Document:

EX-4.1

 Exhibit 4.1 

NORTHERN OIL AND GAS, INC. 

8.50% SENIOR SECURED SECOND LIEN NOTES DUE 2023 

FIRST SUPPLEMENTAL INDENTURE 

Dated as of September 18, 2018 

WILMINGTON TRUST, NATIONAL ASSOCIATION 

As Trustee and Collateral Agent 

This FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of September 18, 2018, is between Northern
Oil and Gas, Inc., a Delaware corporation (the “Company”), and Wilmington Trust, National Association, a national banking association, as Trustee (in such capacity, the “Trustee”) and Collateral Agent (in such
capacity together with its successors in such capacity, the “Collateral Agent”). 
 RECITALS 

WHEREAS, the Company and the Trustee and Collateral Agent have entered into an Indenture, dated as of May 15, 2018 (the
“Indenture”), pursuant to which the Company has issued $344,279,000 in aggregate principal amount of 8.50% Senior Secured Second Lien Notes due 2023; 

WHEREAS, the Company desires to amend and supplement the Indenture as contemplated by Articles 2, 3 and 4 of this Supplemental Indenture to,
among other changes, (a)(i) incorporate customary mechanics for the issuance of Additional Notes; (ii) provide for the entry into a new senior secured revolving credit facility, (iii) permit the Company to issue up to $350 million of
Additional Notes and use an amount less than or equal to the proceeds therefrom to fund the redemption of Existing Notes; (iv) permit the Company to make certain Restricted Payments; and (v) incorporate updates to the reporting, hedging,
investments and additional collateral covenants and (b) permit certain corresponding amendments to the Intercreditor Agreement (collectively, the “Amendments”); 

WHEREAS, Section 9.02 of the Indenture provides that the Company and the Trustee and the Collateral Agent may, in certain circumstances,
amend or supplement the Indenture, the Notes and any other Note Document with the consent of the Holders of more than 50% of the aggregate principal amount of outstanding Notes, subject to Section 2.09 of the Indenture; 

WHEREAS, the Company has solicited the consent of the Holders of the outstanding Notes, and the Holders of more than 50% of the aggregate
principal amount of Notes have validly consented to the Amendments set forth in this Supplemental Indenture, pursuant to and in accordance with the Consent Solicitation Statement dated September 11, 2018, upon the terms and subject to the
conditions set forth therein (the “Consent Solicitation Statement”); 

 WHEREAS, this Supplemental Indenture is authorized pursuant to Section 9.02 of the
Indenture; 
 WHEREAS, the Company has, pursuant to Section 9.06 of the Indenture, furnished the Trustee and the Collateral Agent with
an Officers’ Certificate and an Opinion of Counsel complying with the requirements of Sections 11.04 and 11.05 of the Indenture; 

WHEREAS, the Trustee and the Collateral Agent each is authorized to execute and deliver this Supplemental Indenture; and 

WHEREAS, all acts and things prescribed by the Indenture, by law and by the Articles of Incorporation and the Bylaws (or comparable
constituent documents) of the Company, of the Trustee and of the Collateral Agent necessary to make this Supplemental Indenture a valid instrument legally binding on the Company, the Trustee and the Collateral Agent, in accordance with its terms,
have been duly done and performed. 
 NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the above
premises, the Company and the Trustee and Collateral Agent covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows: 

ARTICLE 1 
 Section 1.01.
Capitalized Terms. Capitalized terms used herein without definition shall have the meanings ascribed to them in the Indenture. 
 Section 1.02.
Relation to Indenture. This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 

Section 1.03. Effectiveness of Supplemental Indenture. This Supplemental Indenture shall become effective, but will not become operative,
immediately upon its execution and delivery by the Company and the Trustee and Collateral Agent. 
 Section 1.04. Operative Date of Supplemental
Indenture. Notwithstanding an earlier effectiveness date, the provisions of this Supplemental Indenture shall not become operative until the time and date upon which the Company pays the Consent Fee (as defined in the Consent Solicitation
Statement) to all Holders who have validly delivered and not validly revoked consents pursuant to the terms of the Consent Solicitation Statement. The Company will provide written notice (which may be by
e-mail) to the Trustee and Collateral Agent upon the occurrence of the First Supplemental Indenture Date. 

ARTICLE 2 
 Section 2.01. The
cross-reference table of the Indenture shall be amended to be deleted in its entirety and replaced with the cross-reference table attached hereto as Annex A. 

Section 2.02. The first paragraph of the recitals of the Indenture shall be amended to delete the words “(the “Initial
Notes”)”. 

  
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 Section 2.03. Section 1.01 of the Indenture shall be amended by inserting each of the following
definitions in its correct alphabetical position: 
 “Additional Interest” means all additional interest then owing
pursuant to any Registration Rights Agreement. Unless the context indicates otherwise, all references to “interest” in this Indenture or the Notes shall be deemed to include any Additional Interest. 

