a Participant’s Deferred
Share Unit Account on the date that the Participant’s Annual Fixed Remuneration and/or Participant’s Other Remuneration would otherwise be payable. 

  
 - 3 - 

	2.4	 Number of Deferred Share Units Credited 

The number of Deferred Share Units (including fractional Deferred Share Units) to be credited to a Participant’s Deferred Share Unit
Account shall be determined by dividing the amount of the Participant’s Deferred Remuneration by the Fair Market Value per Common Share on the date the Deferred Share Units are credited to the Participant pursuant to Section 2.3. 

 

	2.5	 DSU Notice 

On a quarterly basis, the Corporation shall deliver to the Participant an executed DSU Notice setting out the details of the Deferred Share
Units credited to such Participant, substantially in the form attached as Schedule “C”. 
  

	2.6	 Dividend Equivalents 

When dividends are paid on Common Shares, additional Deferred Share Units shall be credited to the Participant’s Deferred Share Unit
Account as of the dividend payment date. The number of additional Deferred Share Units (including fractional Deferred Share Units) (“Dividend Equivalents”) to be credited to the Participant’s Deferred Share Unit Account shall
be determined by dividing (y) the aggregate dollar amount of the dividends notionally payable in respect of such number of Common Shares as is equal to the number of Deferred Share Units credited to the Participant’s Deferred Share Unit
Account on the dividend payment date, by (z) the Fair Market Value per Common Share as of the dividend payment date. 
  

	2.7	 Account Statements 

Information pertaining to the Deferred Share Units in Participants’ Deferred Share Unit Accounts will be made available to Participants at
least annually in such manner as the Committee may determine and shall include such matters as the Committee may determine from time to time or as otherwise may be required by law. 

 

	2.8	 Vesting 

Deferred Share Units, including any Dividend Equivalents, shall vest immediately upon being credited to the Participant’s Deferred Share
Unit Account. 
  

	2.9	 Redemption of Deferred Share Units 

 

	 	(a)	 Termination/Separation of Service. Following a Participant’s retirement from all positions with
any Obsidian Energy Entity, or where a Participant has except as a result of death, otherwise ceased to hold any positions with any Obsidian Energy Entity, all Deferred Share Units and Dividend Equivalents (including any fractional Deferred
Share Units) credited to the Participant’s Deferred Share Unit Account will be redeemed by the Corporation as of the maturity date provided in this subsection 2.9(a) (the “Maturity Date”). 

Notwithstanding the foregoing, for directors who are US taxpayers or where any of the Participant’s Deferred Share Units and/or Dividend
Equivalents are subject to Section 409A of the Code, the Maturity Date shall be the day that is the Termination Date. 
 For directors
who are not US taxpayers and where none of the Participant’s Deferred Share Units and/or Dividend Equivalents are subject to Section 409A of the Code, the Maturity Date shall be December 1st of the calendar year immediately following the
year in which the Termination Date falls, unless subsequent to the Termination Date the director files a notice of Maturity Date acceleration election with the Corporate Secretary of the Corporation (in substantially the form attached as Schedule
“B”) electing an accelerated Maturity Date, which election shall be irrevocable. No Maturity Date elected by a director shall be later than December 1st of the calendar year immediately following the year in which the Termination Date
falls. No Maturity Date elected may precede the date of the election. A director is not entitled to receive any amount prior to his or her Maturity Date. 

  
 - 4 - 

 Within 10 calendar days following the Maturity Date, the Corporation shall make a lump sum
cash payment, net of any applicable withholdings, to the Participant equal to the number of Deferred Share Units and Dividend Equivalents (including fractional Deferred Share Units) credited to the Participant’s Deferred Share Unit Account as
of the Termination Date multiplied by the Fair Market Value per Common Share determined as at the Maturity Date. 
  

	 	(b)	 Death of Participant. If a Participant dies while in office or after ceasing to hold all positions
with any Obsidian Energy Entity but before the Maturity Date, the Corporation shall, within 90 days of the Participant’s death, make a lump sum cash payment to the Participant’s legal representative; provided that in the case of
payments made with respect to any Deferred Share Units and/or Dividend Equivalents that are subject to Section 409A of the Code, the legal representative or recipient of the amount shall have no ability to influence the taxable year in which
payment is made. The lump sum cash payment shall be an amount equal to the number of Deferred Share Units and Dividend Equivalents (including fractional Deferred Share Units) credited to the Participant’s Deferred Share Unit Account as of the
date of the Participant’s death multiplied by the Fair Market Value per Common Share determined as at the date of death, net of any applicable withholdings. 

