Document:

Exhibit 4.3

 

Execution Version

 

HELMERICH & PAYNE, INC.

 

$550,000,000 2.900% Senior Notes due 2031

 

REGISTRATION RIGHTS AGREEMENT

 

September 29, 2021

 

GOLDMAN SACHS & CO. LLC

200 West Street

New York, New York 10282-2198

 

As Representative of the Initial

Purchasers named in Schedule A

hereto

 

Ladies and Gentlemen:

 

Helmerich & Payne, Inc., a Delaware
corporation (the “Company”), proposes to issue and sell to the several initial purchasers named in Schedule A hereto
(the “Initial Purchasers”), upon the terms set forth in that certain purchase agreement, dated September 27, 2021,
by and between the Company and Goldman Sachs & Co. LLC, as representative of the Initial Purchasers (the “Purchase Agreement”),
$550,000,000 aggregate principal amount of its 2.900% Senior Notes due 2031 (the “Securities”) relating to the initial
placement of the Securities (the “Initial Placement”). To satisfy a condition to the obligations of the Initial Purchasers
under the Purchase Agreement, the Company agrees with the Initial Purchasers for the benefit of the holders from time to time of the Securities
(including the Initial Purchasers) and the Exchange Securities (as defined herein) (each a “Holder” and, together,
the “Holders”), as follows:

 

1.            Definitions.
Capitalized terms used herein without definition shall have their respective meanings set forth in the Purchase Agreement. As used in
this Registration Rights Agreement (this “Agreement”), the following capitalized defined terms shall have the following
meanings:

 

“Act” shall mean the Securities
Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Affiliate” of any specified
Person shall have the same meaning as in Rule 405 of the Act.

 

“Agreement” shall have the meaning
set forth in this Section 1.

 

“Broker-Dealer” shall mean any
broker or dealer registered as such under the Exchange Act.

 

     

     

    

 

“Business Day” shall mean any
day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated
by law to close in New York City.

 

“Commission” shall mean the
Securities and Exchange Commission.

 

“Company” shall have the meaning
set forth in the preamble hereto.

 

“Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Exchange Offer Registration Period”
shall mean the 180-day period following the effective date of the Exchange Offer Registration Statement, exclusive of any period during
which any stop order shall be in effect suspending the effectiveness of the Exchange Offer Registration Statement, or such shorter period
as will terminate when (i) all Exchange Securities held by Exchanging Dealers or the Initial Purchasers have been sold pursuant thereto
or (ii) Exchanging Dealers are no longer required to deliver a Prospectus in connection with market-making or other trading activities,
whichever occurs first.

 

“Exchange Offer Registration Statement”
shall mean a registration statement of the Company on an appropriate form under the Act with respect to the Registered Exchange Offer,
all amendments and supplements to such registration statement, including post- effective amendments thereto, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein.

 

“Exchange Securities” shall
mean debt securities of the Company, identical in all material respects to the Securities (except that the Special Interest provisions
and the transfer restrictions shall be modified or eliminated, as appropriate) and to be issued under the Indenture or the Exchange Securities
Indenture.

 

“Exchange Securities Indenture”
shall mean an indenture between the Company and the Exchange Securities Trustee, identical in all material respects to the Indenture (except
that the Special Interest provisions and the transfer restrictions shall be modified or eliminated, as appropriate).

 

“Exchange Securities Trustee”
shall mean a bank or trust company reasonably satisfactory to the Initial Purchasers, as trustee with respect to the Exchange Securities
under the Exchange Securities Indenture.

 

“Exchanging Dealer” shall mean
any Holder (which may include any of the Initial Purchasers) that is a Broker-Dealer and elects to exchange for Exchange Securities any
Securities that it acquired for its own account as a result of market-making activities or other trading activities (but not directly
from the Company or any Affiliate of the Company).

 

“Free Writing Prospectus” shall
mean each free writing prospectus (as defined in Rule 405 under the Act) prepared by or on behalf of the Company (or any of its agents
or representatives) or used or referred to by the Company (or any of its agents or representatives) in connection with the sale of the
Securities or the Exchange Securities.

 

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“Holder” and “Holders”
shall have the meaning set forth in the preamble hereto.

 

“Indemnified Holder” shall have
the meaning set forth in Section 7(a) hereof.

 

“Indemnified Person” shall have
the meaning set forth in Section 7(d) hereof.

 

“Indemnifying Person” shall
have the meaning set forth in Section 7(d) hereof.

 

“Indenture” shall mean the Indenture,
dated as of December 20, 2018, as amended and supplemented by the Second Supplemental Indenture thereto, dated as of September 29,
2021, between the Company and Wells Fargo Bank, National Association, as trustee, relating to the Securities, as the same may be amended
from time to time in accordance with the terms thereof.

 

“Initial Placement” shall have
the meaning set forth in the preamble hereto.

 

“Initial Purchasers” shall have
the meaning set forth in the preamble hereto.

 

“Losses” shall have the meaning
set forth in Section 7(a) hereof.

 

“Majority Holders” shall mean
the Holders of a majority of the aggregate principal amount of Securities and/or Exchange Securities, as applicable, registered under
a Registration Statement.

 

“Managing Underwriters” shall
mean the investment banker or investment bankers and manager or managers that shall administer an underwritten offering.

 

“Person” shall mean a corporation,
limited liability corporation, association, partnership, organization, business, individual, government or political subdivision thereof
or governmental agency.

 

“Prospectus” shall mean the
prospectus included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted
from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Act), as amended or supplemented
by any prospectus supplement, with respect to the terms of the offering of any portion of the Securities or the Exchange Securities covered
by such Registration Statement, and all amendments and supplements thereto and all material incorporated by reference therein.

 

“Purchase Agreement” shall have
the meaning set forth in the preamble hereto.

 

“Registered Exchange Offer”
shall mean the proposed offer by the Company to issue and deliver to the Holders of Securities that are not prohibited by any law or policy
of the Commission from participating in such offer, in exchange for such Securities, a like aggregate principal amount of the Exchange
Securities.

 

“Registration Default” shall
have the meaning set forth in Section 4 hereof.

 

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“Registration Statement” shall
mean any Exchange Offer Registration Statement or Shelf Registration Statement that covers any of the Securities or the Exchange Securities
pursuant to the provisions of this Agreement, any amendments and supplements to such registration statement, including post-effective
amendments (in each case including the Prospectus contained therein), all exhibits thereto and all material incorporated by reference
therein.

 

“Securities” shall have the
meaning set forth in the preamble hereto.