“Additional Notes” means, subject to the Company’s compliance with Section 4.27, 8.50% Senior Secured Second Lien
Notes due 2023 issued from time to time after the Issue Date under the terms of this Indenture (other than pursuant to Section 2.06, 2.07, 2.10, 3.06, 3.09, 4.25 or 9.05 of this Indenture or Section 2.3 or 2.4 of the Appendix and other
than Exchange Notes issued pursuant to an exchange offer for other Notes outstanding under this Indenture). 
 “Exchange
Notes” has the meaning provided in the Appendix. 
 “First Supplemental Indenture Date” means the date on which
the supplemental indenture to this Indenture, dated September 18, 2018, becomes operative pursuant to Section 1.04 of such supplemental indenture. 

“Registered Exchange Offer” has the meaning provided in the Appendix. 

“Shelf Registration Statement” has the meaning provided in the Appendix. 

Section 2.04. Section 1.01 of the Indenture shall be amended to delete the definition of First Lien Agent in its entirety and replace it with the
following: 
 “First Lien Agent” means, until the First Supplemental Indenture Date, TPG Specialty Lending, Inc., and
thereafter, the Royal Bank of Canada (to the extent appointed) until a successor replaces it in accordance with the applicable provisions of the First Lien Credit Agreement, or if the First Lien Credit Agreement ceases to exist, the collateral
agent, or other representative of lenders or holders of the Credit Facility party to the Credit Facility and the Intercreditor Agreement (including by joinder). 

Section 2.05. Section 1.01 of the Indenture shall be amended to delete the definition of First Lien Credit Agreement in its entirety and replace it
with the following: 
 “First Lien Credit Agreement” means, until the First Supplemental Indenture Date, the Term Loan
Credit Agreement, dated as of November 1, 2017, among the Company, as borrower, the First Lien Agent, as administrative agent, and the other lenders party thereto, (as amended from time to time), and thereafter as refinanced and replaced (to
the extent refinanced and replaced) by that certain Credit Agreement, dated as of the First Supplemental Indenture Date, among the Company, as borrower, the First Lien Agent, as administrative agent and the other lenders party thereto, and as
further amended, restated, supplemented, modified, renewed, refunded, replaced or refinanced from time to time, in accordance with its terms and in a manner not prohibited by or in violation of the terms of this Indenture or the Intercreditor
Agreement. 

  
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 Section 2.06. Section 1.01 of the Indenture shall be amended to delete the definition of First
Lien Financial Covenants in its entirety and replace it with the following: 
 “First Lien Financial Covenants” means the
“Financial Covenants” under Sections 9.01(b) and (c) of the First Lien Credit Agreement as of the Issue Date (and when the First Lien Credit Agreement as of the Issue Date ceases to exist, any substantially similar financial
maintenance covenants under the First Lien Credit Agreement as in effect on the First Supplemental Indenture Date or any other Credit Facility). 

Section 2.07. Section 1.01 of the Indenture shall be amended to delete the words “recitals hereto” and replace such words with the word
“Appendix” in the definition of Initial Notes. 
 Section 2.08. Section 1.01 of the Indenture shall be amended to delete the definition
of Notes in its entirety and replace it with the following: 
 “Notes” means the Initial Notes (including an increase in
principal of a Global Note as the result of a PIK Note Payment), any other Additional Notes, any Exchange Notes and any PIK Notes authenticated and delivered under this Indenture. The Initial Notes, any other Additional Notes, any Exchange Notes and
any PIK Notes (or any increase in the principal amount of a Global Note) subsequently issued shall be treated as a single class for all purposes under this Indenture, including waivers, amendments, redemptions and offers to purchase. Unless the
context otherwise requires, all references to the Notes shall include the Initial Notes (and any increase in the principal amount of a Global Note as a result of a PIK Note Payment), any Additional Notes, any other Exchange Notes and any PIK Notes.

 Section 2.09. Section 1.01 of the Indenture shall be amended to delete the definition of Permitted Acquisition in its entirety and replace it
with the following: 
 “Permitted Acquisitions” means any acquisition by the Company or any Guarantor of Oil and Gas
Properties; provided that after giving pro forma effect to any such acquisition that constitutes a Material Acquisition (and any incurrence of Debt in connection therewith), the PDP Coverage Ratio is equal to or greater than 0.95 to 1.00.

 Section 2.10. Section 1.01 of the Indenture shall be amended to delete sub clause (a) in the definition of Permitted Refinancing Debt in
its entirety and replace it with the following: 
 “(a) such new Debt is in an aggregate principal amount not in excess of (1) in
the case of the Permitted Refinancing Debt to be incurred on the First Supplemental Indenture Date in respect of the First Lien Credit Agreement, $425,000,000 and (2) in the case of any other Permitted Refinancing Debt, the sum of (i) the
aggregate principal amount then outstanding of the Refinanced Debt (or, if the Refinanced Debt is exchanged or acquired for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration thereof, such
lesser amount) and (ii) an amount necessary to pay any accrued and unpaid interest thereon and any fees and expenses, including premiums, related to such exchange or refinancing (but, in the case of Permitted Refinancing Debt in respect of the
First Lien Credit Agreement or the Credit Facility under this clause (2), subject to the All in Cap in all respects);” 

  
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 Section 2.11. Section 1.01 of the Indenture shall be amended to delete the last two sentences in
the definition of Total PDP PV-10 in its entirety and replace it with the following: 

