Document:

EX-4.21

 Exhibit 4.21 

SUBORDINATION AGREEMENT 
  

							
	 Borrower:
	  	BARKBOX, INC.	 	Bank:	  	WESTERN ALLIANCE BANK, an
		  	BARKRETAIL, LLC	 		  	Arizona corporation
		  	BARKPARK, LLC	 		  	55 Almaden Boulevard, Suite 100
		  	c/o BARKBOX, INC.	 		  	San Jose, CA 95113
		  	221 Canal Street, 4th Floor	 		  	
		  	New York, NY 10013	 		  	
				
	Subordinated	  	Each of the holders of	 		  	
	Credit	  	Subordinated Notes and	 		  	
	Parties:	  	Collateral Agent	 	 	  	 

 This SUBORDINATION AGREEMENT, dated as of November 27, 2020 (as amended, restated, supplemented or
otherwise modified from time to time, this “Agreement”), is entered into by and among U.S. Bank National Association, in its capacity as collateral agent pursuant to the Indenture (as defined below) (in such capacity and together
with any successors in such capacity, the “Collateral Agent”) for its own benefit and the benefit of the Subordinated Credit Parties, and WESTERN ALLIANCE BANK, an Arizona corporation (“Bank”). 

R E C I T A L S 

A. BARKBOX, INC., a Delaware corporation (“Parent”), BARKRETAIL, LLC, a Delaware limited liability company
(“BarkRetail”), and BARKPARK, LLC, a Delaware limited liability company (“BarkPark”, and together with Parent, BarkRetail and any other co-borrower pursuant to the Senior Loan
Agreement (as defined below), from time to time, individually or collectively, as the context may require, “Borrower”) have requested and/or obtained certain credit accommodations from Bank which are or may be from time to
time secured by assets and property of Borrower. 
 B. Subordinated Credit Parties have extended loans or other credit accommodations
to Borrower, and/or may extend loans or other credit accommodations to Borrower from time to time. 
 C. In order to induce Bank to
extend credit to Borrower and, at any time or from time to time, at Bank’s option, to make such further loans, extensions of credit, or other accommodations to or for the account of Borrower, or to extend credit upon any instrument or writing
in respect of which Borrower may be liable in any capacity, or to grant such renewals or extension of any such loan, extension of credit, or other accommodation as Bank may deem advisable, Subordinated Credit Parties are willing to subordinate:
(i) all Subordinated Debt (as defined below) to all Senior Debt (as defined below), and all security interests securing the Subordinated Debt to all security interests securing the Senior Debt. 

NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 

1. The following defined terms shall have the meanings set forth below: 

“Blockage Notice” – a notice that is duly given to Collateral Agent by Bank with reference to this Agreement, following
an “Event of Default” as defined in the Senior Debt Documents stating that an Event of Default pursuant to the Senior Debt Documents has occurred and that a Blockage Period is initiated. 

“Blockage Period” – a period commencing on the date of delivery of a Blockage Notice, and ending the earliest of (i) 120
days following the date of delivery of such Blockage Notice, provided that if, prior to the expiration of such 120 day period, Bank has commenced and is diligently pursuing a judicial proceeding or
non-judicial actions to collect or enforce the Senior Debt or foreclose on any Collateral and Bank duly notifies the Collateral Agent of the commencement of such collection or enforcement actions, or a case or
proceeding by or against Borrower is commenced under the United States Bankruptcy Code or any other applicable insolvency law, then such period shall be extended during the continuation of such proceedings and actions until the Termination Date,
(ii) the date on which all Events of Default under the Blockage Notice have been cured or waived in accordance with the terms of the Senior Debt Documents, or (iii) the date Bank provides written consent to the termination of the Blockage
Period. 

 “Collateral” – all property of Borrower or any other credit party
pursuant to the Senior Debt Documents or the Subordinated Note Documents subject to a security interest in favor of Bank to secure the Senior Debt or the Subordinated Debt, respectively. 

“Collateral Agent” — U.S. Bank National Association, as collateral agent pursuant to the Indenture. 

“DIP Financing” — the obtaining of credit or incurring debt secured by a security interest in the Collateral pursuant to
section 364 of the Bankruptcy Code (or similar applicable bankruptcy law) in a maximum principal amount not to exceed $90,000,00 minus the principal amount of the then-outstanding principal amount of Senior Debt minus the principal
amount of any other Senior Indebtedness (as such term is defined in the Indenture). 
 “Indenture” – the Indenture
dated as of [the date hereof], by and among Parent and U.S. Bank National Association, as trustee and as Collateral Agent. 

“Insolvency Event” –insolvency proceedings, reorganization or any other case or proceeding under applicable bankruptcy
or insolvency law or other law relating to the relief of debtors has commenced against Borrower. 
 “Senior Debt” —
all obligations of Borrower to Bank now existing or hereafter arising, together with all costs of collecting such obligations (including attorneys’ fees), including, without limitation, all interest accruing after an Insolvency Event, and any
claims of Bank against Borrower and the estate of Borrower arising from the granting of credit under Section 364 of the United States Bankruptcy Code, or the use of cash collateral under Section 363 of the United States Bankruptcy Code.

 “Senior Debt Documents” – the Senior Loan Agreement, and any other Loan Documents (as defined in the Senior Loan
Agreement), as amended, restated, supplemented or otherwise modified from time to time, collectively. 
 “Senior Loan
Agreement” — Loan and Security Agreement, dated as of October 12, 2017, by and among Borrower and Bank, as amended, restated, supplemented or otherwise modified from time to time. 