 

“Shelf Registration” shall mean
a registration effected pursuant to Section 3 hereof.

 

“Shelf Registration Period”
has the meaning set forth in Section 3(b) hereof.

 

“Shelf Registration Statement”
shall mean a “shelf” registration statement of the Company on an appropriate form, pursuant to the provisions of Section 3
hereof, which covers some or all of the Securities and/or Exchange Securities, as applicable, providing for sales of such Securities or
Exchange Securities, as applicable, on a delayed or continuous basis pursuant to Rule 415 under the Act, or any similar rule that
may be adopted by the Commission, any amendments and supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein.

 

“Special Interest” shall have
the meaning set forth in Section 4 hereof.

 

“Trust Indenture Act” shall
mean the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission promulgated thereunder and any
successor act, rules and regulations.

 

“Trustee” shall mean the trustee
with respect to the Securities and Exchange Securities under the Indenture.

 

“Underwriter” shall mean any
underwriter of Securities or Exchange Securities in connection with an offering thereof under a Registration Statement.

 

2.            Registered
Exchange Offer.

 

(a)            Except
as set forth in Section 3 below, the Company shall prepare, at its cost, and shall file with the Commission the Exchange Offer Registration
Statement with respect to the Registered Exchange Offer. The Company shall use commercially reasonable efforts to cause the Exchange Offer
Registration Statement to become effective under the Act not later than June 26, 2022.

 

(b)            Upon
the effectiveness of the Exchange Offer Registration Statement, the Company shall promptly commence the Registered Exchange Offer.

 

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(c)            In
connection with the Registered Exchange Offer, the Company shall:

 

(i)            mail
or otherwise furnish in accordance with Commission rules to each Holder a copy of the Prospectus forming part of the Exchange Offer
Registration Statement, together with an appropriate letter of transmittal and related documents;

 

(ii)            commence
and use commercially reasonable efforts to complete the Registered Exchange Offer promptly, but no later than July 26, 2022, and
hold the Registered Exchange Offer open for not less than 20 Business Days after the date the Company mails notice of the Registered Exchange
Offer to the Holders;

 

(iii)            use
commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective under the Act, supplemented and
amended as required under the Act to ensure that it is available for sales of Exchange Securities by Exchanging Dealers or the Initial
Purchasers during the Exchange Offer Registration Period;

 

(iv)            utilize
the services of a depositary for the Registered Exchange Offer, which may be the Trustee, the Exchange Securities Trustee or an Affiliate
of either of them;

 

(v)            permit
Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last Business Day on which the
Registered Exchange Offer is open; and

 

(vi)            comply
in all material respects with all applicable laws.

 

(d)            As
soon as practicable after the close of the Registered Exchange Offer, the Company shall:

 

(i)            accept
for exchange all Securities tendered and not validly withdrawn pursuant to the Registered Exchange Offer;

 

(ii)            deliver
to the Trustee for cancellation in accordance with Section 5(r) hereof all Securities so accepted for exchange; and

 

(iii)            cause
the Trustee or Exchange Securities Trustee, as the case may be, promptly to authenticate and deliver to each Holder of Securities a principal
amount of Exchange Securities equal to the principal amount of the Securities of such Holder so accepted for exchange.

 

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(e)            Each
Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Registered Exchange Offer to participate in
a distribution of the Exchange Securities (i) could not under Commission policy as in effect on the date of this Agreement rely on
the position of the Commission in Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991) and Exxon Capital Holdings
Corporation (pub. avail. May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling
dated July 2, 1993 and similar no-action letters; and (ii) must comply with the registration and prospectus delivery requirements
of the Act in connection with any secondary resale transaction which must be covered by an effective registration statement containing
the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K under the Act if the resales are
of Exchange Securities obtained by such Holder in exchange for Securities acquired by such Holder directly from the Company or one of
its Affiliates. Accordingly, each Holder participating in the Registered Exchange Offer shall be required to represent to the Company
that, at the time of the consummation of the Registered Exchange Offer:

 

(i)            any
Exchange Securities received by such Holder will be acquired in the ordinary course of business;

 

(ii)            such
Holder will have no arrangement or understanding with any Person to participate in the distribution of the Securities or the Exchange
Securities within the meaning of the Act;

 

(iii)            such
Holder is not an Affiliate of the Company or if it is an Affiliate, such Holder will comply with the registration and prospectus delivery
requirements of the Act to the extent applicable;

 

(iv)            if
such Holder is not a Broker-Dealer, that it is not engaged in, and does not intend to engage in, the distribution of the Exchange Securities;
and

 

(v)            if
such Holder is a Broker-Dealer, that it will receive Exchange Securities for its own account in exchange for Securities that were acquired
as a result of market-making activities or other trading activities and that it will deliver a Prospectus in connection with any resale
of such Exchange Securities.

 

3.            Shelf
Registration.

 

(a)            If
(i) due to any change in law or applicable interpretations thereof by the Commission’s staff, the Company determines upon advice
of its outside counsel that it is not permitted to effect the Registered Exchange Offer as contemplated by Section 2 hereof;
(ii) for any other reason the Exchange Offer Registration Statement is not declared effective by June 26, 2022, or the Registered
Exchange Offer is not consummated by July 26, 2022; (iii) an Initial Purchaser determines upon advice of its counsel that
a Shelf Registration Statement must be filed in connection with any public offering or sale of Securities that are not eligible to be
exchanged for Exchange Securities in the Registered Exchange Offer and that are held by it following consummation of the Registered Exchange
Offer; or (iv) any Holder (other than the Initial Purchasers) is not eligible to participate in the Registered Exchange Offer
or does not receive freely tradeable Exchange Securities in the Registered Exchange Offer other than by reason of such Holder being an
Affiliate of the Company (it being understood that the requirement that a participating Broker-Dealer deliver the Prospectus contained
in the Exchange Offer Registration Statement in connection with sales of Exchange Securities shall not result in such Exchange Securities
being not “freely tradeable”), but solely with respect to Securities held by such Holder, and in each case contemplated by
this clause (iv), such Holder notified the Company prior to the 20th Business Day following the Exchange Offer Registration Period, the
Company shall effect a Shelf Registration Statement in accordance with subsection (b) below.

