Document:

EX-10.3

 Exhibit 10.3 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (including all exhibits hereto and as may be amended, supplemented or amended and restated from time
to time in accordance with the terms hereof, this “Agreement”) is made and entered into as of September 12, 2016, by and among Penn Virginia Corporation, a Virginia corporation (the “Company”), and the other
parties signatory hereto and any additional parties identified on the signature pages of any joinder agreement executed and delivered pursuant hereto (each a “Holder” and collectively, the “Holders”). 

WHEREAS, the Company and certain affiliated debtors (collectively, the “Debtors”) filed a Plan of Reorganization pursuant to
Chapter 11 of the United States Bankruptcy Code, on May 10, 2016 which, as amended, was confirmed by the United States Bankruptcy Court for the District of Delaware on August 11, 2016 (including all exhibits, schedules and supplements
thereto, the “Plan”); and 
 WHEREAS, the Plan provides that any recipient of shares of Common Stock (as defined below) of
the Company that, together with any Affiliates (as defined below) or a Related Fund (as defined below), owns at least one percent (1%) of the Company’s Common Stock and that is either (i) a party to the Backstop Commitment Agreement
or (ii) a holder of a General Unsecured Claim will enter into a registration rights agreement substantially in the form included in the Plan Supplement (as defined below); and 

WHEREAS, the Company and the Holders are entering into this Agreement in furtherance of the aforesaid provisions of the Plan. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the
receipt and adequacy of which are hereby acknowledged, the Company and each of the Holders agree as follows: 
 1. Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the Plan have the meanings given such terms in the Plan. As used in this Agreement, the following terms shall have the following meanings: 

“Advice” has the meaning set forth in Section 15(c). 

“Affiliate” means, with respect to any person, any other person which directly or indirectly controls, is controlled
by, or is under common control with, such person. The term “control” (including the terms “controlled by” and “under common control with”) as used in this definition means the possession, directly or indirectly
(including through one or more intermediaries), of the power or a authority to direct or cause the direction of management, whether through the ownership of voting securities, by contract or otherwise.  

“Agreement” has the meaning set forth in the Preamble. 

“Allowed General Unsecured Claim” means an unsecured claim against a Debtor which either (i) was listed on the
Debtors’ Schedules of Assets and Liabilities and not marked as “contingent” “disputed” or “unliquidated”, (ii) allowed by an order of the Bankruptcy Court, or (iii) temporarily allowed pursuant to
Bankruptcy Rule 3018 by an order of the Bankruptcy Court or a stipulation with the Debtors. 

 “Asserted General Unsecured Claims” means a claim asserted in a proof of
claim with respect to an executory contract or unexpired lease pending the rejection of such contract or lease that is not an Allowed General Unsecured Claim. 

“Automatic Shelf Registration Statement” means an “automatic shelf registration statement” as defined in
Rule 405 promulgated under the Securities Act, as such definition may be amended from time to time.  
 “Backstop
Commitment Agreement” means that certain Backstop Commitment Agreement dated as of May 10, 2016 by and among the Company and the certain commitment parties thereto.  

“beneficially own” (and related terms such as “beneficial ownership” and “beneficial owner”) shall have
the meaning given to such term in Rule 13d-3 under the Exchange Act, and any Person’s beneficial ownership of securities shall be calculated in accordance with the provisions of such Rule. 

“Board” means the Board of Directors of the Company. 

“Business Day” means any day, other than a Saturday or Sunday or a day on which commercial banks in New York City are
required by law to be closed. 
 “Commission” means the Securities and Exchange Commission. 

“Common Stock” means the common stock of the Company, par value $0.01 per share, and any securities into which such
shares of common stock may hereinafter be reclassified. 
 “Company” has the meaning set forth in the
Preamble. 
 “Counsel to the Holders” means (i) with respect to any Demand Registration, the counsel
selected by the Holders of a majority of the Registrable Securities initially requesting such Demand Registration and (ii) with respect to any Underwritten Takedown or Piggyback Registration, the counsel selected by the Majority Holders.

 “Demand Registration Request” has the meaning set forth in Section 4(a). 

“Effective Date” means the date that a Registration Statement filed pursuant to this Agreement is first declared
effective by the Commission. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder.  
 “Form S-1” means form S-1 under the Securities Act, or any
other form hereafter adopted by the Commission for the general registration of securities under the Securities Act. 

  
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 “Form S-3” means form S-3 under the Securities Act, or any other form
hereafter adopted by the Commission having substantially the same usage as Form S-3. 
 “Form S-4” means form
S-4 under the Securities Act, or any other form hereafter adopted by the Commission having substantially the same usage as Form S-4. 

“Form S-8” means form S-8 under the Securities Act, or any other form hereafter adopted by the Commission having
substantially the same usage as Form S-8.  
 “FINRA” has the meaning set forth in Section 9. 

“General Unsecured Claim” means an (i) Allowed General Unsecured Claim, or (ii) an Asserted General
Unsecured Claim. 
 “Grace Period” has the meaning set forth in Section 6(a). 

“Holder” or “Holders” has the meaning set forth in the Preamble. A Person shall cease to be a Holder
hereunder at such time as it ceases to hold any Registrable Securities. 
 “Indemnified Party” has the meaning set
forth in Section 11(c). 
 “Indemnifying Party” has the meaning set forth in Section 11(c). 

“Initial Registrable Securities Number” means the number of Registrable Securities beneficially owned by all Holders
as of the Plan Effective Date, appropriately adjusted for any stock splits, reverse stock splits, stock dividends or similar transactions involving the Company’s Common Stock.  

“Initial Shelf Expiration Date” has the meaning set forth in Section 2(d)(i). 

“Initial Shelf Registration Statement” has the meaning set forth in Section 2(a). 

“Losses” has the meaning set forth in Section 11(a). 

“Majority Holders” means, with respect to any Underwritten Offering, the holders of a majority of the Registrable
Securities to be included in such Underwritten Offering held by all Holders that have made the request requiring the Company to conduct such Underwritten Offering (but not including any Holders that have exercised “piggyback” rights
hereunder to be included in such Underwritten Offering). 
 “Other Holder” has the meaning set forth in
Section 7(b). 
 “Person” means an individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 

“Piggyback Notice” has the meaning set forth in Section 7(a). 

“Piggyback Offering” has the meaning set forth in Section 7(a). 

  
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 “Plan” has the meaning set forth in the Preamble. 

“Plan Effective Date” shall mean the date on which the Plan becomes effective. 

“Plan Supplement” means the plan supplement to be filed by the Debtors with the Bankruptcy Court.  

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
investigation or partial proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A
promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and
supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 

“Qualified Listing” means the approval for the listing of the Company’s shares of Common Stock on the New York Stock
Exchange or The NASDAQ Stock Market. 
 “Registrable Securities” means, collectively, as of the Plan Effective Date,
(a) all shares of Common Stock issued to any Holder or to any Affiliate or Related Fund of any Holder, either directly or pursuant to a joinder or assignment and any additional shares of Common Stock acquired by any Holder, Affiliate or Related
Fund of any Holder in open market or other purchases after the Plan Effective Date and (b) any additional shares of Common Stock paid, issued or distributed in respect of any such shares by way of a stock dividend, stock split or distribution,
or in connection with a combination of shares, and any security into which such Common Stock shall have been converted or exchanged in connection with a recapitalization, reorganization, reclassification, merger, consolidation, exchange,
distribution or otherwise; provided, however, that as to any Registrable Securities, such securities shall cease to constitute Registrable Securities upon the earliest to occur of: (x) the date on which such securities are
disposed of pursuant to an effective Registration Statement; and (y) the date on which such securities are disposed of pursuant to Rule 144 (or any similar provision then in effect) promulgated under the Securities Act. 

“Registration Statement” means any one or more registration statements of the Company filed under the Securities Act
that covers the resale of any of the Registrable Securities pursuant to the provisions of this Agreement (including without limitation any Shelf Registration Statement), amendments and supplements to such Registration Statements, including
post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such Registration Statements. 

  
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 “Related Fund” means, with respect to any Person, any fund, account or
investment vehicle that is controlled or managed by such Person, by any Affiliate of such Person, or, if applicable, such Person’s investment manager. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 158” means Rule 158 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Selling Stockholder Questionnaire” means a questionnaire reasonably adopted by the Company
from time to time. 
 “Shelf Registration Statement” means a Registration Statement filed with the Commission
in accordance with the Securities Act for the offer and sale of Registrable Securities by Holders on a continuous or delayed basis pursuant to Rule 415. 

“Smaller Reporting Company” means a “smaller reporting company” as defined in Item 10(f) of Regulation
S-K, as such definition may be amended from time to time.  
 “Trading Day” means a day during which trading
in the Common Stock occurs in the Trading Market, or if the Common Stock is not listed on a Trading Market, a Business Day. 

“Trading Market” means whichever of the New York Stock Exchange, the NYSE Amex, the NASDAQ Global Select Market, the
NASDAQ Global Market, the NASDAQ Capital Market, OTC Bulletin Board, or OTC Markets Group marketplace on which the Common Stock is listed or quoted for trading on the date in question. 

“Transfer” has the meaning set forth in Section 13. 

“Underwritten Offering” means an offering Registrable Securities under a Registration Statement in which the
Registrable Securities are sold to an underwriter for reoffering to the public. 
 “Underwritten Takedown”
has the meaning set forth in Section 2(g). 

  
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 “Underwritten Offering Trigger Event” has the meaning set forth in
Section 2(g). 
 2. Initial Shelf Registration. 

(a) The Company shall prepare a Shelf Registration Statement (the “Initial Shelf Registration Statement”), and shall
include in the Initial Shelf Registration Statement the Registrable Securities of each Holder who shall request inclusion therein of some or all of their Registrable Securities by checking the appropriate box on the signature page of such Holder
hereto or by written notice to the Company no later than 45 days after the Plan Effective Date. The Company shall file the Initial Shelf Registration Statement with the Commission on or prior to the later of (i) the 60th day following the Plan
Effective Date and (ii) December 1, 2016; provided, however, that the Company shall not be required to file or cause to be declared effective the Initial Shelf Registration Statement unless Holders request (and have not by the
seventy-fifth day after the Plan Effective Date revoked such request by written notice to the Company) the inclusion in the Initial Shelf Registration Statement of Registrable Securities constituting at least fifteen percent (15%) of all
Registrable Securities, and such Holders otherwise timely comply with the requirements of this Agreement with respect to the inclusion of such Registrable Securities in the Initial Shelf Registration Statement. 

(b) The Company shall include in the Initial Shelf Registration Statement all Registrable Securities whose inclusion has been timely
requested as aforesaid; provided, however, that the Company shall not be required to include an amount of Registrable Securities in excess of the amount as may be permitted to be included in such Registration Statement under the rules and
regulations of the Commission and the applicable interpretations thereof by the staff of the Commission. 
 (c) The Initial Shelf
Registration Statement shall be on Form S-1; provided, however, that, if the Company becomes eligible to register the Registrable Securities for resale by the Holders on Form S-3 (including without limitation a Form S-3 filed as an Automatic Shelf
Registration Statement), the Company shall be entitled to amend the Initial Shelf Registration Statement to a Shelf Registration Statement on Form S-3 or file a Shelf Registration Statement on Form S-3 in substitution of the Initial Shelf
Registration Statement as initially filed. 
 (d) The Company shall use its reasonable best efforts to cause the Initial Shelf
Registration Statement to be declared effective by the Commission as promptly as practicable, and shall use its reasonable best efforts to keep such Shelf Registration Statement continuously effective, and not subject to any stop order, injunction
or other similar order or requirement of the Commission, until the earlier of (i) the expiration of one (1) year following Effective Date of the Initial Shelf Registration Statement, provided, however, that if at the time the
Company is (A) eligible to register the Registrable Securities for resale by the Holders on Form S-3, or (B) a Smaller Reporting Company eligible to incorporate by reference pursuant to
Item 12(b) of Form S-1, then such date shall be extended to three (3) years following the Effective Date of the Initial Shelf Registration Statement (such date the “Initial Shelf Expiration Date”); and (ii) the date
that all Registrable Securities covered by such Shelf Registration Statement shall cease to be Registrable Securities. In the event of any stop order, injunction or other similar order or requirement of the Commission relating to the Initial
Registration Statement, if any Registrable  

  
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Securities covered by the Initial Shelf Registration Statement remain unsold, the period during which the Initial Shelf Registration Statement shall be required to remain effective will be
extended by the number of days during which such stop order, injunction or similar order or requirement is in effect. 
 (e) If the Initial
Shelf Registration Statement is on Form S-3 and, following the Effective Date of the Initial Registration Statement, the Company becomes ineligible to use Form S-3, then the Company shall use its reasonable best efforts to amend the Initial Shelf
Registration Statement to a Shelf Registration Statement on Form S-1, to be declared effective by the Commission as promptly as practicable. If any Registrable Securities covered by the Initial Shelf Registration Statement remain unsold, the period
during which the Initial Shelf Registration Statement shall be required to remain effective will be extended by the number of days during which the Company was ineligible to use the Initial Shelf Registration Statement on Form S-3 and for which an
Initial Shelf Registration Statement on Form S-1 was not effective. 
 (f) If the Initial Shelf Registration Statement is on Form S-1, then
for so long as any Registrable Securities covered by the Initial Shelf Registration Statement remain unsold, the Company will file any supplements to the Prospectus or post-effective amendments required to be filed by applicable law in order to
incorporate into such Prospectus any Current Reports on Form 8-K necessary or required to be filed by applicable law, any Quarterly Reports on Form 10-Q or any Annual Reports on Form 10-K filed by the Company with the Commission, or any other
information necessary so that (i) the Initial Shelf Registration Statement shall not include any untrue statement of material fact or omit to state any material fact necessary in order to make the statements therein not misleading, and
(ii) the Company complies with its obligations under Item 512(a)(1) of Regulation S-K. 
 (g) At any time following the earlier of
(i) eighteen (18) months following the Plan Effective Date and (ii) a Qualified Listing (the occurrence of (i) or (ii), an “Underwritten Offering Trigger Event”), upon the demand of one or more Holders, the
Company shall facilitate a “takedown” of Registrable Securities in the form of an Underwritten Offering (each, an “Underwritten Takedown”), in the manner and subject to the conditions described in Section 5 of this
Agreement, provided that the number of shares included in such “takedown” shall equal at least twenty percent (20%) of the Initial Registrable Securities Number. 

3. Subsequent Shelf Registration Statements 

(a) After (i) the Effective Date of the Initial Shelf Registration Statement and prior to the Initial Shelf Expiration Date and
(ii) for so long as any Registerable Securities remain outstanding, the Company shall use its best efforts to (A) ensure that it will be eligible to register the Registrable Securities on Form S-3 after the Initial Shelf Expiration Date,
and (B) meet the requirements of General Instruction VII of Form S-1 after the Initial Shelf Expiration Date. 
 (b) After the Initial
Shelf Expiration Date and for so long as any Registerable Securities remain outstanding, the Company shall use its best efforts to (A) be eligible and/or to maintain its eligibility to register the Registrable Securities on Form S-3, and
(B) meet the requirements of General Instruction VII of Form S-1. 

  
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 (c) After the Initial Shelf Expiration Date, if there is not an effective Registration Statement
which includes the Registrable Securities that is currently outstanding, the Company shall (i) if the Company is eligible to register the Registrable Securities on Form S-3, promptly file a Shelf Registration Statement on Form S-3 and use its
reasonable best efforts to cause such Registration Statement to be declared effective, or (ii) if the Company is a Smaller Reporting Company eligible to incorporate by reference pursuant to Item 12(b) of Form S-1, promptly file a Shelf
Registration Statement on Form S-1 and use its reasonable best efforts to cause such Registration Statement to be declared effective. 
 4.
Demand Registration 
 (a) At any time and from time to time on or following the Plan Effective Date, any Holder or group of Holders
may request in writing (“Demand Registration Request”) that the Company effect the registration of all or part of such Holder’s or Holders’ Registrable Securities with the Commission under and in accordance with the
provisions of the Securities Act. The Company will file a Registration Statement covering such Holder’s or Holders’ Registrable Securities requested to be registered, and shall use its reasonable best efforts to cause such Registration
Statement to be declared effective, as promptly as practicable after receipt of such request; provided, however, that the Company will not be required to file a Registration Statement pursuant to this Section 4: 

(A) unless either (i) the number of Registrable Securities requested to be registered on such Registration Statement
equals at least twenty percent (20%) of the Initial Registrable Securities Number and (ii) the Registrable Securities requested to be sold by the Holders pursuant to such Registration Statement have an anticipated aggregate gross offering
price (before deducting underwriting discounts and commission) of at least $75 million; 
 (B) if the Registrable Securities
requested to be registered are already covered by an existing and effective Registration Statement and such Registration Statement may be utilized for the offer and sale of the Registrable Securities requested to be registered; 

(C) if a registration statement filed by the Company shall have previously been initially declared effective by the Commission
within the one hundred eighty (180) days preceding the date of such Demand Registration Request is made; and 
 (D) if
the number of Demand Registration Requests previously made pursuant to this Section 4(a) shall equal or exceed five (5); provided, however that a Demand Registration Request shall not be considered made for purposes of this clause
(D) unless the requested Registration Statement has been declared effective by the Commission for more than 75% of the full amount of Registrable Securities for which registration has been requested. 