“Subordinated Credit Parties” – each of the lenders party to the Subordinated Note Purchase Agreement and Collateral
Agent, collectively. 
 “Subordinated Debt” – all obligations of Borrower to Subordinated Credit Parties pursuant to
the Subordinated Note Documents now existing or hereafter arising, together with all costs of collecting such obligations (including attorneys’ fees), including, without limitation, all interest accruing after an Insolvency Event. 

“Subordinated Note Documents” – the Subordinated Notes, the Subordinated Note Purchase Agreement, the Indenture, the
Security Agreement, dated as of the date hereof in favor of Collateral Agent, and any other documents and agreements entered into in connection therewith from time to time, in each case, as amended, restated, supplemented or otherwise modified from
time to time, collectively. 
 “Subordinated Note Purchase Agreement” – the Note Purchase Agreement, dated as of the
date hereof, by and among Parent and the lenders party thereto, as amended, restated, supplemented or otherwise modified from time to time. 

“Subordinated Notes” — the 5.50% Convertible Secured Notes due 2025 issued by Parent, issued pursuant to the Indenture,
as amended, restated, supplemented or otherwise modified from time to time. 

 “Termination Date” – the date that each of the following conditions
has been met: (i) the Senior Debt shall have been paid in full in cash, and (ii) all commitments to extend credit under the Senior Loan Agreement shall have been terminated. 

2. Each Subordinated Credit Party subordinates to Bank any security interest in any Collateral of Borrower securing the Subordinated Debt to Bank’s
security interest in the Collateral securing the Senior Debt. Notwithstanding the respective dates of attachment or perfection of the security interest securing the Subordinated Debt and the security interest of Bank, the security interest of Bank
in the Collateral shall at all times be prior to the security interest securing the Subordinated Debt. 
 3. All Subordinated Debt is subordinated in
right of payment to all Senior Debt and except as set forth below in Section 4(a), no cash payments shall be made in respect of the Subordinated Debt (including by way of redemption) prior to the Termination Date. During a Blockage Period,
except as otherwise provided herein, no Subordinated Credit Party will demand or receive from Borrower (and Borrower will not pay to any Subordinated Credit Party) all or any part of the Subordinated Debt, by way of payment, prepayment, setoff,
lawsuit or otherwise, nor will any Subordinated Credit Party exercise any remedy with respect to the Collateral or any other collateral securing the Subordinated Debt, nor will any Subordinated Credit Party accelerate the Subordinated Debt, or
commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action against Borrower, or to commence or join in any involuntary bankruptcy petition or similar judicial proceeding against Borrower.
Notwithstanding the foregoing or anything to the contrary in this Agreement, Subordinated Credit Parties shall be permitted to receive and retain equity securities of Parent upon conversion of the Subordinated Notes in accordance with their
respective terms. 
 4. Notwithstanding anything to the contrary contained herein, the Subordinated Creditors may take any of the following actions:

 (a) receive PIK Interest (as defined in the Subordinated Note Documents) and other interest, fees, premiums or other amounts that
are paid in kind and capitalized as principal; (b) giving notices of default under any Subordinated Note Documents, provided that a copy of such notice is concurrently given to Bank; 

(c) imposing (but not collecting) a default rate of interest with respect to any Subordinated Debt pursuant to and in accordance with
the Subordinated Note Documents, provided that notice of the default under the Subordinated Note Documents has been given to Bank; 
 (d)
initiating a legal action or proceeding solely as necessary to prevent the running of any statute of limitations or similar restriction or claim with respect to any Subordinated Debt, but not to take any action to collect such Subordinated Debt
in furtherance or otherwise in connection with such legal action or proceeding; 
 (e) take any action in order to create, perfect,
preserve or protect (but not enforce) its security interest in or lien on any Collateral or other collateral securing the Subordinated Debt; provided that such action shall not be inconsistent with the terms of this Agreement and shall not be
adverse to the priority status of Bank’s security interest in the Collateral securing the Senior Debt, or the rights of Bank to exercise remedies in respect thereof; 

(f) file a claim or statement of interest with respect to the Subordinated Debt; provided that an Insolvency Event has occurred; 

(g) file any proof of claim in respect of the Subordinated Debt or any necessary or appropriate responsive or defensive pleadings in
opposition to any motion, claim, adversary proceeding or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims or security interest of the Subordinated Credit Parties; 

 (h) file any pleadings, objections, motions or arguments which assert rights or
interests available to unsecured creditors of Borrower arising under applicable bankruptcy or non-bankruptcy law (other than initiating or joining in an involuntary case or proceeding under the Bankruptcy Code
with respect to a Borrower), in each case not inconsistent with the terms of this Agreement, provided that any judgement lien obtained by any Subordinated Credit Party as a result of such exercise of rights will be subject to the subordination terms
in this Agreement in all respects; 
 (i) vote on any plan of reorganization, make other filings and make any arguments and motions
that are, in each case, in accordance with the terms of this Agreement, with respect to the Subordinated Debt; and  

(j) exercise any of its rights or remedies with respect to the Subordinated Debt or any collateral securing the Subordinated
Debt after the Termination Date or expiration of the Blockage Period. 
 5. Each Subordinated Credit Party shall promptly deliver to Bank in the form
received (except for endorsement or assignment by such Subordinated Credit Party where required by Bank) for application to the Senior Debt any payment, distribution, security or proceeds received by Subordinated Credit Party with respect to the
Subordinated Debt other than in accordance with this Agreement. 
 6. In the event of an Insolvency Event: 

(a) Each Subordinated Credit Party shall file claims or proofs of claim on or before twenty (20) days prior to the last date such
claims or proofs of claim may be filed pursuant to applicable law or the order of any court exercising jurisdiction over such proceeding. 