 

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(b)            If
required pursuant to subsection (a) above,

 

(i)            the
Company, at its cost, shall as promptly as practicable, but in no event later than 90 days after such obligation to file arises, file
with the Commission and use commercially reasonable efforts to cause to become effective under the Act as soon as practicable, but in
no event later than 120 days after such obligation to file arises, a Shelf Registration Statement relating to the offer and sale of the
Securities or the Exchange Securities, as applicable, by the Holders thereof from time to time in accordance with the methods of distribution
elected by such Holders and set forth in such Shelf Registration Statement; provided, however, that no Holder (other
than the Initial Purchasers) shall be entitled to have the Securities or Exchange Securities held by it covered by such Shelf Registration
Statement unless such Holder agrees in writing to be bound by all of the provisions of this Agreement applicable to such Holder;
and provided further, that with respect to Exchange Securities received by the Initial Purchasers in exchange for Securities constituting
any portion of an unsold allotment, the Company may, if permitted by current interpretations by the Commission’s staff, file a post-effective
amendment to the Exchange Offer Registration Statement containing the information required by Item 507 or 508 of Regulation S-K, as applicable,
in satisfaction of their obligations under this subsection with respect thereto, and any such Exchange Offer Registration Statement, as
so amended, shall be referred to herein as, and governed by the provisions herein applicable to, a Shelf Registration Statement;

 

(ii)            the
Company shall use commercially reasonable efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended
as required by the Act, in order to permit the Prospectus forming part thereof to be usable by Holders until the earliest of (A) the
time when all of the Securities or Exchange Securities, as applicable, covered by the Shelf Registration Statement can be sold pursuant
to Rule 144 without limitation by non-Affiliates of the Company under clause (d) of Rule 144, (B) the date on which
all the Securities or Exchange Securities, as applicable, covered by the Shelf Registration Statement have been sold pursuant to the Shelf
Registration Statement and (C) one year from the date the Shelf Registration Statement is declared effective by the Commission (in
any such case, such period being called the “Shelf Registration Period”); it being understood that the Company
shall be deemed not to have used commercially reasonable efforts to keep the Shelf Registration Statement effective during the requisite
period if it voluntarily takes any action that would result in Holders of Securities or Exchange Securities covered thereby not being
able to offer and sell such Securities or Exchange Securities during that period, unless (A) such action is required by applicable
law or (B) such action is taken by the Company in good faith and for valid business reasons (not including avoidance of the Company’s
obligations hereunder), including, but not limited to, the acquisition or divestiture of assets, so long as the Company promptly thereafter
complies with the requirements of Section 5(k) hereof, if applicable; and

 

(iii)            the
Company shall cause the Shelf Registration Statement and the related Prospectus and any amendment or supplement thereto, as of the effective
date of the Shelf Registration Statement or such amendment or supplement, (A) to comply in all material respects with the applicable
requirements of the Act and the rules and regulations of the Commission and (B) not to contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading.

 

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4.            Special
Interest. If (a) any Registration Statement required to be filed pursuant to Section 2 or 3 of this Agreement is not declared
effective within the timeframe required by this Agreement, (b) the Registered Exchange Offer is not completed by July 26, 2022,
or (c) after either the Exchange Offer Registration Statement or the Shelf Registration Statement has become effective, such Registration
Statement thereafter ceases to be effective or usable in connection with resales of Securities or Exchange Securities in accordance with
and during the periods specified in this Agreement (each such event referred to in clauses (a), (b) and (c) of this Section 4,
a “Registration Default”), then, as liquidated damages, interest (“Special Interest”) will accrue
on the principal amount of the Securities and the Exchange Securities (in addition to the stated interest on the Securities and Exchange
Securities) from and including the date on which any such Registration Default shall occur to but excluding the date on which all Registration
Defaults have been cured. Special Interest will accrue at a rate of 0.25% per annum; provided, however, that (i) upon the effectiveness
of the Registration Statement (in the case of clause (a) above), (ii) upon the consummation of the Registered Exchange Offer
(in the case of clause (b) above) or (iii) upon reinstatement of the effectiveness or the resumption of the ability to use
the Exchange Offer Registration Statement or the Shelf Registration Statement that had ceased to be effective or usable (in the case
of clause (c) above), Special Interest on the Securities as a result of such clause shall cease to accrue.

 

All obligations of the Company set forth in the
preceding paragraph that are outstanding with respect to any Security at the time such Security is exchanged for an Exchange Security
shall survive until such time as all such obligations with respect to such Security have been satisfied in full.

 

5.            Additional
Registration Procedures. In connection with any Shelf Registration Statement and, to the extent applicable, any Exchange Offer Registration
Statement, the following provisions shall apply.

 

(a)            The
Company shall:

 

(i)            furnish
to the Initial Purchasers, not less than five Business Days prior to the filing thereof with the Commission, a draft copy of any Exchange
Offer Registration Statement and any Shelf Registration Statement, and each amendment thereof and each amendment or supplement, if any,
to the Prospectus included therein (including all documents incorporated by reference therein after the initial filing) and shall use
commercially reasonable efforts to reflect in each such document, when so filed with the Commission, such comments as the Initial Purchasers
reasonably propose;

 

(ii)            include
the information to the effect of that set forth in:

 

(A)            Annex
A and Annex B hereto in the forepart of the Prospectus contained in the Exchange Offer Registration Statement,

 

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(B)            Annex
C hereto in the underwriting or plan of distribution section of the Prospectus contained in the Exchange Offer Registration Statement,
and

 

(C)            Annex
D hereto in the letter of transmittal delivered pursuant to the Registered Exchange Offer;

 

(iii)            if
requested by the Initial Purchasers, include the information required by Item 507 or 508 of Regulation S-K, as applicable, in the Prospectus
contained in the Exchange Offer Registration Statement; and

 

(iv)            in
the case of a Shelf Registration Statement, include the names of the Holders that propose to sell Securities or Exchange Securities, as
applicable, pursuant to the Shelf Registration Statement as selling security holders.

 

(b)            The
Company shall ensure that:

 

(i)            any
Registration Statement and any amendment thereto and any Prospectus forming part thereof and any amendment or supplement thereto complies
in all material respects with the Act and the rules and regulations thereunder; and

 

(ii)            any
Registration Statement and any amendment thereto does not, when it becomes effective (within the meaning of Rule 430B under the Act),
contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading.

