Document:

EX-10.1

 Exhibit 10.1 

[    ], 2018 
 Pure
Acquisition Corp. 
 421 W. 3rd Street, Suite 1000 

Fort Worth, Texas 76102 
 Re: Initial Public Offering 

Gentlemen: 
 This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) to be entered into by and among Pure Acquisition Corp., a Delaware corporation (the
“Company”), Oppenheimer & Co. and EarlyBirdCapital, Inc., as representatives (the “Representatives”) of the several underwriters (each, an “Underwriter” and
collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”), of up to 34,500,000 of the Company’s units (including up to 4,500,000 units that may
be purchased to cover over-allotments, if any) (the “Units”), each comprised of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), and one-half of one warrant. Each whole Warrant (each, a “Warrant”) entitles the holder thereof to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment. The
Units shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange
Commission (the “Commission”) and the Company shall apply to have the Units listed on the Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 11 hereof. 

To induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, HighPeak Pure Acquisition, LLC (the “Sponsor”) and each of the undersigned individuals, each of whom is a member of the Company’s board of
directors and/or management team (each, an “Insider” and collectively, the “Insiders”), hereby agrees with the Company as follows: 

 

	 	1.	The Sponsor and each Insider agrees if the Company seeks stockholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, it, he or she shall (i) vote any shares
of Capital Stock owned by it, him or her in favor of any proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or her in connection with such stockholder approval. 

 

	 	2.	 The Sponsor and each Insider hereby agrees in the event the Company fails to consummate a Business Combination
within 18 months from the closing of the Public Offering, or such later period approved by the Company’s stockholders in accordance with the Company’s certificate of incorporation, the Sponsor and each Insider shall take all reasonable
steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than 10 business days thereafter, subject to lawfully available funds therefor, redeem 100%
of the Common Stock sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the
Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company (net of taxes payable and up to $50,000 of interest to pay dissolution expenses), divided by the number of then outstanding
Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as
reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under
Delaware law to provide for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agrees to not propose any amendment to the Company’s certificate of incorporation that would modify the substance or timing
of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within 18 months from the closing of the Public Offering, unless the Company provides its public stockholders with the
opportunity to redeem their shares of Common Stock upon approval of any such amendment at a per-

	 	
share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to
the Company to pay its franchise and income taxes payable and up to $50,000 of interest to pay dissolution expenses, divided by the number of then outstanding Offering Shares. 

The Sponsor and each Insider acknowledges it, he or she has no right, title, interest or claim of any kind in or to any monies held in the
Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, him or her. The Sponsor and each Insider hereby further waives, with respect to any shares of Common Stock
held by it, him or her, if any, any redemption rights it, he or she may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available in the context of a stockholder vote to approve such
Business Combination or in the context of a tender offer made by the Company to purchase shares of Common Stock (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and liquidation rights with respect
to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within 18 months from the date of the closing of the Public Offering). 
  

	 	3.	During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the Representatives,
(i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or
decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder, with respect to any Units, shares of Common Stock,
Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of any Units, shares of Common Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her, whether any such transaction is to be settled by
delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii). The foregoing shall apply to any Units (and underlying securities) acquired by the
Sponsor and each Insider pursuant to the Directed Unit Program (as such term is defined in the Underwriting Agreement). Each of the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver of the
restrictions set forth in this paragraph 3 or in the Stock Escrow Agreement (as defined in paragraph 4 below), the Company shall announce the impending release or waiver by press release through a major news service at least two business days before
the effective date of the release or waiver. Any release or waiver granted shall only be effective two business days after the publication date of such press release. The provisions of this paragraph will not apply if (i) the release or waiver
is effected solely to permit a transfer of securities that is not for consideration and (ii) the transferee has agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such
terms remain in effect at the time of the transfer. 

  

	 	4.	In addition to the restrictions set forth in paragraph 3 above, the undersigned will, on the date of the Underwriting Agreement, place into escrow all of its, his or her Founders’ Shares, if any, pursuant to the
terms of a Stock Escrow Agreement which the Company will enter into with the undersigned and Continental Stock Transfer & Trust Company, as escrow agent, as described in the Prospectus (the “Stock Escrow Agreement”).