(b) Each Subordinated Credit Party shall not vote in favor of any plan of reorganization or arrangement except if (i) such plan
provides for the payment or satisfaction of the Senior Debt in full or (ii) such plan has been approved by Bank. 
 (c) No
Subordinated Credit Party shall assert, without the prior written consent of Bank, any claim, motion, objection or argument in respect of the Collateral or any DIP Financing provided by Bank or to which Bank has consented in connection with any
Insolvency Event which could otherwise be asserted or raised in connection with such Insolvency Event, including, without limitation, any claim, motion, objection or argument seeking adequate protection or relief from the automatic stay in respect
of the Collateral so long as such DIP Financing shall not have any provision that purports to govern or control the provisions or content of a plan of reorganization (other than any provision (i) establishing plan-related milestones or
(ii) requiring that the DIP Financing be satisfied or paid in full in cash on the effective date thereof) or require the liquidation of the collateral therefor prior to a default under such DIP Financing, provided, that if Bank is granted
adequate protection in connection with such DIP Financing or any use of cash collateral then Subordinated Creditor may seek or request adequate protection in the same form subject, in any case, to the subordination terms of this Agreement including,
without limitation, if such adequate protection is in the form of additional or replacement Collateral, then Subordinated Credit Parties’ adequate protection lien on such additional or replacement Collateral will be subordinated to the lien
securing the Senior Debt and any DIP Financing provided by Bank on the same basis as the other liens securing the Subordinated Debt are subordinated to the liens securing the Senior Debt in accordance with the terms of this Agreement. 

(d) Bank may consent to the use of cash collateral on such terms and conditions and in such amounts as it shall in good faith determine
without seeking or obtaining the consent of Subordinated Credit Parties as (if applicable) holder of an interest in the Collateral, and if use of cash collateral by Borrower is consented to by Bank, no Subordinated Credit Party shall oppose such use
of cash collateral on the basis that such Subordinated Credit Party’s interest in the Collateral (if any) is impaired by such use or inadequately protected by such use, or on any other ground (except as provided herein). 

 (e) No Subordinated Credit Party shall object to, or oppose, any sale or other
disposition of any assets comprising all or part of the Collateral, free and clear of security interests, liens and claims of any party, including Subordinated Credit Parties, under Section 363 of the United States Bankruptcy Code or otherwise,
on the basis that the interest of Subordinated Credit Parties in the Collateral (if any) is impaired by such sale or inadequately protected as a result of such sale, or on any other ground (and, if requested by Bank, each Subordinated Credit Party
shall affirmatively and promptly consent to such sale or disposition of such assets), if Bank has consented to, or supports, such sale or disposition of such assets, in each case, so long the terms of any proposed order approving such sale or
disposition provide for the respective security interests of the Bank and Subordinated Credit Parties to attach to the proceeds of Collateral or other collateral that is the subject of such sale or disposition, subject to the priorities hereunder
and such proposed order does not impair, subject to the priorities set forth in this Agreement, the rights of the Subordinated Credit Parties under Section 363(k) of the United States Bankruptcy Code (so long as the right of any Subordinated
Credit Party to credit bid any Subordinated Debt against the purchase price for any Collateral shall be subject to the payment in full in cash of the Senior Debt upon consummation thereof), and 

(f) This Agreement shall remain in full force and effect, and Bank’s claims against Borrower and the estate of Borrower shall be
paid in full before any payment is made to Subordinated Credit Parties. 
 (g) Subordinated Credit Parties acknowledge that
irreparable damage would occur for which monetary damages would not be an adequate remedy in the event that any provision of this Section 6 is not performed by applicable Subordinated Credit Parties in accordance with its terms or is otherwise
breached, and agrees that Bank shall be entitled to specific performance and the issuance of immediate injunctive and other equitable relief without the necessity of proving inadequacy of monetary damages as a remedy, and Subordinated Credit Parties
hereby further agree to waive any requirement for the securing or posting of any bond in connection with such injunctive or equitable relief, this being in addition to and not in limitation of any other remedy to which Bank may be entitled to at law
or in equity. 
 7. Until the Termination Date, in connection with any enforcement action with respect to any Collateral, each Subordinated Credit
Party agrees that it will not object to or oppose (i) the sale of the Borrower, or (ii) the sale or other disposition of any property of the Borrower or the estate of Borrower, if Bank has consented to such sale of the Borrower or sale or
disposition of any property of the Borrower or the estate of Borrower so long as the net proceeds of such sale or disposition are applied to the Senior Debt and the Subordinated Debt in accordance with the priorities hereunder. If requested by Bank,
each Subordinated Credit Party shall affirmatively consent to such sale or disposition and shall take all necessary actions and execute such documents and instruments as Bank may reasonably request in connection with and to facilitate such sale or
disposition. 
 8. Subordinated Credit Parties shall immediately affix a legend to the instruments evidencing the Subordinated Debt stating that the
instruments are subject to the terms of this Agreement. The Subordinated Note Documents shall not be amended (i) to accelerate the payment in cash of principal or interest, (ii) to increase the cash interest rate or principal amount (other
than the capitalization of any interest, fees, premiums or other amounts), (iii) to add as guarantors any parties that are not Borrower pursuant to the Senior Loan Agreement or any other Senior Loan Document, unless such party is or becomes a
guarantor in respect of the Senior Debt, subject to the priorities hereunder, or (iv) to grant a lien on any property that does not constitute Collateral securing the Senior Debt, unless such Collateral is made Collateral to secure the Senior
Debt, subject to the priorities hereunder. Subordinated Credit Parties shall notify Bank of any “Event of Default” (as defined in the Subordinated Note Documents) promptly and in any event concurrently with any notice thereof to Borrower
or taking any action permitted pursuant to this Agreement with respect to such Event of Default. 
 9. This Agreement shall remain effective until the
Termination Date. If, at any time after payment in full of the Senior Debt, any payments of the Senior Debt must be disgorged by Bank for any reason (including, without limitation, an Insolvency Event), this Agreement and the relative rights and
priorities set forth herein shall be reinstated as to all such disgorged payments as though such payments had not been made and each Subordinated Credit Party shall immediately pay over to Bank all payments received with respect to the Subordinated
Debt to the extent that such payments would have been prohibited hereunder. At any time and from time to time, without notice to any Subordinated Credit Party, Bank may take such 