 

(c)            The
Company shall advise the Initial Purchasers, the Holders of Securities or Exchange Securities covered by any Shelf Registration Statement
and any Exchanging Dealer under any Exchange Offer Registration Statement that has provided in writing to the Company a telephone or facsimile
number and address for notices, and, if requested by the Initial Purchasers or any such Holder or Exchanging Dealer shall confirm such
advice in writing (which notice pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction to suspend the use of
the Prospectus until the Company shall have remedied the basis for such suspension):

 

(i)            when
a Registration Statement and any amendment thereto has been filed with the Commission and when such Registration Statement or any post-effective
amendment thereto has become effective;

 

(ii)            of
any request by the Commission for any amendment or supplement to the Registration Statement or the Prospectus or for additional information;

 

(iii)            of
the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings
for that purpose;

 

(iv)            of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Securities or Exchange Securities
included therein for sale in any jurisdiction or the initiation of any proceeding for such purpose; and

 

(v)            of
the happening of any event that requires any change in the Registration Statement or the Prospectus so that, as of such date, the statements
therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements
therein (in the case of the Prospectus, in the light of the circumstances under which they were made) not misleading.

 

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(d)            The
Company shall use commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration
Statement or the qualification of the Securities or Exchange Securities therein for sale in any jurisdiction at the earliest possible
time.

 

(e)            The
Company shall furnish to each Holder of Securities or Exchange Securities covered by any Shelf Registration Statement, without charge,
at least one copy of such Shelf Registration Statement and any post-effective amendment thereto, and, if the Holder so requests in writing,
all material incorporated therein by reference and all exhibits thereto (including exhibits incorporated by reference therein).

 

(f)            The
Company shall, during the Shelf Registration Period, furnish to each Holder of Securities or Exchange Securities covered by any Shelf
Registration Statement, without charge, as many copies of the Prospectus (including each preliminary Prospectus) included in such Shelf
Registration Statement and any amendment or supplement thereto as such Holder may reasonably request. The Company consents to the use
of the Prospectus or any amendment or supplement thereto by each of the selling Holders of Securities or Exchange Securities in connection
with the offering and sale of the Securities or Exchange Securities covered by the Prospectus, or any amendment or supplement thereto,
included in the Shelf Registration Statement.

 

(g)            The
Company shall furnish to each Exchanging Dealer or Initial Purchaser that so requests, without charge, at least one copy of the Exchange
Offer Registration Statement and any post-effective amendment thereto, including all material incorporated by reference therein, and,
if the Exchanging Dealer so requests in writing, all exhibits thereto (including exhibits incorporated by reference therein).

 

(h)            The
Company shall promptly deliver to the Initial Purchasers, each Exchanging Dealer and each other Person required to deliver a Prospectus
during the Exchange Offer Registration Period, without charge, as many copies of the Prospectus included in such Exchange Offer Registration
Statement and any amendment or supplement thereto as any such Person may reasonably request. The Company consents to the use of the Prospectus
or any amendment or supplement thereto by the Initial Purchasers, any Exchanging Dealer and any such other Person that may be required
to deliver a Prospectus following the Registered Exchange Offer in connection with the offering and sale of the Exchange Securities covered
by the Prospectus, or any amendment or supplement thereto, included in the Exchange Offer Registration Statement.

 

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(i)            Prior
to the Registered Exchange Offer or any other offering of Securities or Exchange Securities pursuant to any Registration Statement, the
Company shall arrange, if necessary, for the qualification of the Securities or the Exchange Securities for sale under the laws of such
jurisdictions as any Holder shall reasonably request and will maintain such qualification in effect so long as required; provided
that in no event shall the Company be obligated to qualify to do business in any jurisdiction where it is not then so qualified or to
take any action that would subject it to service of process in suits or to taxation, other than those arising out of the Initial Placement,
the Registered Exchange Offer or any offering pursuant to a Shelf Registration Statement, in any such jurisdiction where it is not then
so subject.

 

(j)            The
Company shall cooperate with the Holders of Securities and Exchange Securities to facilitate the timely preparation and delivery of certificates
representing Securities or Exchange Securities to be issued or sold pursuant to any Registration Statement free of any restrictive legends
and in such denominations (to the extent permitted under the Indenture) and registered in such names as Holders may request.

 

(k)            Upon
the occurrence of any event contemplated by subsections (c)(ii) through (v) above, the Company shall promptly prepare a post-effective
amendment to the applicable Registration Statement or an amendment or supplement to the related Prospectus or file any other required
document so that, as thereafter delivered to the Initial Purchasers or Exchanging Dealers, the Prospectus will not include an untrue statement
of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading. In such circumstances, the period of effectiveness of the Exchange Offer Registration Statement
provided for in Section 2 hereof and the Shelf Registration Statement provided for in Section 3(b) hereof shall each be
extended by the number of days from and including the date of the giving of a notice of suspension, pursuant to subsection (c) above,
to and including the date when the Initial Purchasers, the Holders of the Securities or Exchange Securities and any known Exchanging Dealer
shall have received such amended or supplemented Prospectus pursuant to this Section 5(k).

 

(l)            Not
later than the effective date of any Registration Statement, the Company shall provide a CUSIP number for the Securities or the Exchange
Securities, as the case may be, registered under such Registration Statement and provide the Trustee with printed certificates for such
Securities or Exchange Securities, in a form eligible for deposit with The Depository Trust Company.

 

(m)            The
Company shall comply in all material respects with all applicable rules and regulations of the Commission and shall make generally
available to its security holders as soon as practicable after the effective date of the applicable Registration Statement an earnings
statement satisfying the provisions of Section 11(a) of the Act.

 

(n)            The
Company shall cause the Indenture or the Exchange Securities Indenture, as the case may be, to be qualified under the Trust Indenture
Act in a timely manner.

 

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(o)            The
Company may require each Holder of Securities or Exchange Securities to be sold pursuant to any Shelf Registration Statement to furnish
to the Company such information regarding the Holder and the distribution of such Securities as the Company may from time to time reasonably
require for inclusion in such Registration Statement. The Company may exclude from such Shelf Registration Statement the Securities or
Exchange Securities of any Holder that fails to furnish such information within a reasonable time after receiving such request, and, for
the avoidance of doubt, the exclusion of such Holder shall not impact the cessation of the accrual of Special Interest under Section 4
with respect to such Holder. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish to the Company
all information with respect to such Holder necessary to make any information previously furnished to the Company by such Holder not materially
misleading.

 

(p)            In
the case of any Shelf Registration Statement, the Company shall enter into such agreements and take all other appropriate actions (including
if requested an underwriting agreement in customary form) in order to expedite or facilitate the registration or the disposition of the
Securities or Exchange Securities, and in connection therewith, if an underwriting agreement is entered into, cause the same to contain
indemnification provisions and procedures no less favorable than those set forth in Section 7 hereof (or such other provisions and
procedures acceptable to the Majority Holders and the Managing Underwriters, if any, with respect to all parties to be indemnified pursuant
to Section 7 hereof).