 

  
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 (b) A Demand Registration Request shall specify (i) the then-current name and address of
such Holder or Holders, (ii) the aggregate number of Registrable Securities requested to be registered, (iii) the total number of Registrable Securities then beneficially owned by such Holder or Holders, and (iv) the intended means of
distribution. If at the time the Demand Registration Request is made the Company appears, based on public information available to such Holder or Holders, eligible to use Form S-3 for the offer and sale of the Registrable Securities, the Holder or
Holders making such request may request that the registration be in the form of a Shelf Registration Statement (for the avoidance of doubt, the Company shall not be under the obligation to file a Shelf Registration on Form S-3 if, upon the advice of
its counsel, it is not eligible to make such a filing). 
 (c) The Company may satisfy its obligations under Section 4(a) hereof
by amending (to the extent permitted by applicable law) any registration statement previously filed by the Company under the Securities Act, so that such amended registration statement will permit the disposition (in accordance with the intended
methods of disposition specified as aforesaid) of all of the Registrable Securities for which a Demand Registration Request has been properly made under Section 4(b) hereof. If the Company so amends a previously filed registration
statement, it will be deemed to have effected a registration for purposes of Section 4(a) hereof; provided, however that the Effective Date of the amended registration statement, as amended pursuant to this
Section 4(c) shall be the “the first day of effectiveness” of such Registration Statement for purposes of determining the period during which the Registration Statement is required to be maintained effective in accordance with
Section 4(e) hereof. 
 (d) Within ten (10) days after receiving a Demand Registration Request, the Company shall give
written notice of such request to all other Holders of Registrable Securities and shall, subject to the provisions of Section 5(c) in the case of an Underwritten Offering, include in such registration all such Registrable Securities with
respect to which the Company has received written requests for inclusion therein within fifteen (15) days after the Company’s giving of such notice, provided that such Registrable Securities are not already covered by an existing
and effective Registration Statement that may be utilized for the offer and sale of the Registrable Securities requested to be registered in the manner so requested; provided that the Company shall not be required to effectuate any Underwritten
Offering prior to the Underwritten Offering Trigger Date. 
 (e) The Company will use its reasonable efforts to keep a Registration Statement
that has become effective as contemplated by this Section 4 continuously effective, and not subject to any stop order, injunction or other similar order or requirement of the Commission: 

(A) in the case of a Registration Statement other than a Shelf Registration Statement, until all Registrable Securities
registered thereunder have been sold pursuant to such Registration Statement, but in no event later than two hundred seventy (270) days from the Effective Date of such Registration Statement; and 

(B) in the case of a Shelf Registration Statement, until the earlier of: (x) three (3) years following the Effective
Date of such Shelf Registration Statement; and (y) the date that all Registrable Securities covered by such Shelf Registration Statement shall cease to be Registrable Securities; 

  
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 provided, however, that in the event of any stop order, injunction or other similar order or requirement
of the Commission relating to any Shelf Registration Statement, if any Registrable Securities covered by such Shelf Registration Statement remain unsold, the period during which such Shelf Registration Statement shall be required to remain effective
will be extended by the number of days during which such stop order, injunction or similar order or requirement is in effect; provided further, however, that if any Shelf Registration Statement was initially declared effective on Form S-3
and, prior to the date determined pursuant to Section 4(e)(B), the Company becomes ineligible to use Form S-3, the period during which such Shelf Registration Statement shall be required to remain effective will be extended by the number of
days during which the Company did not have an effective Registration Statement covering unsold Registrable Securities initially registered on such Shelf Registration Statement. 

(f) The Holder or Holders making a Demand Registration Request may, at any time prior to the Effective Date of the Registration Statement
relating to such registration, revoke their request for the Company to effect the registration of all or part of such Holder’s or Holders’ Registrable Securities by providing a written notice to the Company. If, pursuant to the preceding
sentence, the entire Demand Registration Request is revoked, then, at the option of the Holder or Holders who revoke such request, either (i) such Holder or Holders shall reimburse the Company for all of its reasonable and documented
out-of-pocket expenses incurred in the preparation, filing and processing of the Registration Statement, which out-of-pocket expenses, for the avoidance of doubt, shall not include overhead expenses and which requested registration shall not count
as one of the permitted Demand Registration Requests hereunder or (ii) the requested registration that has been revoked will be deemed to have been effected for purposes of Section 4(a). 

(g) If a Registration Statement filed pursuant to this Section 4 is a Shelf Registration Statement, then at any time following an
Underwritten Offering Trigger Event upon the demand of one or more Holders, the Company shall facilitate a “takedown” of Registrable Securities in the form of an Underwritten Offering, in the manner and subject to the conditions described
in Section 5 of this Agreement, provided that either (i) the number of shares included in such “takedown” shall equal at least twenty percent (20%) of the Initial Registrable Securities Number or (ii) the
Registrable Securities requested to be sold by the Holders in such “takedown” shall have an anticipated aggregate offering price (before deducting underwriting discounts and commission) of at least $75 million. 

5. Procedures for Underwritten Offerings. The following procedures shall govern Underwritten Offerings pursuant to
Section 2(g) or Section 4(g), whether in the case of an Underwritten Takedown or otherwise. 
 (a) (i) The Majority
Holders shall select one or more investment banking firm(s) of national standing to be the managing underwriter or underwriters for any Underwritten Offering pursuant to a Demand Registration Request or an Underwritten Takedown with the consent of
the Company, which consent shall not be unreasonably withheld, conditioned or delayed and (ii) the Company shall select one or more investment banking firms of national standing to be the managing underwriter or underwriters for any other
Underwritten Offering with the consent of the Majority Holders, which consent shall not be unreasonably withheld, conditioned or delayed. 

  
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 (b) All Holders proposing to distribute their securities through an Underwritten Offering,
as a condition for inclusion of their Registrable Securities therein, shall agree to enter into an underwriting agreement with the underwriters; provided, however that the underwriting agreement is in customary form and reasonably acceptable
to the Majority Holders and provided, further, however that no Holder of Registrable Securities included in any Underwritten Offering shall be required to make any representations or warranties to the Company or the underwriters (other
than representations and warranties regarding (i) such Holder’s ownership of its Registrable Securities to be sold or transferred, (ii) such Holder’s power and authority to effect such transfer and (iii) such matters
pertaining to compliance with securities laws as may be reasonably requested).  
 (c) If the managing underwriter or
underwriters for an Underwritten Offering pursuant to a Demand Registration or an Underwritten Takedown advises the Holders that the total amount of Registrable Securities or other shares of Common Stock permitted to be registered is such as to
materially adversely affect the success of such Underwritten Offering, the number of Registrable Securities or other shares of Common Stock to be registered on such Registration Statement will be reduced as follows: first, the Company shall
reduce or eliminate the securities of the Company to be included by any Person other than a Holder or the Company; second, the Company shall reduce or eliminate any securities of the Company to be included by the Company; and third,
the Company shall reduce the number of Registrable Securities to be included by Holders on a pro rata basis based on the total number of Registrable Securities requested by the Holders to be included in the Underwritten Offering. 

(d) Within ten (10) days after receiving a request for an Underwritten Offering constituting a “takedown” from a Shelf
Registration Statement, the Company shall give written notice of such request to all other Holders, and subject to the provisions of Section 5(c) hereof, include in such Underwritten Offering all such Registrable Securities with respect
to which the Company has received written requests for inclusion therein within fifteen (15) days after the Company’s giving of such notice; provided, however that such Registrable Securities are covered by an existing and effective
Shelf Registration Statement that may be utilized for the offering and sale of the Registrable Securities requested to be registered. 
 (e)
The Company will not be required to undertake an Underwritten Offering pursuant to Section 2(g) or Section 4(g): 

(A) If, following the Underwritten Offering Trigger Event, the Company has undertaken an Underwritten Offering, whether for its
own account or pursuant to this Agreement, within the one hundred eighty (180) days preceding the date of the request for such Underwritten Offering is given to the Company; and 

(B) if the number of Underwritten Offerings previously made pursuant to Section 2(g) or Section 4(g) in
the immediately preceding twelve (12)-month period shall exceed three (3); provided that an Underwritten Offering shall not be considered made for purposes of this clause (B) unless the offering has resulted in the disposition by the Holders of
at least 75% of the amount of Registrable Securities requested to be included. 

  
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 6. Grace Periods. 

(a) Notwithstanding anything to the contrary herein— 

(A) the Company shall be entitled to postpone the filing or effectiveness of, or, at any time after a Registration Statement
has been declared effective by the Commission suspend the use of, a Registration Statement (including the Prospectus included therein) if in the good faith judgment of the Board, such registration, offering or use would reasonably be expected to
materially affect in an adverse manner or materially interfere with any bona fide material financing of the Company or any material transaction under consideration by the Company or would require the disclosure of information that has not been, and
is not otherwise required to be, disclosed to the public and the premature disclosure of which would materially affect the Company in an adverse manner; provided however, that in the event such Registration Statement relates to a Demand
Registration Request or an Underwritten Offering pursuant to Section 2(g) or Section 4(g), then the Holders initiating such Demand Registration Request or such Underwritten Offering shall be entitled to withdraw the Demand Registration
Request or request for the Underwritten Offering and, if such request is withdrawn, it shall not count against the limits imposed pursuant to Section 4(a)(D) or Section 5(e)(B) and the Company shall pay all registration expenses in
connection with such registration; and 
 (B) at any time after a Registration Statement has been declared effective by the
Commission and there is no duty to disclose under applicable law, the Company may delay the disclosure of material non-public information concerning the Company if the disclosure of such information at the time would, in the good faith judgment of
the Board, adversely affect the Company (the period of a postponement or suspension as described in clause (A) and/or a delay described in this clause (B), a “Grace Period”). 

(b) The Company shall promptly (i) notify the Holders in writing of the existence of the event or material non-public information giving
rise to a Grace Period (provided that the Company shall not disclose the content of such material non-public information to any Holder, without the express consent of such Holder) or the need to file a post-effective amendment, as applicable, and
the date on which such Grace Period will begin, (ii) use reasonable best efforts to terminate a Grace Period as promptly as practicable and (iii) notify the Holders in writing of the date on which the Grace Period ends. 

(c) The duration of any one Grace Period shall not exceed forty-five (45) days, and the aggregate of all Grace Periods in total during any
three hundred sixty-five (365) day period shall not exceed sixty (60) days. For purposes of determining the length of a Grace Period, the Grace Period shall be deemed to begin on and include the date the Holders receive the notice referred
to in clause (i) of Section 6(b) and shall end on and include the later of the date the Holders receive the notice referred to in clause (iii) of Section 6(b) and the date referred to in such notice. In the event
the Company declares a Grace Period, the period during which the Company is required to maintain the effectiveness of an Initial Shelf Registration Statement or a Registration Statement filed pursuant to a Demand Registration Request shall be
extended by the number of days during which such Grace Period is in effect. 

  
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 7. Piggyback Registration 

(a) If at any time, and from time to time, the Company proposes to— 

(A) file a registration statement under the Securities Act with respect to an underwritten offering of Common Stock of the
Company or any securities convertible or exercisable into Common Stock of the Company (other than with respect to a registration statement (i) on Form S-8 or any successor form thereto, (ii) on Form S-4 or any successor form thereto or
(iii) another form not available for registering the Registrable Securities for sale to the public, whether or not for its own account; or 

(B) conduct an underwritten offering constituting a “takedown” of a class of Common Stock or any securities
convertible or exercisable into Common Stock registered under a shelf registration statement previously filed by the Company; 
 the Company
shall give written notice (the “Piggyback Notice”) of such proposed filing or underwritten offering to the Holders at least ten (10) Business Days before the anticipated filing date. Such notice shall include the number and
class of securities proposed to be registered or offered, the proposed date of filing of such registration statement or the conduct of such underwritten offering, any proposed means of distribution of such securities, any proposed managing
underwriter of such securities and a good faith estimate by the Company of the proposed maximum offering price of such securities as such price is proposed to appear on the front cover page of such registration statement (or, in the case of an
Underwritten Offering, would appear on the front cover page of a registration statement), and shall offer the Holders the opportunity to register such amount of Registrable Securities as each Holder may request on the same terms and conditions as
the registration of the Company’s and/or the holders of other securities of the Company securities, as the case may be (a “Piggyback Offering”). Subject to Section 7(b), the Company will include in each Piggyback
Offering all Registrable Securities for which the Company has received written requests for inclusion within five (5) Business Days after the date the Piggyback Notice is given; provided, however, that in the case of the filing of a
registration statement, such Registrable Securities are not otherwise registered pursuant to an existing and effective Shelf Registration Statement under this Agreement; provided further, however that, in the case of an underwritten offering
in the form of a “takedown” under a shelf registration statement, such Registrable Securities are covered by an existing and effective Shelf Registration Statement that may be utilized for the offering and sale of the Registrable
Securities requested to be offered. 
 (b) The Company will cause the managing underwriter or underwriters of the proposed offering to
permit the Holders that have requested Registrable Securities to be included in the Piggyback Offering to include all such Registrable Securities on the same terms and conditions as any similar securities, if any, of the Company. Notwithstanding the
foregoing, if the managing underwriter or underwriters of such underwritten offering advises the Company and the selling Holders in writing that, in its view, the total amount of securities that the Company, such Holders and any other holders
entitled to participate in such offering (“Other Holders”) propose to include in such offering is such as to materially adversely affect the success of such underwritten offering, then: 

  
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 (A) if such Piggyback Offering is an underwritten primary offering by the
Company for its own account, the Company will include in such Piggyback Offering: (i) first, all securities to be offered by the Company; (ii) second, up to the full amount of securities requested to be included in such
Piggyback Offering by the Holders; and (iii) third, up to the full amount of securities requested to be included in such Piggyback Offering by all Other Holders; 

(B) if such Piggyback Offering is an underwritten secondary offering for the account of Other Holders exercising
“demand” rights (including pursuant to a Demand Registration Request), the Company will include in such registration: (i) first, all securities of the Other Holder exercising “demand” rights (including pursuant to a
Demand Registration Request) requested to be included therein; (ii) second, up to the full amount of securities proposed to be included in the registration by the Company; and (C) third, up to the full amount of securities
requested to be included in such Piggyback Offering by the Holders and any Other Holders entitled to participate therein, allocated pro rata among such Holders and Other Holders on the basis of the amount of securities requested to be included
therein by each such Holder or Other Holder; 
 such that, in each case, the total amount of securities to be included in such Piggyback Offering is
the full amount that, in the view of such managing underwriter, can be sold without materially adversely affecting the success of such Piggyback Offering. 

(c) If at any time after giving the Piggyback Notice and prior to the time sales of securities are confirmed pursuant to the Piggyback
Offering, the Company determines for any reason not to register or delay the registration of the Piggyback Offering, the Company may, at its election, give notice of its determination to all Holders, and in the case of such a determination, will be
relieved of its obligation to register any Registrable Securities in connection with the abandoned or delayed Piggyback Offering, without prejudice. 

(d) Any Holder of Registrable Securities requesting to be included in a Piggyback Offering may withdraw its request for inclusion by
giving written notice to the Company, at least three (3) Business Days prior to the anticipated Effective Date of the Registration Statement filed in connection with such Piggyback Offering, or in the case of a Piggyback Offering constituting a
“takedown” off of a shelf registration statement, at least three (3) Business Days prior to the anticipated date of the filing by the Company under Rule 424 of a supplemental prospectus (which shall be the preliminary supplemental
prospectus, if one is used in the “takedown”) with respect to such offering, of its intention to withdraw from that registration; provided, however, that (i) the Holder’s request be made in writing and (ii) the
withdrawal will be irrevocable and, after making the withdrawal, a Holder will no longer have any right to include its Registrable Securities in that Piggyback Offering. 