  

	 	5.	 In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not
extend to any other equityholders, officers, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all
legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject as a result of any claim by (i) any
third party for services rendered or products sold to the Company or (ii) a prospective target business with which the Company has entered into an acquisition agreement (a “Target”); provided, however, such
indemnification of the Company by 

	 	
the Sponsor shall apply only to the extent necessary to ensure such claims by a third party for services rendered (other than the Company’s independent public accountants) or products sold
to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.00 per share of the Offering Shares or (ii) such lesser amount per share of the Offering Shares held in the Trust Account due to reductions in
the value of the trust assets as of the date of the liquidation of the Trust Account, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay taxes, except as to any claims by a third
party (including a Target) who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under
the Securities Act of 1933, as amended. In the event any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any liability for such third party claims. The Sponsor shall
have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing it
shall undertake such defense. 

  

	 	6.	The Sponsor agrees that it will effect, or cause an affiliate of the Sponsor to effect, a tender offer for the Warrants sold in the Public Offering (the “Public Warrants”) not owned by the
Sponsor or its affiliates at a price of $1.00 per Public Warrant, which will occur promptly after any occurrence of (a) the Company’s announcement of an initial Business Combination or (b) any filing by the Company of a proxy
statement or information statement with respect to a proposed amendment to the Company’s amended and restated certificate of incorporation that would affect the substance of timing of the Company’s obligation to redeem 100% of the Offering
Shares if the Company does not complete a business combination within 18 months from the closing of the Public Offering (each, a “Sponsor Tender Offer”). The Sponsor agrees to deposit with Continental Stock
Transfer & Trust Company, as escrow agent, (i) on the date of the Underwriting Agreement, cash or a letter of credit from a financially capable bank in good standing (or a combination thereof) in the amount of $15,000,000 (representing
$1.00 per Public Warrant for up to 100% of the Public Warrants) and (ii) on the date of any closing of all or a portion of the underwriters’ over-allotment option under the Underwriting Agreement, cash or a letter of credit from a
financially capable bank in good standing (or a combination thereof) in an amount equal to $0.50 multiplied by the number of Public Units sold at such closing, in each case to be held in escrow (the “Escrow Account”) pursuant
to the terms of an escrow agreement to be entered into on the date of the Underwriting Agreement among the Company, the Sponsor and Continental Stock Transfer & Trust Company (the “Cash Escrow Agreement”). At any
time, the Sponsor or one of its affiliates may substitute a letter of credit from a financially capable bank in good standing for cash in the Escrow Account or cash for a letter of credit. The Sponsor further agrees that in the event the Company is
unable to consummate the initial Business Combination within the allotted time for such initial Business Combination, it shall cause Continental Stock Transfer & Trust Company to distribute from the Escrow Account, pursuant to the terms of
the Cash Escrow Agreement, to holders of the Public Warrants an amount of $1.00 per Public Warrant not previously purchased by the Sponsor pursuant to a Sponsor Tender Offer, at the same time as the redemption of the Offering Shares described in
paragraph 2 above. The funds in the Escrow Account shall be used or the letter of credit shall be drawn upon to purchase Public Warrants in any Sponsor Tender Offer and/or to make the payments described in the immediately preceding sentence.

  

	 	7.	(a) The Sponsor and each Insider hereby agrees not to participate in the formation of, or become an officer or director of, any other blank check company unless the Company has failed to complete a Business Combination
within 18 months after the closing of the Public Offering. Such restriction does not preclude (i) the Sponsor from pursuing limited partnership interests in asset management companies or (ii) any position as an officer or director of
another blank check company held on the date hereof. For the avoidance of doubt, the Sponsor and each Insider are allowed to participate in the formation of, or become an officer or director of, another blank check company upon the Company entering
into a definitive agreement with respect to a Business Combination. 