 

(q)            In
the case of any Shelf Registration Statement, the Company shall use commercially reasonable efforts to:

 

(i)            (A) make
reasonably available for inspection by the Holders of Securities or Exchange Securities to be registered thereunder, any Underwriter participating
in any disposition pursuant to such Registration Statement, and any attorney, accountant or other agent retained by the Holders or any
such Underwriter, all relevant financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries
and (B) cause the Company’s officers, directors and employees to supply all relevant information reasonably requested by the
Holders or any such Underwriter, attorney, accountant or agent in connection with any such Registration Statement as is customary for
similar due diligence examinations; provided, however, that any information that is designated in writing by the Company,
in good faith, as confidential at the time of inspection or delivery of such information shall be kept confidential by the Holders or
any such Underwriter, attorney, accountant or agent, unless such person shall be required so to disclose such information pursuant to
a subpoena or order of any court or other governmental agency or body having jurisdiction over the matter (subject to the requirements
of such order, and only after such person shall have given the Company, as applicable, prompt prior written notice of such requirement),
or such person is otherwise required by law to disclose such information or such information becomes available to the public generally
or through a third party without an accompanying obligation of confidentiality;

 

(ii)            make
such representations and warranties to the Holders of Securities or Exchange Securities registered thereunder and the Underwriters, if
any, in form, substance and scope as are customarily made by issuers to Underwriters in primary underwritten offerings and covering matters
including, but not limited to, those set forth in the Purchase Agreement;

 

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(iii)            obtain
opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably
satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the Underwriters, if any, covering such matters
as are customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such
Holders and Underwriters;

 

(iv)            obtain
“cold comfort” letters and updates thereof from the independent certified public accountants of the Company (and, if necessary,
any other independent certified public accountants of any subsidiary of the Company or of any business acquired by the Company for which
financial statements and financial data are required to be, included in the Registration Statement), addressed to each selling Holder
of Securities or Exchange Securities registered thereunder and the Underwriters, if any, in customary form and covering matters of the
type customarily covered in “cold comfort” letters in connection with primary underwritten offerings; and

 

(v)            deliver
such documents and certificates as may be reasonably requested by the Majority Holders and the Managing Underwriters, if any, including
those to evidence compliance with subsection (k) above and with any customary conditions contained in the underwriting agreement
or other agreement entered into by the Company.

 

(vi)            The
actions set forth in clauses (ii), (iii), (iv) and (v) of this subsection shall be performed at (A) the effectiveness of
such Registration Statement and each post-effective amendment thereto; and (B) each closing under any underwriting or similar
agreement as and to the extent required thereunder.

 

(r)            If
a Registered Exchange Offer is to be consummated, upon delivery of the Securities by Holders to the Company (or to such other Person as
directed by the Company) in exchange for the Exchange Securities, the Company shall mark, or caused to be marked, on the Securities so
exchanged that such Securities are being canceled in exchange for the Exchange Securities. In no event shall the Securities be marked
as paid or otherwise satisfied.

 

(s)            If
any Broker-Dealer shall underwrite any Securities or Exchange Securities or participate as a member of an underwriting syndicate or selling
group or “assist in the distribution” (within the meaning of the Rules and the By-Laws of the Financial Industry Regulatory
Authority, Inc.) thereof, whether as a Holder of such Securities or Exchange Securities or as an Underwriter, a placement or sales
agent or a broker or dealer in respect thereof, or otherwise, will assist such Broker-Dealer in complying with the requirements of such
Rules and By-Laws, including, without limitation, by:

 

(i)            if
such Rules or By-Laws shall so require, engaging a “qualified independent underwriter” (as defined in such Rules) to
participate in the preparation of the Registration Statement, to exercise usual standards of due diligence with respect thereto and, if
any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a placement or
sales agent, to recommend the yield of such Securities or Exchange Securities;

 

    13 

     

    

 

(ii)            indemnifying
any such qualified independent underwriter to the extent of the indemnification of Underwriters provided in Section 7 hereof;
and

 

(iii)            providing
such information to such Broker-Dealer as may be required in order for such Broker-Dealer to comply with the requirements of such Rules.

 

(t)            The
Company shall use commercially reasonable efforts to take all other steps necessary to effect the registration of the Securities or the
Exchange Securities, as the case may be, covered by a Registration Statement.

 

6.            Registration
Expenses. The Company shall bear all expenses incurred in connection with the performance of its obligations under Sections 2, 3
and 5 hereof, excluding any underwriting or brokerage fees, discounts or commissions, pursuant to this Agreement, and, in the event of
any Shelf Registration Statement, will reimburse the Holders for the reasonable fees and disbursements of not more than one firm or counsel
designated by the Majority Holders to act as counsel for the Holders in connection therewith, but excluding fees and expenses of counsel
to the Initial Purchasers, all agency fees and commissions, underwriting discounts and commissions and transfer taxes attributable to
the sale or disposition of Securities by a Holder.

 

7.            Indemnification
and Contribution.

 

(a)            The
Company agrees to indemnify and hold harmless (i) the Initial Purchasers, (ii) each Holder of Securities or Exchange Securities,
as the case may be, covered by any Registration Statement (including with respect to any Prospectus delivery as contemplated in Section 5(h) hereof,
each Exchanging Dealer), (iii) each Person, if any, who controls (within the meaning of either Section 15 of the Act or Section 20
of the Exchange Act) any of the foregoing (any of the Persons referred to in this clause (iii) being hereinafter referred to as a
“controlling person”), and (iv) the respective officers, directors, partners, employees, representatives and agents of
the Initial Purchasers, such Holders (including predecessor Holders) or any controlling person (any person referred to in clause (i),
(ii), (iii) or (iv) may hereinafter be referred to as an “Indemnified Holder”), from and against any and
all losses, claims, damages, and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection
with any suit, action or proceeding or any claim asserted) (collectively “Losses”) caused by any untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement, preliminary Prospectus, Prospectus, Free Writing
Prospectus or any “issuer information” (as defined in Rule 433 of the Act) filed or required to be filed pursuant to
Rule 433(d) under the Act, or any amendment or supplement thereto, or caused by any omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses,
claims, damages or liabilities are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with information relating to any Indemnified Holder furnished to the Company in writing by such Indemnified Holder
expressly for use therein.