 actions with respect to the Senior Debt and the Collateral as Bank, in its sole discretion, may deem
appropriate, including, without limitation, terminating advances to Borrower, increasing the principal amount (in an amount not to exceed $90,000,00 minus the principal amount of the then-outstanding principal amount of Senior Debt minus the
principal amount of any other Senior Indebtedness (as such term is defined in the Indenture), extending the time of payment, increasing applicable interest rates, renewing, compromising or otherwise amending the terms of any Senior Debt Documents,
judicial or nonjudicial foreclosure, exercise of a power of sale, and taking a deed, assignment or transfer in lieu of foreclosure as to any of the Collateral, and enforcing or failing to enforce any rights against Borrower or any other person. No
such action or inaction shall impair or otherwise affect Bank’s rights hereunder. Each Subordinated Credit Party agrees not to assert against Bank (a) any rights which a guarantor or surety could exercise; but nothing in this Agreement
shall constitute any Subordinated Credit Party a guarantor or surety; (b) the right, if any, to require Bank to marshal or otherwise require Bank to proceed to dispose of or foreclose upon any of the Collateral in any manner or order; and
(c) any right of subrogation, contribution, reimbursement, or indemnity which it may have against Borrower arising directly or indirectly out of this Agreement. 

10. This Agreement shall bind any successors or assignees of Subordinated Credit Parties and shall benefit any successors or assigns of Bank. This
Agreement is solely for the benefit of Subordinated Credit Parties and Bank and not for the benefit of Borrower or any other party. Each Subordinated Credit Party further agrees that if Borrower is in the process of refinancing a portion of the
Senior Debt with a new lender, and if Bank makes a request of Subordinated Credit Parties, each Subordinated Credit Party shall agree to enter into a new subordination agreement with the new lender on substantially the terms and conditions of this
Agreement. 
 11. Except as otherwise provided herein, all notices and service of process required, contemplated, or permitted hereunder or with
respect to the subject matter hereof shall be in writing, and shall be deemed to have been validly served, given or delivered upon the earlier of: (a) the first business day after transmission by facsimile or hand delivery or deposit with an
overnight express service or overnight mail delivery service; or (b) the third calendar day after deposit in the United States mails, with proper first class postage prepaid, and shall be addressed to the party to be notified as set forth below
such party’s signature to this Agreement, provided that each party may provide updated notice address details by notice duly given to the other parties hereto. 

12. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one
instrument. 
 13. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to
conflicts of law principles. Each Subordinated Credit Party and Bank submit to the exclusive jurisdiction of the state and federal courts located in the Borough of Manhattan in the State of New York. EACH SUBORDINATED CREDIT PARTY AND BANK WAIVE
THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN. 

14. This Agreement represents the entire agreement with respect to the subject matter hereof, and supersedes all prior negotiations, agreements and
commitments. No Subordinated Credit Party is relying on any representations by Bank or Borrower in entering into this Agreement, and each Subordinated Credit Party has kept and will continue to keep itself fully apprised of the financial and other
condition of Borrower. This Agreement may be amended only by written instrument signed by a majority in interest of the Subordinated Credit Parties and Bank. 

15. In the event of any legal action to enforce the rights of a party under this Agreement, the party prevailing in such action shall be entitled, in
addition to such other relief as may be granted, all reasonable costs and expenses, including reasonable attorneys’ fees, incurred in such action. 

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK] 

 [SIGNATURE PAGE TO SUBORDINATION AGREEMENT] 

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above written. 

 

			
	COLLATERAL AGENT:
	
	U.S. BANK NATIONAL ASSOCIATION, solely in its capacity as Collateral Aaent
		
	By:	 	 /s/ James W. Hall

	Name:	 	James W. Hall
	Title:	 	Vice President
	
	Address for Notices:
	
	100 Wall Street, Suite 600
	New York, NY 10005
	Attention: James Hall

 [SIGNATURE PAGE TO SUBORDINATION AGREEMENT] 

 

			
	BANK:
	
	 WESTERN ALLIANCE BANK
 an
Arizona corporation

		
	By:	 	 /s/ Greg Dietrick

	Name:	 	Greg Dietrick
	Title:	 	Senior Director
	
	Address for Notices:
	
	 Attn: Note Department
 55 Almaden
Blvd

	San Jose, CA95113
	Tel: (408) 423-8500
	Fax:(408) 423-8520

 [SIGNATURE PAGE TO SUBORDINATION AGREEMENT] 

 

			
	The undersigned approves of the terms of this Agreement.
	
	BORROWER:
	
	BARKBOX, INC.
		
