Document:

EX-10.4

 Exhibit 10.4 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PROMISSORY NOTE 
  

			
	 Principal Amount: $200,000.00
	  	 Dated as of December 16, 2017

Fort Worth, Texas

 Pure Acquisition Corp., a Delaware corporation (the “Maker”), promises to pay to the order of HighPeak Pure
Acquisition, LLC or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of Two Hundred Thousand Dollars ($200,000.00) or such lesser amount as shall have been advanced by Payee to Maker and shall
remain unpaid under this Note on the Maturity Date (as defined below) in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately
available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note. 

 

	 	1.	Principal. The entire unpaid principal balance of Note shall be payable on the earlier of: (i) July 31, 2018, or (ii) the date on which Maker consummates an initial public offering of its
securities (such earlier date, the “Maturity Date”). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker,
be obligated personally for any obligations or liabilities of the Maker hereunder. 

  

	 	2.	Drawdown Requests. Maker and Payee agree that Maker may request, from time to time, up to Two Hundred Thousand Dollars ($200,000) in draw downs under this Note to be used for costs and expenses related to
Maker’s formation and the proposed initial public offering of its securities (the “IPO”). Principal of this Note may be drawn down from time to time prior to the Maturity Date upon written request from Maker to Payee (each, a
“Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000.00). Payee shall fund each Drawdown Request no later than three (3) business days
after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns outstanding under this Note at any time may not exceed Two Hundred Thousand Dollars ($200,000.00). No fees, payments or other amounts shall be due to Payee
in connection with, or as a result of, any Drawdown Request by Maker. 

  

	 	3.	Interest. No interest shall accrue on the unpaid principal balance of this Note. 

  

	 	4.	Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s
fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

  

	 	5.	Events of Default. The following shall constitute an event of default (“Event of Default”): 

  

	 	(a)	Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the date specified in Section 1 above. 

 

	 	(b)	Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or
taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the
failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing. 

	 	(c)	Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other
similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding- up or liquidation of its affairs, and the continuance
of any such decree or order unstayed and in effect for a period of 60 consecutive days. 

  

	 	6.	Remedies. 

  

	 	(a)	Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this
Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents
evidencing the same to the contrary notwithstanding. 

  

	 	(b)	Upon the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become
due and payable, in all cases without any action on the part of Payee. 

  

	 	7.	Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all
errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the
proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that
may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee. 

 

	 	8.	Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be
unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions
of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to
Maker or affecting Maker’s liability hereunder. 

  

	 	9.	Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or
from the trust account to be established in which the proceeds of the IPO (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the units issued in a private placement to occur prior to the effectiveness of
the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the trust account for any reason whatsoever. 

  

	 	10.	Notices. All notices, statements or other documents which are required or contemplated by this Agreement shall be: (i) in writing and delivered personally or sent by first class registered or certified mail,
overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by
such party and (iii) by electronic mail, to the electronic mail address. 

 [signature page follows] 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to
be duly executed by the undersigned as of the day and year first above written. 
  

			
	Pure Acquisition Corp.
		
	By:	 	 /s/ Steven W. Tholen

	Name:	 	Steven W. Tholen
	Title:	 	Chief Financial Officer

 AMENDMENT NO. 1 TO PROMISSORY NOTE 

This Amendment No. 1 to Promissory Note is made by and between Pure Acquisition Corp., a Delaware corporation (the “Maker”), and HighPeak Pure
Acquisition, LLC (“Payee”) effective as of April 9, 2018. 
  

	 	1.	Maker and Payee hereby agree to amend that certain Promissory Note dated December 16, 2018 in the original principal amount of $200,000 from Maker to Payee by adding as new Section 11 to read as follows:

  

	 	11.	Governing Law. The Note shall be governed and construed in accordance with the laws of the State of Texas, without giving effect to conflicts of law principles that would result in the application of the
substantive laws of another jurisdiction. 

  

	 	2.	The Note remains in full force and effect unmodified, except as amended hereby. 

 IN WITNESS
WHEREOF, Maker and Payee, intending to be legally bound hereby, has caused this Amendment No. 1 to Promissory Note to be duly executed by the undersigned as of the day and year first above written. 

 

			
	Pure Acquisition Corp.
		