 

(b)            Each
Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, each of its directors and officers and each Person
who controls the Company within the meaning of either Section 15 of the Act or Section 20 of the Exchange Act to the same extent
as the foregoing indemnity from the Company to each Holder, but only with reference to such losses, claims, damages or liabilities which
are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information
relating to a Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement, preliminary Prospectus
or Prospectus, or any amendment or supplement thereto. This indemnity agreement will be in addition to any liability which any such Holder
may otherwise have.

 

    14 

     

    

 

(c)            Each
of the Initial Purchasers, severally and not jointly, agrees to indemnify and hold harmless the Company, each of its directors and officers
and each Person who controls the Company within the meaning of either Section 15 of the Act or Section 20 of the Exchange Act
to the same extent as the foregoing indemnity from the Company to the Initial Purchasers, but only with reference to such losses, claims,
damages or liabilities which are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon
and in conformity with information relating to the Initial Purchasers furnished to the Company in writing by the Initial Purchasers expressly
for use in any Registration Statement, preliminary Prospectus or Prospectus, or any amendment or supplement thereto. This indemnity agreement
will be in addition to any liability which the Initial Purchasers may otherwise have.

 

(d)            If
any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against
any Person in respect of which indemnity may be sought pursuant to either of the three preceding paragraphs, such Person (the “Indemnified
Person”) shall promptly notify the Person or Persons against whom such indemnity may be sought (each an “Indemnifying
Person”) in writing (but the omission so to notify the Indemnifying Person shall not relieve it from any liability which it
may have to any Indemnified Person unless the Indemnifying Person is actually prejudiced by such omission), and such Indemnifying Person,
upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified
Person and any others entitled to indemnification pursuant to this Section 7 that the Indemnifying Person may designate in such proceeding
and shall pay the fees and expenses of such counsel related to such proceeding. In any such proceeding, the Indemnifying Person shall
be able to participate in such proceeding and, to the extent that it so elects, jointly with any other similarly situated Indemnifying
Person, to assume the defense thereof. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel,
but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) such Indemnifying Person
and the Indemnified Person shall have mutually agreed to the contrary or (ii) the named parties in any such proceeding (including
any impleaded parties) include an Indemnifying Person and an Indemnified Person and representation of both parties by the same counsel
would be inappropriate due to actual or potential differing interests between them. It is understood that an Indemnifying Person shall
not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than
one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed
as they are incurred. Any such separate firm for the Indemnified Holders shall be designated in writing by the Majority Holders, and any
such separate firm for the Company, its directors and officers and such control Persons of the Company shall be designated in writing
by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent,
but if settled with such consent or if there be a final judgment for the plaintiff, such Indemnifying Person agrees to indemnify any Indemnified
Person from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without the prior
written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified
Person is or could have been a party and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement
(i) includes an unconditional release of such Indemnified Person from all liability on claims that are the subject matter of such
proceeding and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf
of any Indemnified Person.

 

    15 

     

    

 

 

 

(e)            If
the indemnification provided for in the first, second and third paragraphs of this Section 7 is unavailable to an Indemnified Person
or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such
paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified
Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative
benefits received by the Indemnifying Person on the one hand and the Indemnified Person on the other hand pursuant to the Purchase Agreement
or from the offering of the Securities or Exchange Securities pursuant to any Registration Statement which resulted in such losses, claims,
damages or liabilities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion
as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Indemnifying
Person on the one hand and the Indemnified Person on the other in connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company
on the one hand and any Indemnified Holder on the other shall be deemed to be in the same proportion as the total net proceeds from the
Initial Placement received by the Company bear to the total net proceeds received by such Indemnified Holder from sales of Securities
or Exchange Securities giving rise to such obligations. The relative fault of the parties shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material
fact relates to information supplied by the Company or such Indemnified Holder and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such statement or omission.

 

(f)            Each
of the Company and the Initial Purchasers agrees that it would not be just and equitable if contribution pursuant to this Section 7
were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Person as a result of the losses, claims,
damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses incurred by such Indemnified Person in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this Section 7, in no event shall any Holder of any Securities or Exchange Securities
be required to contribute any amount in excess of the amount by which the net proceeds received by such Holder from the sale of the Security
or Exchange Security pursuant to a Registration Statement exceeds the amount of damages which such Holder would have otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

 

    16 

     

    

 

(g)            The
remedies provided for in this Section 7 are not exclusive and shall not limit any rights or remedies that may otherwise be available
to any indemnified party at law or in equity.

 

(h)            The
indemnity and contribution agreements contained in this Section 7 shall remain operative and in full force and effect regardless
of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of any Holder or any Person controlling
any Holder or by or on behalf of the Company, its officers or directors or any other Person controlling the Company and (iii) acceptance
of and payment for any of the Securities or Exchange Securities.

 

8.              Underwritten
Registrations.

 

(a)            If
any of the Securities or Exchange Securities, as the case may be, covered by any Shelf Registration Statement are to be sold in an underwritten
offering, the Managing Underwriters shall be selected by the Majority Holders and shall be reasonably satisfactory to the Company.

 

(b)            No
Person may participate in any underwritten offering pursuant to any Shelf Registration Statement, unless such Person (i) agrees
to sell such Person’s Securities or Exchange Securities, as the case may be, on the basis reasonably provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such arrangements; and (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements.

 

9.              No
Inconsistent Agreements. The Company has not, as of the date hereof, entered into, nor shall it, on or after the date hereof, enter
into, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders herein or otherwise conflicts
with the provisions hereof.

 

10.            Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, qualified, modified
or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Company has obtained the
written consent of the Majority Holders of the Securities (or, after the consummation of any Registered Exchange Offer in accordance
with Section 2 hereof, of the Exchange Securities); provided, however, that, with respect to any matter that directly or indirectly
affects the rights of the Initial Purchasers hereunder, the Company shall obtain the written consent of the Initial Purchasers. Notwithstanding
the foregoing (except the foregoing proviso), a waiver or consent to departure from the provisions hereof with respect to a matter that
relates exclusively to the rights of Holders whose Securities or Exchange Securities, as the case may be, are being sold pursuant to
a Registration Statement and that does not directly or indirectly affect the rights of other Holders may be given by the Majority Holders,
determined on the basis of Securities or Exchange Securities, as the case may be, being sold rather than registered under such Registration
Statement.