“Total PDP PV-10” means the net present value, discounted at 10% per annum, of the
future net revenues expected to accrue to the Company’s and its Subsidiaries’ collective interest in its Oil and Gas Properties constituting Proved Developed Producing Reserves and, solely for purposes of the definition of “Permitted
Acquisitions,” Proved Developed Non-Producing Reserves during the remaining expected economic lives of such Oil and Gas Properties, as calculated on any date of determination as set forth in the last
sentence of this definition. Each calculation of such expected future net revenues shall be made in accordance with SEC guidelines for reporting proved oil and gas reserves, provided that in any event (a) appropriate deductions shall be
made for severance and ad valorem Taxes, capital expenditures and for operating, gathering, transportation and marketing costs required for the production and sale of such Oil and Gas Properties, and plugging and abandonment (and other asset
retirement obligations) or any other expenses in respect of such Oil and Gas Properties (including expenses incurred after the end of the expected economic lives of such Oil and Gas Properties) in respect of such Oil and Gas Properties, (b) the
pricing assumptions used in determining Total PDP PV-10 for any Oil and Gas Properties shall be based upon the Strip Price (as set forth in the last sentence of this definition), adjusted in a manner to
reflect the Company’s and the Subsidiaries’ Swap Agreements with Approved Counterparties then in effect, (c) the cash flows derived from the pricing assumptions set forth in clause (b) above shall be further adjusted to account
for the historical basis differential and (d) any such calculation and the components thereof shall be in form, substance and detail reasonably satisfactory to the Trustee. The amount of Total PDP PV-10
at any time shall be calculated on a pro forma basis for Material Divestitures and Material Acquisitions of Oil and Gas Properties consummated by the Company and the Subsidiaries following the “as of” date of the Reserve Report most
recently delivered hereto (provided that, in the case of any such Material Acquisition, the Trustee (and, if requested by any Holder, the Holder requesting such report) shall have received reserve engineering data evaluating the Proved
Reserves attributable to the Oil and Gas Properties subject thereto). Notwithstanding anything to the contrary contained herein, (i) any calculation of Total PDP PV-10 on any date (other than any
March 31, June 30, September 30 or December 31) shall be made using the information set forth in the then most recent Reserve Report delivered to the Trustee and, if requested, to the Holders requesting such report in accordance with
this Indenture (as supplemented by any reserve engineering data received in connection with any Material Acquisition as provided in the parenthetical of the immediately preceding sentence), (ii) any calculation of Total PDP PV-10 on any March 31, June 30, September 30 or December 31 of any year shall be made using the information set forth in the Reserve Report with an “as of” date that is the same as such
date (if any), and (iii) for purposes of calculating Total PDP PV-10, the Strip Price shall be determined as of the date that is five (5) Business Days prior to the date on which the compliance
certificate required to be delivered pursuant to Section 4.03(c) or Section 4.03(s), as applicable, is required to be delivered. 

Section 2.12. Section 2.01 of the Indenture shall be amended to delete the first four sentences in their entirety and replace such sentences with
the following: 
 “The Initial Notes issued on the Issue Date are intended to be represented by unrestricted Notes that do not bear the
Restricted Notes Legend. If so determined by the Company, Notes may be issued as Transfer Restricted Securities, the provisions of which are set forth in the Appendix attached hereto (the “Appendix”). The Initial Notes and the
Trustee’s certificate of authentication therefor shall be substantially in the form of Exhibit 1 to the Appendix. The 

  
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Exchange Notes and the Trustee’s certificate of authentication therefor shall be substantially in the form of Exhibit 2 to the Appendix. The Appendix and Exhibits 1 and 2 thereto are hereby
incorporated in and expressly made a part of this Indenture.” 
 Section 2.13. The fourth paragraph of Section 2.02 of the Indenture shall be
amended to be deleted in its entirety and replaced with the following: 
 “The Trustee shall, upon receipt of a written order of the
Company signed by an Officer, (a) on the Issue Date, authenticate and deliver the Initial Notes, (b) at any time and from time to time thereafter, authenticate and deliver PIK Notes, or increase the principal amount of any Global Note to
reflect a PIK Note Payment that may be validly issued under this Indenture and (c) at any time and from time to time, authenticate and deliver Additional Notes for original issue in an aggregate principal amount specified in such order. Such
order shall specify (x) the aggregate principal amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated (or principal increased) and to whom the Notes shall be registered and delivered,
(y) in the case of an issuance of PIK Notes or increase in principal amount to reflect a PIK Note Payment, the applicable PIK Interest and a reasonably detailed calculation thereof and (z) in the case of an issuance of Additional Notes
pursuant to Section 2.16 after the Issue Date, that such issuance is in compliance with Section 4.27.” 
 Section 2.14. Article 2 of the
Indenture shall be amended by adding the following as a new Section 2.16 immediately after Section 2.15: 

“Section 2.16    Issuance of Additional Notes. 