 (b) The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters
and the Company would be irreparably injured in the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1, 2, 3, 4, 5, 6, 7(a), and 9 of this Letter Agreement (ii) monetary damages may not be an
adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy such party may have in law or in equity, in the event of such
breach. 
  

	 	8.	The Sponsor and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities
license or registration denied, suspended or revoked. Each Insider’s biographical information furnished to the Company (including any such information included in the Prospectus) is true and accurate in all respects and does not omit any
material information with respect to the Insider’s background. The Sponsor and each Insider’s questionnaire furnished to the Company is true and accurate in all respects. The Sponsor and each Insider represents and warrants that: it, he or
she is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or
practice relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another
person, or (iii) pertaining to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding. 

  

	 	9.	Except as disclosed in the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director or officer of the Company, shall receive from the Company any finder’s
fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior to, or in connection with any services rendered to effectuate the consummation of the Company’s initial Business Combination
(regardless of the type of transaction it is), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business Combination: repayment of a loan and advances up to an
aggregate of $200,000 made to the Company by the Sponsor; payment to an affiliate of the Sponsor for office space, utilities and secretarial and administrative support for a total of $10,000 per month; reimbursement for any reasonable out- of- pocket expenses related to identifying, investigating and consummating an initial Business Combination; and repayment of loans, if any, and on such terms as to be
determined by the Company from time to time, made by the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended initial Business Combination, provided, if the Company does not
consummate an initial Business Combination, a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account are used for such repayment. Up to
$1,500,000 of such loans may be convertible into warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants, including as to exercise price, exercisability and exercise
period. Nothing in this Section 8 or otherwise shall be deemed to limit the right of any director, officer or other person entitled to indemnification under the Company’s certificate of incorporation, bylaws or applicable law, or to
proceeds under any applicable directors & officers’ insurance policy. 

  

	 	10.	The Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as a director on the board of directors of the Company and hereby consents to being
named in the Prospectus as a director of the Company. 

  

	 	11.	 As used herein, (i) “Business Combination” shall mean a merger, capital stock exchange,
asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital Stock” shall mean, collectively, the Common Stock and the Founder Shares;
(iii) “Founder Shares” shall mean up to the 8,625,000 shares of the Company’s Class B common stock, par value $0.0001 per share, (or 7,500,000 shares if the over-allotment option is not exercised by the
Underwriters) held by the Initial Stockholders on the date hereof; (iv) “Initial Stockholders” shall mean the Sponsor and any other holder of Founder Shares immediately prior to the Public Offering; (v) “Private
Placement Warrants” shall mean the warrants to purchase up to 8,000,000 shares of Common Stock of the 

	 	
Company (or 8,900,000 shares of Common Stock if the over-allotment option is exercised in full) the Sponsor has agreed to purchase for an aggregate purchase price of $8,000,000 in the aggregate
(or $8,900,000 if the over-allotment option is exercised in full), or $1.00 per warrant, in a private placement that shall occur simultaneously with the consummation of the Public Offering; (vi) “Public Stockholders” shall
mean the holders of securities issued in the Public Offering; (vii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants
shall be deposited; and (viii) “Transfer” shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement
to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934,
as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

  

	 	12.	This Letter Agreement, the Stock Escrow Agreement and the Cash Escrow Agreement constitute the entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersede all prior
understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed,
amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto; provided, however, that the provisions set forth in paragraphs 3
and 4 shall not be amended or modified without the written consent of the Representatives. The parties hereto hereby acknowledge the Underwriters are third party beneficiaries of paragraphs 3 and 4 of this Letter Agreement. 

 

	 	13.	No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported assignment in violation of this
paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and
assigns and permitted transferees. 

  

	 	14.	This Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without giving effect to conflicts of law principles that would result in the application of
the substantive laws of another jurisdiction. The parties hereto (i) all agree any action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of or federal
courts located in the State of Delaware, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent
an inconvenient forum. 

  

	 	15.	Any notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by
certified mail (return receipt requested), by hand delivery or facsimile transmission. 

