Document:

EX-10.4

 Exhibit 10.4 

LOCK-UP AGREEMENT 

August 25, 2018 
 Eclipse Resources Corporation 

2121 Old Gatesburg Road, Suite 110 
 State College, Pennsylvania
16803 
 Blue Ridge Mountain Resources, Inc. 
 122 West John
Carpenter Freeway, Suite 300 
 Irving, Texas 75039 
 Ladies
and Gentlemen: 
 Reference is hereby made to the Agreement and Plan of Merger (the “Merger Agreement”), dated August 25,
2018, among Eclipse Resources Corporation, a Delaware corporation (“Parent”), Blue Ridge Mountain Resources, Inc., a Delaware corporation (the “Company”), and Everest Merger Sub Inc., a Delaware corporation
(“Merger Sub”). The Merger Agreement provides that, among other things, (i) Merger Sub will merge with and into the Company (the “Merger”), and (ii) each share of the common stock, par value $0.01 per
share, of the Company (the “Company Common Stock”) issued and outstanding immediately prior to the effective time of the Merger shall be converted into the right to receive a number of shares of common stock, par value $0.01, of
Parent (the “Parent Common Stock”), all as set forth in the Merger Agreement. It is expected that, as a holder of Company Common Stock, if the Merger becomes effective, each of the undersigned will receive shares of Parent Common
Stock in the Merger. 
 Each of the undersigned is entering into this letter agreement (this
“Lock-Up Agreement”) to induce Parent and the Company to enter into the Merger Agreement. 

Each of the undersigned agrees that, without Parent’s prior written consent, but subject to the provisions of the next following
paragraph, the undersigned will not, for a period commencing at the effective time of the Merger and ending at midnight on the sixtieth (60th) day thereafter (the “Lock-Up Period”),
directly or indirectly (1) offer, pledge, sell, contract to sell, grant any option or contract to purchase, purchase any option or contract to sell, or otherwise dispose of, any shares of Parent Common Stock or any securities convertible into,
exercisable for, or exchangeable for shares of Parent Common Stock, (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Parent Common Stock, whether any
such transaction described in clause (1) or (2) above is to be settled by 

 delivery of Parent Common Stock or such other securities, in cash or otherwise, or (3) publicly
announce an intention to do any of the foregoing. 
 The restrictions in the foregoing paragraph shall not apply to: 

 

	 	a.	 the surrender of shares of Company Common Stock in exchange for merger consideration as contemplated in the
Merger Agreement; 

  

	 	b.	 if the undersigned is a corporation, limited liability company, partnership, or other entity, transfers to its
stockholders, members, partners or other equity owners as part of a distribution, or to any corporation, partnership or other entity that is its affiliate; 

  

	 	c.	 pledges in a bona fide transaction that are in effect as of the date hereof to a lender to the undersigned, as
disclosed in writing to Parent prior to the date of this Lock-Up Agreement; or 

  

	 	d.	 transactions relating to shares of Parent Common Stock or any security convertible into Parent Common Stock
acquired in open market transactions after the completion of the Merger. 

 provided, however, that in each transfer
pursuant to clause (b), prior to such transfer the transferee agrees in writing (in form and substance acceptable to Parent) to be bound by the terms of this Lock-Up Agreement and such transfer shall not
involve a disposition for value; and provided further, that in each transfer pursuant to clause (b) and (c), no publicly available filing or public announcement is required or voluntarily made by any party in connection with such
transfer. 
 Each of the undersigned also agrees and consents to the entry of stop transfer instructions with Parent’s transfer agent
and registrar relating to the transfer of the undersigned’s shares of Parent Common Stock except in compliance with the restrictions described above. 

Each of the undersigned also agrees that, during the period from the date of this Lock-Up Agreement to
the effective time of the Merger, the undersigned will not make any Permitted Transfer of Subject Securities (each as defined in the Voting Agreement dated as of the date hereof among the undersigned, certain other holders or beneficial owners of
Company Common Stock, Parent and the Company (the “Voting Agreement”)) unless, prior to such Permitted Transfer, the transferee in such Permitted Transfer agrees in writing (in form and substance acceptable to Parent and the
Company) to be bound by the terms of this Lock-Up Agreement. 
 This
Lock-Up Agreement shall not be amended or modified except by an instrument in writing executed by Parent, the undersigned and, prior to the effective time of the Merger, the Company. This Lock-Up Agreement shall be governed by and 