The Company shall be entitled, subject to its compliance with Section 4.27, to issue Additional Notes under this Indenture which shall
have identical terms as the Initial Notes issued on the Issue Date, other than with respect to the date of issuance, issue price, the date from which interest begins to accrue and the initial interest payment date. The Initial Notes, any Additional
Notes, any PIK Notes and any Exchange Notes shall be treated as a single class for all purposes under this Indenture, including waivers, consents, directions, declarations, amendments, redemptions and offers to purchase. 

With respect to any Additional Notes, the Company shall set forth in an Officers’ Certificate, which shall be delivered to the Trustee,
the following information: 
 (1) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this
Indenture; 
 (2) the issue price, the issue date (and the corresponding date from which interest shall accrue thereon and the first
interest payment date therefor) and the CUSIP number and any corresponding ISIN of such Additional Notes; provided, however, that any issuance of Additional Notes (i) is treated as part of the same issue as the Initial Notes
within the meaning of Treasury Regulation § 1.1275-1(f), (ii) is a qualified reopening of the Initial Notes issued on the Issue Date within the meaning of Treasury Regulation § 1.1275-2(k), or (iii) is otherwise fungible with such Initial Notes for U.S. federal income tax purposes, in the case of each of clauses (i), (ii) and (iii), so that such Additional Notes will trade as part of
a single class with such Initial Notes; and 

  
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 (3) whether such Additional Notes shall be Transfer Restricted Securities and issued in the
form of Initial Notes as set forth in Exhibit 1 to the Appendix or shall be issued in the form of Exchange Notes as set forth in Exhibit 2 to the Appendix.” 

Section 2.15. Section 4.03 of the Indenture shall be amended to: 

(a) delete the first instance of the words “of each” appearing immediately after the words “not later than forty-five
(45) days after the end” in the first sentence of clause (b); 
 (b) add the following as a new clause (t) immediately after
clause (s): 
 “(t) SEC Reports. Notwithstanding that the Company may not be subject to the reporting requirements of
Section 13 or Section 15(d) of the Exchange Act, so long as any Notes are outstanding, the Company will file with the SEC for public availability within the time periods specified in the SEC’s rules and regulations (unless the SEC
will not accept such a filing, in which case the Company will furnish to the Trustee, within the time periods specified in the SEC’s rules and regulations, and upon its prior written request to the Company, to any Holder or Beneficial Owner of
Notes) all quarterly and annual financial information with respect to the Company and its Subsidiaries that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms and all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file
such reports. The Company shall at all times comply with TIA § 314(a).”; 
 (c) delete the word “or” after the words
“Section 4.03(b)” and replace such word with a comma in the first paragraph after Section 4.03(t); 
 (d) add the words
“or 4.03(t)” immediately after the first parenthetical in the first sentence of the first paragraph after Section 4.03(t); 

(e) delete the first parenthetical of the second paragraph after Section 4.03(t) and replace such parenthetical with “(other than
clauses (a), (b), (g) and (t) hereof)”; and 
 (f) add the following as a new paragraph immediately following the last paragraph
of Section 4.03: 
 “Notwithstanding anything in this Section 4.03 to the contrary, at any time that the Company is subject
to the reporting requirements of the Exchange Act or is required to file (or furnish, as applicable) reports on EDGAR, the filing by the Company of all quarterly and annual reports on Forms 10-Q and 10-K and all current reports on Form 8-K, in each case in the manner and within the time periods specified in the SEC’s rules and regulations, shall be deemed to satisfy
all requirements under this Section 4.03.” 

  
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 Section 2.16. Section 4.13 of the Indenture shall be amended to: 

(a) delete the second sentence of clause (a) in its entirety and replacing it with the following: 

“The Reserve Report as of December 31 of each year shall be prepared or audited by one or more Approved Petroleum Engineers, and
the other Reserve Reports of each year shall be prepared by or under the supervision of the chief engineer of the Company who shall certify such Reserve Report to be true and accurate in all material respects and to have been prepared in accordance
with the procedures used in the immediately preceding December 31 Reserve Report.” 
 Section 2.17. Section 4.14 of the Indenture shall
be amended to: 
 (a) delete clause (a) in its entirety and replace it with the following: 