	By:	 	 /s/ John Toth

	Name:	 	John Toth
	Title:	 	Chief Financial Officer
	
	BARKRETAIL, LLC
	
	By: BARKBOX, INC., its sole member
		
	By:	 	 /s/ John Toth

	Name:	 	John Toth
	Title:	 	Chief Financial Officer
	
	BARKPARK, LLC
	
	By: BARKBOX, INC., its sole member
		
	By:	 	 /s/ John Toth

	Name:	 	John Toth
	Title:	 	Chief Financial Officer
	
	Address for Notices:
	
	c/o BARKBOX, INC.
	221 Canal Street, 4th Floor
	New York, NY 10013
	Attn: John Toth, Chief Financial Officer
	EMAIL: john@barkbox.comEX-10.1

 Exhibit 10.1 

NATIONAL FUEL GAS COMPANY 

DEFERRED COMPENSATION PLAN FOR DIRECTORS AND OFFICERS 

Amended and Restated Effective September 1, 2021 

1.    Purpose; Effective Date. The Board of Directors (the “Board”) of National Fuel Gas
Company (the “Company”) adopts this amended and restated Deferred Compensation Plan for Directors and Officers (the “Plan”) for the purpose of providing an unfunded nonqualified deferred compensation
plan for directors and officers. The Plan was initially adopted effective as of September 1, 2020; the amendment and restatement is effective for Deferral Elections submitted on or after September 1, 2021 (the “Restatement
Date”). 
 2.    Eligibility. Persons eligible to defer compensation under the Plan shall consist of
each person who is a director of the Company (each, a “Director”) and, as of the Restatement Date, each person who is an officer of the Company or its subsidiaries (each, an “Officer”). 

3.    Deferral Elections. (a) Election to Participate. Except to the extent otherwise permitted by the
Compensation Committee of the Board (the “Committee”) in accordance with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations
promulgated thereunder (“Section 409A”), a Director may elect to defer Fees and Share Awards (as each such term is defined in Section 4) under the Plan, and an Officer may elect to defer
Salary and Discretionary Bonus (as each such term is defined in Section 4) under the Plan. Such election to defer may be made by submitting a written election to the Company or its third party designee, to defer Fees, Share Awards, Salary and
Discretionary Bonus, as applicable, no later than the last day of the calendar year immediately prior to the calendar year in respect of which the services related to such Fees, Share Awards, Salary or Discretionary Bonus are performed. An Officer
also may defer (i) all or any portion of any Performance-Based Bonus or (ii) any RSU Settlement or PSU Settlement (as each such term is defined in Section 4) to be earned or awarded during the Company’s fiscal year beginning
October 1 by submitting a Deferral Election not later than the immediately preceding September 30, provided that (A) such Performance-Based Bonus or PSU Settlement is to be earned over a period of not less than 12 months and
constitutes “performance-based compensation” as to which the performance period ends no earlier than six months after, and the deferred amount is not substantially certain to be paid as of, the date of such Deferral Election (a
“Performance Conditioned Election”) and/or (B) any such RSU Settlement is subject to forfeiture if the Officer does not perform services for the Company continuously for a period of at least 12 months following the date
on which the Officer obtains a legally binding right to such award (a “Service Conditioned Election”). 

 Notwithstanding the foregoing, any Director or Officer who becomes initially eligible to
participate on or after the Restatement Date may file a Deferral Election at any time within 30 days after the later of (i) the Restatement Effective Date or (ii) the date on which such person receives written notice of his
or her eligibility under the Plan to defer (x) eligible compensation that is payable with respect to services performed after the date of such Deferral Election and/or (y) with respect to an Officer, any outstanding (1) RSU Settlement
as to which a Service Conditioned Election may be made and as to which the settlement date occurs at least 12 months following such 30th day (an “RSU Transition Election”)
or (2) PSU Settlement as to which a Performance Conditioned Election may be made. 
 Notwithstanding the foregoing, a Deferral Election
with respect to any RSU Settlement or PSU Settlement that is outstanding at the time of the election may not be made for any increment other than 100%, unless the Company determines otherwise. 

Any Director or Officer who elects to participate in the Plan shall be referred to as a “Participant.” All deferral
elections under the Plan will be made in writing on a form (which may include an electronic form) specified by the Company (a “Deferral Election”). 

(b) Effectiveness of Election. A Deferral Election submitted by a Participant shall become effective as soon as administratively
practicable. Unless otherwise stated in the form of election, a Deferral Election submitted by a Participant shall automatically continue from year to year and shall be irrevocable with respect to an item of compensation once the deferral deadline
for that compensation has passed, but the Participant may modify or terminate a Deferral Election for compensation to be earned or awarded in any subsequent fiscal or calendar year or performance period as described in Section 3(a) by
submitting a revised Deferral Election or otherwise giving written notice to the Company at any time on or prior to the deferral deadline for that compensation. 

4.    Compensation Eligible for Deferral. A Director may elect to defer receipt of all or any whole percentage of
the annual retainer payable in cash for service as a director (“Fees”), subject to such minimum annual aggregate Fee deferral as the Committee shall specify from time to time. A Director may elect to defer receipt of all or a
portion, in 25% increments, of any quarterly issuance of Common Stock which is made as part of a Director’s annual retainer and issued under the 2009 Non-Employee Director Equity Compensation Plan (a
“Share Award”) or any successor plan thereto. An Officer may elect to defer receipt of all or any whole percentage of (i) the annual base salary payable in cash for services as an Officer
(“Salary”) and/or (ii) any discretionary bonus payable in cash (“Discretionary Bonus”), each subject to such minimum annual aggregate compensation deferral as the Company
shall specify from time to time. Subject to Section 3(a), an Officer may also elect to defer receipt of all or any whole percentage of any performance-based bonus payable in cash (“Performance-Based Bonus”), and receipt
of 

  
 2 

 
all or a portion, in 25% increments, of any issuance of Common Stock which is to be made as a part of a settlement of (i) restricted stock units granted to the Officer under the 2010 Equity
Compensation Plan (an “RSU Settlement”) or any successor plan thereto, and/or (ii) performance shares and performance units granted to the Officer under the 2010 Equity Compensation Plan (a “PSU
Settlement”) or any successor plan thereto. 
 5.    Accounts. (a) Accounts. The Company
shall establish on its books one or more separate accounts (individually, an “Account” and collectively, the “Accounts”) for each Participant, as may be elected: a “Company Stock
Account,” which shall be denominated in shares of Common Stock, including fractional shares, a “Cash Account,” which shall be denominated in U.S. dollars, and an “RSU Transition Account,”
to record the amounts deferred by a Participant under the terms of an RSU Transition Election. 
 (b)    Allocation
of Deferrals among Accounts. Any Share Award, RSU Settlement or PSU Settlement deferred by a Participant shall be credited to the Company Stock Account. All other compensation deferred by a Participant shall be credited to the Cash Account. Any
RSU Transition Account will be treated as part of the Stock Account solely for the purpose of determining earnings credits on such Account. 