  

	 	16.	This Letter Agreement shall terminate on the earlier of (i) the Business Combination or (ii) the liquidation of the Company; provided, however, this Letter Agreement shall earlier terminate in the event the
Public Offering is not consummated and closed by July 31, 2018; provided further that paragraph 5 of this Letter Agreement shall survive such liquidation. 

[Signature Page Follows] 

 Sincerely, 

			
	
	HIGHPEAK PURE ACQUISITION, LLC
		
	By:	 	  

	Name:	 	Jack Hightower
	Title:	 	Chief Executive Officer & President
		
	By:	 	  

	Name:	 	Jack Hightower
		
	By:	 	  

	Name:	 	Rodney L. Woodard
		
	By:	 	  

	Name:	 	Steven W. Tholen
		
	By:	 	  

	Name:	 	Sylvia K. Barnes
		
	By:	 	  

	Name:	 	M. Gregory Colvin
		
	By:	 	  

	Name:	 	Jared S. Sturdivant

  
 [Signature Page to Letter
Agreement]EX-10.2

 Exhibit 10.2 

INVESTMENT MANAGEMENT TRUST AGREEMENT 

This Investment Management Trust Agreement (this “Agreement”) is made effective as of [    ], 2018
by and between Pure Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”). 

WHEREAS, the Company’s registration statement on Form S-1,
No. 333-[    ] (the “Registration Statement”) and prospectus (the “Prospectus”) for the initial public offering of the Company’s
units (the “Units”), each of which consists of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), and
one-half of one warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock (such initial public offering hereinafter referred to as the “Offering”),
has been declared effective as of the date hereof by the U.S. Securities and Exchange Commission; and 
 WHEREAS, the Company has entered
into an Underwriting Agreement (the “Underwriting Agreement”) with Oppenheimer & Co. Inc. and EarlyBirdCapital, Inc. as representatives (the “Representatives”) of the several underwriters (the
“Underwriters”) named therein; and 
 WHEREAS, as described in the Prospectus, $300,000,000 of the gross proceeds of
the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or $345,000,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a
segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of the Company and the holders of the Common Stock included in the Units issued in the Offering as hereinafter provided
(the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred to as
the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and 

WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee
shall hold the Property. 
 NOW THEREFORE, IT IS AGREED: 

1.    Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 

(a)    Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust
Account established by the Trustee in the United States of America at J.P. Morgan Chase Bank, N.A. and at a brokerage institution selected by the Trustee reasonably satisfactory to the Company; 

(b)    Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein; 

 (c)    In a timely manner, upon the written instruction of the Company,
invest and reinvest the Property in United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less, or in money market funds meeting the
conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government
treasury obligations, as determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s
instructions hereunder and the Trustee may earn bank credits or other consideration during such periods; 

(d)    Collect and receive, when due, all interest or other income arising from the Property, which shall become part of
the “Property,” as such term is used herein; 
 (e)    Promptly notify the Company and the
Representatives of all communications received by the Trustee with respect to any Property requiring action by the Company; 

(f)    Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in
connection with the Company’s preparation of the tax returns relating to assets held in the Trust Account; 

(g)    Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property
if, as and when instructed by the Company to do so; 
 (h)    Render to the Company monthly written statements of the
activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account; 

(i)    Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance
with, the terms of a letter from the Company (“Termination Letter A”) in a form substantially similar to that attached hereto as Exhibit A signed on behalf of the Company by its Chief Executive Officer, President,
Chief Financial Officer, Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property
in the Trust Account, only as directed in the Termination Letter A and the other documents referred to therein, or (y) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter
B”) in a form substantially similar to that attached hereto as Exhibit B signed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer, Secretary or Chairman of the Board or other authorized
officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not previously released to the Company to pay for office space, utilities and secretarial and
administrative support of $10,000 per month and its franchise and income taxes (net of any taxes payable and up to $50,000 for dissolution expenses) only as directed in the Termination Letter B and the other documents referred to therein, or
(z) upon the date which is the later of (i) 18 months after the closing of the Offering and (ii) such later date as may be approved by the Company’s stockholders in accordance with the Company’s second amended and restated
certificate of incorporation, if neither a Termination Letter A nor a Termination Letter B has been received by the Trustee prior to such date, in which case the Trust 