“(a) On or before the delivery to the Trustee of each Reserve Report required by Section 4.13(a), the Company will deliver title
information covering enough of the Oil and Gas Properties evaluated by such Reserve Report that were not included in the immediately preceding Reserve Report, so that the Collateral Agent and Trustee shall have received together with title
information previously delivered to the Collateral Agent and Trustee, title information reasonably supporting marketable title with respect to Oil and Gas Properties constituting at least 90% of the total present value (using a 10% discount rate and
as such value is set forth in the most recently delivered Reserve Report) of all Proved Reserves and all Proved Developed Producing Reserves evaluated in such Reserve Report (in each case using a 10% discount rate and as such value is set forth in
the most recently delivered Reserve Report); provided that, in the event that the First Lien Agent grants an extension of the Company’s obligation to deliver title information required by any substantively equivalent section of the First
Lien Credit Agreement as in effect on the First Supplemental Indenture Date to this Section 4.14(a) or, if the First Lien Credit Agreement ceases to exist, by any substantively equivalent section of the Credit Facility, then the Company’s
obligations under this Section 4.14(a) shall be automatically extended for the length of such extension to the same extent, without the need for further written modification to this Indenture (but in any case, to a date no longer than thirty
(30) days after the original required date of delivery)”; and 
 (b) delete clause (c) in its entirety and replace it with
the following: 
 “(c) Notwithstanding anything to the contrary herein, the Company shall be deemed to have complied with this
Section 4.14 if, after delivery of the title information and other documents required by any substantively equivalent section of the First Lien Credit Agreement as in effect on the First Supplemental Indenture Date to this Section 4.14 or,
if the First Lien Credit Agreement ceases to exist, by any substantively equivalent section of the Credit Facility, the First Lien Agent is satisfied that such title information and other documents provided by the Company comply with the obligations
of such substantively equivalent section of the First Lien Credit Agreement as in effect on the First Supplemental Indenture Date to this Section 4.14 or such substantively equivalent section of the Credit Facility, as applicable;
provided that in all instances such title information and other documents must support marketable title with respect to at least 80% of the present value of all Proved Reserves and all Proved Developed Producing Reserves evaluated in the most
recent Reserve Report (in each case using a 10% discount rate and as such value is set forth in the most recently delivered Reserve Report). The Trustee and Collateral Agent’s sole responsibility in connection with this Section 4.14 shall
be to receive such certificate. Neither the Trustee nor the Collateral Agent shall have any duty to review such reports, evaluate title defects or otherwise take any actions with respect thereto.” 

  
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 Section 2.18. Section 4.15 of the Indenture shall be amended to: 

(a) delete the second proviso in the second sentence of clause (a) and replace it with the following: 

“provided that, in the event that the First Lien Agent grants an extension to the Company’s obligation to grant Liens on
Mortgaged Properties required by any substantively equivalent section of the First Lien Credit Agreement as in effect on the First Supplemental Indenture Date to this Section 4.15(a) or, if the First Lien Credit Agreement ceases to exist, by
any substantively equivalent section of the Credit Facility, then the Company’s obligations under this Section 4.13(a) shall be automatically extended for the length of such extension (but, in any case, to a date no later than thirty
(30) days after the original required date of delivery), without the need for further written modification to this Indenture.”; 

(b) delete the words “equivalent to what the Company provides to the First Lien Agent pursuant to the First Lien Credit Agreement, or, if
the First Lien Credit Agreement ceases to exist, the Credit Facility;” in clause (b)(iii) and replace it with the following: 

“equivalent to what the Company provides to the First Lien Agent pursuant to the First Lien Credit Agreement as in effect on the First
Supplemental Indenture Date, or, if the First Lien Credit Agreement ceases to exist, by any substantively equivalent section of the Credit Facility;” 

(c) delete the proviso in the second sentence of clause (b) and replace it with the following: 

“provided that, in the event that the First Lien Agent grants an extension to the Company’s obligations required by any
substantively equivalent section of the First Lien Credit Agreement as in effect on the First Supplemental Indenture Date to this Section 4.15(b) or, if the First Lien Credit Agreement ceases to exist, by any substantively equivalent section of
the Credit Facility, then the Company’s obligations under this Section 4.13(b) shall be automatically extended for the length of such extension (but, in any case, to a date no later than thirty (30) days after the original required
date of delivery), without the need for further written modification to this Indenture.”; 
 (d) add the words “and
Section 4.19” in sub-clause (f) immediately after the words “Section 4.15”; 

(e) delete each instance of the word “Initial” in sub-clause (ii) of clause
(f) and replace such word in each instance with the word “applicable”; and 

  
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 (f) add the following as a new clause (g) immediately following clause (f): 

“(g) Notwithstanding anything contained in this Indenture or any Security Document to the contrary, in the event that the First Lien
Agent grants an extension to the Company’s obligation to deliver any Collateral or perfect any Collateral under the First Lien Credit Agreement as in effect on the First Supplemental Indenture Date or, if the First Lien Credit Agreement ceases
to exist, by any substantively equivalent section of the Credit Facility, then the Company’s obligation to deliver such Collateral or take such perfection steps shall be automatically extended for the length of such extension (but, in any case,
to a date no later than thirty (30) days after the original required date of delivery), without the need for further written modification to this Indenture or any Security Document.” 

Section 2.19. Section 4.19 of the Indenture shall be deleted in its entirety and replaced with the following: 