(c)    Crediting of Deferrals. The credits for deferred cash Fees, Salary and/or Bonus shall be entered on the
Company’s books of account at the time that such compensation would otherwise have been paid but for the Deferral Election. The credit for any Share Award, RSU Settlement or PSU Settlement shall be entered on the Company’s books of account
at the time that the corresponding shares of Common Stock would have been issuable but for the Deferral Election. 

(d)    Transfers among Accounts. Participants may elect in writing to transfer amounts previously credited to the
Cash Account to the Company Stock Account, but shall be limited to four such transfers per calendar year. No transfers may be made out of a Company Stock Account unless otherwise permitted under Section 5(g)(iv). The Committee or the Company,
as applicable, may require that designated fees be deducted from amounts transferred to or from Company Stock Accounts. All transfers are subject to the Company’s Policy on Insider Trading in National Fuel Gas Company Securities. 

(e)    Valuation of Stock; Dividend Credits. Any dollar amount transferred or credited to a Company Stock Account
shall be deemed to increase the number of shares of Common Stock recorded as the balance of that Account based on the closing market price of the Common Stock reported for the day of the transfer or credit or, if such day is not a trading day, the
next trading day. As of each date for payment of dividends on the Common Stock, each Participant’s Account shall be credited with the amount of dividends that would be paid on the number of shares recorded as the balance of that Account as of
the record date for such dividend, and the dollar value of such dividend 

  
 3 

 
equivalents shall be deemed reinvested in additional units of Common Stock based on the closing market price of the Common Stock reported for the date the corresponding dividend is payable to
shareholders. 
 (f)    Cash Account Interest. Interest shall be credited to the Cash Account of each Participant
as of the last day of each calendar quarter. The rate of interest to be applied at the end of each calendar quarter shall be the quarterly equivalent of an annual yield that is equal to the annual yield on Moody’s Average Corporate Bond Yield
as of the last day of the immediately preceding quarter, as published by Moody’s Investors Service, Inc. (or any successor thereto), or if such index is no longer published, a substantially similar index selected by the Board. Interest shall be
calculated for each calendar quarter based upon the average daily balance of the Participant’s Cash Account during the quarter. 

(g)    Effect of Corporate Transaction on Company Stock Accounts and RSU Transition Accounts. At the time of
consummation of a Corporate Transaction (as defined below), if any, the amount credited to a Participant’s Company Stock Account and RSU Transition Account shall be converted into a credit for cash or common stock of the acquiring company
(“Acquirer Stock”) based on the consideration received by shareholders of the Company in the Corporate Transaction, as follows: 

(i)    Stock Transaction. If holders of Common Stock receive Acquirer Stock in the Corporate
Transaction, then (1) the amount credited to each Participant’s Company Stock Account and RSU Transition Account shall be converted into a credit for the number of shares of Acquirer Stock that the Participant would have received as a
result of the Corporate Transaction if the Participant had actually held the Common Stock credited to his or her Company Stock Account and RSU Transition Account immediately prior to the consummation of the Corporate Transaction, and
(2) Company Stock Accounts and RSU Transition Accounts will thereafter be denominated in shares of Acquirer Stock and ongoing deferrals into Company Stock Accounts and RSU Transition Accounts, if any, shall continue to be made in accordance
with outstanding deferral elections into the Company Stock Accounts and RSU Transition Accounts as so denominated. 

(ii)    Cash or Other Property Transaction. If holders of Common Stock receive cash or other
property in the Corporate Transaction, then the amount credited to a Participant’s Company Stock Account and RSU Transition Account shall be transferred to the Participant’s Cash Account and converted into a cash credit for the amount of
cash or the value of the property that the Participant would have received as a result of the Corporate Transaction if the Participant had actually held the Common Stock credited to his or her Company Stock Account and RSU Transition Account
immediately prior to the consummation of the Corporate Transaction. 

  
 4 

 (iii)    Combination Transaction. If holders of
Common Stock receive Acquirer Stock and cash or other property in the Corporate Transaction, then (1) the amount credited to each Participant’s Company Stock Account and RSU Transition Account shall be converted in part into a credit for
Acquirer Stock under Section 5(g)(i) and in part into a credit for cash under Section 5(g)(ii) in the same proportion as such consideration is received by shareholders, and (2) ongoing deferrals into Company Stock Accounts and RSU
Transition Accounts, if any, shall continue to be made in accordance with outstanding deferral elections into Company Stock Accounts and RSU Transition Accounts in accordance with Section 5(g)(i). 