	By:	 	/s/ Steven W. Tholen
	Name:	 	Steven W. Tholen
	Title:	 	Chief Financial Officer
	
	HighPeak Pure Acquisition, LLC
		
	By:	 	 /s/ Jack Hightower

	Name:	 	Jack Hightower
	Title:	 	Chief Executive OfficerEX-10.5

 Exhibit 10.5 

SECURITIES PURCHASE AGREEMENT 

This Securities Purchase Agreement (this “Agreement”), effective as of December 12, 2017, is made and entered into by
and between Pure Acquisition Corp., a Delaware corporation (the “Company”), and HighPeak Pure Acquisition, LLC, a Delaware limited liability company (the “Buyer”). 

RECITALS: 

WHEREAS, the Buyer wishes to purchase from the Company an aggregate of 10,062,500 shares (the “Shares”) of the
Company’s Class B Common Stock (as defined below), and the Company wishes to sell the Shares to the Buyer, on the terms and subject to the conditions set forth in this Agreement. 

AGREEMENT: 
 NOW,
THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged,
the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 
 The terms
defined in this Article I shall have for all purposes of this Agreement the respective meanings set forth below: 

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

“Buyer” shall have the meaning set forth in the preamble to this Agreement. 

“Class A Common Stock” shall mean the Class A Common Stock, $0.0001 par value per share, of the
Company. 
 “Class B Common Stock” shall mean the Class B Common Stock, $0.0001 par value per
share, of the Company. Pursuant to the Company’s certificate of incorporation, as amended to the date hereof, shares of Class B Common Stock will automatically convert into shares of Class A Common Stock on a one-for-one basis, subject to adjustment, upon the terms and conditions sets forth therein. 

“Closing” shall have the meaning set forth in Section 2.3 of this Agreement. 

“Closing Date” shall have the meaning set forth in Section 2.3 of this Agreement. 

“Company” shall have the meaning set forth in the preamble to this Agreement. 

“Consent” means any consent, approval, notification, waiver, or other similar action that is necessary or convenient. 

  
 1 

 “Governmental Body” shall mean any legislature, agency, bureau, branch,
department, division, commission, court, tribunal or other similar recognized organization or body of any federal, state, county, municipal, local or foreign government or other similar recognized organization or body exercising similar powers or
authority. 
 “Law” shall mean any law (statutory, common or otherwise), constitution, ordinance, rule, regulation,
executive order or other similar authority enacted, adopted, promulgated or applied by any Governmental Body. 
 “Lien”
shall mean a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or otherwise, including, without limitation, any lien for taxes), security interest, preference, participation interest,
priority or security agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as
any of the foregoing and the filing of any document under the law of any applicable jurisdiction to evidence any of the foregoing, other than (i) statutory, mechanics’ or other Liens incurred in the Company’s ordinary course of
business or (ii) Liens for taxes incurred but not yet due. 
 “Order” shall mean an order, ruling, decision, award,
judgment, injunction or other similar determination or finding by, before or under the supervision of any Governmental Body or arbitrator. 

“Permit” shall mean a permit, license, certificate, waiver, notice or similar authorization. 

“Purchase Price” shall have the meaning set forth in Section 2.2 of this Agreement. 

“SEC” shall mean the United States Securities and Exchange Commission. 

“Securities Act” shall mean the United States Securities Act of 1933, as amended, or any successor federal statute, and the
applicable rules and regulations promulgated and in effect from time to time thereunder. 
 “Shares” shall have the meaning
set forth in the recitals to this Agreement. Unless the context otherwise requires, as used in this Agreement “Shares” shall be deemed to include any shares of Class A Common Stock issued upon conversion of the shares of
Class B Common Stock comprising the Shares. 
 ARTICLE II 

PURCHASE OF THE SHARES 

Section 2.1 Purchase and Sale of the Shares. Subject to the terms and conditions hereof and in reliance upon the representations
and warranties of the parties contained or incorporated by reference herein, simultaneous with the execution hereof, the Company shall sell and deliver to the Buyer, and the Buyer shall purchase from the Company, the Shares, in consideration of the
payment of the Purchase Price noted herein. 