“Section 4.19    Acquisition of Oil and Gas Properties – Mortgage Coverage. In connection with any
acquisition of Oil and Gas Properties, the Company shall, and shall cause its Subsidiaries to, grant to the Collateral Agent as security for the Secured Obligations, a perfected Lien, junior in priority only to the Liens permitted under
Section 4.28(h) (provided that Excepted Liens of the type described in clauses (a) to (d) and (f) of the definition thereof may exist, but subject to the provisos at the end of such definition) sufficient to maintain such a Lien on
(a) at least 95% of the total present value (using a 10% discount rate) of all of the Company’s and its Subsidiaries’ Proved Developed Producing Reserves (or such lower amount as required under Section 4.15 at such time), (b) at
least 95% of the total present value (using a 10% discount rate) of all of the Company’s and its Subsidiaries’ Proved Reserves (or such lower amount as required under Section 4.15 at such time), (c) substantially all of the
Company’s and its Subsidiaries’ Oil and Gas Properties not constituting Proved Reserves, and (d) substantially all of the Company’s and its Subsidiaries’ midstream assets and any infrastructure or related Oil and Gas
Property. Each such Lien shall be granted and perfected not later than the later of (i) the date on which the Company is required to grant and perfect any such Lien under Section 4.15(a) and (ii) thirty (30) days after such
acquisition by the Company or such Subsidiary; provided that in connection with all acquisitions of Proved Reserves with a present value (using a 10% discount rate), individually or in the aggregate with all other such acquisitions during a
fiscal quarter, equal to or in excess of $50.0 million, such Lien shall be granted and perfected not later than thirty (30) days after the acquisition which exceeds such total present value. All such Liens will be created and perfected by
and in accordance with the provisions of deeds of trust, security agreements and financing statements or other Security Documents, all in form and substance as shall be reasonably necessary to grant and perfect the Collateral Agent’s lien and
in sufficient executed (and acknowledged where necessary or appropriate) counterparts for recording purposes. In order to comply with the foregoing, if any Subsidiary places a Lien on its Oil and Gas Properties and such Subsidiary is not a
Guarantor, then it shall become a Guarantor and comply with Section 4.15(b); provided that, in the event that the First Lien Agent grants an extension to the Company’s obligations required by any substantively equivalent section of
the First Lien Credit Agreement as in effect on the First Supplemental Indenture Date to this Section 4.19 or, if the First Lien Credit Agreement ceases to exist under any substantively equivalent section of the Credit Facility, then the
Company’s obligations under this Section 4.19 shall be automatically extended for the length of such extension (but, in any case, to a date no later than thirty (30) days after the original required date of delivery), without the need
for further written modification to this Indenture.” 

  
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 Section 2.20. Section 4.21 of the Indenture shall be amended to delete the last sentence in its
entirety and replace it with the following: 
 “Company’s compliance with the requirements of this Section 4.21 shall be
measured as of (i) the fifth Business Day following the Issue Date and (ii) thereafter, the last day of each fiscal quarter, in each case using the most recently delivered Reserve Report (including the Initial Reserve Report);
provided that, in the event that the First Lien Agent or the lenders under the Credit Facility grant an extension, waiver, amendment, or consent with respect to the Company’s minimum hedging requirements (if any) under the First Lien
Credit Agreement as in effect on the First Supplemental Indenture Date or otherwise remove such provisions or, if the First Lien Credit Agreement ceases to exist, any substantively equivalent section of the Credit Facility (if any), such waiver,
extension, amendment, consent or removal shall be also applicable to this Section 4.21 (without the need for further written modification to this Indenture); provided further that, notwithstanding anything to the contrary herein, the
Company shall be deemed to have complied with this Section 4.21 if the Company complies with any minimum hedging requirements under the First Lien Credit Agreement as in effect on the First Supplemental Indenture Date or, if the First Lien
Credit Agreement ceases to exist, by any substantively equivalent section of the Credit Facility. 
 Section 2.21. Section 4.24(a) shall be
amended to: 
 (a) add the words “as in effect on the First Supplemental Indenture Date” after the first instance of the words
“First Lien Credit Agreement”; 
 (b) delete the words “Issue Date” in clause (i) and replace it with the words
“First Supplemental Indenture Date”; and 
 (c) delete the words “Issue Date” in clause (ii) and replace it with
the words “First Supplemental Indenture Date”. 
 Section 2.22. Section 4.25 shall be amended to add the words “First Supplemental
Indenture Date, or, if the First Lien Credit Agreement ceases to exist, in any substantively equivalent section of the Credit Facility” immediately after the words “as in effect on the” in the first sentence of clause (a).” 

Section 2.23. Section 4.27 of the Indenture shall be amended to: 

(a) delete clause (g) in its entirety and replace it with the following: 

“(g) Permitted Junior Lien Debt or unsecured Debt the principal amount of which does not exceed $150,000,000 and any Permitted
Refinancing Debt in respect thereof; provided that the Company shall have furnished to the Trustee and any requesting Holders prior written notice of its intent to incur such Permitted Junior Lien Debt or unsecured Debt, as applicable, the
amount thereof, and the anticipated closing date, together with copies of drafts of the material definitive documents therefor promptly after such drafts are available and, when completed, copies of the final versions of such material definitive
documents;”; 
 (b) delete the word “and” at the end of clause (k); 

  
 11 

 (c) delete the second parenthetical in clause (l) and replace such parenthetical with
“(such Permitted Refinancing Debt in respect of the First Lien Credit Agreement, which must be held by a majority of lenders that are commercial banks or other institutional lenders that regularly engage in making reserve-based borrowing base
bank loans and/or term loans or similar extensions of credit in the ordinary course, the “Credit Facility”)”; 
 (d)
in clause (l)(a), delete the words “date hereof” and replace it with the words “First Supplemental Indenture Date”; 

(e) in clause (l)(b), delete the words “as on the date hereof” and replace it with the words “as of the First Supplemental
Indenture Date”; 
 (f) add the word “and” at the end of clause (l); and 

(g) add the following as a new clause (m) immediately after clause (l): 

“(m) Additional Notes in an aggregate principal amount not to exceed $350,000,000 in aggregate principal amount, the Exchange Notes to
be issued pursuant to any Registration Rights Agreement, any PIK Notes issued in respect of such Additional Notes or Exchange Notes and any Permitted Refinancing Debt in respect of such Additional Notes, Existing Notes or PIK Notes.” 