(iv)    Election Following Stock Transaction. For a period of 12 months following the consummation
of any Corporate Transaction which results in Participants having Company Stock Accounts and RSU Transition Accounts denominated in Acquirer Stock, each Participant shall have a one-time right to elect to
transfer the entire amount in the Participant’s Company Stock Account and RSU Transition Account into the Participant’s Cash Account; provided, however, that this election shall not be available if the Corporate Transaction results in
holders of Common Stock becoming holders of all of the outstanding common stock of a parent corporation of the Company. Such election shall be made by written notice to the Company and shall be effective on the date received by the Company. If such
an election is made, the amount of cash to be credited to the Participant’s Cash Account shall be determined by multiplying the number of shares of Acquirer Stock in the Participant’s Company Stock Account and RSU Transition Account by the
closing market price of the Acquirer Stock reported for the effective date of the election or, if such day is not a trading day, the next trading day. All transfers are subject to the Company’s Policy on Insider Trading in National Fuel Gas
Company Securities. 
 (v)    For purposes of this Plan, a “Corporate
Transaction” shall mean any of the following: 
 (1)    any consolidation, merger or plan
of share exchange involving the Company (a “Merger”) pursuant to which shares of Common Stock would be converted into cash, securities or other property; 

(2)    any sale, lease, exchange or other transfer (in one transaction or a series of related
transactions) of all, or substantially all, the assets of the Company; or 

  
 5 

 (3)    the adoption of any plan or proposal for the
liquidation or dissolution of the Company. 
 6.    Payment of Benefits. (a) Plan Benefits. Each Deferral
Election shall include an election by the Participant whether to receive distribution of the amounts deferred pursuant to the Deferral Election in a lump sum or in 5, 10 or 15 annual installments. If a Participant does not affirmatively elect to
receive installment payments, distribution of the Participant’s Account shall be made in a lump sum. Payment elections shall be irrevocable with respect to compensation once the deferral deadline for that compensation has passed. Except to the
extent otherwise permitted by the Company, Participants may not make different payment elections with respect to subsequent deferrals of compensation. 

(b)    Commencement of Payments. Payment of benefits to Participants shall commence in January of the year
following the Participant’s Separation from Service, as defined in Treasury Regulations §1.409A-1(h); provided, however, that the transferability restrictions in paragraph 7(b) of the 2009 Non-Employee Director Equity Compensation Plan, if applicable, shall apply to shares distributed with respect to Deferrable Compensation and Dividend Equivalents related thereto, but with the minimum two year
holding requirement measured from the date the Deferred Compensation is credited under this Plan. Notwithstanding the foregoing, if later than the date otherwise set forth in this Section 6(b), payment of any amount credited to an RSU
Transition Account with respect to any RSU Settlement will commence in the January next following the fifth anniversary of the last vesting date applicable to such deferred RSU Settlement, and be paid in a lump sum or, if applicable, over any
remaining number of elected installments. 
 (c)    Specified Employees. Notwithstanding any other provision of
this Plan, payment to a “specified employee” (as defined in Treas. Reg. 1.409A-1(i)) will commence on the later of the date provided in this Plan or the seventh month following Separation from
Service, valued on the last day of the month next preceding the seventh month. 
 (d)    Form of Payments.
Benefits payable to a Participant from a Company Stock Account shall be paid as a distribution of Common Stock, with any fractional shares payable in cash. Benefits payable to a Participant from a Cash Account shall be paid in cash. 

(e)    Payment Timing and Valuation. All lump sum payments or installment payments due under the Plan in any year
shall be paid on a date in January determined by the Company. All payments shall be based on Account balances as of the close of business on the last trading day of the immediately preceding month. If a Participant elects to receive payment of the
Participant’s Account in installments, the amount of each installment payment shall be determined by dividing the Cash Account balance or the 

  
 6 

 
number of stock units in the Stock Account, as applicable, by the number of remaining installments, including the current installment to be paid. Any fractional unit payable shall be paid in
cash. 
 (f)    Designation of Beneficiaries; Death. 

(i)    Each Participant shall have the right, at any time, to designate any person or persons as the
Participant’s beneficiary or beneficiaries (both primary as well as secondary) to whom benefits under this Plan shall be paid in the event of the Participant’s death prior to complete distribution of the benefits due under the Plan. Each
beneficiary designation shall be in written form prescribed by the Company and will be effective only if filed with the Company during the Participant’s lifetime. Such designation may be changed by the Participant at any time without the
consent of a beneficiary. If no designated beneficiary survives the Participant, the balance of the Participant’s benefits shall be paid to the Participant’s surviving spouse or, if no spouse survives, to the Participant’s estate.

 (ii)    Upon the death of a Participant, notwithstanding any contrary provisions of Section 6,
benefit payments to the Participant’s beneficiary shall commence no later than January of the year following the Participant’s death. Any benefits payable after the death of a Participant shall otherwise be paid in accordance with the
payment elections for such benefits that would have applied if the Participant had not died. 
 (g)    Payment to
Guardian. If a benefit under the Plan is payable to a minor or a person declared incompetent or to a person incapable of handling the disposition of his or her property, the Committee may direct payment of such Plan benefit to the guardian,
legal representative or person responsible for the care and custody of such minor, incompetent or person. The Committee may require proof of incompetence, minority, incapacity or guardianship as it may deem appropriate prior to distribution of the
Plan benefit. Such distribution shall completely discharge the Committee and the Company from all liability with respect to such benefit. 

7.    Administration. 

(a)    Committee Duties. This Plan shall be administered by the Committee. The Committee shall have responsibility
for the general administration of the Plan and for carrying out its intent and provisions. Notwithstanding any other provision of the Plan to the contrary, the Committee may (i) establish the maximum deferrable amount with respect to any item
of compensation eligible for deferral, (ii) allow Deferral Elections to be made as to any item of compensation at any time that such election would be permissible under Section 409A and (iii) establish such rules, restrictions and
conditions as it shall deemed necessary or appropriate for the efficient and effective administration of the Plan. The Committee shall have the authority interpret the Plan, to correct any 

  
 7 

 
inconsistency or omission in the Plan and have such powers and duties as may be necessary to discharge its responsibilities. The Committee may, from time to time, employ other agents and delegate
to them such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Company. 