 

	 	(c)	 Effect of Redemption of Deferred Share Units. A Participant shall have no further rights
respecting any Deferred Share Unit or Dividend Equivalent that has been redeemed, and upon redemption such Deferred Share Units and Dividend Equivalents shall be deemed to be cancelled. 

Section 3. General 
  

	3.1	 Capital Transaction Adjustments 

In the event of any share dividend, share split, share consolidation, business combination, recapitalization, merger, spin-off or other distribution, other than normal cash dividends, of the Corporation’s assets to shareholders, or any other change in the capital of the Corporation affecting Common Shares (each a
“Capital Transaction”), the Committee will make such proportionate adjustments, if any, as the Committee in its discretion may deem appropriate to reflect such change, with respect to: (i) the number or kind of shares or other
securities on which the Deferred Share Units are based; and (ii) the number of Deferred Share Units. The intent is to ensure that the value of Deferred Share Units held before such a Capital Transaction is equal to the value after such a
Capital Transaction. 
  

	3.2	 Non-Exclusivity 

Nothing contained herein will prevent the Board from adopting other or additional compensation arrangements for the benefit of any Participant,
subject to any required regulatory or shareholder approval. 
  

	3.3	 Unfunded Plan 

To the extent any individual holds any rights under the Plan, such rights shall be no greater than the rights of an unsecured general creditor
of the Corporation, unless otherwise determined by the Committee. 

  
 - 5 - 

	3.4	 Successors and Assigns 

The Plan shall be binding on all successors and assigns of the Corporation and a Participant, including without limitation, the legal
representative of a Participant, or any receiver or trustee in bankruptcy or representative of the Corporation’s or Participant’s creditors. 
  

	3.5	 Transferability of Awards 

Rights respecting Deferred Share Units shall not be transferable or assignable other than by will or the laws of descent and distribution. 

 

	3.6	 Amendment and Termination 

 

	 	(a)	 The Committee may amend, suspend or terminate this Plan or any portion thereof at any time in accordance with
applicable legislation, and subject to any required regulatory or shareholder approval. No amendment, suspension or termination may materially adversely affect any Deferred Share Units, or any rights pursuant thereto, granted previously to any
Participant without the consent of that Participant. Notwithstanding the foregoing, any amendment of the Plan shall ensure that the Plan is continuously excluded from the salary deferral arrangement rules under the Income Tax Act (Canada) or
any successor rules, and comply with any guidance issued under Code section 409A as applicable to Participants who are taxpayers of the United States of America. 

 

	 	(b)	 If this Plan is terminated, the provisions of this Plan and any administrative guidelines and other rules
adopted by the Committee and in force at the time of termination of this Plan, will continue in effect as long as a Deferred Share Unit or any rights pursuant thereto remain outstanding. However, notwithstanding the termination of the Plan, the
Committee may make any amendments to the Plan or the Deferred Share Units it would be entitled to make if the Plan were still in effect. 

  

	 	(c)	 With the consent of the Participant affected thereby, the Committee may amend or modify any outstanding
Deferred Share Unit in any manner to the extent that the Committee would have had the authority to initially grant the award as so modified or amended, provided that any such amendment complies with any guidance issued under Code section 409A as
applicable to Participants who are taxpayers of the United States of America. 

  

	3.7	 No Special Rights 

Nothing contained in the Plan or in any Deferred Share Units will confer upon any Participant any right to the continuation of the
Participant’s position with an Obsidian Energy Entity or interfere in any way with the right of the shareholders of any Obsidian Energy Entity at any time to terminate that position or to increase or decrease the compensation of the
Participant. Deferred Share Units shall not be considered Common Shares nor shall they entitle any Participant to exercise voting rights or any other rights attaching to the ownership of Common Shares, nor shall any Participant be considered the
owner of Common Shares. 
  

	3.8	 Tax Consequences 

The Corporation shall have the power and the right to deduct or withhold, or require (as a condition of redemption) a Participant to remit to
the Corporation, the required amount to satisfy, in whole or in part, federal, provincial, state and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan,
including the credit or redemption of Deferred Share Units granted under this Plan. With respect to required withholding, the Corporation shall have the irrevocable right to (and the Participant consents to) the Corporation setting off any amounts
required to be withheld, in whole or in part, against amounts otherwise owing by the Corporation to such Participant (whether arising pursuant to the Participant’s relationship as a director of the Corporation or as a result of the Participant
providing services on an ongoing basis to the Corporation or otherwise), or may make such other arrangements as are satisfactory to the Participant and the Corporation. Any reference in this Plan to a payment of cash is expressly subject to this
Section 3.8. 