Section 2.24. Section 4.28 of the Indenture shall be amended to: 

(a) replace the first parenthetical in clause (h) with the words “(as defined in the First Lien Credit Agreement as in effect on the
Issue Date or any substantially similar definition in the First Lien Credit Agreement as in effect on the First Supplemental Indenture Date or in the Credit Facility)”; 

(b) delete the word “and” at the end of clause (i); 

(c) delete clause (j) in its entirety and add the following as a new clause (j) immediately after clause (i): 

“(j) Liens securing Debt permitted by Section 4.27(m); and”; and 

(d) add the following as a new clause (k) immediately after clause (j): 

“(k) Liens on Property not otherwise permitted by the foregoing clauses of this Section 4.28; provided that (i) such Liens do
not secure Debt for borrowed money and (ii) the aggregate amount of all Debt secured by Liens permitted by this Section 4.28(k) shall not exceed $2,000,000 at any time.” 

Section 2.25. Section 4.29 of the Indenture shall be amended to: 

(a) delete the period at the end of clause (a)(iv) and replace such period with a semicolon and add the word “and” following such
semicolon; 

  
 12 

 (b) add the following as a new clause (a)(v) immediately following clause (a)(iv): 

“(v) the Company may make Restricted Payments in an aggregate amount not to exceed $35,000,000 for purposes of making cash payments for
repurchases or exchanges of Equity Interests issued as consideration for any acquisition; provided that such payments must be made within one year after the closing date of any such acquisition.”; 

(c) delete the word “or” at the end of clause (b)(i)(1) and replace such word with a semicolon; 

(d) add the following immediately following clause (b)(i)(2): 

“; or (3) in the case of the Existing Notes, is made in an amount less than or equal to the proceeds of the issuance of Additional
Notes permitted by Section 4.27(m).”; and 
 (e) replace the word “Issue Date” in clause (b)(iii)(2) with the words
“First Supplemental Indenture Date”. 
 Section 2.26. Section 4.30 of the Indenture shall be amended to delete clause (e) in its
entirety and replace it with the following: 
 “(e) Permitted Acquisitions;” 

Section 2.27. Section 4.37 of the Indenture shall be amended to add the words “or, if the First Lien Credit Agreement ceases to exist, the
agent or requisite lenders under the Credit Facility,” immediately following the words “under the First Lien Credit Agreement,” in the first sub-clause of clause (a)(xi). 

Section 2.28. Section 4.43 of the Indenture shall be amended to delete the last sentence in its entirety and replace it with the following: 

“Notwithstanding anything to the contrary contained herein, in the event that the First Lien Agent or lenders under the Credit Facility
grant an extension, waiver, amendment, or consent with respect to the Company’s obligations under any substantively equivalent section of the First Lien Credit Agreement as in effect on the First Supplemental Indenture Date to this
Section 4.43 or otherwise remove such provisions or, if the First Lien Credit Agreement ceases to exist, under any substantively equivalent section of the Credit Facility (if any), such waiver, amendment, consent, extension or removal shall be
automatically applicable to this Section 4.43 (without the need for further written modification to this Indenture); provided that, notwithstanding anything to the contrary herein, the Company shall be deemed to have complied with this
Section 4.43 if the Company complies with any substantively equivalent section of the First Lien Credit Agreement as in effect on the First Supplemental Indenture Date to this Section 4.43 or, if the First Lien Credit Agreement ceases to
exist, with any substantively equivalent section of the Credit Facility.” 
 Section 2.29. Section 4.46 of the Indenture shall be amended to

 (a) delete the word “(a)” immediately following the words “any Guarantor will”; and 

  
 13 

 (b) delete the words “or (b) change its fiscal year to end on any day other than
December 31” 
 Section 2.30. Section 6.01(g) shall be amended to delete the words “Section 9.01(a) of the First Lien Credit
Agreement” and replace such words with “Section 9.01(a) of the First Lien Credit Agreement as in effect on the Issue Date (or any replacement financial covenants under the First Lien Credit Agreement as in effect on the First
Supplemental Indenture Date or any other Credit Facility)”. 
 Section 2.31. Section 9.01 shall be amended to: 

(a) delete clause (c) in its entirety and replace it with the following: 

“(c) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture;”; and 

(b) insert the words “, Additional Notes as Second Lien Debt (as defined in the Intercreditor Agreement)” immediately following the
words “(as defined in the Intercreditor Agreement)” in the first paragraph following clause (k). 
 Section 2.32. Section 11.02 shall be
amended to delete the following words: 
 Jones Day 

250 Vesey Street 
 New York, New
York 10281 
 Attention: Scott J. Greenberg 

Facsimile: (212) 755-7306 

and replace such words with the following: 

Kirkland & Ellis LLP 

609 Main Street 
 Houston, TX
77002 
 Attention: Matthew Pacey 

Facsimile: (713) 836-3601 

Section 2.33. The Appendix to the Indenture will be amended to: 

(a) delete the name of the Appendix in its entirety and replace it with the following: 

“PROVISIONS RELATING TO INITIAL NOTES AND EXCHANGE NOTES” 

(b) insert each of the following definitions in its correct alphabetical position: 

“Exchange Notes” means any 8.50% Senior Secured Second Lien Notes due 2023 issued in connection with a Registered Exchange
Offer pursuant to a Registration Rights Agreement. 