  
 2 

 
Account shall be liquidated in accordance with the procedures set forth in the Termination Letter B attached as Exhibit B and the Property in the Trust Account, including interest not
previously released to the Company to pay for office space, utilities and secretarial and administrative support of $10,000 per month and its franchise and income taxes (net of taxes payable and up to $50,000 of interest that may be released to the
Company to pay dissolution expenses) shall be distributed to the Public Stockholders of record as of such date; provided, however, in the event the Trustee receives a Termination Letter B in a form substantially similar to Exhibit B
hereto, or if the Trustee begins to liquidate the Property because it has received no such Termination Letter A or Termination Letter B by the date specified in clause (z) of this Section 1(i), the Trustee shall keep
the Trust Account open until twelve (12) months following the date the Property has been distributed to the Public Stockholders; 

(j)    Upon written request from the Company, which may be given from time to time in a form substantially similar to that
attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any
income or franchise tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by electronic funds transfer or other method of
prompt payment, and the Company shall forward such payment to the relevant taxing authority; provided, however, to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall liquidate such
assets held in the Trust Account to make such distribution so long as there is no reduction in the principal amount initially deposited in the Trust Account; provided, further, if the tax to be paid is a franchise tax, the written request by the
Company to make such distribution shall be accompanied by a copy of the franchise tax bill from the State of Delaware for the Company and a written statement from the principal financial officer of the Company setting forth the actual amount payable
(it being acknowledged and agreed any such amounts, together with any amounts distributed pursuant to paragraph (k) below, in excess of interest income earned on the Property shall not be payable from the Trust Account). The written request of
the Company referenced above shall constitute presumptive evidence the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; 

(k)    Upon written request from the Company, which may be given from time to time in a form substantially similar to that
attached hereto as Exhibit D (an “Administrative Service Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to
cover any expenses for office space, utilities and secretarial and administrative support, owed by the Company, not to exceed $10,000 per month (it being acknowledged and agreed any such amounts, together with any amounts distributed pursuant to
paragraph (j) above, in excess of interest income earned on the Property shall not be payable from the Trust Account), which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment. The
written request of the Company referenced above shall constitute presumptive evidence the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; 

  
 3 

 (l)    Upon written request from the Company, which may be given from time to
time in a form substantially similar to that attached hereto as Exhibit E (a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company the amount requested by the Company
to be used to redeem shares of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance or
timing of the Company’s obligation to redeem 100% of its public shares of Common Stock if the Company has not consummated an initial Business Combination within such time as is described in the Company’s amended and restated certificate of
incorporation. The written request of the Company referenced above shall constitute presumptive evidence the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and 

(m)    Not make any withdrawals or distributions from the Trust Account other than pursuant to
Section 1(i), (j), (k), or (l) above. 
 2.    Agreements and
Covenants of the Company. The Company hereby agrees and covenants to: 
 (a)    Give all instructions to the Trustee
hereunder in writing, signed by the Company’s Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer or Secretary. In addition, except with respect to its duties under Sections 1(i), 1(j), 1(k),
and 1(l) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons
authorized above to give written instructions, provided that the Company shall promptly confirm such instructions in writing; 

(b)    Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and
against any and all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in connection with any action, suit or other proceeding brought against the
Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the Property, except for expenses
and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee
intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to
conduct and manage the defense against such Indemnified Claim; provided the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to
settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel; 

(c)    Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration
fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood the Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant
to Sections 1(i) through 1(k) hereof. The Company shall pay the Trustee the initial 

  
 4 

 
acceptance fee and the first annual administration fee at the consummation of the Offering. The Trustee shall refund to the Company the annual administration fee (on a pro rata basis) with
respect to any period after the liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided
in Section 2(b) hereof; 
 (d)    In connection with any vote of the Company’s
stockholders regarding a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”), provide
to the Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote of such stockholders regarding such Business Combination; 