  
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 construed in accordance with the laws of the State of Delaware, without regard to the conflict of laws
principles thereof. 
 Each of the undersigned understands that the Company, Parent and other stockholders of the Company are relying on
this Lock-Up Agreement in proceeding with the Merger. This Lock-Up Agreement is irrevocable and shall be binding upon the undersigned and the heirs, personal
representatives, successors and assigns of the undersigned. 
 Notwithstanding anything herein to the contrary, this Lock-Up Agreement shall be effective and binding on the undersigned only if, on or before the date of the Merger Agreement, Parent and the Company shall have received an executed
lock-up agreement from each of (i) the other holders or beneficial owners of Company Common Stock listed on Exhibit A hereto and (ii) EnCap Energy Capital Fund VIII, L.P., EnCap Energy Capital
Fund VIII Co-Investors, L.P. and EnCap Energy Capital Fund IX, L.P., pursuant to which each of them has agreed to restrictions on transfer of shares of Parent Common Stock on substantially the same terms as
(or terms no more favorable to such entities than) those set forth in this Lock-Up Agreement, except as noted on Exhibit A. 

[Signatures appear on the following pages.] 

  
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 Signature to come 

 EXHIBIT A 

OTHER HOLDERS OR BENEFICIAL OWNERS OF 

COMPANY COMMON STOCK EXECUTING LOCK-UPS 

Goldman Sachs Asset Management, L.P., on behalf of its participating funds and accounts listed under its name on Schedule A to the Voting Agreement* 

Western Asset Management Company, LLC, as investment manager and agent for the stockholders listed under its name on Schedule A to the Voting Agreement 

Specialty Loan Fund III, L.P. 
 Specialty Loan Sector D
Investment Fund, L.P. 
 Specialty Loan Institutional Holdings DAC 

Specialty Loan Institutional Fund III, L.P. 
 Specialty Loan VG
Fund, L.P. 
 NDT Senior Loan Fund L.P. 
 Aiguilles Rouges
Sector A Investment Fund, L.P. 
  

	*	 The lock-up agreement for this entity includes an exception providing
that, after it has delivered the written consent required pursuant to Section 3(a)(i) of the Voting Agreement, it may, prior to the effective time of the Merger, make Permitted Transfers without the transferee(s) agreeing to be bound by the
terms of its lock-up agreement, so long as such transfers do not exceed 750,000 shares of Subject Securities in the aggregate.EX-10.5

 Exhibit 10.5 

BOARD OBSERVATION AGREEMENT 

This Board Observation Agreement (this “Agreement”), dated August 25, 2018, is entered into by and among EnCap Energy
Capital Fund VIII, L.P., a Texas limited partnership (“EnCap VIII”), EnCap Energy Capital Fund VIII Co-Investors, L.P., a Texas limited partnership (“EnCap VIII Co-Invest”), EnCap Energy Capital Fund IX, L.P., a Texas limited partnership (“EnCap IX” and, together with EnCap VIII and EnCap VIII Co-Invest, the
“Holders”), and Eclipse Resources Corporation, a Delaware corporation (the “Company”). Each of the Holders and the Company are referred to in this Agreement individually as a “Party” and
collectively as the “Parties.” Capitalized terms used but not defined in this Agreement shall have the meaning given to such terms in the Merger Agreement (as defined below). 

WHEREAS, the Company intends to enter into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the
Company, Everest Merger Sub Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”), and Blue Ridge Mountain Resources, Inc., a Delaware corporation (“Blue Ridge”); and 

WHEREAS, pursuant to the Merger Agreement, subject to the terms and conditions set forth therein, Merger Sub will merge with and into
Blue Ridge (the “Merger”), with Blue Ridge surviving the Merger as a wholly owned subsidiary of the Company, and, upon consummation of the Merger each share of Blue Ridge’s common stock, par value $0.01 per share, issued and
outstanding immediately prior to the time the Merger becomes effective (the “Effective Time”) will be converted into the right to receive from the Company a number of validly issued, fully-paid, and nonassessable shares of common
stock, par value $0.01 per share, of the Company (the “Company Common Stock”) equal to the Exchange Ratio; 