8. Registration Procedures. If and when the Company is required to effect any registration under the Securities Act as provided in
Sections 2(a), 4(a), 5 or 7 of this Agreement, the Company shall use its reasonable best efforts to: 
  

  
 14 

 (a) prepare and file with the Commission the requisite Registration Statement to
effect such registration and thereafter use its reasonable best efforts to cause such Registration Statement to become and remain effective, subject to the limitations contained herein; 

(b) prepare and file with the Commission such amendments and supplements to such Registration Statement and the Prospectus used
in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by such
Registration Statement until such time as all of such Registrable Securities have been disposed of in accordance with the method of disposition set forth in such Registration Statement, subject to the limitations contained herein; 

(c) (i) before filing a Registration Statement or Prospectus or any amendments or supplements thereto, at the Company’s
expense, furnish to the Holders whose securities are covered by the Registration Statement copies of all such documents, other than documents that are incorporated by reference into such Registration Statement or Prospectus, proposed to be filed and
such other documents reasonably requested by such Holders (which may be furnished by email), and afford Counsel to the Holders a reasonable opportunity to review and comment on such documents; and (ii) in connection with the preparation and
filing of each such Registration Statement pursuant to this Agreement, (A) upon reasonable advance notice to the Company, give each of the foregoing such reasonable access to all financial and other records, corporate documents and properties
of the Company as shall be necessary, in the reasonable opinion of Counsel to the Holders and such underwriters, to conduct a reasonable due diligence investigation for purposes of the Securities Act and Exchange Act, and (B) upon reasonable
advance notice to the Company and during normal business hours, provide such reasonable opportunities to discuss the business of the Company with its officers, directors, employees and the independent public accountants who have certified its
financial statements as shall be necessary, in the reasonable opinion of Counsel to the Holders and such underwriters, to conduct a reasonable due diligence investigation for purposes of the Securities Act and the Exchange Act; 

(d) notify each selling Holder of Registrable Securities, promptly after the Company receives notice thereof, of the time when
such Registration Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement has been filed; 

(e) with respect to any offering of Registrable Securities, furnish to each selling Holder of Registrable Securities, and the
managing underwriters for such Underwritten Offering, if any, without charge, such number of copies of the applicable Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration
Statement (including each preliminary Prospectus, final Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated under the Securities Act and any “issuer free
writing prospectus” as such term is defined under Rule 433 promulgated under the Securities Act), all exhibits and other documents filed therewith and such other documents as such seller or such managing underwriters may reasonably request
including in order to facilitate the disposition of the Registrable Securities owned by such seller, and upon request, a copy of any and all transmittal letters or other correspondence to or received from, the Commission or any other governmental
authority relating to such offer; 

  
 15 

 (f) (i) register or qualify all Registrable Securities covered by such
Registration Statement under such other securities or blue sky laws of such states or other jurisdictions of the United States of America as the Holders covered by such Registration Statement shall reasonably request in writing, (ii) keep such
registration or qualification in effect for so long as such Registration Statement remains in effect and (iii) take any other action that may be necessary or reasonably advisable to enable such Holders to consummate the disposition in such
jurisdictions of the securities to be sold by such Holders, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the
requirements of this subsection (f) be obligated to be so qualified, to subject itself to taxation in such jurisdiction or to consent to general service of process in any such jurisdiction; 

(g) cause all Registrable Securities included in such Registration Statement to be registered with or approved by such other
federal or state governmental agencies or authorities as necessary upon the opinion of counsel to the Company or Counsel to the Holders of Registrable Securities included in such Registration Statement to enable such Holder or Holders thereof to
consummate the disposition of such Registrable Securities in accordance with their intended method of distribution thereof; 

(h) with respect to any Underwritten Offering, obtain and, if obtained, furnish to each Holder that is named as an underwriter
in such Underwritten Offering and each other underwriter thereof, a signed 
 (A) opinion of outside counsel for the Company
(including a customary 10b-5 statement), dated the date of the closing under the underwriting agreement and addressed to the underwriters, reasonably satisfactory (based on the customary form and substance of opinions of issuers’ counsel
customarily given in such an offering) in form and substance to such underwriters, if any, and 
 (B) “comfort”
letter, dated the date of the Underwriting Agreement and another dated the date of the closing under the underwriting agreement and addressed to the underwriters and signed by the independent public accountants who have certified the Company’s
financial statements included or incorporated by reference in such registration statement, reasonably satisfactory (based on the customary form and substance of “cold comfort” letters of issuers’ independent public accountant
customarily given in such an offering) in form and substance to such Holder and such underwriters, if any, 
 in each case,
covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and, in the case of the accountants’ comfort letter, with respect to events subsequent to the date of such financial
statements, as are customarily covered in opinions of issuer’s counsel and in accountants’ comfort letters delivered to underwriters in such types of offerings of securities; 

  
 16 

 (i) notify each Holder of Registrable Securities included in such Registration
Statement at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the Prospectus included in such Registration Statement, as
then in effect, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made
and for which the Company chooses to suspend the use of the Registration Statement and Prospectus in accordance with the terms of this Agreement, at the written request of any such Holder, promptly prepare and furnish to it a reasonable number of
copies of a supplement to or an amendment of such Prospectus as may be necessary so that, as thereafter delivered to the purchasers of such securities, such Prospectus, as supplemented or amended, shall not include 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 in the light of the circumstances under which they were made; 

(j) notify the Holders of Registrable Securities included in such Registration Statement promptly of any request by the
Commission for the amending or supplementing of such Registration Statement or Prospectus or for additional information; 

(k) advise the Holders of Registrable Securities included in such Registration Statement promptly after the Company receives
notice or obtains knowledge of any order suspending the effectiveness of a registration statement relating to the Registrable Securities at the earliest practicable moment and promptly use its reasonable best efforts to obtain the withdrawal; 

(l) otherwise comply with all applicable rules and regulations of the Commission and any other governmental agency or authority
having jurisdiction over the offering of Registrable Securities, and make available to its stockholders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months, but not more than eighteen
(18) months, beginning with the first (1st) full calendar month after the Effective Date of such Registration Statement, which earnings statement shall satisfy the provisions of
Section 11(a) of the Securities Act and Rule 158 promulgated thereunder and which requirement will be deemed satisfied if the Company timely files complete and accurate information on Form 10-Q and 10-K and Current Reports on Form 8-K under the
Exchange Act and otherwise complies with Rule 158 under the Securities Act; 
 (m) (i) cause all Registrable Securities
included in a Registration Statement to be listed on the national securities exchange(s) on which similar securities issued by the Company are then listed, if the listing of such Registrable Securities is then permitted under the rules of such
exchange(s), or (ii) if (x) the Company is not required pursuant to clause (i) above to list Registrable Securities on a specific national securities exchange 

  
 17 

 
and (y) at any time following the Underwritten Offering Trigger Date, one or more Holders holding at least thirty percent (30%) of the Initial Registrable Securities requests that the
Company list such Registrable Securities on a national securities exchange in connection with an Underwritten Offering, use its reasonable best efforts to list the Registrable Securities on a national securities exchange designated by such
requesting Holders; 
 (n) provide and cause to be maintained a transfer agent and registrar for the Registrable Securities
included in a Registration Statement no later than the Effective Date thereof; 
 (o) enter into such agreements
(including an underwriting agreement in customary form) and take such other actions as the Holders beneficially owning a majority of the Registrable Securities included in a Registration Statement or the underwriters, if any, shall reasonably
request in order to expedite or facilitate the disposition of such Registrable Securities, including customary indemnification; and provide reasonable cooperation, including causing at least one (1) executive officer and a senior financial
officer to attend and participate in “road shows” and other information meetings organized by the underwriters, if any, as reasonably requested; provided, however, that the Company shall have no obligation to participate in
more than two (2) “road shows” in any twelve (12)-month period and such participation shall not unreasonably interfere with the business operations of the Company; 

(p) if requested by the managing underwriter(s) or the Holders beneficially owning a majority of the Registrable Securities
being sold in connection with an Underwritten Offering, promptly incorporate in a prospectus supplement or post-effective amendment such information relating to the plan of distribution for such shares of Registrable Securities provided to the
Company in writing by the managing underwriters and the Holders of a majority of the Registrable Securities being sold and that is required to be included therein relating to the plan of distribution with respect to such Registrable Securities,
including without limitation, information with respect to the number of Registrable Securities being sold to such underwriters, the purchase price being paid therefor by such underwriters and with respect to any other terms of the Underwritten
Offering of the Registrable Securities to be sold in such offering, and make any required filings with respect to such information relating to the plan of distribution as soon as practicable after notified of the information; 

(q) cooperate with the Holders of Registrable Securities included in a Registration Statement and the managing underwriter(s),
if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends, and enable such Registrable Securities to be in such share amounts and registered in
such names as the managing underwriters, or, if none, the Holders beneficially owning a majority of the Registrable Securities being offered for sale, may reasonably request at least three (3) Business Days prior to any sale of Registrable
Securities to the underwriters; and 

  
 18 

 (r) otherwise use its reasonable best efforts to take all other steps necessary
to effect the registration of such Registrable Securities contemplated hereby. 
 In addition, at least ten (10) Trading Days prior to the first
anticipated filing date of a Registration Statement for any registration under this Agreement, the Company will notify each Holder of the information the Company requires from that Holder, including any update to or confirmation of the information
contained in the Selling Stockholder Questionnaire, if any, which shall be completed and delivered to the Company promptly upon request and, in any event, within five (5) Trading Days prior to the applicable anticipated filing date. Each Holder
further agrees that it shall not be entitled to be named as a selling securityholder in the Registration Statement or use the Prospectus for offers and resales of Registrable Securities at any time, unless such Holder has returned to the Company a
completed and signed Selling Stockholder Questionnaire and a response to any requests for further information as described in the previous sentence and, if an Underwritten Offering, entered into an underwriting agreement with the underwriters in
accordance with Section 5(b) and Section 10. If a Holder of Registrable Securities returns a Selling Stockholder Questionnaire or a request for further information, in either case, after its respective deadline, the Company
shall be permitted to exclude such Holder from being a selling security holder in the Registration Statement or any pre-effective or post-effective amendment thereto. Each Holder acknowledges and agrees that the information in the Selling
Stockholder Questionnaire or request for further information as described in this Section 8 will be used by the Company in the preparation of the Registration Statement and hereby consents to the inclusion of such information in the
Registration Statement. 
 9. Registration Expenses. All fees and expenses incident to the Company’s performance of or
compliance with its obligations under this Agreement (excluding any underwriting discounts, fees or selling commissions or broker or similar commissions or fees, or transfer taxes of any Holder) shall be borne by the Company whether or not any
Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and
expenses (A) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for trading, (B) with respect to compliance with applicable state securities or Blue Sky laws (including, without
limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities and determination of the eligibility of the Registrable Securities for investment under the laws of
such jurisdictions as requested by the Holders) and (C) if not previously paid by the Company in connection with an Issuer Filing, with respect to any filing that may be required to be made by any broker through which a Holder intends to make
sales of Registrable Securities with the Financial Industry Regulatory Authority (“FINRA”) pursuant to the FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission in connection with such
sale, (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the
Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) the reasonable fees and expenses incurred in connection with
any road show for underwritten offerings, (vi) Securities Act liability insurance, if the Company so desires such insurance, and (vii) fees and expenses of all other Persons retained by the Company in connection with the

  
 19 

 
consummation of the transactions contemplated by this Agreement. In addition, the Company will pay the reasonable fees and disbursements of the Counsel to the Holders, including, for the
avoidance of doubt, any expenses of Counsel to the Holders in connection with the filing or amendment of any Registration Statement, Prospectus or free writing prospectus hereunder. 

10. Lockups.  
 (a)
In connection with any Underwritten Takedown or underwritten registration pursuant to a Demand Registration Request or other underwritten public offering of equity securities by the Company, except with the written consent of the underwriters
managing such offering, no Holder who participates in such offering or beneficially owns five percent (5%) or more of the outstanding shares of Common Stock at such time and a number of Registrable Securities that exceeds one percent
(1%) of the Initial Registrable Securities Number shall effect any public sale or distribution (including sales pursuant to Rule 144) of equity securities of the Company, or any securities convertible into or exchangeable or exercisable
for such securities, without prior written consent from the Company, during the seven (7) days prior to and the ninety (90)-day period beginning on the date of closing of such offering (the “Lockup Period”), except as part
of such offering, provided, that such Lockup Period restrictions are applicable on substantially similar terms to the Company and all of its and its subsidiaries’ executive officers and directors; provided that nothing herein will prevent any
Holder from making a distribution of Registrable Securities to any of its partners, members or stockholders thereof or a transfer of Registrable Securities to an Affiliate or Related Fund that is otherwise in compliance with the applicable
securities laws, so long as such distributees or transferees, as applicable, agree to be bound by the restrictions set forth in this Section 10(a). Each Holder agrees to execute a lock-up agreement in favor of the Company’s
underwriters to such effect and, in any event, that the Company’s underwriters in any relevant offering shall be third party beneficiaries of this Section 10(a). The provisions of this Section 10(a) will no longer apply
to a Holder once such Holder ceases to hold Registrable Securities. 
 (b) In connection with any Underwritten Offering, the Company
shall not effect any public sale or distribution of equity securities of the Company, or any securities convertible into or exchangeable or exercisable for such securities, without prior written consent from the Majority Holders, during the Lockup
Period, except as part of such offering, provided, that such Lockup Period restrictions are applicable on substantially similar terms to the Majority Holders. The Company agrees to execute a lock-up agreement in favor of the Majority Holders’
underwriters to such effect and, in any event, that the Majority Holders’ underwriters in any relevant offering shall be third party beneficiaries of this Section 10(b). Notwithstanding the foregoing, the Company may effect a public
sale or distribution of securities of the type described above and during the periods described above if such sale or distribution is made pursuant to registrations on Form S-4 or Form S-8 or as part of any registration of securities of offering and
sale to employees, directors or consultants of the company and its subsidiaries pursuant to any employee stock plan or other employee benefit plan arrangement. 

  
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 11. Indemnification. 

(a) Indemnification by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold
harmless each Holder, the officers, directors, agents, partners, members, managers, stockholders, Affiliates, employees and investment managers of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act) and the officers, directors, partners, members, managers, stockholders, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against
any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable costs of preparation and investigation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), to which any of
them may become subject, that arise out of or are based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement
thereto or in any preliminary prospectus or (ii) any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or
supplement thereto, in light of the circumstances under which they were made) not misleading, except to the extent, but only to the extent, that (A) such untrue statements, alleged untrue statements, omissions or alleged omissions are based
upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable
Securities and was provided by such Holder expressly for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto, or (B) in the case of an occurrence of an event of the type
specified in Section 8(i), related to the use by a Holder of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder
of the Advice contemplated and defined in Section 15(c) below, but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such Loss would have been corrected. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party (as defined in Section 11(c)), shall survive the transfer of the Registrable Securities by the Holders, and shall be in addition
to any liability which the Company may otherwise have. 
 (b) Indemnification by Holders. Each Holder shall, severally and not
jointly, indemnify and hold harmless the Company, its respective directors, officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act),
and the directors, officers, agents or employees of such controlling Persons, to the fullest extent permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue statement of a
material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading
(i) to the extent, but only to the extent, that such untrue statements or omissions are based upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein or (ii) to the extent, but
only to the extent, that such information relates to such Holder or such Holder’s proposed method of distribution of 

  
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Registrable Securities and was provided by such Holder expressly for use in a Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto or
(iii) in the case of an occurrence of an event of the type specified in Section 8(i), to the extent, but only to the extent, related to the use by such Holder of an outdated or defective Prospectus after the Company has notified
such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 15(c), but only if and to the extent that following the receipt of the Advice the
misstatement or omission giving rise to such Loss would have been corrected. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder upon the sale of the
Registrable Securities giving rise to such indemnification obligation. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified Party (as defined in Section 11(c)), shall
survive the transfer of the Registrable Securities by the Holders, and shall be in addition to any liability which the Holder may otherwise have. 

(c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to
assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable fees and expenses incurred in connection with defense thereof; provided, that the failure of
any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that such failure shall have materially and adversely prejudiced the
Indemnifying Party. 
 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying
Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded
parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that in the reasonable judgment of such counsel a conflict of interest exists if the same counsel were to
represent such Indemnified Party and the Indemnifying Party; provided, that the Indemnifying Party shall not be liable for the reasonable and documented fees and expenses of more than one separate firm of attorneys at any time for all
Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such Proceeding. 
  