 

    17 

     

    

 

11.            Notices.
All notices and other communications (including without limitation any notices or other communications to the Trustee) provided for or
permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier, facsimile or electronic
transmission:

 

(a)            if
to a Holder, at the most current address of such Holder set forth on the records of the registrar under the Indenture and the stock ledger
of the Company;

 

(b)            if
to the Initial Purchasers:

 

Goldman
Sachs & Co. LLC

As Representative of the Initial Purchasers named on Schedule A hereto

 

c/o

 

Goldman
Sachs & Co. LLC

200
West Street

New
York, New York 10282-2198

Attention:
Registration Department

 

with
copies (which shall not constitute notice) to:

 

Latham &
Watkins LLP

811
Main Street, Suite 3700

Houston,
Texas 77002

Attention:
David J. Miller

 

(c)            if
to the Company:

 

Helmerich &
Payne, Inc.

1437
South Boulder Avenue, Suite 1400

Tulsa,
Oklahoma 74119

Attention:
General Counsel

 

with
copies (which shall not constitute notice) to:

 

Baker
Botts L.L.P. 

2001
Ross Avenue

Dallas,
Texas 75201

Attention:     David
Emmons 

Grant Everett

 

All such
notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day
air courier; and when the addressor receives facsimile confirmation, if sent by facsimile.

 

    18 

     

    

 

The Initial
Purchasers or the Company, by notice to the other parties, may designate additional or different addresses for subsequent notices or
communications.

 

12.            Successors.
This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without
the need for an express assignment or any consent by the Company thereto, subsequent Holders of Securities or Exchange Securities. The
Company hereby agrees to extend the benefits of this Agreement to any Holder of Securities and the Exchange Securities, and any such
Holder may specifically enforce the provisions of this Agreement as if an original party hereto.

 

13.            Counterparts;
Signatures. This Agreement may be executed (including by facsimile) in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and
the same agreement. The words “execution,” “signed,” “signature,” “delivery” and words
of like import in this Agreement or in any instruments, agreements, certificates, opinions of counsel or other documents entered into
or delivered pursuant to or in connection with this Agreement shall include images of manually executed signatures transmitted by facsimile
or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other electronic
signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including,
without limitation, any contract or other record created, generated, sent, communicated, received or stored by electronic means) shall
be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system
to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based
on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

 

14.            Headings.
The headings used herein are for convenience only and shall not affect the construction hereof.

 

15.            Applicable
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS
MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK.

 

16.            Severability.
If any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable
in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the rights and privileges of the
parties shall be enforceable to the fullest extent permitted by law.

 

    19 

     

    

 

17.            Securities
Held by the Company, etc. Whenever the consent or approval of Holders of a specified percentage of principal amount of Securities
or Exchange Securities is required hereunder, Securities or Exchange Securities, as applicable, held by the Company or its Affiliates
(other than subsequent Holders of Securities or Exchange Securities if such subsequent Holders are deemed to be Affiliates solely by
reason of their holdings of such Securities or Exchange Securities) shall not be counted in determining whether such consent or approval
was given by the Holders of such required percentage.

 

18.            No
Fiduciary Duty. The Company hereby acknowledges that (a) the Initial Purchasers are acting as principal and not as an agent
or fiduciary of the Company and (b) the Company’s engagement of the Initial Purchasers in connection with the offering and
the process leading up to the offering pursuant to the Purchase Agreement is as independent contractors and not in any other capacity.
Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection with the offering, the Registered
Exchange Offer or a Shelf Registration (irrespective of whether any of the Initial Purchasers has advised or is currently advising the
Company on related or other matters). The Company agrees that it will not claim that the Initial Purchasers have rendered advisory services
of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection with such transaction or the process
leading thereto.

 

[Remainder
of This Page is Intentionally Left Blank]

 

    20 

     

    

 

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

 

	 	Very truly yours,
	 	 
	 	HELMERICH & PAYNE, INC.
	 	       
	 	By:	/s/ Mark W. Smith
	 	Name:	 Mark W. Smith
	 	Title:	Senior Vice President and Chief Financial Officer

 
[Signature
Page to Registration Rights Agreement]

 

    

     

    

 

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

 

	GOLDMAN SACHS & CO. LLC	 
	 	 
	By:	/s/ Sam Chaffin	 
	Name:	Sam Chaffin	 
	Title:	Vice President	 

 

Acting as Representative of
the Initial Purchasers named in Schedule A hereto

 

[Signature
Page to Registration Rights Agreement]

 

    

     

    

 

SCHEDULE
A

 

Initial Purchasers

 

Goldman Sachs & Co.
LLC 

Barclays
Capital Inc.

HSBC Securities
(USA) Inc.

Morgan Stanley &
Co. LLC

Scotia Capital
(USA) Inc.

Wells Fargo
Securities, LLC

 

Schedule
A

    

     

    

 

ANNEX
A

 

Each Broker-Dealer
that receives new notes for its own account in exchange for old notes that were acquired as a result of market-making or other trading
activities must acknowledge that it will comply with the registration and prospectus delivery requirements of the Act in connection with
any offer, resale, or other transfer of the new notes issued in the exchange offer, including information with respect to any selling
holder required by the Act in connection with any resale of the new notes.

 

Furthermore,
any Broker-Dealer that acquired any of its old notes directly from us:

 

		·	may
                                            not rely on the applicable interpretation of the staff of the Commission’s position
                                            contained in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988), Morgan
                                            Stanley and Co., Inc. (pub. avail. June 5, 1991), as interpreted in the Commission’s
                                            letter to Shearman & Sterling dated July 2, 1993 and similar no-action
                                            letters; and

 

		·	must
                                            also be named as a selling noteholder in connection with the registration and prospectus
                                            delivery requirements of the Act relating to any resale transaction. See “Plan of Distribution”
                                            and “The Exchange Offer —Purpose and Effect of Exchange Offer Registration Rights.”

 

Annex
A 

    

     

    

 

ANNEX
B

 

		(a)	Each Broker-Dealer that receives
                                            new notes for its own account in exchange for old notes, where such old notes were acquired
                                            by such Broker-Dealer as a result of market-making activities or other trading activities,
                                            must acknowledge that it will comply with the registration and prospectus delivery requirements
                                            of the Act in connection with any offer, resale or other transfer of such new notes, including
                                            information with respect to any selling holder required by the Act in connection with the
                                            resale of the new notes. We have agreed that for a period of 180 days after the effective
                                            date of the registration statement of which this prospectus forms a part (or for such shorter
                                            period during which Broker-Dealers are required by law to deliver such prospectus), we will
                                            make this prospectus available to any Broker-Dealer for use in connection with any such resale.
                                            See “Plan of Distribution.”