  
 2 

 Section 2.2 Purchase Price. As payment in full for the Shares being purchased under
this Agreement and against delivery of the certificates therefor, simultaneous with the execution hereof, the Buyer shall pay $25,000 to the Company by wire transfer of immediately available funds or by such other method as may be reasonably
acceptable to the Company (the “Purchase Price”). 
 Section 2.3 Closing. The closing of the purchase and sale
of the Shares (the “Closing”) shall be held on the date of this Agreement (“Closing Date”) at the offices of the Buyer, 421 W. 3rd Street, Suite 1000, Fort Worth,
Texas 76102, or such other place as may be agreed upon by the parties hereto. 
 Section 2.4 Closing Deliveries. All actions
taken at the Closing shall be deemed to have been taken simultaneously. 
 (a) Buyer Deliveries. At the Closing the Buyer shall
deliver to the Company the Purchase Price. 
 (b) Company Deliveries. At the Closing, or within a reasonable time after the Closing
but in no event later than thirty (30) days after the Closing, the Company shall deliver to the Buyer the certificates representing the Shares. 

Section 2.5 Further Assurances. The parties hereto shall execute and deliver such additional documents and take such additional
actions as any party reasonably may deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement. 

Section 2.6 Legend. Each certificate evidencing the Shares and each certificate issued in exchange for or upon the transfer of any
Shares shall be stamped or otherwise imprinted with a legend in substantially the following form: 
 “THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.” 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE BUYER 

The Buyer represents and warrants that the statements contained in this ARTICLE III are correct and complete as of the date of this Agreement.

 Section 3.1 Organization and Good Standing. The Buyer is a limited liability company duly organized, validly existing, and in
good standing under the laws of the state of Delaware. 

  
 3 

 Section 3.2 Power and Authority; Enforceability. This Agreement constitutes the
legal, valid, and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms. The Buyer has full entity power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The Buyer
has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed
and delivered by, and is enforceable against, the Buyer. 
 Section 3.3 Investment Representations. 

(a) The Buyer is an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act. 

(b) The Buyer has received, has thoroughly read, is familiar with and understands the contents of this Agreement. 

(c) The Buyer hereby acknowledges that an investment in the Shares involves certain significant risks. The Buyer acknowledges that there is a
substantial risk that it will lose all or a portion of its investment and that it is financially capable of bearing the risk of such investment for an indefinite period of time. The Buyer has no need for liquidity in its investment in the Shares for
the foreseeable future and is able to bear the risk of that investment for an indefinite period. The Buyer understands that there presently is no public market for the Shares and none is anticipated to develop in the foreseeable future. The
Buyer’s present financial condition is such that the Buyer is under no present or contemplated future need to dispose of any portion of the Shares subscribed for hereby to satisfy any existing or contemplated undertaking, need or indebtedness.
The Buyer’s overall commitment to investments which are not readily marketable is not disproportionate to its net worth and the investment in the Company will not cause such overall commitment to become excessive. 

(d) The Buyer acknowledges that the Shares have not been and will not be registered under the Securities Act, or any state securities act, and
are being sold on the basis of exemptions from registration under the Securities Act and applicable state securities acts, except those state securities acts that require registration of the Shares thereunder. Reliance on such exemptions, where
applicable, is predicated in part on the accuracy of the Buyer’s representations and warranties set forth herein. The Buyer acknowledges and hereby agrees that the Shares will not be transferable under any circumstances unless the Buyer either
registers the Shares in accordance with federal and state securities laws or finds and complies with an available exemption under such laws. Accordingly, the Buyer hereby acknowledges that there can be no assurance that it will be able to liquidate
its investment in the Company. 
 (e) There are substantial risk factors pertaining to an investment in the Company. The Buyer acknowledges
that it has read the information set forth above regarding certain of such risks and is familiar with the nature and scope of all such risks, including, without limitation, risks arising from the fact that the Company is an entity with limited
operating history and financial resources; and the Buyer is fully able to bear the economic risks of such investment for an indefinite period, and can afford a complete loss thereof. 

  
 4 

 (f) The Buyer has been given the opportunity to (i) ask questions of and receive answers
from the Company and its designated representatives concerning the terms and conditions of the offering, the Company and the business and financial condition of the Company and (ii) obtain any additional information that the Company possesses
or can acquire without unreasonable effort or expense that is necessary to assist the Buyer in evaluating the advisability of the purchase of the Shares and an investment in the Company. The Buyer further represents and warrants that, prior to
signing this Agreement, it has asked such questions, received such answers and obtained such information as it has deemed necessary or advisable to evaluate the merits and risks of the purchase of the Shares and an investment in the Company. The
Buyer is not relying on any oral representation made by any person as to the Company or its operations, financial condition or prospects. 