(e)    Provide the Representatives with a copy of any Termination Letter(s) and/or any other correspondence that is sent
to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same; 

(f)    Instruct the Trustee to make only those distributions permitted under this Agreement, and refrain from instructing
the Trustee to make any distributions not permitted under this Agreement. 
 3.    Limitations of Liability. The
Trustee shall have no responsibility or liability to: 
 (a)    Imply obligations, perform duties, inquire or otherwise
be subject to the provisions of any agreement or document other than this Agreement and that which is expressly set forth herein; 

(b)    Take any action with respect to the Property, other than as directed in Section 1 hereof,
and the Trustee shall have no liability to any party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct; 

(c)    Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or
defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient
to pay any expenses incident thereto; 
 (d)    Refund any depreciation in principal of any Property; 

(e)    Assume that the authority of any person designated by the Company to give instructions hereunder shall not be
continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 

(f)    The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to
be taken or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice,
demand, 

  
 5 

 
certificate, opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not
only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and
to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written
instrument delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 

(g)    Verify the accuracy of the information contained in the Registration Statement; 

(h)    Provide any assurance that any Business Combination entered into by the Company or any other action taken by the
Company is as contemplated by the Registration Statement; 
 (i)    File information returns with respect to the Trust
Account with any local, state or federal taxing authority or provide periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property; 

(j)    Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income
generated by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, franchise and income tax obligations, except pursuant to
Section 1(j) hereof; or 
 (k)    Verify calculations, qualify or otherwise approve the
Company’s written requests for distributions pursuant to Sections 1(i), 1(j), 1(k), and 1(l) hereof. 

4.    Trust Account Waiver. The Trustee has no right of set-off or any
right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account it may have now or in the future. In the
event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee shall pursue such Claim solely
against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account. 

5.    Termination. This Agreement shall terminate as follows: 

(a)    If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company
shall use its reasonable efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time the Company notifies the Trustee a successor trustee has been appointed and has agreed to
become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account,
whereupon this Agreement shall terminate; 

  
 6 

 
provided, however, in the event the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit
an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or

 (b)    At such time the Trustee has completed the liquidation of the Trust Account and its obligations in accordance
with the provisions of Section 1(i) hereof (which section may not be amended under any circumstances) and distributed the Property in accordance with the provisions of the applicable Termination Letter, this Agreement shall
terminate except with respect to Section 2(b). 
 6.    Miscellaneous. 

(a)    The Company and the Trustee each acknowledge the Trustee will follow the security procedures set forth below with
respect to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if
it has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the
Company, including, account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or
willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds. 

(b)    This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New
York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This Agreement may be executed in several original or facsimile counterparts, each one of which shall
constitute an original, and together shall constitute but one instrument. 
 (c)    This Agreement contains the entire
agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Sections 1(i) and 1(l) hereof (which sections may not be modified, amended or deleted without the affirmative vote of a majority of
the then outstanding shares of Class A Common Stock and Class B Common Stock, voting as a single class; provided no such amendment will affect any Public Stockholder who has otherwise indicated his election to redeem his shares of Common
Stock in connection with a stockholder vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties
hereto. 
 (d)    The parties hereto consent to the jurisdiction and venue of any state or federal court located in the
City of New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY. 

  
 7 

 (e)    Any notice, consent or request to be given in connection with any of
the terms or provisions of this Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or email transmission: 

if to the Trustee, to: 
 Continental Stock
Transfer & Trust Company 
 1 State Street 

30th Floor 

New York, New York 10004 
 Attn:
Steven Nelson and Sharmin Carter 
 Email:
                     
 if to the Company, to: 

Pure Acquisition Corp. 
 421 W.
3rd Street, Suite 1000 
 Fort Worth, TX 76102 

Attn: Chief Financial Officer 

Email: stholen@highpeakenergy.com 
 in each
case, with copies to: 
 Thompson & Knight, LLP 