  
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 Subject to the terms of this Agreement, all reasonable and documented fees and expenses of the
Indemnified Party (including reasonable and documented fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section 11(c)) shall be paid
to the Indemnified Party, as incurred, with reasonable promptness after receipt of written notice thereof to the Indemnifying Party; provided, that the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such
fees and expenses applicable to such actions for which such Indemnified Party is finally judicially determined to not be entitled to indemnification hereunder. The failure to deliver written notice to the Indemnifying Party within a reasonable time
of the commencement of any such action shall not relieve such Indemnifying Party of any liability to the Indemnified Party under this Section 10, except to the extent that the Indemnifying Party is materially and adversely prejudiced in
its ability to defend such action. 
 (d) Contribution. If a claim for indemnification under Section 11(a) or
(b) is unavailable to an Indemnified Party or insufficient to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable
by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such
Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such action, statement or omission. 
 The parties hereto agree that
it would not be just and equitable if contribution pursuant to this Section 11(d) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 11(d), no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such
Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has 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 Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

12. Rule 144 and Rule 144A; Other Exemptions. With a view to making available to the Holders of Registrable Securities the
benefits of Rule 144 and Rule 144A promulgated under the Securities Act and other rules and regulations of the Commission that may at any time permit a Holder of Registrable Securities to sell securities of the Company without
registration, until the earlier of (a) such time as when no Registrable Securities remain outstanding and (b) such time as the Company is no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the
Company covenants that it will (i) file in a timely manner all reports and other documents required, if any, to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted thereunder or (ii) make
available information necessary to comply with Rule 144 and Rule 144A, if available with respect to resales of the Registrable 

  
 23 

 
Securities under the Securities Act, at all times, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act
within the limitation of the exemptions provided by (x) Rule 144 and Rule 144A promulgated under the Securities Act (if available with respect to resales of the Registrable Securities), as such rules may be amended from time to time
or (y) any other rules or regulations now existing or hereafter adopted by the Commission. Upon the reasonable request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has
complied with such information requirements, and, if not, the specific reasons for non-compliance. 
 13. Transfer of Registration
Rights. Any Holder may freely assign its rights hereunder on a pro rata basis in connection with any sale, transfer, assignment, or other conveyance (any of the foregoing, a “Transfer”) of Registrable Securities to any
transferee or assignee; provided that all of the following additional conditions are satisfied: (a) such Transfer is effected in accordance with applicable securities laws; (b) such transferee or assignee agrees in writing to become
subject to the terms of this Agreement; and (c) the Company is given written notice by such Holder of such Transfer, stating the name and address of the transferee or assignee and identifying the Registrable Securities with respect to which
such rights are being transferred or assigned; and further provided, that (i) any rights assigned hereunder shall apply only in respect of the Registrable Securities that are Transferred and not in respect of any other securities that the
transferee or assignee may hold and (ii) any Registrable Securities that are Transferred may cease to constitute Registrable Securities following such Transfer in accordance with the terms of this Agreement. 

14. Further Assurances. Each of the parties hereto shall execute all such further instruments and documents and take all such further
action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement. 
 15.
Miscellaneous. 
 (a) Remedies. Any Person having rights under any provision of this Agreement shall be entitled to enforce
such rights specifically to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree and acknowledge that money damages may not be an adequate remedy
for any breach of the provisions of this Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or other security) for specific performance and for other
injunctive relief in order to enforce or prevent violation of the provisions of this Agreement. 
 (b) Compliance. Each Holder
covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to any Registration
Statement and shall sell the Registrable Securities only in accordance with a method of distribution described in each Registration Statement 
  

  
 24 

 (c) Discontinued Disposition. By its acquisition of Registrable Securities, each Holder
agrees that, upon receipt of a notice from the Company of the occurrence of a Grace Period or any event of the kind described in Section 8(i), such Holder will forthwith discontinue disposition of such Registrable Securities under a
Registration Statement until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company may provide appropriate stop
orders to enforce the provisions of this paragraph. 
 (d) Preservation of Rights. The Company shall not grant any registration rights
to third parties which are more favorable than or inconsistent with the rights granted hereunder unless any such more favorable rights are concurrently added to the rights granted hereunder. 

(e) No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is
inconsistent with or violates the rights granted to the Holders in this Agreement. 
 (f) Amendments and Waivers. The
provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, or waived unless the same shall be in writing and signed by the Company and Holders holding at least a majority of the then
outstanding Registrable Securities; provided, however, that any party may give a waiver as to itself; provided further, however that no amendment, modification, supplement, or waiver that disproportionately and adversely affects,
alters, or changes the interests of any Holder shall be effective against such Holder without the prior written consent of such Holder; and provided further that the waiver of any provision with respect to any Registration Statement or
offering may be given by Holders holding at least a majority of the then outstanding Registrable Securities entitled to participate in such offering or, if such offering shall have been commenced, having elected to participate in such offering.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders and that does not directly or indirectly affect the rights of other Holders
may be given by Holders of a majority of the Registrable Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence may not be amended, modified, or supplemented except in accordance
with the provisions of the immediately preceding sentence. No waiver of any terms or conditions of this Agreement shall operate as a waiver of any other breach of such terms and conditions or any other term or condition, nor shall any failure to
enforce any provision hereof operate as a waiver of such provision or of any other provision hereof. No written waiver hereunder, unless it by its own terms explicitly provides to the contrary, shall be construed to effect a continuing waiver of the
provisions being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of the party against whom such waiver is claimed in all other instances or for all other purposes
to require full compliance with such provision. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of such provision and shall not affect the right of such party thereafter to enforce each
provision of this Agreement in accordance with its terms.  
 (g) Notices. Any notice or other communication required or which
may be given hereunder shall be in writing and shall be sent by certified or regular mail, by private national courier service (return receipt requested, postage prepaid), by personal delivery, by electronic mail or by facsimile transmission. Such
notice or communication shall be deemed given (i) if mailed, two days after the date of mailing, (ii) if sent by national courier service, one Business 

  
 25 

 
Day after being sent, (iii) if delivered personally, when so delivered, (iv) if sent by electronic mail, on the Business Day such electronic mail is transmitted, or (v) if sent by
facsimile transmission, on the Business Day such facsimile is transmitted, in each case as follows: 
  

	 	(A)	If to the Company: 

 Penn Virginia Corporation 

Attn: Katie Ryan 
 14701 St.
Mary’s Lane, Suite 275 
 Houston, TX 77079 

Tel: (713) 722-6500 
 Fax:
(713) 722-6609 
 E-mail: katie.ryan@penvirginia.com 

with a copy (which shall not constitute notice) to: 

Kirkland & Ellis LLP 

Attn: Justin Bernbrock and Benjamin Rhode 

300 North LaSalle 
 Chicago, IL
60654 
 Tel: (312) 862-2000 

Fax: (312) 862-2200 

E-mail: Justin.bernbrock@kirkland.com 

             Benjamin.rhode@kirkland.com 

(B) If to the Holders (or to any of them), at their addresses as they appear in the records of the Company or the records of
the transfer agent or registrar, if any, for the Common Stock. 
 If any time period for giving notice or taking action hereunder expires on
a day which is a Saturday, Sunday or legal holiday in the State of New York or the jurisdiction in which the Company’s principal office is located, the time period shall automatically be extended to the Business Day immediately following such
Saturday, Sunday or legal holiday. 
 (h) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and
be enforceable by the parties hereto and their respective successors and assigns (including any trustee in bankruptcy). In addition, and whether or not any express assignment shall have been made, the provisions of this Agreement which are for the
benefit of the Holders of Registrable Securities (or any portion thereof) as such shall be for the benefit of and enforceable by any subsequent holder of any Registrable Securities (or of such portion thereof); provided, that such subsequent
holder of Registrable Securities shall be required to execute a joinder to this Agreement in form and substance reasonably satisfactory to the Company agreeing to be bound by its terms. No assignment or delegation of this Agreement by the Company,
or any of the Company’s rights, interests or obligations hereunder, shall be effective against any Holder without the prior written consent of such Holder. 

  
 26 

 (i) Execution and Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement. 

(j) Delivery by Facsimile. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in
connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or other electronic means, shall be treated in all manner and respects as an
original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each
other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or other electronic means to deliver a
signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to the formation or enforceability of a contract and each such party
forever waives any such defense. 
 (k) Governing Law; Venue. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction) to the extent such rules or provisions would cause the application of
the laws of any jurisdiction other than the State of New York. Each of the parties to this Agreement consents and agrees that any action to enforce this Agreement or any dispute, whether such dispute arises in law or equity, arising out of or
relating to this Agreement shall be brought exclusively in the United States District Court for the Southern District of New York or any New York State Court sitting in New York City. The parties hereto consent and agree to submit to the exclusive
jurisdiction of such courts. Each of the parties to this Agreement waives and agrees not to assert in any such dispute, to the fullest extent permitted by applicable law, any claim that (i) such party and such party’s property is immune
from any legal process issued by such courts or (ii) any litigation or other proceeding commenced in such courts is brought in an inconvenient forum. The parties hereby agree that mailing of process or other papers in connection with any such
action or proceeding to an address provided in writing by the recipient of such mailing, or in such other manner as may be permitted by law, shall be valid and sufficient service thereof and hereby waive any objections to service in the manner
herein provided. 
 (l) Waiver of Jury Trial. Each of the parties to this Agreement hereby agrees to waive its respective rights to a
jury trial of any claim or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this
Agreement, including contract claims, tort claims and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter into this Agreement, that each has already relied on this waiver in
entering into this Agreement, and that each will continue to rely on this waiver in their related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly and
voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR 

  
 27 

 
IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 15(l) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 

(m) Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any
other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been
contained herein. 
 (n) Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
forms of nouns, pronouns, and verbs shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the
terms thereof, and, if applicable, hereof. The words “include”, “includes” or “including” in this Agreement shall be deemed to be followed by “without limitation”. The use of the words “or,”
“either” or “any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be
construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. All references to laws, rules,
regulations and forms in this Agreement shall be deemed to be references to such laws, rules, regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in effect at the time. All references to
agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references to the comparable successors thereto from time to time. 

(o) Entire Agreement. This Agreement and any certificates, documents, instruments and writings that are delivered pursuant hereto,
constitutes the entire agreement and understanding of the parties in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among the parties, written or oral, to the extent they relate in
any way to the subject matter hereof. 
 (p) Termination. The obligations of the Company and of any Holder, other than those
obligations contained in Section 10 and this Section 15, shall terminate with respect to the Company and such Holder as soon as such Holder no longer beneficially owns any Registrable Securities. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

  
 28 

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

			
	PENN VIRGINIA CORPORATION
		
	By:	 	 /s/ Steven A. Hartman

	Name:	 	Steven A. Hartman
	Title:	 	Senior VP, CFO and Treasurer

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

J.P. MORGAN INVESTMENT MANAGEMENT, INC. 
 AS INVESTMENT
ADVISOR AND AGENT FOR 
 CERTAIN CLIENT ACCOUNTS 
  

			
	By:	 	 /s/ James P. Shanahan, Jr.

	Name:	 	James P. Shanahan, Jr.
	Title:	 	Managing Director

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                      of its
Registrable Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

J.P. MORGAN CHASE BANK, N.A. AS TRUSTEE 
 FOR CERTAIN
CLIENT ACCOUNTS 

			
		
	By:	 	 /s/ James P. Shanahan, Jr.

	Name:	 	James P. Shanahan, Jr.
	Title:	 	Managing Director

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 31 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

BBT Fund, L.P. 
 By: BBT Capital Management, LLC,
Investment Manager 

			
		
	By:	 	 /s/ William D. Reimann

	Name:	 	William D. Reimann
	Title:	 	Vice President

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 32 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

Strategic Value Master Fund Ltd. 
 By:
    Strategic Value Partners, LLC, its Investment Manager 

			
		
	By:	 	 /s/ Edward C. Kelly

	Name:	 	Edward C. Kelly
	Title:	 	Chief Operating Officer

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 33 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

Strategic Value Special Situations Master Fund III, L.P. 

By:     SVP Special Situations III LLC, its Investment Manager 

			
		
	By:	 	 /s/ Edward C. Kelly

	Name:	 	Edward C. Kelly
	Title:	 	Chief Operating Officer

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 34 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

Strategic Value Opportunities Fund, L.P. 
 By:
    SVP Special Situations III-A LLC, its Investment Manager 

			
		
	By:	 	 /s/ Edward C. Kelly

	Name:	 	Edward C. Kelly
	Title:	 	Chief Operating Officer

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 35 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

Contrarian Capital Management, L.L.C., on behalf 
 of
various managed accounts and affiliated entities 
  

			
	By:	 	 /s/ Jon Bauer

	Name:	 	Jon Bauer
	Title:	 	Managing Member

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 36 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

Global Credit Advisers, LLC as investment advisor 
  

			
	By:	 	 /s/ Steven Hornstein

	Name:	 	Steven Hornstein
	Title:	 	Managing Member

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 37 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

KLS Diversified Asset Management LP 
  

			
	By:	 	 /s/ Timothy Quinn

	Name:	 	Timothy Quinn
	Title:	 	CFO

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 38 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 
  

			
	Debello Investors LLC
		
	By:	 	 /s/ Arthur Amron

	Name:	 	Arguments Amron
	Title:	 	Vice President and Assistant Secretary

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 39 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 
  

			
	Wexford Spectrum Investors LLC
		
	By:	 	 /s/ Arthur Amron

	Name:	 	Arthur Amron
	Title:	 	Vice President and Assistant Secretary

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 40 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 
  

			
	Wexford Catalyst Investors LLC
		
	By:	 	 /s/ Arthur Amron

	Name:	 	Arthur Amron
	Title:	 	Vice President and Assistant Secretary

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 41 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 
  

			
	Wells Fargo Securities, LLC
		
	By:	 	 /s/ Katherine L. Stewart

	Name:	 	Katherine L. Stewart
	Title:	 	Authorized Signatory

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 42 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

FRANKLIN ADVISERS, INC., as investment manager 
 on
behalf of certain funds 
  

			
	By:	 	 /s/ Glenn Voyles

	Name:	 	Glenn Voyles
	Title:	 	VP/Director of Portfolio Management

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 43 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 
  

			
	EGI-Fund B, L.L.C.
		
	By:	 	 /s/ Philip G. Tinkler

	Name:	 	Philip G. Tinkler
	Title:	 	Vice President

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 44 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

Pine River Baxter Fund Ltd. 
 By:
    Pine River Capital Management L.P. 
 Its:     Investment Manager 

 

			
	By:	 	 /s/ Nick Nusbaum

	Name:	 	Nick Nusbaum
	Title:	 	Chief Financial Officer

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 45 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

Pine River Master Fund Ltd. 
 By:
    Pine River Capital Management L.P. 
 Its:     Investment Manager 

			
		
	By:	 	 /s/ Nick Nusbaum

	Name:	 	Nick Nusbaum
	Title:	 	Chief Financial Officer

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 46 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

LMA SPC for and on behalf of MA 89 
 Segregated
Portfolio 
 By:     Pine River Capital Management L.P. 

Its:     Investment Manager 
  

			
	By:	 	 /s/ Nick Nusbaum

	Name:	 	Nick Nusbaum
	Title:	 	Chief Financial Officer

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 47 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

Anchorage Capital Master Offshore, Ltd. 
 By:
    Anchorage Capital Group, L.L.C., its investment manager 
  

			
	By:	 	 /s/ Natalie A. Birrell

	Name:	 	Natalie A. Birrell
	Title:	 	Chief Operating Officer

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 48 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

Raptor Energy, LP 
 By:
    Anchorage Capital Group, L.L.C., its investment manager 
  

			
	By:	 	 /s/ Natalie A. Birrell

	Name:	 	Natalie A. Birrell
	Title:	 	Chief Operating Officer

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 49 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

THE MANGROVE PARTNERS MASTER FUND, LTD. 
 By:
    MANGROVE PARTNERS, its Investment Manager 
  

			
	By:	 	 /s/ Ward Dietrich

	Name:	 	Ward Dietrich
	Title:	 	Authorized Person

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 50 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

Sunrise Partners Limited Partnership 
  

			
	By:	 	 /s/ Douglas W. Ambrose

	Name:	 	Douglas W. Ambrose
	Title:	 	 Executive Vice President of
 Paloma Partners
Management Company,

		 	 general partner of Sunrise Partners
 Limited
Partnership

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 51 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 
  

			
	Portrush Master Fund, Ltd.
		
	By:	 	 /s/ Edward Labrenz

	Name:	 	Edward Labrenz
	Title:	 	Authorized Signatory

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 52 

 IN WITNESS WHEREOF, the undersigned parties have executed this Registration Rights Agreement as
of the date first written above. 
 HOLDERS: 

GMO CREDIT OPPORTUNITIES FUND, L.P. 
  

			
	By:	 	 /s/ Benny Yau

	Name:	 	Benny Yau
	Title:	 	Authorized Trader

  

	x	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial Shelf Registration Statement. 

 

	 ̈	By checking this box, the Holder signing above hereby requests the inclusion of                     of its Registrable
Securities in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities. 