  
 - 6 - 

 Participants (or their beneficiaries) shall be responsible for all taxes with respect to any
Deferred Share Units outstanding under this Plan, whether arising as a result of the credit or redemption of Deferred Share Units or otherwise. The Corporation and the Committee make no guarantees to any person regarding the tax treatment of a
Deferred Share Unit or payments made under this Plan and none of the Corporation or any of its directors, officers, employees or representatives shall have any liability to a Participant with respect thereto. 

 

	3.9	 No Liability 

The Corporation shall not be liable to any Participant for any loss resulting from a decline in the market value of any Common Shares. 

 

	3.10	 Section 409A 

Notwithstanding anything to the contrary, this Section 3.10 shall only apply to the extent that this Plan is subject to Section 409A
of the Code and is not exempted from such requirements. To the extent that the terms of this Plan would subject the Participant to gross income inclusion, penalties, interest, or additional tax pursuant to Section 409A of the Code, those terms
are automatically stricken and reformed either to be exempt from, or to comply with, Section 409A of the Code and the Internal Revenue Service and Treasury Department regulations issued thereunder. The Participant (or the Participant’s
legal representative, as the case may be) shall have no right to dictate the taxable year in which any payment hereunder that is subject to Section 409A of the Code should be paid. Notwithstanding any provision of this Plan to the contrary,
only to the extent that this Plan is subject to the requirements of Section 409A of the Code and is not exempted from such requirements, if at the time of the Participant’s separation from service with the Corporation, he or she is a
“specified employee” as defined in Section 409A of the Code, no payment or benefit that results from his or her separation from service shall be provided until the date which is six months after the date of his or her separation from
service (or, if earlier, his or her date of death). Payments to which the Participant would otherwise be entitled during the six-month period described above shall be accumulated and paid in a lump sum on the
first day of the seventh month after the date of his or her separation from service. 
  

	3.11	 Effective Date 

This Plan became effective on January 1, 2011, except that amendments to this Plan made effective as of January 1, 2012 are effective
as of such date, amendments to this Plan made effective as of January 1, 2013 are effective as of such date, and amendments to this Plan made effective as of November 1, 2016 are effective as of such date. 

  
 -7- 

 SCHEDULE “A” 

Election to Receive Remuneration as Deferred Share Units 

To:                Obsidian Energy Ltd. 

Attention:     Corporate Secretary 
 The
undersigned is a Participant of the Obsidian Energy Ltd. Amended and Restated Directors’ Deferred Share Unit Plan (the “Plan”) and hereby elects for the calendar year 20___ as follows: 

 

	 	1.	 to defer ____ % of the Participant’s Annual Fixed Remuneration into Deferred Share Units and to have the
balance, if any, of the Participant’s Annual Fixed Remuneration to be paid in cash; and [Instruction: Participants may insert any number equal to or greater than 50%, up to a maximum of 100%.] 

 

	 	2.	 to defer ____ % of the Participant’s Other Remuneration into Deferred Share Units and to have the balance,
if any, of the Participant’s Other Remuneration to be paid in cash. [Instruction: Insert any number equal to or greater than 0%, up to a maximum of 100%.] 

This election is irrevocable for the calendar year set out above and for all subsequent calendar years except as provided below. This election must, in order
to be valid, be executed and submitted to the Corporation no later than December 1 of the calendar year immediately preceding the calendar year set out above. 

Each Participant acknowledges that a minimum of 50% of his or her Participant’s Annual Fixed Remuneration shall be received in the form of Deferred Share
Units under the Plan. This election is for the purpose of allocating: (i) any amounts in excess of the Minimum Participation Percentage of the Participant’s Annual Fixed Remuneration; and /or (ii) up to 100% of the Participant’s
Other Remuneration; into Deferred Share Units under the Plan on an optional basis. 
 This election shall continue to apply to all calendar years subsequent
to the calendar year set out above until the undersigned submits another written election in respect of a calendar year by no later than December 1 of the immediately preceding calendar year. 