One Arts Plaza 
 1722 Routh
Street, Suite 1500 
 Dallas, Texas 75201 

Attn: Amy Curtis, Esq. 
 Email:
amy.curtis@tklaw.com 
 and 

Oppenheimer & Co. 
 85
Broad Street, 23rd Floor 
 New York, New York 10004 

Attn.: Richard Mandery 
 Email:
richard.mandery@opco.com 

  
 8 

 and 

EarlyBirdCapital, Inc. 
 366
Madison Avenue, 8th Floor 
 New York, New York 10017 

Attn.: Steven Levine 
 Email:
slevine@elocap.com 
 and 
 Greenberg Traurig,
LLP. 
 MetLife Building 
 200
Park Avenue 
 New York, New York 10166 

Attn.: Alan Annex 
 Email:
annexa@gtlaw.com 
 (f)    Each of the Company and the Trustee hereby represents it has the full right and power and has
been duly authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 

(g)    Each of the Company and the Trustee hereby acknowledges and agrees each of the Representatives, on behalf of the
Underwriters, are third party beneficiaries of this Agreement. 
 (h)    Except as specified herein, no party to this
Agreement may assign its rights or delegate its obligations hereunder to any other person or entity. 
 [Signature Page Follows] 

  
 9 

 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust
Agreement as of the date first written above. 
  

			
	 Continental Stock Transfer & Trust Company,

as Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Pure Acquisition Corp.
		
	By:	 	  

	Name:	 	Steven W. Tholen
	Title:	 	Chief Financial Officer

  
 Signature Page to 

Investment Management Trust Agreement 

 SCHEDULE A 
  

							
	 Fee Item
	  	 Time and method of payment
	  	Amount	 
			
	Initial set-up/Acceptance fee	  	Initial closing of Offering by wire transfer.	  	$	3,500.00	 
			
	IPO closing fee	  	Initial closing of Offering by wire transfer.	  	$	4,500.00	 
			
	Trustee administration fee	  	Payable annually. First year fee payable at initial closing of Offering by wire transfer; thereafter, payable by wire transfer or check.	  	$	10,000.00	 
			
	Paying Agent services as required pursuant to Section 1(i)	  	Billed to Company upon delivery of service pursuant to Section 1(i)	  	 	Prevailing rates	 

 EXHIBIT A 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street 
 30th Floor 
 New York, New York 10004 

Attn: Steven Nelson and Sharmin Carter 
  

	 	Re:	Trust Account No. [    ] Termination Letter 

 Gentlemen: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Pure Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [ ], 2018 (the “Trust Agreement”), this is to advise you the Company has entered
into an agreement with (the “Target Business”) to consummate a business combination with Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you at least
forty-eight (48) hours in advance of the actual date of the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust
Agreement. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the
Trust Account on [insert date], and to transfer the proceeds into the trust checking account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for
transfer to the account or accounts the Company shall direct on the Consummation Date. It is acknowledged and agreed while the funds are on deposit in the trust checking account at J.P. Morgan Chase Bank, N.A. awaiting distribution, the Company will
not earn any interest or dividends. 
 On the Consummation Date (i) counsel for the Company shall deliver to you written notification
that the Business Combination has been consummated, or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii) the Company shall deliver to
you (a) [an affidavit] [a certificate] of the Chief Executive Officer of the Company, which verifies the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) a written instruction signed
by the Company with respect to the transfer of the funds held in the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account immediately upon your
receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify
the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all the funds, net of any
payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated. 

 In the event the Business Combination is not consummated on the Consummation Date described in
the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall be
reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following the Consummation Date as set forth in such written instruction as soon thereafter as possible. 

 

			
	Very truly yours,
	
	Pure Acquisition Corp.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

	cc:	Oppenheimer & Co. 

 EarlyBirdCapital, Inc. 