(g) The Buyer understands that no federal, state or other governmental authority has made any recommendation, findings or determination
relating to the merits of an investment in the Company. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Section 4.1 Organization and Good Standing. The Company is a corporation duly organized, validly existing, and in good standing
under the laws of the State of Delaware. 
 Section 4.2 Power and Authority; Enforceability. This Agreement constitutes the
legal, valid, and binding obligation of the Company, enforceable against the Company in accordance with its terms. The Company has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The Company
has taken all actions necessary to authorize the execution and delivery of this Agreement, the performance of its obligations hereunder, and the consummation of the transactions contemplated hereby. This Agreement has been duly authorized, executed,
and delivered by, and is enforceable against, the Company. 
 Section 4.3 No Violation; Necessary Approvals. Neither the
execution and delivery of this Agreement by the Company, nor the consummation or performance by the Company of any of transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute, create or result in a breach
or violation of, default under, loss of benefit or right under or acceleration of performance of any obligation required under any Law, Order, contract or Permit to which the Company is a party or by which it is bound or any of its assets are
subject, or any provision of the Company’s organizational documents as in effect on the Closing Date, (b) result in the imposition of any lien, claim or encumbrance upon any assets owned by the Company; (c) require any Consent under
any contract or organizational document to which the Company is a party or by which it is bound; or (d) require any Permit under any Law or Order other than (i) required filings, if any, with the SEC and (ii) notifications or other
filings with state or federal regulatory agencies after the Closing that are necessary or convenient and do not require approval of the agency as a condition to the validity of the transactions contemplated hereunder; or (e) trigger any rights
of first refusal, preferential purchase or similar rights with respect to any of the Shares. 
 Section 4.4 Authorization of the
Shares. The Shares have been duly authorized and, when issued in accordance with this Agreement, the Shares will be duly and validly issued, fully paid and non-assessable shares of Class B Common
Stock and will be free and clear of all Liens and claims, other than restrictions on transfer imposed by the Securities Act and applicable state securities laws. 

  
 5 

 ARTICLE V 

MISCELLANEOUS 

Section 5.1 Entire Agreement. This Agreement, together with the certificates, documents, instruments and writings that are
delivered pursuant hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or
oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 
 Section 5.2
Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. 

Section 5.3 Assignments. Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its
rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation of this Section 5.3 shall be void and ineffectual and shall not operate to transfer or
assign any interest or title to the purported assignee. 
 Section 5.4 Waiver of Jury Trial. THE PARTIES HERETO EACH HEREBY
AGREE TO WAIVE THE RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THE
PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS
THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT. 

  
 6 

 Section 5.5 Counterparts. This Agreement may be executed in two or more counterparts,
each of which will be deemed an original but all of which together will constitute one and the same instrument. 
 Section 5.6
Headings. The article and section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation of this Agreement. 

Section 5.7 Governing Law. This Agreement, the entire relationship of the parties hereto, and any litigation between the parties
(whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without giving effect to its choice of laws principles. 

Section 5.8 Amendments. This Agreement may not be amended, modified or waived as to any particular provision, except by a written
instrument executed by the parties hereto. 
 Section 5.9 Severability. The provisions of this Agreement will be deemed
severable and the invalidity or unenforceability of any provision will not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance,
is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in accordance with its terms, the parties hereto agree that the Governmental Body, arbitrator, or mediator making such determination will have the power to modify the
provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced. 

Section 5.10 Expenses. Except as otherwise expressly provided in this Agreement, each party hereto will bear its own costs and
expenses incurred in connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal
counsel and accountants. 
 Section 5.11 Construction. The parties hereto have participated jointly in the negotiation and
drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any
party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign Law will be deemed also to refer to Law as amended and all rules and regulations promulgated thereunder, unless the
context requires otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter
genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,”
“herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The
parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that
there exists 

  
 7 

 
another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from
or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. 
 Section 5.12
Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of
warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent occurrence. 
 [Signature page
follows] 

  
 8 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the
date first set forth above. 
  

			
	COMPANY:
	
	 PURE ACQUISITION CORP.

		
	 By:
	 	/s/ Steven W. Tholen
	 Name:
	 	 Steven W. Tholen

	 Title:
	 	 Chief Financial Officer

	
	 BUYER:

	
	 HIGHPEAK PURE ACQUISITION, LLC

		
	 By:
	 	/s/ Jack D. Hightower
	 Name:
	 	 Jack D. Hightower

	 Title:
	 	 President & CEO

 [Signature Page to Securities Purchase Agreement]

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