(b)    Binding Effect of Decisions. The decision or action of the Committee in respect of any question arising out
of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 

8.    Amendment and Termination of the Plan. The Board or the Committee may amend, modify, terminate or discontinue
the Plan at any time; provided that no such action shall reduce the amount credited to a Participant’s Account immediately prior to such action, or change the time, method or manner in which the Participant’s Account is then being
distributed, except to the extent that an accelerated payment of the amounts credited to the Accounts may be effected in accordance with the applicable provisions of Section 409A. 

9.     Miscellaneous. 

(a)    Unsecured General Creditor. The Accounts shall be established solely for the purpose of measuring the amounts
owed to Participants or beneficiaries under the Plan. Participants and their beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interest or claims in any property or assets of the Company, nor shall they be
beneficiaries of, or have any rights, claims or interests in any mutual funds, other investment products or the proceeds therefrom owned or which may be acquired by the Company. The Company’s obligation under the Plan shall be that of an
unfunded and unsecured promise to pay money in the future, and the rights of Participants and beneficiaries shall be no greater than those of unsecured general creditors of the Company. Notwithstanding the foregoing provisions of this
Section 9(a), the Company may, at any time, establish one or more trusts, but the assets thereof shall be subject to the claims of the Company’s creditors. To the extent any benefits provided under the Plan are actually paid from any such
trust, the Company shall have no further obligation with respect thereto, but to the extent not so paid, such benefits shall remain the obligation of, and shall be paid by, the Company. Any shares of Common Stock held in trust under this Plan,
including but not limited to shares issued in connection with Share Awards, RSU Settlements, PSU Settlements, transfers of amounts from Cash Accounts to Company Stock Accounts, and the reinvestment of dividends, shall be issued under the 2009 Non-Employee Director Equity Compensation Plan or the 2010 Equity Compensation Plan, or any respective successor plan thereto, as applicable, and shall count against the shares available for issuance under such
applicable plan. 

  
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 (b)    Non-assignability.
Neither a Participant nor any other person shall have the right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable
hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be non-assignable and nontransferable. No part of the amounts payable shall, prior to actual payment, be subject to
seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s
bankruptcy or insolvency. 
 (c)    No Right to Association. Nothing in this Plan shall be deemed to give a
Participant the right to be retained in the service of the Company or to interfere with the right of the Company to terminate the services of a Participant at any time. 

(d)    No Rights as a Shareholder. Neither a Participant nor any other person shall have any rights or
privileges of a shareholder with respect to any units of Common Stock credited to the Participant’s Account, except that, if the Company determines to establish a trust to fund its obligations hereunder, the Committee may allow Participants to
direct the vote on shares of Company Stock held in such trust to fund the obligations corresponding to the Participant’s Account. 

(e)    Adjustments to Common Stock. In the event of any change in the Common Stock by reason of a merger,
consolidation, reorganization, recapitalization, stock dividend, stock split, combination or exchange of shares, or any other change in corporate structure, the number of shares credited to the Accounts shall be adjusted in such manner as a majority
of the Board shall determine to be fair under the circumstances. 
 (f)    Acceleration of Payments. If any
amounts deferred pursuant to the Plan are includible in gross income by a Participant prior to payment of such amounts (including by reason of the Plan’s failure to meet the requirements of Section 409A), an amount equal to the amount
required to be included in the Participant’s income shall be immediately paid to such Participant, notwithstanding the Participant’s election hereunder. 

(g)    Compliance With Laws and Regulations. The Plan, and the obligations of the Company under the Plan,
shall be subject to all applicable federal and state laws, rules and regulations, and to such approvals by any regulatory or governmental agency as may be required. The Company, in its discretion, may (1) postpone the issuance or
delivery of Common Stock or any other action permitted under the Plan to permit the Company, with reasonable diligence, to complete such stock exchange listing or registration or qualification of such Common Stock or other required action under any
federal or state law, rule or regulation or (2) require a Participant to make such representations and furnish such information as it may consider appropriate in connection 

  
 9 

 
with the issuance or delivery of Common Stock in compliance with applicable laws, rules and regulations. The Company shall not be obligated to sell or issue Common Stock in violation of any
such laws, rules or regulations, and neither the Company nor its directors, officers or employees shall have any obligation or liability to a Participant with respect to the Participant’s Account (or Common Stock issuable thereunder)
because of any actions taken pursuant to the provisions of this Section 9(g). 
 (h)    Governing Law. The
provisions of this Plan shall be construed and interpreted according to the laws of the State of New Jersey, except as preempted by federal law. 

(i)    Validity. In case any provision of this Plan shall be held illegal or invalid for any reason, said
illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provisions had never been inserted herein. 

(j)    Notice. Any notice or filing required or permitted to be given to the Company or the Committee under the
Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to the Secretary of the Company. Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown
on the postmark on the receipt for registration or certification. 
 (k)    Successors. The provisions of this
Plan shall bind and inure to the benefit of the Company and its respective successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or
otherwise acquire all or substantially all of the business and assets of the Company, and any successor thereto. 

(l)    Immunity from Liability. Neither the Company nor any person acting for the Company or the Board in the
administration of the Plan shall incur any liability for anything done or omitted to be done in administering the Plan or making any determination required by the Plan, except in the case of willful misconduct or gross negligence. 

(m)    Tax Withholding on Officers. Under current law, all deferrals credited to an Officer’s Accounts will be
treated as wages subject to FICA tax, and the Company will be required to withhold FICA tax from the Officers. The amount required to be withheld for FICA tax may, to the extent administratively practicable, be withheld from the non-deferred portion, if any, of the same compensation; provided, however, that the Company may withhold the amount required to be withheld for FICA tax from
other non-deferred compensation payable to the Officer unless the Officer otherwise pays such amount to the Company. Any distributions made hereunder to an Officer shall be subject to all income and
employment tax withholding required therefrom at applicable law, including any employment taxes that are due because deferred amounts were not previously treated as FICA wages. 

  
 10

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