  
 53EX-10.4

 Exhibit 10.4 

SHAREHOLDERS AGREEMENT 

BY AND AMONG 
 PENN
VIRGINIA CORPORATION, 
 AND 

THE SHAREHOLDERS (AS DEFINED HEREIN) 

DATED AS OF SEPTEMBER 12, 2016 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I SHAREHOLDERS	  
			
	Section 1.1	 	 Shareholders
	  	 	1	  
	
	ARTICLE II MANAGEMENT AND CONTROL OF BUSINESS	  
			
	Section 2.1	 	 Restrictions on Authority of the Board
	  	 	2	  
	Section 2.2	 	 Directors’ Non-exclusive Services
	  	 	4	  
	Section 2.3	 	 Reimbursement of Expenses
	  	 	4	  
	
	ARTICLE III INFORMATION RIGHTS AND LISTING	  
			
	Section 3.1	 	 Information Rights of Shareholders; Records Required by Applicable Law; Right of
Inspection
	  	 	4	  
	Section 3.2	 	 Information Rights of the Company
	  	 	6	  
	
	ARTICLE IV TRANSFER	  
			
	Section 4.1	 	 Transfer of Company Common Stock; Derivative Securities
	  	 	6	  
	Section 4.2	 	 General Provisions Regarding Transfers
	  	 	6	  
	Section 4.3	 	 Preemptive Rights
	  	 	7	  
	Section 4.4	 	 All Other Transfers Void
	  	 	9	  
	
	ARTICLE V MISCELLANEOUS	  
			
	Section 5.1	 	 Complete Agreement
	  	 	9	  
	Section 5.2	 	 Drag-Along Rights; Tag-Along Rights; Other Actions
	  	 	9	  
	Section 5.3	 	 Governing Law
	  	 	9	  
	Section 5.4	 	 No Assignment
	  	 	10	  
	Section 5.5	 	 Binding Effect
	  	 	10	  
	Section 5.6	 	 Severability
	  	 	10	  
	Section 5.7	 	 No Partition
	  	 	10	  
	Section 5.8	 	 Additional Documents and Acts
	  	 	10	  
	Section 5.9	 	 No Employment Rights
	  	 	10	  
	Section 5.10	 	 Amendments; Termination of Equity Rights
	  	 	10	  
	Section 5.11	 	 No Waiver
	  	 	11	  
	Section 5.12	 	 Notices
	  	 	11	  
	Section 5.13	 	 Consent to Jurisdiction; WAIVER OF JURY TRIAL
	  	 	11	  
	Section 5.14	 	 No Third Party Beneficiary
	  	 	13	  
	Section 5.15	 	 Confidentiality
	  	 	13	  
	Section 5.16	 	 Cumulative Remedies; Specific Performance
	  	 	13	  
	Section 5.17	 	 Exhibits and Schedules
	  	 	14	  
	Section 5.18	 	 Interpretation
	  	 	14	  
	Section 5.19	 	 Termination
	  	 	15	  

  
 i 

							
	SCHEDULE A	 	 COMPETITORS
	  			
			
	EXHIBIT A	 	 DEFINITIONS
	  			
			
	ANNEX I	 	 CONFIDENTIALITY AGREEMENT
	  			

  
 ii 

 SHAREHOLDERS AGREEMENT 

This Shareholders Agreement (this “Agreement”) is made and entered into as of September 12, 2016 (the
“Effective Date”) by and among Penn Virginia Corporation, a Virginia corporation (the “Company”), and the Shareholders (as defined herein). Capitalized terms used, but not otherwise defined, herein have the meanings
set forth in Exhibit A attached hereto and made a part hereof by reference. 
 RECITALS 

A. This Agreement is being entered into in connection with the distribution of all of the outstanding shares of Common Stock, par value
$0.01 per share, of the Company (“Company Common Stock”) on the Effective Date to the Shareholders pursuant to that certain Second Amended Joint Plan of Reorganization (Technical Modifications), dated August 10, 2016 and
filed by the Company and certain other affiliated debtors (collectively, the “Debtors”) with the United States Bankruptcy Court for the Eastern District of Virginia, as the same may be amended, modified or supplemented from time to
time in accordance with the terms thereof (the “Reorganization Plan”).  
 B. As of the date hereof, the
Shareholders hold in the aggregate all of the Outstanding Company Common Stock. 
 C. The Reorganization Plan provides that this Agreement
shall be deemed to be valid, binding and enforceable in accordance with its terms, and each Shareholder shall be deemed to be bound hereby, in each case without the need for execution of this Agreement by any party hereto other than the Company.

 The parties hereto desire to enter into this Agreement to establish certain arrangements with respect to the Company Common Stock and
other related corporate matters of the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
hereinafter set forth and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the Company and the Shareholders, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 SHAREHOLDERS

 Section 1.1 Shareholders. Except for the obligations contained in Section 5.15, a Person shall cease
to be a Shareholder for all purposes upon the disposition of all of such Person’s Company Common Stock. 

 ARTICLE II 

MANAGEMENT AND CONTROL OF BUSINESS 

Section 2.1 Restrictions on Authority of the Board. 

(a) Notwithstanding anything to the contrary in this Agreement, none of the following actions may be taken by the Company, directly or
indirectly (and the Company shall cause its Subsidiaries to refrain from taking such actions) without a Shareholder Approval: 
 (i) any
merger, consolidation, reorganization or equity recapitalization of the Company or its Subsidiaries (other than mergers or consolidations of a wholly owned Subsidiary of the Company with another wholly owned Subsidiary of the Company or with the
Company); 
 (ii) any sale, assignment or other transfer of all or substantially all of the assets or properties of the Company and its
Subsidiaries (in each case, on a consolidated basis) and other than (x) sales, assignments and transfers between a wholly owned Subsidiary of the Company and the Company or another wholly owned Subsidiary of the Company or (y) a pledge of
assets of the Company and its Subsidiaries in accordance with the new reserve-based lending facility credit agreement to be entered into by the Debtors or any of their successors on the terms set forth in the Exit Facility Term Sheet and the Exit
Commitment Letters attached as Exhibit D and E, respectively, to that certain Restructuring Support Agreement, dated May 10, 2016, by and among the Debtors and the Restructuring Support Parties (as such term is defined in the Reorganization
Plan); 
 (iii) any increase in the number of authorized shares of Company Common Stock or other capital stock of the Company or issuance of
any preferred stock or other capital stock of the Company senior to the Company Common Stock; 
 (iv) any liquidation, dissolution or winding
up or consenting to the entry of a decree or order appointing a trustee, custodian, receiver, liquidator, assignee or similar official, in each case, of the Company or any material Subsidiary of the Company, or any action that would cause the
foregoing, provided that, for the avoidance of doubt, no Shareholder Approval shall be required to institute bankruptcy proceedings, consent to the filing of a bankruptcy proceeding against it, or file a petition seeking reorganization under
the U.S. Bankruptcy Code or any similar applicable federal or state law; 
 (v) any amendment, modification or waiver of the Charter
Documents of any of the Company’s material Subsidiaries other than (A) to correct any typographical or similar ministerial error, (B) to delete or add any provision required to be so deleted or added by any applicable law, (C) to
cure any ambiguity or to correct or supplement any provision which may be inconsistent with any provision herein, and (D) to make any immaterial amendment or modification that is deemed necessary or appropriate by the Board, in each case set
forth in clauses (A) through (D) above, which does not adversely affect the rights or obligations of any Shareholder, in its capacity as a Shareholder; provided that any such amendment that reasonably would be expected to
disproportionately and adversely affect any Shareholder, in its capacity as a Shareholder, as compared to the other Shareholders, shall also require the prior written consent of each Shareholder so affected; 

  
 - 2 - 

 (vi) engagement in any material new line of business substantially unrelated to any business or
activity of the Company or any of its Subsidiaries currently conducted as of the date hereof, or any business or activity that is reasonably similar thereto or a reasonable extension, development or expansion thereof, or is complementary,
incidental, ancillary or related thereto; 
 (vii) implementation of a new management Equity Incentive Plan or similar arrangement which
could result, when combined with all other Equity Incentive Plans, in the aggregate issuance of more than ten percent (10%) of the Outstanding Company Common Stock; and 

(viii) entry into any agreement, commitment or arrangement to effect, or requiring the Company or any of its Subsidiaries to effect, any of the
foregoing. 
 (b) Affiliate Transactions. The Company shall not, and shall cause each of its Subsidiaries not to, enter into,
modify (including by waiver) or terminate any transaction or series of related transactions, or agreement, with any holder of Company Common Stock that (together with its Affiliates) holds at least five percent (5%) of the then Outstanding
Company Common Stock or with any Director or officer of the Company, or with any Affiliate of any of the foregoing (any such transaction or series of related transactions or agreements, an “Affiliate Transaction”), unless (i) a
majority of the Directors then serving on the Board who are not party to, or affiliated with such holder, or Affiliate thereof, that is a party to, such Affiliate Transaction (such majority, a “Majority of Disinterested Directors”)
reasonably determines that such Affiliate Transaction is on terms that are at least as favorable to the Company and its Subsidiaries as could reasonably be obtained from an independent third party, (ii) such Affiliate Transaction is approved by
a Majority of Disinterested Directors, and (iii) if and to the extent that an Affiliate Transaction involves the aggregate payment to or by the Company and its Subsidiaries equal to or in excess of five million dollars ($5,000,000), in addition
to meeting the requirements in clauses (i) and (ii), either (x) the Company has obtained an opinion from a nationally recognized accounting or investment banking firm (to be selected and paid by the Company) that is independent, with no
direct or indirect financial interest in the Company or its Subsidiaries, or in the proposed Affiliate Transaction or any other party thereto, that the proposed Affiliate Transaction is fair to the Shareholders from a financial point of view or
(y) Shareholder Approval is obtained with respect to such Affiliate Transaction (disregarding, for such purposes, any holder of Company Common Stock, or Affiliate thereof, that is a party to such Affiliate Transaction, and the shares of Company
Common Stock held by such Persons). Notwithstanding the foregoing or anything to the contrary in this Agreement, except as required by applicable law, the Company’s performance of its obligations under the Backstop Commitment Agreement (as
defined in the Reorganization Plan) or in connection with the consummation of the Rights Offering (as defined in the Reorganization Plan), in each case in accordance with the Reorganization Plan, shall not require any further consent or approval of
the Board or the Shareholders. 

  
 - 3 - 

 Section 2.2 Directors’ Non-exclusive Services. No Director shall be
required to manage the Company as his or her sole and exclusive function and any Director or Shareholder may have other business interests and may engage in other activities in addition to those relating to the Company. Notwithstanding the
foregoing, Directors who are employees of the Company or its Subsidiaries shall be required to have such employment as their primary business function. 

Section 2.3 Reimbursement of Expenses. Each Director shall be entitled to reimbursement from the Company of all expenses
reasonably incurred and paid by such Director in connection with such Director’s services as a Director or otherwise incurred for the benefit of, or on behalf of, the Company. The Board may establish, from time to time, policies relating to
expense reimbursement (including, what expenses, such as retained counsel or other advisors, will be reimbursable), which policies shall treat and apply to each Director (other than any employee of the Company serving as a Director) equally. 

ARTICLE III 

INFORMATION RIGHTS AND LISTING 

Section 3.1 Information Rights of Shareholders; Records Required by Applicable Law; Right of Inspection. 

(a) At any time that the Company is not obligated to file reports under Section 13 or 15(d) of the Exchange Act, unless the Company
files reports required by Section 13 or 15(d) of the Exchange Act as a voluntary filer, each Shareholder, other than any Shareholder that is a Competitor, shall have the right to receive the following information (which right the Company may
satisfy by providing access to each Shareholder to a confidential website such as Intralinks and timely posting such information on such website (which website shall have a system of email notification of new postings and may require confirmation by
viewers of the site of the confidentiality obligations set forth in Section 5.15, a “Secure Site”)), and each Shareholder may share and discuss such information (along with any other information provided to Shareholders
pursuant to this Agreement and otherwise made available to Shareholders via the Secure Site) with its Affiliates, directors, officers, partners, managers, shareholders, employees, investors and advisors as well as any bona fide prospective purchaser
of Company Common Stock that (x) is not a Competitor and (y) has entered into, and delivered to the Company, a confidentiality agreement substantially in the form set forth on Annex I attached hereto regarding the treatment of such
information (and for the avoidance of doubt, at its election, the Company may share and discuss such information with any prospective purchaser of Company Common Stock): 

(i) within ninety (90) days of the end of each fiscal year, copies of all annual financial statements and similar information of the
Company and its Subsidiaries as of the end of such fiscal year that would be required to be contained in a filing with the SEC on Form 10-K if the Company were required to file such forms, which financial statements shall (v) include a
comparison to the prior fiscal year results; (w) be prepared in accordance with GAAP; (x) be audited by a nationally recognized accounting firm approved by the Board and accompanied by a report and opinion thereon by such accounting firm
prepared in accordance with generally accepted auditing standards that is not subject to any qualification as to the scope of such audit or 

  
 - 4 - 

 
with respect to accounting principles followed by the Company or any of its Subsidiaries not in accordance with GAAP; (y) be accompanied by a management discussion and analysis of financial
condition and results of operations with respect to such financial statements (an “MD&A”); and (z) be certified by the chief financial officer of the Company. 

(ii) for each of the first three (3) fiscal quarters of each fiscal year of the Company, copies of all quarterly financial statements and
similar information of the Company and its Subsidiaries as of the end of such fiscal quarter that would be required to be contained in a filing with the SEC on Form 10-Q if the Company were required to
file such forms, which financial statements shall (w) include year-to-date results and a comparison to the corresponding period in the prior fiscal year; (x) be prepared in accordance with GAAP; (y) be accompanied by an MD&A; and
(z) be delivered no later than forty-five (45) days following the end of such fiscal quarter. 
 (iii) all current reports that
would be required to be filed with, and within the timing that would be required by, the SEC on Form 8-K if the Company were required to file such reports. 

(b) The Company shall host, and each Shareholder, other than any Shareholder that is a Competitor, that (together with its Affiliates) holds at
least one-half of one percent (0.5%) of the Outstanding Company Common Stock, shall have access to, quarterly conference calls with senior officers of the Company to discuss the status of the Company and its business and the business of its
Subsidiaries (including updates to the budgets and projections of the Company and its Subsidiaries), which calls shall include a reasonable and customary question and answer session. Quarterly calls shall be hosted as promptly as reasonably
practicable but in any event no later than twenty (20) Business Days after furnishing the annual and quarterly reports. 
 (c) During
the term of the Company’s existence there shall be maintained in the Company’s principal office or at the office of the Company’s agents and representatives all records required to be kept pursuant to applicable law, including
(whether or not so required) a current list of the names, addresses and shares of Company Common Stock held by each of the Shareholders (including the dates on which each of the Shareholders became a Shareholder), copies of federal, state and local
information or income tax returns for each of the Company’s tax years, copies of this Agreement and each of the Company’s Charter Documents, including all amendments thereto and restatements thereof, and correct and complete books and
records of account of the Company. Prior to any termination of the Company’s existence, the Company shall use all reasonable efforts to ensure that, for a period of six (6) years after any such termination, such information, to the extent
still in existence and available, may be obtained by a Shareholder’s request in writing to a legal advisor or agent of the Company to be designated prior to any such termination, with the cost (as reasonably determined by such legal advisor or
agent) of accessing and providing such information being borne by the requesting Shareholder. 
 (d) On written request stating the purpose,
a Shareholder that (together with its Affiliates) holds at least one-half of one percent (0.5%) of the Outstanding Company Common Stock may make reasonable inquiries of management and examine, at any reasonable time during business hours, for any
proper purpose reasonably related to such Shareholder’s interest as a Shareholder of the Company, and at the Shareholder’s expense, records of the Company and 

  
 - 5 - 

 
its Subsidiaries; provided that the Company may limit access to certain information if and to the extent required by applicable law, if the Board reasonably deems such information to be
competitively sensitive with respect to the Shareholder requesting such access or if granting such access could reasonably be expected in the loss or impairment of the Company to claim attorney client privilege, work product doctrine, or a similar
protective privilege or doctrine with respect to the information (provided that the Company shall use its reasonable best efforts to allow for such access in a way that would not have any of the foregoing effects). Upon written request by any
Shareholder made to the Company, the Company shall provide or make available to such Shareholder without charge true copies of this Agreement, the Company’s Charter Documents, and all amendments thereto and restatements thereof, which documents
may be provided to such Shareholder by posting them on a Secure Site or on EDGAR. 
 Section 3.2 Information Rights of the
Company. The Company may from time to time, but a Shareholder may be compelled to answer no more frequently than once per calendar quarter (unless, with respect to clause (a) hereof, required by applicable law), reasonably request of
any or all Shareholders information (a) needed by the Company to comply with applicable law and/or (b) regarding such Shareholder’s “accredited investor” status (within the meaning of Regulation D promulgated under the
Securities Act). 
 ARTICLE IV 

TRANSFER 

Section 4.1 Transfer of Company Common Stock; Derivative Securities. No Shareholder may Transfer, offer to Transfer, or
accept an offer from any proposed Transferee for, all or any shares of its Company Common Stock or any amount of its Derivative Security to another Person except in accordance with the terms and conditions set forth in this Article IV. A
Transfer completed in accordance with this Article IV is referred to in this Agreement as a “Permitted Transfer.” 