 

Annex
B

    

     

    

 

ANNEX
C

 

PLAN
OF DISTRIBUTION

 

Each Broker-Dealer
that receives Exchange Securities for its own account pursuant to this exchange offer must acknowledge that it will deliver a prospectus
in connection with any resale of such Exchange Securities. This prospectus, as it may be amended or supplemented from time to time, may
be used by a Broker-Dealer in connection with resales of Exchange Securities received in exchange for Securities where such Securities
were acquired as a result of market-making activities or other trading activities. We have agreed that, starting on the effective date
of the registration statement of which this prospectus is a part and ending on the close of business 180 days after such date or such
shorter period as will terminate when all Exchange Securities held by Exchanging Dealers or Initial Purchasers have been sold pursuant
hereto (or for such shorter period during which Broker-Dealers are required by law to deliver such prospectus), we will make this prospectus,
as amended or supplemented, available to any Broker-Dealer for use in connection with any such resale. In addition, until __________,
202__, all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus.

 

We will
not receive any proceeds from any sale of Exchange Securities by Broker-Dealers. Exchange Securities received by Broker-Dealers for their
own account pursuant to the Exchange Offer may be sold from time to time in one or more transactions in the over-the-counter market,
in negotiated transactions, through the writing of options on the Exchange Securities or a combination of such methods of resale, at
market prices prevailing at the time of resale, at prices related to such prevailing market prices or negotiated prices. Any such resale
may be made directly to purchasers or to or through brokers or dealers who may receive compensation in the form of commissions or concessions
from any such broker- dealer and/or the purchasers of any such Exchange Securities. Any Broker-Dealer that resells Exchange Securities
that were received by it for its own account pursuant to the Exchange Offer and any Broker-Dealer that participates in a distribution
of such Exchange Securities may be deemed to be an “underwriter” within the meaning of the Act and any profit of any such
resale of Exchange Securities and any commissions or concessions received by any such Persons may be deemed to be underwriting compensation
under the Act. The letter of transmittal states that by acknowledging that it will deliver and by delivering a prospectus, a Broker-Dealer
will not be deemed to admit that it is an “underwriter” within the meaning of the Act.

 

Furthermore,
any Broker-Dealer that acquired any of the old notes directly from us:

 

		·	may
                                            not rely on the applicable interpretation of the staff of the Commission’s position
                                            contained in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988), Morgan
                                            Stanley and Co., Inc. (pub. avail. June 5, 1991), as interpreted in the Commission’s
                                            letter to Shearman & Sterling dated July 2, 1993 and similar no-action
                                            letters; and

 

		·	must
                                            also be named as a selling noteholder in connection with the registration and prospectus
                                            delivery requirements of the Act relating to any resale transaction.

 
Annex C-1

    

     

    

 

For a period
of 180 days after the effective date of the registration statement of which this prospectus is a part or such shorter period as will
terminate when all Exchange Securities held by Exchanging Dealers or Initial Purchasers have been sold pursuant hereto (or for such shorter
period during which Broker-Dealers are required by law to deliver such prospectus), we will promptly send additional copies of this prospectus
and any amendment or supplement to this prospectus to any Broker-Dealer that requests such documents in the letter of transmittal. We
have agreed to pay all expenses incident to the Exchange Offer (including the expenses of one counsel for the holder of the Securities)
other than commissions or concessions of any brokers or dealers and will indemnify the holders of the Securities (including any Broker-Dealers)
against certain liabilities, including liabilities under the Act.

 

[If applicable,
add information required by Regulation S-K Items 507 and/or 508.]

 

Annex C-2

    

     

    

 

ANNEX
D

 

CHECK HERE IF YOU ARE A BROKER-DEALER
AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS THERETO.

 

	Name:	 
	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

If the undersigned is not a
Broker-Dealer, the undersigned represents that it is acquiring the Exchange Securities in the ordinary course of its business, that it
has no arrangement or understanding with any Person to participate in a distribution of the Exchange Securities and that it is not an
affiliate of the Company as such terms are interpreted by the Commission. If the undersigned is a Broker-Dealer, then it has a prospectus
delivery requirement with respect to resales of the Exchange Securities and the Commission has taken the position that Broker-Dealers
may fulfill their prospectus delivery requirements with respect to resales of the Exchange Securities (other than a resale of an unsold
allotment from the original sale of the notes) with the prospectus contained in the Exchange Offer Registration Statement relating to
such Exchange Securities.

 

Annex
DExhibit 10.1

 

AMENDMENT NO. 3 TO
THE

ADIAL PHARMACEUTICALS, INC.

2017 EQUITY INCENTIVE PLAN

 

This
amendment (the “Amendment”) to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan (the “Plan”),
is hereby adopted this day of August 14, 2021, by the Board of Directors (the “Board”) of Adial Pharmaceuticals, Inc.
(the “Company”). All capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings
set forth in the Plan.

 

WITNESSETH:

 

WHEREAS,
the Company adopted the Plan for the purposes set forth therein; and

 

WHEREAS,
pursuant to Section 15 of the Plan, the Board of Directors has the right to amend the Plan with respect to certain matters, provided
that any material increase in the number of Shares available under the Plan shall be subject to stockholder approval; and

 

WHEREAS,
the Board of Directors has approved and authorized this Amendment to the Plan and has recommended that the stockholders of the Company
approve this Amendment; and

 

NOW,
THEREFORE, BE IT RESOLVED, that the Plan is hereby amended, subject to and effective as of the date of stockholder approval hereof,
in the following particulars:

 

1.      Section
4(a) of the Plan is hereby amended by increasing the share references in such section from 5,500,000 to 7,500,000, so that Section 4(a)
reads in its entirety as follows:

 

“(a)
Shares Available for Awards. The maximum aggregate number of shares of Company Stock reserved for issuance under the Plan (all
of which may be granted as Incentive Stock Options) shall be Seven Million Five Hundred Thousand (7,500,000) shares. Shares reserved
under the Plan may be authorized but unissued Company Stock or authorized and issued Company Stock held in the Company’s treasury.
The Compensation Committee may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting
forth such restrictions on transferability as may apply to such shares pursuant to the Plan.”

 

2.      Except
as specifically set forth herein, the terms of the Plan shall be and remain unchanged, and the Plan as amended shall remain in full force
and effect.

 

The
foregoing is hereby acknowledged as being the Amendment to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan, as adopted by
the Board of Directors on August 14, 2021, and approved by the Company’s stockholders on September 27, 2021.

 

	 	 	ADIAL
    PHARMACEUTICALS, INC.
	 	 	By:	 	/s/
    William B. Stilley
	 	 	Name:	 	William B.
    Stilley
	 	 	Title:	 	Chairman, President and Chief Executive Officer

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