WHEREAS, at the Effective Time, the Holders will collectively own approximately 33% of the issued and outstanding Company Common Stock;
and 
 WHEREAS, in connection with the consummation of the Merger, the Holders and the Company wish to set forth certain
understandings among the Parties, including with respect to certain corporate governance matters. 
 NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE I 
 BOARD
OBSERVER 
 Section 1.01 Appointment of Board Observer. From and after the Effective Time, and
for so long as the Holders and their Affiliates collectively beneficially own (directly or indirectly) at least 20% of the issued and outstanding Company Common Stock (after giving effect to any stock split, stock dividend or other
recapitalization), the Holders shall be entitled to appoint, in the Holders’ sole discretion and by delivery of written notice to the Company (identifying such individuals by name, title and employer), up to two individuals to act in the role
of a non-voting observer (each a “Board Observer” and together the “Board Observers”) to the Board of Directors of the Company (the “Board”). The Board
Observers shall be individuals who 

 
are officers or employees of EnCap Investments L.P. or an Affiliate thereof. The Holders shall promptly notify the Company in writing if any Board Observer is no longer qualified to serve as a
Board Observer hereunder. 
 Section 1.02 Rights of Board Observer. 

(a) The Board Observers shall have the right to attend all meetings (including telephonically) of the Board, and the Company shall give the
Board Observers copies of all notices, minutes, consents and other materials that it provides to the full Board (“Board Material”). 

(b) Notwithstanding the foregoing, the Company reserves the right to withhold any information and to exclude the Board Observers from any
meeting or portion thereof if (i) access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel, serve to waive the work product doctrine or any other similarly
protective privilege or doctrine, or result in disclosure of trade secrets or a breach of any contractual obligation of confidentiality binding on the Company or any of its Subsidiaries, or (ii) there exists, with respect to the subject matter
of such information or meeting or portion thereof, an actual or potential conflict of interest between the Company and the Holders, the Board Observers or any of their Affiliates, in each case as determined by, and upon the affirmative vote of, a
majority of the members of the Board not affiliated with any Holder or Board Observer, acting in good faith. 
 (c) Neither the presence of
the Board Observers at all or at any part of a meeting of the Board, nor the disclosure to the Board Observers of any confidential information, specifically including any
material non-public information, shall provide the Board Observers with a right to require the Company to disclose publicly any information acquired by such Board Observers in their capacity as such.

 (d) For the avoidance of doubt, the Board Observers (i) shall not be permitted to vote at any meeting of the Board or be counted for
purposes of determining whether there is a sufficient quorum for the Board to conduct its business, (ii) shall have the right to attend meetings of, and to receive Board Material provided to, only the full Board and not any committee of the
Board and (iii) shall not be entitled to attend or be present during any part of any meeting of the Board during which the Board or any members thereof are meeting in executive session, unless permitted by affirmative vote of a majority of the
members of the Board not affiliated with any Holder or Board Observer, acting in good faith. 
 (e) The Board Observers shall not be entitled
to any compensation from the Company related to their acting as Board Observers or to reimbursement from the Company of expenses incurred by them in attending meetings of the Board. 

Section 1.03 Cessation of Observation Rights. 

(a) The Board Observers shall cease to have any rights hereunder automatically on the date that the Holders no longer have the right to
designate Board Observers pursuant to this Agreement. 

  
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 (b) The Board Observers may be removed or replaced by the Holders at any time and for any
reason upon written notice from the Holders to the Company (which notice shall identify any replacement Board Observers by name, title and employer). If any Board Observer ceases to serve as an observer to the Board by reason of death, disability,
resignation, removal or other cessation, the role shall be filled in the sole discretion of the Holders (by a similar notice in writing to the Company). 

ARTICLE II 

CONFIDENTIALITY 

Section 2.01 Treatment of Confidential Information. To the extent that any information obtained by the
Board Observers from the Company or its Subsidiaries (or any director, officer, employee or agent thereof) is Confidential Information (as defined below), the Holders shall, and shall cause their Affiliates and Representatives and the Board
Observers to, treat any such Confidential Information as confidential in accordance with the terms and conditions set forth in this Article II. 

Section 2.02 Definition of Confidential Information. As used in this Agreement,
“Confidential Information” means any and all information or data concerning the Company or its Affiliates, whether in oral, visual, written, electronic or other form, which is disclosed to a Board Observer in his or her
role as a Board Observer by the Company, any of its Subsidiaries or any of their respective Representatives (including all Board Material that is non-public information), together with all
information discerned from, based on or relating to any of the foregoing which may be prepared or created by the Board Observer, the Holders, any of their respective Affiliates or any of their respective
Representatives; provided, however, that “Confidential Information” shall not include information that: 