Section 4.2 General Provisions Regarding Transfers. 

(a) Without limiting any other provisions or restrictions or conditions of this Article IV, no Transfer of Company Common
Stock or any Derivative Security or any other rights or obligations or interests of a Shareholder, as applicable, may be made under any circumstances unless such Transfer is made in accordance with the procedures set forth herein and such Transfer
would not result in any of the following: 
 (i) Securities Laws. Any violation of the Securities Act of 1933, as amended (the
“Securities Act”), or any regulation issued pursuant thereto, or any state securities laws or regulations, or any other applicable federal or state laws or order of any court having jurisdiction over the Company; or 

(ii) Registration. Without limiting the restrictions set forth in the Charter Documents, until the Company becomes obligated to file
reports under Section 13 or 15(d) of the Exchange Act, any requirement that the Company register the Company Common Stock or any other capital stock of the Company under Section 12(g) of the Exchange Act or any regulation issued pursuant
thereto. 

  
 - 6 - 

 (b) Mechanics. Any Transfer of Company Common Stock shall be subject to the
restrictions of this Section 4.2. The Person proposing to make any such Transfer shall deliver to the Company (i) the name of the Person or Persons to whom the proposed Transfer is to be made (“Transferee”) and
(ii) if reasonably requested by the Board, a written opinion of legal counsel in form and substance reasonably satisfactory to the Company’s legal counsel to the effect that the proposed Transfer may be effected without registration under
the Securities Act or any applicable state law. 
 Section 4.3 Preemptive Rights. Any issuance of New Securities
by the Company or any of its Subsidiaries, other than an issuance of Exempt Securities, shall be subject to the following provisions: 
 (a)
Right to Purchase New Securities. Except as otherwise provided in this Section 4.3 (including Section 4.3(e) hereof), the Company hereby grants to each Shareholder that, together with its Affiliates, holds of record at
least one-half of one percent (0.5%) of the Outstanding Company Common Stock (the “Qualified Shareholder”) the right to purchase its pro rata share of any and all issuances, sales or distributions of New Securities proposed
to be made by the Company or any of its Subsidiaries as set forth herein. 
 (b) Issuance Notice. The Company shall give each
Person that on the date of an Issuance Notice is a Qualified Shareholder written notice of the Company’s intention to issue or sell New Securities (which notice may be provided by posting the requisite information on a Secure Site and notifying
(or causing notification to be delivered to) each of such Qualified Shareholders of such posting in writing) (the “Issuance Notice”), describing the type and terms of the New Securities, the price at which such New Securities will
be issued or sold and the general terms upon which the Company proposes to issue or sell the New Securities, including the anticipated date of such issuance, sale or distribution, the general use of proceeds thereof, a description of both the
business purpose of the offering of such New Securities and the dilutive effects, if any, of such offering, and the record date for determining Qualified Shareholders and the pro rata share of each of them which, if not specified in the Issuance
Notice, shall be the date of the Issuance Notice (the “Preemptive Offer Record Date”). Each Qualified Shareholder shall have ten (10) Business Days from the date the Issuance Notice is sent to deliver notice (the
“Response Notice”) of its intention to purchase all or any portion of its pro rata share of the New Securities, based on the ratio of the shares of Company Common Stock held by such Qualified Shareholder on the Preemptive Offer
Record Date to the number of shares of Company Common Stock held by all the Qualified Shareholders on the Preemptive Offer Record Date, and stating therein the quantity of New Securities it intends to purchase (each Qualified Shareholder who
delivers a Response Notice hereunder is a “Purchaser” for purposes of this Section 4.3); provided that if the Company determines that a ten (10)-Business Day period is not practical, the Company shall specify a
shorter period (which shall be as long a period as is reasonably practical but in no event less than three (3) Business Days) in the Issuance Notice. Such Response Notice shall constitute the irrevocable agreement of such Purchaser to purchase
the quantity of New Securities indicated in the Response Notice at the price and upon the terms stated in the Issuance Notice; provided, however, that if the Company is proposing to issue, sell or distribute securities 

  
 - 7 - 

 
for consideration other than all cash, and subject to the limitations on the rights set forth in this Section 4.3, the Company shall accept from such Purchaser either non-cash
consideration that is reasonably comparable to the non-cash consideration proposed by the Company or the cash value of such non-cash consideration, in each case as determined in good faith by the Board. Any purchase of New Securities by a Purchaser
pursuant to this Section 4.3 shall be consummated on or prior to the later of (x) the date on which all other Offered Securities described in the applicable Issuance Notice are issued, sold or distributed and (y) the second
(2nd) Business Day following delivery of the Response Notice by such Purchaser. 
 (c) Sale to Other Persons. The Company
shall have sixty (60) days from the date of the applicable Issuance Notice to consummate an issuance, sale or distribution of any New Securities which the Qualified Shareholders have not elected to purchase pursuant to
Section 4.3(b) to other Persons at a price and on terms and conditions not less favorable to the Company than those contained in the Issuance Notice, on the condition that any Person purchasing New Securities pursuant to such offer must
comply with Section 4.2. In the event that the sale of New Securities is not fully consummated within such sixty (60)-day period, then the Company shall be obligated once again to offer the purchase rights set forth in this
Section 4.3 before it may subsequently sell such New Securities (provided that such sixty (60)-day period shall automatically toll, but not for longer than one-hundred and eighty (180) days to the extent regulatory approval
would be required for such Person to acquire such New Securities). 
 (d) Exempt Securities. Notwithstanding the foregoing provisions
of this Section 4.3, Qualified Shareholders shall not have the right to participate in the issuance of any New Securities which are otherwise authorized to be issued in accordance with this Agreement (i) if such New Securities were
issued as consideration in any merger, consolidation or combination with or acquisition of securities or assets of another Person in exchange for New Securities, (ii) if made upon conversion or exercise of any rights, convertible securities,
options or warrants to purchase Company Common Stock or other capital stock of the Company, (iii) if made by any Subsidiary of the Company to the Company or any of its direct or indirect wholly owned Subsidiaries, (iv) if made as
securities which are the subject of a registration statement being filed under the Securities Act pursuant to a Qualified IPO, (v) if made to Directors, officers, employees or consultants as compensation pursuant to any Equity Incentive Plans
approved in accordance with Section 2.1 or (vi) if such New Securities were issued in connection with the Backstop Commitment Agreement (as defined in the Reorganization Plan), or in connection with the consummation of the Rights
Offering (as defined in the Reorganization Plan) in accordance with the Reorganization Plan (the New Securities described in the foregoing clauses (i) through (vi), “Exempt Securities”). 

(e) Accelerated Buyer Transactions. Nothing in this Section 4.3 shall prevent the Company or its Subsidiaries from issuing
or selling to any Person (the “Accelerated Buyer”) any New Securities without first complying with the provisions of this Section 4.3; provided that in connection with such issuance or sale (i) the Company
gives reasonably prompt notice to the Qualified Shareholders of such issuance (after such issuance has occurred), which notice shall describe in reasonable detail the New Securities purchased by the Accelerated Buyer and the purchase price thereof
and (ii) the Accelerated Buyer and the Company enable the Qualified Shareholders to effectively exercise their respective rights under this Section 4.3 with respect to their purchase of their pro rata share of the New Securities
issued to the Accelerated Buyer 

  
 - 8 - 

 
within fifteen (15) Business Days after receipt of the notice by the Qualified Shareholder of such issuance to the Accelerated Buyer on the terms specified in this
Section 4.3. The Preemptive Offer Record Date for such issuance shall be the date such New Securities are issued to the Accelerated Buyer. 

(f) Notwithstanding the foregoing, and without limiting any other right or remedy that may be available to the Company, the Board may
deny any right contemplated by this Section 4.3 to any Person that is a transferee or purported transferee of any securities of the Company in violation of Section 4.2. 

Section 4.4 All Other Transfers Void. Any Transfer or purported Transfer in violation of the provisions of this Article IV
shall be null and void ab initio, shall be of no force or effect and shall constitute a material breach of this Agreement. 
 ARTICLE V

 MISCELLANEOUS 

Section 5.1 Complete Agreement. This Agreement and the other agreements expressly referenced in this Agreement constitute
the complete and exclusive statement of agreement among the Shareholders with respect to the subject matter hereof. This Agreement supersedes all prior written and oral statements by and among the Shareholders or any of them, and except as otherwise
specifically contemplated by this Agreement, no representation, statement, or condition or warranty not contained in this Agreement will be binding on the Shareholders or the Company or have any force or effect whatsoever. 

Section 5.2 Drag-Along Rights; Tag-Along Rights; Other Actions. 

(a) Each Shareholder hereby acknowledges and agrees that it is subject to the drag-along provisions and tag-along provisions set forth in
Section 4.7 and Section 4.8, respectively, of the Second Amended and Restated Articles of Incorporation of the Company (and any successor provision thereto). 

(b) The Company by its execution hereof acknowledges that it has actual notice of the terms of this Agreement, consents hereto and hereby
covenants with each of the Shareholders that it will at all times during the term of this Agreement be governed by the terms and provisions hereof in carrying out its business and affairs and, accordingly, shall give or cause to be given such
notices, execute or cause to be executed such documents and do or cause to be done all such acts, matters and things as may from time to time be necessary or required to carry out the terms and intent hereof. 

Section 5.3 Governing Law. This Agreement and the rights of the parties hereunder will be governed by, interpreted, and
enforced in accordance with the laws of the Commonwealth of Virginia, without reference to conflicts of law principles; provided that, from and after the effectiveness of the Redomestication, this Agreement and the rights of the parties
hereunder will be governed by, interpreted, and enforced in accordance with the laws of the State of Delaware, without reference to conflicts of law principles. 

  
 - 9 - 

 Section 5.4 No Assignment. No party hereto may assign any of its respective
rights or delegate any of its respective obligations under this Agreement, and any attempted assignment or delegation in violation of the foregoing shall be null and void. Notwithstanding the foregoing, any Person that acquires Company Common Stock
pursuant to a Transfer made in accordance with Article IV and executes a joinder to this Agreement, in form and substance reasonably satisfactory to the Company, shall be entitled to rights under and be bound by this Agreement as if an
original party hereto except as otherwise set forth herein. 
 Section 5.5 Binding Effect. Subject to the provisions of
this Agreement relating to transferability or assignment, this Agreement will be binding upon and inure to the benefit of the Company and each of the Shareholders, and their respective heirs, devisees, spouses, distributees, representatives,
successors and permitted assigns. 
 Section 5.6 Severability. If any provision of this Agreement is held to be illegal,
invalid, or unenforceable under any present or future laws applicable to the Company effective during the term of this Agreement, such provision will be fully severable; this Agreement will be construed and enforced as if such illegal, invalid, or
unenforceable provision had never comprised a part of this Agreement; and the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid, or unenforceable provision or by its
severance from this Agreement. 
 Section 5.7 No Partition. The parties acknowledge that the assets and properties of the
Company are not and will not be suitable for partition. Thus, each Shareholder (on behalf of such Shareholder and their successors and assigns) hereby irrevocably waives any and all rights that such Shareholder may have to maintain any action for
partition of such assets and properties, if any. 
 Section 5.8 Additional Documents and Acts. Each party hereto agrees
to execute and deliver such additional documents and instruments and to perform such additional acts as may be reasonably necessary or appropriate to effectuate, carry out, and perform all of the terms, provisions, and conditions of this Agreement
and the transactions contemplated hereby. 
 Section 5.9 No Employment Rights. Nothing in this Agreement shall confer
upon any Person any right to be employed or to continue employment by the Company or any of its Affiliates, or interfere in any manner with any right of the Company or any of its Affiliates to terminate such employment at any time. 

Section 5.10 Amendments; Termination of Equity Rights. 

(a) All amendments to this Agreement will be in writing and subject to receipt of Shareholder Approval and approval by any other
Shareholders whose approval is required pursuant to Section 5.10(b). 
 (b) Any amendment or other modification that
would adversely affect any Shareholder’s rights set forth in Section 3.1 (Information Rights of Shareholders; Records Required by Applicable Law; Right of Inspection) or Article IV (Transfer) shall require the written consent
of each such Shareholder adversely affected; provided, however, that any amendment to Section 3.1 that only provides for a reasonable extension of time for the delivery 

  
 - 10 - 

 
of the financial statements or the other information to be delivered pursuant thereto shall only require a Shareholder Approval. If any amendment or other modification would adversely affect the
rights and obligations of any Shareholder in a manner disproportionate relative to any other Shareholder or would subject a Shareholder to any obligation or liability not shared by each of the other Shareholders, then such amendment or other
modification shall not be effective without the written consent of such Shareholder. 
 (c) Notwithstanding anything to the contrary
in this Agreement, the provisions of Sections 4.1, 4.2, and 4.4 shall automatically terminate and be of no further force and effect upon an OTC Listing. 

Section 5.11 No Waiver. No delay, failure or waiver by any party to exercise any right or remedy under this Agreement, and
no partial or single exercise of any such right or remedy, will operate to limit, preclude, cancel, waive or otherwise affect such right or remedy, nor will any single or partial exercise of such right or remedy limit, preclude, impair or waive any
further exercise of such right or remedy or the exercise of any other right or remedy. 
 Section 5.12 Notices. Except as
otherwise provided elsewhere in this Agreement regarding notices by electronic mail or other electronic means to Shareholders and the Board and regarding proxies, all notices, requests, demands and other communications required or permitted to be
given hereunder shall be in writing and shall be delivered (a) by personal delivery, (b) by a nationally recognized overnight courier service, (c) by telefacsimile or electronic mail, using equipment that provides written confirmation
of delivery, or (d) by deposit in the U.S. Mail, postage prepaid, registered or certified mail, return receipt requested, to the Company at its principal executive office and to any Shareholder at the address then shown as the current address
of such Shareholder specified on the Shareholder Registry. Any such notice shall be deemed to have been given on the date so delivered, if delivered personally, by overnight courier service or by electronic mail; or if by telefacsimile, on the first
(1st) day following the transmission of such facsimile; or if mailed, four (4) calendar days after mailing. Any party may, at any time by giving five (5) calendar days’ prior written notice to the Company, specify a different
address (physical or electronic) or telefacsimile number for notice purposes by sending notice thereof in the foregoing manner. Any notice required to be given by the Company to Shareholders may be given by posting to a Secure Site or on EDGAR (with
email notification of such posting), and shall be deemed to be delivered on the date such posting is made. 
 Section 5.13
Consent to Jurisdiction; WAIVER OF JURY TRIAL. 
 (a) Consent to Jurisdiction Prior to Redomestication. Prior to the
Redomestication, the Company and each Shareholder (i) irrevocably submits to the exclusive jurisdiction of any state court in the Commonwealth of Virginia, and the United States District Court for the Eastern District of Virginia (and the
appropriate appellate courts), for the purposes of any suit, action or other proceeding arising out of this Agreement and (ii) agrees to commence any such action, suit or proceeding either in the United States District Court for the Eastern
District of Virginia or if such suit, action or other proceeding may not be brought in such court for jurisdictional reasons, in any state court in the Commonwealth of Virginia. Notwithstanding the foregoing, prior to the Redomestication, any party
hereto may commence an action, suit or proceeding with any 

  
 - 11 - 

 
governmental body anywhere in the world for the sole purpose of seeking recognition and enforcement of a judgment of any court referred to in the first sentence of this
Section 5.13(a). Prior to the Redomestication, the Company and each Shareholder further (x) agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective address set forth on
the Shareholder Registry (or in the case of the Company, at the Company’s principal office) shall be effective service of process for any action, suit or proceeding in Virginia with respect to any matters to which it has submitted to
jurisdiction in this Section 5.13(a) and (y) irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement in (A) any state court in the Commonwealth
of Virginia, or (B) the United States District Court for the Eastern District of Virginia, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding
brought in any such court has been brought in an inconvenient forum. 
 (b) Consent to Jurisdiction Following Redomestication.
Following the Redomestication, the Company and each Shareholder (i) irrevocably submits to the exclusive jurisdiction of any state court in the State of Delaware, and the United States District Court for the District of Delaware (and the
appropriate appellate courts), for the purposes of any suit, action or other proceeding arising out of this Agreement and (ii) agrees to commence any such action, suit or proceeding either in the United States District Court for the District of
Delaware or if such suit, action or other proceeding may not be brought in such court for jurisdictional reasons, in any state court in the State of Delaware. Notwithstanding the foregoing, following the Redomestication, any party hereto may
commence an action, suit or proceeding with any governmental body anywhere in the world for the sole purpose of seeking recognition and enforcement of a judgment of any court referred to in the first sentence of this Section 5.13(b).
Following the Redomestication, the Company and each Shareholder further (x) agrees that service of any process, summons, notice or document by U.S. registered mail to such party’s respective address set forth on the Shareholder Registry
(or in the case of the Company, at the Company’s principal office) shall be effective service of process for any action, suit or proceeding in Delaware with respect to any matters to which it has submitted to jurisdiction in this
Section 5.13(b) and (y) irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement in (A) any state court in the State of Delaware, or
(B) the United States District Court for the District of Delaware, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court
has been brought in an inconvenient forum. 
 (c) WAIVER OF JURY TRIAL. THE COMPANY AND EACH SHAREHOLDER HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, INVOLVING OR OTHERWISE IN RESPECT OF THIS AGREEMENT OR SUCH SHAREHOLDER’S OWNERSHIP OF COMPANY COMMON STOCK.
THE COMPANY AND EACH SHAREHOLDER (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE COMPANY OR ANY SHAREHOLDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE COMPANY OR SUCH SHAREHOLDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT THE COMPANY AND EACH SHAREHOLDER HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.13(c). 