The undersigned agrees to hold the Deferred Share Units referred to herein subject to, and agrees to be bound by, the terms and conditions of the Plan. All
capitalized terms in this election have the meaning set out in the Plan. 
 DATED _________________, 20__ . 

 

	
	  

	Signature
	
	  

	Name (Please Print)

 SCHEDULE “B” 

Election to Accelerate Maturity Date 
 To:
                Obsidian Energy Ltd. 
 Attention:
     Corporate Secretary     
 Provided that the Deferred Share Units are not subject to Section 409A of
the Code, the undersigned elects to accelerate the Maturity Date for all Deferred Share Units held by the undersigned pursuant to the Obsidian Energy Ltd. Amended and Restated Directors’ Deferred Share Unit Plan (the “Plan”) as
of his/her Termination Date. 
 The accelerated Maturity Date elected is ____________. [Instruction: Select any date between the date of
making this election and December 1 of the calendar year immediately following the year in which the Termination Date of the undersigned occurs.] In the event of a discrepancy between this
election and the requirements of the Plan, the deemed Maturity Date shall be December 1 of the calendar year immediately following the year in which the Termination Date for the undersigned occurs. 

This election shall be irrevocable. 
 All capitalized terms in
this notice have the meaning set out in the Plan. 
 DATED __________________, 20__ . 

 

	
	  

	Signature
	
	  

	Name (please print)

 SCHEDULE “C” 

DSU Notice 
 Obsidian Energy Ltd. (the
“Corporation”) hereby confirms that the following Deferred Share Units have been credited to the Participant named below during the quarter ended _____________, 20____, in accordance with and subject to the terms, conditions and
restrictions herein, together with the provisions of the Obsidian Energy Ltd. Amended and Restated Directors’ Deferred Share Unit Plan (the “Plan”) dated January 1, 2012, as amended from time to time: 

Name of Participant:            ______________________________ 

 

							
	 Date of Credit
	  	 Dollar Amount of

Remuneration Received
 as
DSUs
	  	 Fair Market

Value Used
	  	
Total Number of
Deferred Share Units
Credited

		  		  		  	
		  		  		  	
	 Total:
	  		  	 n/a
	  	

 Additional terms applicable to such award: 

 

	1.	 The terms and conditions of the Plan are hereby incorporated by reference as terms and conditions of this DSU
Notice and all capitalized terms used herein, unless expressly defined in a different manner, have the meanings ascribed thereto in the Plan. 

  

	2.	 Nothing in the Plan or in this DSU Notice will affect the Corporation’s right, or that of any other
Obsidian Energy Entity, to terminate the employment or term of office or engagement of a Participant at any time for any reason whatsoever. 

  

	3.	 This DSU Notice has been made in and is to be construed under and in accordance with the laws of the Province
of Alberta and the laws of Canada applicable therein. 

  

			
	OBSIDIAN ENERGY LTD.
		
	By:	 	 
		 	Authorized SignatoryEX-4.1

 Exhibit 4.1 

GLOBAL NOTE 
 Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Issuer or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name
of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

EMERSON ELECTRIC CO. 

0.875% Note Due 2026 
  

			
	Principal Amount	  	No. A-            
	$	  	CUSIP 291011 BP8

 EMERSON ELECTRIC CO., a Missouri corporation (the “Issuer”), for value received, hereby promises to pay to
Cede & Co. or registered assigns, the principal sum of                    DOLLARS on October 15, 2026, in immediately available funds
in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semiannually on April 15 and October 15 of each year (each, an
“Interest Payment Date”), commencing April 15, 2021, on said principal sum at said agency, in like coin or currency, at the rate per annum specified in the title of this Note, from the most recent Interest Payment Date to which
interest has been paid or, if no interest has been paid, from September 22, 2020, until payment of said principal sum has been made or duly provided for; provided, that payment of interest may be made at the option of the Issuer by check mailed
to the address of the person entitled thereto as such address shall appear on the Security register. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Each payment of interest in respect of an Interest Payment Date shall include interest accrued through the day prior to such Interest Payment Date. The interest so payable on any Interest
Payment Date will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of business on the April 1 or October 1, as the case may
be, next preceding such Interest Payment Date. If an Interest Payment Date or the maturity date is not a “Business Day,” the Issuer will pay interest or principal, as the case may be, on the next succeeding Business Day and no additional
interest shall accrue with respect to such delay. Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place.
This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 

 IN WITNESS WHEREOF, Emerson Electric Co. has caused this instrument to be signed by facsimile by its duly
authorized officers and has caused a facsimile of its corporate seal to be affixed hereunto or imprinted hereon. 
  