(a) is or becomes generally available to the public other than as a result of disclosure of such information by the Board Observer, the
Holders, any of their respective Affiliates or any of their respective Representatives; 
 (b) is independently developed by the Board
Observer, the Holders, any of their respective Affiliates or any of their respective Representatives, without use of Confidential Information provided by the Company, any of its Subsidiaries or of their respective Representatives); 

(c) becomes available to the recipient of such information at any time on a non-confidential basis from
a third party that is not, to the recipient’s knowledge, prohibited from disclosing such information to the Board Observer, the Holders, any of their respective Affiliates or any of their respective Representatives, by any contractual, legal or
fiduciary obligation to the Company or its Affiliates; or 
 (d) was known by the Holders, any of their Affiliates, or the Board
Observer prior to receipt from the Company, any of its Subsidiaries or any of their respective Representatives. 

Section 2.03 Non-Disclosure Obligation. The Holders shall, and
shall cause their respective Affiliates and Representatives and the Board Observers (during the period of time they are serving in such role and thereafter) to (a) retain all Confidential Information in strict

  
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confidence; (b) not release or disclose Confidential Information in any manner to any other Person (other than disclosures to the Holders, their Affiliates or Representatives who
(i) have a need to know such information; and (ii) are informed of its confidential nature); and (c) use the Confidential Information solely in connection with (i) the Holders’ and the Board Observers’ rights
hereunder, or (ii) pursuant to the direction of the Holders, monitoring, reviewing and analyzing the Holders’ investment in the Company and not for any other purpose; provided, however, that the foregoing shall not apply to the
extent the Holders, their Affiliates or Representatives or the Board Observers are compelled to disclose Confidential Information by judicial or administrative process or, on the advice of its outside counsel, by requirements of
law; provided, further, however, that, if legally permissible, prior prompt written notice of such disclosure shall be given to the Company so that the Company may take action, at its sole expense, to prevent such disclosure and any such
disclosure is limited only to that portion of the Confidential Information which such Person is compelled to disclose. 
 ARTICLE III

 MISCELLANEOUS 

Section 3.01 Execution in Counterparts. This Agreement may be executed in any number of counterparts
and by different Parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same agreement.

 Section 3.02 Binding Effect. This Agreement shall be binding upon the Company, each of the
Holders and their respective successors and permitted assigns. Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the Parties to this Agreement and
their respective successors and permitted assigns. 
 Section 3.03 Assignment. This Agreement and
the rights and obligations hereunder may not be assigned by any Party without the prior written consent of the other Parties; provided, however, that the Holders may assign this Agreement and their rights hereunder to any of their Affiliates
who have agreed in writing, in form and substance reasonably satisfactory to the Company, to be bound by the terms of this Agreement; provided further, that no such assignment shall relieve any Holder of its obligations under Article
II of this Agreement. 
 Section 3.04 Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date
first above written. 
  

			
	ENCAP ENERGY CAPITAL FUND VIII, L.P.
		
	By:	 	EnCap Equity Fund VIII GP, L.P.,
		 	its general partner
		
	By:	 	EnCap Investments L.P.,
		 	its general partner
		
	By:	 	EnCap Investments GP, L.L.C,
		 	its general partner
		
	By:	 	 /s/ Robert L. Zorich

	Name:	 	 Robert L. Zorich

	Title:	 	Managing Partner
	
	ENCAP ENERGY CAPITAL FUND VIII CO-INVESTORS, L.P.
		
	By:	 	EnCap Equity Fund VIII GP, L.P.,
		 	its general partner
		
	By:	 	EnCap Investments L.P.,
		 	its general partner
		
	By:	 	EnCap Investments GP, L.L.C,
		 	its general partner
		
	By:	 	 /s/ Robert L. Zorich

	Name:	 	Robert L. Zorich
	Title:	 	Managing Partner
	
	ENCAP ENERGY CAPITAL FUND IX, L.P.
		
	By:	 	EnCap Equity Fund IX GP, L.P.,
		 	its general partner
		
	By:	 	EnCap Investments L.P.,
		 	its general partner
		
	By:	 	EnCap Investments GP, L.L.C,
		 	its general partner
		
	By:	 	 /s/ Robert L. Zorich

	Name:	 	Robert L. Zorich
	Title:	 	Managing Partner
	
	ECLIPSE RESOURCES CORPORATION
		
	By:	 	 /s/ Benjamin W. Hulburt

	Name:	 	Benjamin W. Hulburt
	Title:	 	Chairman, President and Chief Executive Officer

  
 [Signature Page to
Board Observation Agreement]

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