 EXHIBIT B 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street 
 30th Floor 
 New York, New York 10004 

Attn: Steven Nelson and Sharmin Carter 
  

	 	Re:	Trust Account No. [    ] Termination Letter 

 Gentlemen: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Pure Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [    ], 2018 (the “Trust Agreement”), this is to advise you
the Company has been unable to effect a business combination with a Target Business within the time frame specified in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s Prospectus relating to
the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 
 In accordance with
the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account on [            ], 20[    ] and to transfer the total
proceeds into the trust checking account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Stockholders. The Company has selected [    ]1 as the record date
for the purpose of determining the Public Stockholders entitled to receive their share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds (net of
taxes payableand up to $50,000 for dissolution expenses) directly to the Public Stockholders in accordance with the terms of the Trust Agreement and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all
the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated, except to the extent otherwise provided in
Section 1(j) of the Trust Agreement. 
  

			
	Very truly yours,

	
	Pure Acquisition Corp.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

	cc:	Oppenheimer & Co. 

 EarlyBirdCapital, Inc. 

 

	1 	18 months from the closing of the Offering. 

 EXHIBIT C 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street 
 30th Floor 
 New York, New York 10004 

Attn: [Accounting Department: ●] 
  

	 	Re:	Trust Account No. [    ] Tax Payment Withdrawal Instruction 

 Gentlemen: 

Pursuant to Section 1(j) of the Investment Management Trust Agreement between Pure Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [            ], 2018 (the “Trust
Agreement”), the Company hereby requests you deliver to the Company $[            ] of the interest income earned on the Property as of the date hereof. Capitalized terms used
but not defined herein shall have the meanings set forth in the Trust Agreement. 
 The Company needs such funds to pay for the tax
obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at: 
 [WIRE INSTRUCTION INFORMATION] 

 

			
	Very truly yours,

	
	Pure Acquisition Corp.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

	cc:	Oppenheimer & Co. 

 EarlyBirdCapital, Inc. 

 EXHIBIT D 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street 
 30th Floor 
 New York, New York 10004 

Attn: [Accounting Department: ●] 
  

	 	Re:	Trust Account No. [    ] Administrative Service Withdrawal Instruction 

 Gentlemen: 

Pursuant to Section 1(k) of the Investment Management Trust Agreement between Pure Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [            ], 2018 (the “Trust
Agreement”), the Company hereby requests you deliver to the Company $[            ] of the interest income earned on the Property as of the date hereof. Capitalized terms used
but not defined herein shall have the meanings set forth in the Trust Agreement. 
 The Company needs such funds to pay for office space,
utilities and secretarial and administrative expenses. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the
Company’s operating account at: 
 [WIRE INSTRUCTION INFORMATION] 

 

			
	 Very truly yours,

	
	 Pure Acquisition
Corp.

 
			
		
	By:	 	  

	 Name:
	 	
	 Title:
	 	

	cc:	Oppenheimer & Co. 

 EarlyBirdCapital, Inc. 

 EXHIBIT E 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street 
 30th Floor 
 New York, New York 10004 

Attn: Steven Nelson and Sharmin Carter 
  

	 	Re:	Trust Account No. [    ] Stockholder Redemption Withdrawal Instruction 

 Gentlemen: 

Pursuant to Section 1(l) of the Investment Management Trust Agreement between Pure Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [            ], 2018 (the “Trust
Agreement”), the Company hereby requests you deliver to the redeeming Public Stockholders of the Company $[            ] of the principal and interest income earned on the
Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

The Company needs such funds to pay its Public Stockholders who have properly elected to have their shares of Common Stock redeemed by the
Company in connection with a stockholder vote to approve an amendment to the Company’s second amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of its public
shares of Common Stock if the Company has not consummated an initial Business Combination within such time as is described in the Company’s second amended and restated certificate of incorporation. As such, you are hereby directed and
authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the redeeming Public Stockholders in accordance with your customary procedures. 

 

			
	 Very truly yours,

	
	 Pure Acquisition Corp.

		
	By:	 	  

	 Name:
	 	
	 Title:
	 	

	cc:	Oppenheimer & Co. 

 EarlyBirdCapital, Inc.

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