			
	EMERSON ELECTRIC CO.
		
	By:	 	
                     

		 	Title: Senior Executive Vice President and Chief Financial Officer
		
	By:	 	
                     

		 	Title: Vice President and Treasurer

 [SEAL] 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities described in the within-mentioned Indenture. 
  

							
	Dated: September 22, 2020	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 
as Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

 EMERSON ELECTRIC CO. 

0.875% Notes due 2026 
 This Note
is one of a duly authorized issue of unsecured debentures, notes or other evidence of indebtedness of the Issuer (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an
indenture dated as of December 10, 1998 (herein called the “Indenture”), duly executed and delivered by the Issuer to Wells Fargo Bank, National Association (successor to The Bank of New York Mellon Trust Company, N.A. (successor to
The Bank of New York Mellon (formerly known as The Bank of New York))), as trustee (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the holders of the Securities. The Securities may be issued in one or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or analogous funds (if any) and may otherwise
vary as in the Indenture provided. This Note is one of a series designated as the 0.875% Notes due 2026 of the Issuer, initially limited in aggregate principal amount to $750,000,000 (herein called the “Notes”). 

The Notes will be redeemable, in whole or from time to time in part, at the Issuer’s option on any date (a “Redemption Date”).
Prior to September 15, 2026 (the date which is one month prior to the maturity date of the Notes), the redemption price will be equal to the greater of (1) 100 percent of the principal amount of the Notes to be redeemed and (2) the
sum of the present values of the remaining scheduled payments of principal and interest thereon (exclusive of interest accrued to that Redemption Date) discounted to that Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 10 basis points, plus, in either case, accrued and unpaid interest on the
principal amount being redeemed to that Redemption Date. 
 On or after September 15, 2026 (the date which is one month prior to the
maturity date of the Notes), the Issuer may redeem the Notes, in whole or from time to time in part, at a redemption price equal to 100 percent of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest on
the principal amount being redeemed to the applicable Redemption Date. 
 Notwithstanding the foregoing, installments of interest on the
Notes which are due and payable on an Interest Payment Date falling on or prior to the relevant Redemption Date shall be payable to the holders of those Notes, registered as such at the close of business on the relevant record date according to
their terms and the provisions of the Indenture. 
 “Treasury Rate” means, with respect to any Redemption Date for the
Notes, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to 

 
constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (as defined below) (if no maturity is within three
months before or after September 15, 2026 (the date which is one month prior to the maturity date of the Notes), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the
Treasury Rate shall be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month) or (2) if that release (or any successor release) is not published during the week preceding the calculation date or
does not contain those yields, the rate per annum equal to the semi-annual equivalent yield to maturity for the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price (as defined below) for that Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker (as
defined below) as having a maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that such notes mature on September 15, 2026 (the date which is one month prior to the maturity date of the Notes)
that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming, for this purpose, that such
notes mature on September 15, 2026 (the date which is one month prior to the maturity date of the Notes). 
 “Independent
Investment Banker” means Citigroup Global Markets Inc. or J.P. Morgan Securities LLC, or, if the foregoing firms are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national
standing appointed by the Issuer. 
 “Comparable Treasury Price” means with respect to any Redemption Date for the Notes
(1) the average of five Reference Treasury Dealer Quotations for that Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations (as defined below), or (2) if the Independent Investment Banker obtains
fewer than five such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Reference Treasury
Dealer” means (1) Citigroup Global Markets Inc. or J.P. Morgan Securities LLC, or their respective successors, provided, however, that if the foregoing firms shall each cease to be a primary U.S. Government securities dealer in New
York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer, and (2) any other Primary Treasury Dealers selected by the Issuer. 

“Reference Treasury Dealer Quotation” means with respect to each Reference Treasury Dealer (as defined above) and any
Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent
Investment Banker by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding that Redemption Date. 

Notice of any redemption by the Issuer will be mailed or sent at least 30 days but not 

 
more than 60 days before any Redemption Date to each holder of the Notes to be redeemed. If less than all of the Notes are to be redeemed at the Issuer’s option, the Trustee shall select, in
such manner as it shall deem fair and appropriate, the Notes to be redeemed in whole or in part subject to Depositary procedures with respect to the Notes as Global Securities. 