  
 - 12 - 

 Section 5.14 No Third Party Beneficiary. Except as expressly provided in
Section 5.5, this Agreement is made solely and specifically among and for the benefit of the parties hereto (including each Shareholder), and their respective successors and permitted assigns, and no other Person will have any rights,
interest, or claims hereunder or be entitled to any benefits under or on account of this Agreement as a third party beneficiary or otherwise. 

Section 5.15 Confidentiality. 

(a) The terms of this Agreement, the identity of any Person with whom the Company may be holding discussions with respect to any
investment, acquisition, disposition or other transaction, any information disclosed to or received by any Shareholder pursuant to Section 3.1 or Annex I and all other business, financial or other information relating directly to
the conduct of the business and affairs of the Company or its Subsidiaries or the relative or absolute rights or interests of any of the Shareholders (collectively, the “Confidential Information”) that has not been publicly
disclosed by the Company is confidential and proprietary information of the Company, the disclosure of which would cause irreparable harm to the Company and the Shareholders. Accordingly, each Shareholder represents that it has not and agrees that
it will not and will direct its shareholders, partners, directors, officers, agents, representatives, attorneys, accountants, advisors, employees, and Affiliates (collectively, its “Representatives”) not to, disclose to any Person
any Confidential Information or confirm any statement made by third Persons regarding Confidential Information until the Company has publicly disclosed the Confidential Information; provided, however, that any Shareholder (or its
Affiliates) may disclose such Confidential Information: (i) to the extent required by law (it being specifically understood and agreed that anything required to be set forth in a registration statement or any other document required to be filed
pursuant to law will be deemed required by law, so long as the requirement to file such registration statement does not arise primarily in connection with a Transfer of securities of the Company), regulation or the listing standards of any national
securities exchange, (ii) to the extent that the Confidential Information is publicly known or subsequently becomes publicly known other than through a breach of this Section 5.15(a) by such Shareholder, (iii) to the extent
that the Confidential Information is already in possession of, or is subsequently received by, a Shareholder from a third party not known by the Shareholder to be subject to an obligation of confidentiality owed to the Company, or (iv) to a
prospective Transferee that (x) is not known by such Shareholder to be a Competitor and (y) has entered into reasonable confidentiality arrangements enforceable by the Company as described in Section 3.1(a), subject to the
terms and conditions of such arrangements. Notwithstanding the foregoing, each Shareholder may disclose Confidential Information to its Representatives (i) who need to know such information for the sole purpose of advising such Shareholder and
(ii) who are informed by such Shareholder of the confidential nature of such information; provided that each Shareholder will be responsible for any violation of this Section 5.15 by any of its Representatives as if they were
parties hereto.  
 (b) Subject to the provisions of Section 5.15(a) each Shareholder agrees not to disclose any
Confidential Information to any Person (other than a Person agreeing in a manner  

  
 - 13 - 

 
enforceable by the Company to maintain all Confidential Information in strict confidence or a judge, magistrate or referee in any action, suit or proceeding relating to or arising out of this
Agreement or otherwise), and to keep confidential all documents (including responses to discovery requests) containing any Confidential Information. Each Shareholder hereby consents in advance to any motion for any protective order brought by the
Company or any other Shareholder represented as being intended by the movant to implement the purposes of this Section 5.15; provided that, if a Shareholder receives a request to disclose any Confidential Information under the
terms of a valid and effective order issued by a court or governmental agency and the order was not sought by or on behalf of or consented to by such Shareholder, then such Shareholder may disclose the Confidential Information to the extent required
if the Shareholder as promptly as practicable (i) notifies the Company of the existence, terms and circumstances of the order, (ii) consults in good faith with the Company on the advisability of taking legally available steps to resist or
to narrow the order and cooperates with the reasonable requests of the Company, at the Company’s sole cost and expense, in connection with the foregoing, and (iii) if disclosure of the Confidential Information is required, exercises its
commercially reasonable efforts to obtain a protective order or other reliable assurance that confidential treatment will be accorded to the portion of the disclosed Confidential Information that the Company designates. The cost (including
attorneys’ fees and expenses) of obtaining a protective order covering Confidential Information designated by the Company will be borne by the Company. 

(c) The covenants contained in this Section 5.15 will survive the Transfer of the Company Common Stock of any Shareholder
and the termination of this Agreement; provided, however, that this Section 5.15 will cease to be of any force and effect on the second (2nd) anniversary of the termination of this Agreement. 

Section 5.16 Cumulative Remedies; Specific Performance. 

(a) The rights and remedies of any party hereto as set forth in this Agreement are not exclusive and are in addition to any other rights and
remedies now or hereafter provided by law or at equity. 
 (b) The parties hereto agree and acknowledge that money damages may not be an
adequate remedy for any breach of the provisions of this Agreement and that, in addition to any other rights and remedies at law or in equity existing in its favor, any party hereto shall be entitled to specific performance and/or other injunctive
relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

Section 5.17 Exhibits and Schedules. All Exhibits and Schedules attached hereto are hereby incorporated by reference into,
and made a part of, this Agreement. 
 Section 5.18 Interpretation. The titles and section headings set forth in this
Agreement are for convenience only and shall not be considered as part of agreement of the parties hereto. When the context requires, the plural shall include the singular and the singular the plural, and any gender shall include all other genders
or neuter. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” No provision of 

  
 - 14 - 

 
this Agreement shall be interpreted or construed against any party because such party or its counsel was the drafter thereof. Any reference to statutes or laws will include all amendments,
modifications, or replacements of the specific sections and provisions concerned. Numbered or lettered articles, sections, and subsections herein contained refer to articles, sections, and subsections of this Agreement unless otherwise expressly
stated. 
 Section 5.19 Termination. This Agreement will be automatically effective as of the Effective Date and will
continue in effect thereafter until the earlier to occur of (a) its termination by the written agreement of the undersigned parties hereto (other than the Company) or their respective successors in interest, (b) its termination by the
unanimous written consent of all Shareholders of the Company, (c) the dissolution, liquidation or winding up of the Company and (d) the occurrence of a Public Listing. This Article V shall survive any termination of this
Agreement. 

  
 - 15 - 

 IN WITNESS WHEREOF, the Company has executed this Agreement as of the date first set forth above.

  

			
	PENN VIRGINIA CORPORATION
		
	By:	 	 /s/ R. Seth Bullock

		 	Name: R. Seth Bullock
		 	Title:   Chief Restructuring Officer

 [Signature Page to Shareholders Agreement] 

 SCHEDULE A 

COMPETITORS 

 

	 	•	 	Abraxas Petroleum 

  

	 	•	 	Alta Mesa Holdings 

  

	 	•	 	Anadarko 

  

	 	•	 	Apache Co 

  

	 	•	 	Aruba Petroleum 

  

	 	•	 	Atlas Resource Partners 

  

	 	•	 	Aterra Exploration 

  

	 	•	 	Aurora Resources 

  

	 	•	 	Austin Exploration (Aus-Tex Expl.) 

  

	 	•	 	AWP Operating 

  

	 	•	 	Baytex Energy 

  

	 	•	 	BHP Billiton 

  

	 	•	 	Blackbrush Oil & Gas 

  

	 	•	 	BP 

  

	 	•	 	BRC Operating 

  

	 	•	 	Burnett Oil 

  

	 	•	 	Cabot Oil & Gas 

  

	 	•	 	Carrizo Oil & Gas 

  

	 	•	 	Chaparral Energy 

  

	 	•	 	Clayton Williams Energy, Inc. 

  

	 	•	 	Chesapeake Energy 

  

	 	•	 	Cheyenne Petroleum 

  

	 	•	 	Comstock Resources 

  

	 	•	 	ConocoPhillips – (Burlington Resources) 

  

	 	•	 	Contanga Oil & Gas 

  

	 	•	 	CML Exploration 

  

	 	•	 	CNOOC (China National Offshore Oil Corporation)

	 	•	 	Cypress E&P 

  

	 	•	 	Crimson Exploration (Contango Oil) 

  

	 	•	 	Denali Oil & Gas 

  

	 	•	 	Devon Energy Corp. 

  

	 	•	 	Diamond Sabal Operating 

  

	 	•	 	Eagle Ford Oil & Gas Corp. 

  

	 	•	 	Earthsone Energy, Inc. 

  

	 	•	 	EF Energy 

  

	 	•	 	Encana Corp. 

  

	 	•	 	Enduring Resources 

  

	 	•	 	Enerjex Resources 

  

	 	•	 	EOG Resources 

  

	 	•	 	Escondido Resources 

  

	 	•	 	Espada Operating 

  

	 	•	 	EXCO Resources 

  

	 	•	 	Exxon-XTO 

  

	 	•	 	Goodrich Petroleum 

  

	 	•	 	Halcon Resources 

  

	 	•	 	Hess Corporation 

  

	 	•	 	Hunt Oil 

  

	 	•	 	Japan Petroleum Exploration 

  

	 	•	 	Kinder Morgan (formerly El Paso) 

  

	 	•	 	KNOC (Korea National Oil Corporation) 

  

	 	•	 	Laredo Energy 

  

	 	•	 	Lewis Energy Group (BP Partner) 

  

	 	•	 	Lonestar Resources 

  

	 	•	 	Lucas Energy 

  

	 	•	 	Marathon Oil 

 

  

  
 Schedule A – Page 1

 

	 	•	 	Marubeni Corporation (Hunt Oil Partner) 

  

	 	•	 	Matador Resources 

  

	 	•	 	Mitsui 

  

	 	•	 	Murphy Oil 

  

	 	•	 	Newfield Exploration 

  

	 	•	 	Noble Energy (formerly Rosetta) 

  

	 	•	 	NFR Energy 

  

	 	•	 	Patterson UTI 

  

	 	•	 	Peregrine Petroleum 

  

	 	•	 	PetroEdge 

  

	 	•	 	PetroHawk (now BHP) 

  

	 	•	 	PetroQuest 

  

	 	•	 	Pioneer Natural Resources 

  

	 	•	 	Primera Energy 

  

	 	•	 	Redemption Oil & Gas 

  

	 	•	 	Repsol (formerly Talisman) 

  

	 	•	 	Ricochet Energy 

  

	 	•	 	Riley Exploration 

  

	 	•	 	Rock Oil Company 

  

	 	•	 	Sabine Oil & Gas (formerly Forest) 

  

	 	•	 	Sanchez Energy 

  

	 	•	 	Sandstone Energy, LLC 

  

	 	•	 	Saxon Oil Company 

  

	 	•	 	Shell 

  

	 	•	 	SM Energy (St. Mary Land & Exploration) 

  

	 	•	 	Southern Bay Operating 

  

	 	•	 	Statoil 

  

	 	•	 	Stonegate Production 

  

	 	•	 	Strand Energy 

  

	 	•	 	Strike Energy

	 	•	 	Sundance Energy 

  

	 	•	 	Swift Energy 

  

	 	•	 	Tidal Petroleum 

  

	 	•	 	TXCO Resources (Now, Newfield & Anadarko) 

  

	 	•	 	Unit Corporation 

  

	 	•	 	U.S. Energy Corp. 

  

	 	•	 	Weber Energy 

  

	 	•	 	WEJCO E&P 

  

	 	•	 	ZaZa Energy 

 

  
 Schedule A – Page 2

 EXHIBIT A 

DEFINITIONS 
 As used in
this Agreement, the following terms will have the following meanings, and all section references shall be to sections in this Agreement unless otherwise provided: 

“Accelerated Buyer” has the meaning set forth in Section 4.3(e). 

“Affiliate(s)” means with respect to any Person, (i) any other Person that directly or indirectly through one or
more intermediaries controls, or is controlled by, or is under common control with, such Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise); provided, however, that neither the Company nor any of its controlled Affiliates shall be deemed an Affiliate of any of the Shareholders (and vice versa), (ii) if such
Person is an investment fund, an Affiliate shall include any other investment fund the primary investment advisor to which is the primary investment advisor to such Person or an Affiliate thereof and (iii) if such Person is a natural Person,
any Family Member of such natural Person. 
 “Affiliate Transaction” has the meaning set forth in Section
2.1(b). 
 “Agreement” has the meaning set forth in the preamble.  

“Board” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday or date on which commercial banks in New York, New York are
authorized by law to close for business. 
 “Charter Documents” means, with respect to the Company, the
articles of incorporation and bylaws of the Company, as the same may be amended, supplemented, modified or restated from time to time, and with respect to any other Person, the articles of incorporation, bylaws, certificate of incorporation,
certificate of formation, operating agreement, partnership agreement or any other similar incorporating or formation documents of such Person, as the same may be amended, supplemented, modified or restated from time to time. 

“Company” has the meaning set forth in the preamble. 

“Company Common Stock” has the meaning set forth in the recitals. 

“Competitor” means any of the Persons set forth on Schedule A attached hereto and any of their controlled Affiliates
(but, not, for the avoidance of doubt, any other Affiliates of such Persons unless expressly listed on Schedule A), which schedule may be modified by the Board in good faith from time to time to add one or more Persons who (i) engage in
operations substantially similar to those engaged in by the Company as of the date hereof, and derive from such operations annual revenues at least comparable to those derived from such operations by Persons already designated as Competitors
pursuant to the terms of this Agreement as of the end of the year immediately preceding the date hereof, and (ii) did not do so on or prior to the date hereof. 
  

  
 Exhibit A – Page 1

 “Confidential Information” has the meaning set forth in Section
5.15(a). 
 “Derivative Securities” means direct or indirect options, rights, warrants or securities
convertible into or exercisable or exchangeable for, any Company Common Stock or any other capital stock of the Company. 

“Director” means any member of the Board (other than any Person (if any) effecting observer rights on the Board).

 “EDGAR” means the Electronic Data Gathering, Analysis and Retrieval System of the SEC. 

“Effective Date” has the meaning set forth in the preamble. 

“Equity Incentive Plans” means any equity incentive plans for officers, employees or Directors of the Company.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“Exempt Securities” has the meaning set forth in Section 4.3(d). 

“Family Member” means, with respect to any natural Person, such Person’s spouse and descendants (whether or not
adopted) and any trust, family limited partnership or limited liability company that is and remains solely for the benefit of such Person’s spouse and/or descendants. 

“GAAP” means the generally accepted accounting principles as in effect from time to time in the U.S. 

“IPO” means the first public offering of the Company pursuant to an effective Registration Statement under the
Securities Act (other than on Forms S-4, S-8 or successors to such forms), covering the offer and sale of capital stock of the Company. 

“Issuance Notice” has the meaning set forth in Section 4.3(b).  

“Listing” means an OTC listing or a Public Listing. 

“Majority of Disinterested Directors” has the meaning set forth in Section 2.1(b). 

“MD&A” has the meaning set forth in Section 3.1(a)(i). 

“New Securities” means Company Common Stock and other capital stock and rights, convertible securities, options or
warrants to purchase Company Common Stock or other capital stock issued subsequent to the Effective Date, whether or not authorized as of the Effective Date. 