In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal hereof may be declared, and upon
such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Securities at the time Outstanding (as defined in the Indenture) of all series to be affected (voting as one class), evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions
to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Securities of each such series; provided, however, that no such
supplemental indenture shall (i) extend the final maturity of any Security, or reduce the principal amount thereof or any premium thereon, or reduce the rate or extend the time of payment of any interest thereon, or reduce any amount payable on
redemption thereof or reduce the amount of the principal of an Original Issue Discount Security (as defined in the Indenture) payable upon acceleration thereof or the amount thereof provable in bankruptcy, or impair or affect the rights of any
Holder to institute suit for the payment thereof, or, if the Securities provide therefor, any right of repayment at the option of the Holder, without the consent of the Holder of each Security so affected, or (ii) reduce the aforesaid
percentage of Securities, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holder of each Security affected. It is also provided in the Indenture that, with respect to certain defaults or
Events of Default regarding the Securities of any series, prior to any declaration accelerating the maturity of such Securities, the Holders of a majority in aggregate principal amount Outstanding of the Securities of such series (or, in the case of
certain defaults or Events of Default, all or certain series of the Securities) may on behalf of the Holders of all the Securities of such series (or all or certain series of the Securities, as the case may be) waive any such past default or Event
of Default and its consequences. The preceding sentence shall not, however, apply to a default in the payment of the principal of or premium, if any, or interest on any of the Securities. Any such consent or waiver by the Holder of this Note (unless
revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any Notes which may be issued in exchange or substitution herefor, irrespective of whether or not any
notation thereof is made upon this Note or such other Notes. 
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note in the manner, at the respective times, at the rate and in the coin or currency
herein prescribed. 
 The Notes are issuable only in registered form, without coupons, in denominations of $1,000 and any integral multiple
thereof, and in book-entry form. The Notes may be represented by one or more Global Securities (each, a “Global Note”) deposited with the Depositary and 

 
registered in the name of the nominee of the Depositary, with certain limited exceptions. So long as DTC or any successor Depositary or its nominee is the registered Holder of a Global Note, DTC,
such Depositary or such nominee, as the case may be, will be considered the sole owner or Holder of the Notes represented by such Global Note for all purposes under the Indenture and the Notes. Beneficial interest in the Notes will be evidenced only
by, and transfer thereof will be effected only through, records maintained by DTC and its participants. Except as provided below, an owner of a beneficial interest in a Global Note will not be entitled to have Notes represented by such Global Note
registered in such owner’s name, will not receive or be entitled to receive physical delivery of the Notes in certificated form and will not be considered the owner or Holder thereof under the Indenture. 

No Global Note may be transferred except as a whole by the Depositary to a nominee of the Depositary. Global Notes are exchangeable for
certificated Notes only if (x) the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Notes or if at any time the Depositary ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended, and the Issuer fails within 90 days thereafter to appoint a successor, (y) the Issuer in its sole discretion determines that such Global Notes shall be so exchangeable or (z) there shall have occurred and
be continuing an Event of Default or an event which with the giving of notice or lapse of time or both would constitute an Event of Default with respect to the Notes represented by such Global Notes. In such event, the Issuer will issue Notes in
certificated form in exchange for such Global Notes. In any such instance, an owner of a beneficial interest in the Global Notes will be entitled to physical delivery in certificated form of Notes equal in principal amount to such beneficial
interest and to have such Notes registered in its name. Notes so issued in certificated form will be issued in denominations of $1,000 or any integral multiple thereof, and will be issued in registered form only, without coupons. 

The Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may deem and treat the registered Holder hereof as the absolute
owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal hereof and premium, if any, and subject to
the provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee shall be affected by any notice to the contrary. 

No recourse under or upon any obligation, covenant or agreement of the Issuer in the Indenture or any indenture supplemental thereto or in any
Note, or because of the creation of any indebtedness represented thereby, shall be had against incorporator, stockholder, officer or director, as such, of the Issuer or of any successor corporation, either directly or through the Issuer or any
successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance
hereof and as part of the consideration for the issue hereof. 
 For purposes of the Notes, “Business Day” shall mean any day
other than a Saturday or a Sunday that is neither a legal holiday nor a day on which applicable law or regulation authorizes or requires banking institutions in The City of New York, New York to close. 

 All terms used in this Note not otherwise defined herein which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

The acceptance of this Note shall be deemed to constitute the consent and agreement of the Holder hereof to all of the terms and provisions of
the Indenture. Terms used herein which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICTS OF LAW PRINCIPLES THEREOF.

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