  
 Exhibit A – Page 2

 “Outstanding Company Common Stock” means, as of any given time, the then
issued and outstanding Company Common Stock, excluding (unless calculated on a fully diluted basis) any Derivative Securities and any unvested or restricted Company Common Stock issued pursuant to an Equity Incentive Plan. 

“OTC Listing” means the registration of the company Common Stock under the Exchange Act and qualification for
quotation on the OTC Bulletin Board (or other available over the counter market). 
 “Permitted Transfer” has
the meaning set forth in Section 4.1. 
 “Person” means an individual, partnership, limited liability
company, corporation, joint venture, trust, business trust, association, or similar entity, whether domestic or foreign, and the heirs, executors, legal representatives, successors and assigns of such entity where the context requires. 

“Preemptive Offer Record Date” has the meaning set forth in Section 4.3(b). 

“Public Listing” means the listing of the Company Common Stock on a U.S. national securities exchange registered with
the SEC (whether in connection with an initial public offering of the Company Common Stock or otherwise). 

“Purchaser” has the meaning set forth in Section 4.3(b). 

“Qualified IPO” means a bona fide, marketed underwritten IPO after which closing such capital is
quoted on the NASDAQ National Market or listed or quoted on the New York Stock Exchange or other national securities exchange acceptable to the Board and meeting one of the following two criteria: (i) the aggregate cash proceeds (net of
underwriting discounts, commissions and offering expenses) of such offering to the Company exceed seventy five million dollars ($75 million), or (ii) at least twenty percent (20%) of the Outstanding Company Common Stock (calculated on a
fully diluted basis, and for purposes of such calculation treating Company Common Stock issued in the IPO as Outstanding Company Common Stock) shall have been issued or sold to the public in connection with such IPO. 

“Qualified Shareholder” has the meaning set forth in Section 4.3(a). 

“Redomestication” means the change of the jurisdiction in which the Company is organized from the Commonwealth of
Virginia to the State of Delaware.  
 “Registration Rights Agreement” means that certain registration rights
agreement, dated as of September 12, 2016, by and among the Company and the investors party thereto. 

“Registration Statement” means any registration statement of the Company under the Securities Act which permits the
public offering of any of the Registrable Securities (as defined in the Registration Rights Agreement), including the prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all
material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

  
 Exhibit A – Page 3

 “Reorganization Plan” has the meaning set forth in the recitals.

 “Representatives” has the meaning set forth in Section 5.15(a). 

“Response Notice” has the meaning set forth in Section 4.3(b).  

“SEC” means the Securities and Exchange Commission and any governmental body or agency succeeding to the functions
thereof. 
 “Secure Site” has the meaning set forth in Section 3.1(a).  

“Securities Act” has the meaning set forth in Section 4.2(a)(i). 

“Shareholder” means each Person (other than the Company) who shall be a party to or bound by this Agreement, pursuant
to Section 4.2 or otherwise, so long as such Person shall “beneficially own” (as such term is defined in Rule 13d-3 of the Exchange Act) any Company Common Stock. 

“Shareholder Approval” means the affirmative vote or written consent of the holders of at least a majority of the
Outstanding Company Common Stock (subject to any adjustments or limitations on voting as set forth in the Charter Documents). 

“Shareholder Registry” means a register of the Company indicating: (i) with respect to each issuance of Company
Common Stock or other capital stock of the Company, the date of such issuance, the number of shares issued and the Shareholder to whom such shares were issued and (ii) with respect to each Permitted Transfer of Company Common Stock or other
capital stock of the Company, the date of such Transfer, the number of shares Transferred and the identity of each of the Transferor and the Transferee(s) thereof. 

“Subsidiary” means any Person the majority of the equity of which, directly, or indirectly through one or more other
Persons, (a) the Company has the right to acquire or (b) is owned or controlled by the Company. As used in this definition, “control,” including, its correlative meanings, “controlled by” and “under common control
with,” means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of equity, by contract or otherwise). For the avoidance of doubt, Subsidiary shall include any
Person that is included in the Company’s consolidated group for purposes of preparing the Company’s consolidated financial statements in accordance with GAAP. 

“Transfer” means the sale, sale of any option or contract to purchase, purchase of any option or contract to sell,
grant of any option, right or warrant to purchase, assignment, loan, offer, transfer, exchange or other disposition of any shares of Company Common Stock, whether or not for value, and whether voluntarily, by operation of law or otherwise, and
includes foreclosure. 
 “Transferee” has the meaning set forth in Section 4.2(b). 

  
 Exhibit A – Page 4

 “United States” means any federal department, division, agency, bureau,
office, branch, court, commission, or other governmental instrumentality of the U.S. or any authority acting on its behalf. 

“U.S.” means the United States of America. 

  
 Exhibit A – Page 5

 ANNEX I 

FORM OF 

CONFIDENTIALITY AGREEMENT 

Penn Virginia Corporation 
 14701
St. Mary’s Lane, Suite 275 
 Houston, Texas 77079 

[INSERT DATE] 
 [INSERT NAME OF POTENTIAL
TRANSFEREE] 
 [INSERT ADDRESS OF POTENTIAL TRANSFEREE] 

Ladies and Gentlemen: 
 In connection with the
consideration by [INSERT NAME OF POTENTIAL TRANSFEREE] (“you” or “your”) of a potential investment in the Common Stock, par value $0.01 per share, of Penn Virginia Corporation, a [Virginia] [Delaware] corporation
(the “Company” and together with you, collectively, the “Parties” and each individually, a “Party”), or other securities of the Company (the “Transaction”), certain affiliates or
shareholders of the Company, the Company or their respective representatives have furnished or may furnish you and your Representatives (as hereinafter defined) with non-public information regarding the Company, including, without limitation,
information concerning the Company’s financial and operational performance, properties, prospects, activities and plans. You recognize and acknowledge that such information furnished or to be furnished to you and/or your Representatives in the
future (whether oral or written) is proprietary to the Company and may include trade secrets or other highly confidential non-public business information the disclosure of which could harm the Company. In consideration for, and as a condition of,
such non-public information being furnished to you (and your agents, representatives, attorneys, accountants, advisors, directors, officers, employees and affiliates, collectively, your “Representatives”), you agree to treat any and
all information concerning the Company or any of its subsidiaries that has been or is to be furnished to you or your Representatives (regardless of the manner in which it is furnished, including, without limitation, in written or electronic format
or orally, gathered by visual inspection or otherwise) by or on behalf of the Company or any of its affiliates or shareholders, together with any documents you create that contain or are based upon any such information, in whole or in part
(collectively, “Company Information”), in accordance with the provisions of this letter agreement (this “Agreement”). 

The term “Company Information” does not include information that you can demonstrate: (i) is obtained by you or your
Representatives from a third party, who, after reasonable inquiry, is not known by you to be bound by any duty of confidentiality to or confidential agreement with the Company or any other Person (as defined below) with respect to Company
Information or is otherwise prohibited from transmitting the information to you by a contractual, legal, fiduciary or other obligation to the Company or any other Person; (ii) is or becomes part of the public domain (other than through a breach
of this Agreement by you or any 
  

  
 Annex I – Page 1

 
of your Representatives); (iii) is independently ascertained or developed by or for you or your Representatives or any third party without use of or reference to Company Information; or
(iv) is approved for public release by written authorization of the Company. For purposes of this Agreement, the term “Person” shall be broadly interpreted to include, without limitation, any individual, partnership, limited
liability company, corporation, joint venture, trust, business trust, association or similar entity, whether domestic or foreign, and the heirs, executors, legal representatives, successors and assigns of such entity where the context requires. 

1. You hereby agree that you and your Representatives will, except to the extent required by applicable law or legal process, (a) keep
the Company Information strictly confidential, (b) not disclose any of the Company Information in any manner whatsoever without the prior written consent of the Company and (c) not use the Company Information for any purpose other than
considering and negotiating the Transaction; provided, however, that you may disclose any of such information to your Representatives (i) who need to know such information for the sole purpose of advising you and (ii) who are
informed by you of the confidential nature of such information; provided, further, that you will (x) be responsible for any violation of this Agreement by any of your Representatives as if they were parties hereto and
(y) provide the Company with the names of any your Representatives that receives Company Information. You agree to promptly notify the Company in writing of any unauthorized use or disclosure of the Company Information and such notice shall
include a detailed description of the circumstances of the disclosure and the Persons involved. 
 2. In the event that you or any of your
Representatives are required by applicable law or legal process to disclose any of the Company Information, you will promptly notify (except where such notice would be legally prohibited) the Company in writing so that the Company may seek a
protective order or other appropriate remedy and (except to the extent legally prohibited) will reasonably cooperate with the Company (at the Company’s expense) to limit the disclosure to the greatest extent possible consistent with such
applicable law or legal process, including, without limitation, in appropriate circumstances, seeking reliable assurances that confidential or “attorneys eyes only” treatment shall be accorded the Company Information. Any such Company
Information that is (x) not required to be disclosed or (y) accorded confidential treatment shall continue to be Company Information to which this Agreement shall continue to apply. You acknowledge and agree that, for purposes of this
Agreement, there shall be no “applicable law” requiring you to disclose any Company Information solely by virtue of the fact that, absent such disclosure, you would be prohibited from purchasing, selling, or engaging in derivative
transactions with respect to, any securities of the Company or otherwise proposing or making an offer to do any of the foregoing. 
 3. All
Company Information shall remain the property of the Company. Neither you nor any of your Representatives shall by virtue of disclosure to you or any of your Representatives, or your or any of your Representative’s use, of any Company
Information acquire any rights with respect thereto, all of which rights (including, without limitation, all intellectual property rights) shall remain exclusively with the Company. 

4. If you determine that you do not wish to proceed with a Transaction, you will promptly advise the Company of that decision. As soon as
possible upon the Company’s written request, you and your Representatives shall destroy (or at the Company’s option (in its sole 

  
 Annex I – Page 2

 
discretion) return to the Company) all Company Information that has been disclosed to you or any of your Representatives, except for any such Company Information stored on electronic backup media
to the extent that such information cannot be expunged without unreasonable effort. Upon returning or destroying such Company Information, you shall provide written notice to the Company certifying compliance with the foregoing sentence.
Notwithstanding the provisions of this paragraph, you acknowledge and agree that this Agreement will continue to apply to any returned, held, retained or destroyed Company Information on the terms set forth herein. 

5. You acknowledge and agree that all Company Information is furnished on an “AS IS” basis, without warranty of any kind. THE
COMPANY AND ITS AFFILIATES EXPRESSLY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, REGARDING THE COMPANY INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY REPRESENTATION OR WARRANTY OF MERCHANTABILITY, TITLE,
NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE. 
 6. You acknowledge that an award of money damages would be inadequate for any
breach of this Agreement by you or any of your Representatives and would cause the Company irreparable harm. Therefore, you hereby agree that, in the event of any breach or threatened breach of this Agreement by you or any of your Representatives,
the Company will be entitled to seek equitable relief, including, without limitation, injunctive relief and specific performance, as remedies for any such breach or threatened breach without the requirement of posting a bond or other security. Such
remedies will not be the exclusive remedies for any breach of this Agreement, but will be in addition to all other remedies available at law or in equity to the Company. 

7. This Agreement or any provision hereof may not be amended, modified or waived by course of dealing, usage in trade, conduct or any
exchanges of communication, including, without limitation, e-mail or any other electronic or digital means, other than by amendment, in writing duly executed with the handwritten signatures of an authorized signatory of each of the Parties. The
rights and remedies of the Parties are cumulative, and not alternative. Neither the failure nor any delay by any Party in exercising any right, power, or privilege under this Agreement will operate as a waiver of such right, power, or privilege, and
no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any other right, power, or privilege. To the maximum extent permitted by
applicable law, (a) no claim or right arising out of this Agreement can be discharged by one Party, in whole or in part, by a waiver or renunciation of the claim or right unless in writing signed by the other Party; (b) no waiver that may
be given by a Party will be applicable except in the specific instance for which it is given; and (c) no notice to or demand on one Party will be deemed to be a waiver of any obligation of such Party or of the right of the Party giving such
notice or demand to take further action without notice or demand as provided in this Agreement. 
 8. This Agreement constitutes the
complete agreement between the Parties concerning the subject matter hereof and supersedes and cancels any and all prior communications and agreements between the Parties with respect thereto. This Agreement

  
 Annex I – Page 3

 
relates only to the subject matter hereof and shall not be construed as an agreement to agree to enter into the Transaction or any transaction by either Party. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect. If any of the covenants or provisions of this Agreement are determined to be
unenforceable by reason of its extent, duration, scope or otherwise, then the Parties contemplate that the court making such determination shall reduce such extent, duration, scope or other provision and enforce them in their reduced form for all
purposes contemplated by this Agreement. 
 9. Neither Party may assign any rights or delegate any duties under this Agreement without the
prior written consent of the other Party, which consent shall be at the other Party’s sole discretion. Any such attempted assignment or delegation without the other Party’s prior written consent will be null and void ab initio. This
Agreement will be binding upon the Parties and their respective authorized successors and assigns. 
 10. You acknowledge and agree that no
contract or agreement providing for any Transaction shall be deemed to exist between you and the Company or any of its affiliates or shareholders unless and until a final definitive agreement has been executed and delivered, and each Party hereby
waives, in advance, any claims (including, without limitation, breach of contract) in connection with any Transaction unless and until a final definitive agreement has been executed and delivered with respect thereto. The Parties also agree that
unless and until a final definitive agreement regarding a Transaction has been executed and delivered, neither Party will be under any legal obligation of any kind whatsoever with respect to such a Transaction by virtue of this Agreement, except for
the matters specifically agreed to herein. You acknowledge and agree that the Company and its affiliates and shareholders reserve the right, in their sole discretion, to reject any and all proposals made by you or any of your Representatives with
regard to the Transaction, and to terminate discussions and negotiations with you at any time. 
 11. This Agreement shall be deemed to have
been made and executed in the [Commonwealth of Virginia] [State of Delaware], and any dispute arising hereunder shall be governed by, and construed in accordance with, the laws of the [Commonwealth of Virginia] [State of Delaware], without regard to
its conflict of laws rules. You and the Company (i) irrevocably submit to the exclusive jurisdiction of any state court in the [Commonwealth of Virginia] [State of Delaware] and the United States District Court for the [Eastern District of
Virginia] [District of Delaware] (and the appropriate appellate courts) for the purposes of any suit, action or other proceeding arising out of this Agreement and (ii) agree to commence any such action, suit or proceeding either in the United
States District Court for the [Eastern District of Virginia] [District of Delaware] or if such suit, action or other proceeding may not be brought in such court for jurisdictional reasons, in any state court in the State of Delaware. 

12. EACH OF THE COMPANY AND YOU HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT OR YOU MAY HAVE TO A TRIAL BY
JURY IN ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, INVOLVING OR OTHERWISE IN RESPECT OF THIS AGREEMENT. 

  
 Annex I – Page 4

 13. Any notice hereunder shall be made in writing by overnight courier, personal delivery,
facsimile or email (if telephonically confirmed), in each case to: 
 If to the Company: 

Penn Virginia Corporation 
 14701 St. Mary’s Lane, Suite 275

 Houston, Texas 77079 
 Attention: Katie Ryan 

Facsimile: (713) 722-6620 
 If to you: 

[INSERT ADDRESS OF POTENTIAL TRANSFEREE] 
  

					
	Attention:	  	 	  	
	Facsimile:	  	 	  	
	Telephone:	  	 	  	
	Email:	  	 	  	

 14. This Agreement shall expire on the earlier of (i) the date of the last to occur of (x) a
definitive agreement relating to the Transaction is entered into by you and either the Company or any of its affiliates or shareholders and (y) you have become a party to the Shareholders Agreement, dated as of September 12, 2016, as
amended from time to time, by and among the Company and the shareholders of the Company and (ii) the twenty-four (24) month anniversary of the date hereof. 

15. This Agreement may be executed in two (2) or more counterparts, each of which will be deemed to be an original and all of which taken
together will be deemed to constitute this Agreement when a duly authorized representative of each Party has signed a counterpart. The Parties may sign and deliver this Agreement by facsimile or electronic (that is, .PDF) transmission. Each Party
agrees that the delivery of this Agreement by facsimile or electronic transmission will have the same force and effect as delivery of original signatures. 

  
 Annex I – Page 5

 Please confirm your agreement with the foregoing by signing and returning one copy of this
Agreement to the undersigned, whereupon this letter agreement shall become a binding agreement between you and the Company. 
  

			
	Very truly yours,
	PENN VIRGINIA CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

 Accepted and agreed as of the date first written above: 

 

			
	[INSERT NAME OF POTENTIAL TRANSFEREE]
		
	By:	 	 
		 	Name:
		 	Title:

  
 Annex I – Page 6

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