  
 14 

 “Purchase Agreement” means, with respect to each issuance of Additional
Notes, the purchase agreement or underwriting agreement among the Company and the Persons purchasing or underwriting such Additional Notes. 

“Registered Exchange Offer” means the offer by the Company, pursuant to a Registration Rights Agreement, to certain Holders
of Additional Notes, to issue and deliver to such Holders, in exchange for the Initial Notes, a like aggregate principal amount of Exchange Notes registered under the Securities Act. 

“Registration Rights Agreement” means, with respect to any issuance of Additional Notes issued in a transaction exempt from
the registration requirements of the Securities Act, one or more registration rights agreements, including the registration rights agreement to be entered into on the First Supplemental Indenture Date, among the Company and the Persons purchasing
such Additional Notes under the related Purchase Agreement, as such agreements may be amended from time to time, relating to rights given by the Company to the purchasers of Additional Notes to register such Additional Notes under the Securities
Act. 
 “Shelf Registration Statement” means any registration statement issued by the Company in connection with the offer
and sale of Additional Notes pursuant to a Registration Rights Agreement. 
 (c) delete the definition of Initial Notes in its entirety and
replace it with the following: 
 “Initial Notes” means (i) the $344,279,000 aggregate principal amount of 8.50%
Senior Secured Second Lien Notes due 2023 issued pursuant to this Indenture on the Issue Date, (ii) Additional Notes, if any, issued in a transaction exempt from the registration requirements of the Securities Act and (iii) any 8.50%
Senior Secured Second Lien Notes due 2023 issued pursuant to Section 2.3(b)(ii) hereof in exchange for any Initial Notes. 
 (d) delete
the definition of Notes in its entirety and replace it with the following: 
 “Notes” means the Initial Notes, any
Additional Notes, any Exchange Notes and any PIK Notes, treated as a single class. 
 (e) add the following to the beginning of the last
sentence of Section 2.1(a): 
 “Exchange Notes shall be issued in global form (with the global Notes legend set forth in Exhibit
1 hereto) or in certificated form as provided in Section 2.4 of this Appendix. Exchange Notes issued in global form,”; 
 (f)
delete Section 2.2 in its entirety and replace it with the following: 
 “2.2 Authentication. The Trustee shall
authenticate and deliver: (a) on the Issue Date, an aggregate principal amount of $344,279,000 8.50% Senior Secured Second Lien Notes due 2023, (b) at any time and from time to time thereafter, (i) PIK Notes that may be validly issued
under this Indenture and (ii) increase the principal amount of any Global Note as a result of a PIK Note Payment, in each case upon a written order of the Company, (c) at any time and from time to time, any Additional Notes for an original
issue in an aggregate principal 

  
 15 

 
amount specified in the written order of the Company pursuant to Section 2.02 of this Indenture, and (d) at any time and from time to time, Exchange Notes for issue only in a Registered
Exchange Offer, pursuant to a Registration Rights Agreement, for a like principal amount of Initial Notes, in each case upon a written order of the Company. Such order (x) shall specify (i) the aggregate principal amount of the Notes to be
authenticated, the date on which such Notes are to be authenticated and to whom such Notes shall be registered and delivered; (ii) whether such Notes constitute Initial Notes or Exchange Notes; (iii) whether such Notes constitute PIK
Notes; (iv) whether such Notes constitute Additional Notes; (v) if such Notes constitute Additional Notes, the issue price, the issue date (and the corresponding date from which interest shall accrue thereon and the first interest payment
date therefor) and the CUSIP number and any corresponding ISIN of such Additional Notes and whether such Additional Notes shall be Transfer Restricted Securities and issued in the form of Initial Notes as set forth in Exhibit 1 hereto or shall be
issued in the form of Exchange Notes as set forth in Exhibit 2 hereto; (vi) in the case of any issuance of Additional Notes pursuant to Section 2.16 of this Indenture, shall certify that such issuance is in compliance with
Section 4.27 of this Indenture.”; 
 (g) add the words “prior to the consummation of a Registered Exchange Offer or the
effectiveness of a Shelf Registration Statement with respect to such Notes,” to Section 2.3(a)(iii) immediately following the words “pursuant to Section 2.4 of this Appendix,”; 

(h) add the words “and, if in global form, the applicable procedures of the Depository” to the end of the first sentence of clause
(b)(ii); 
 (i) add the following as new clauses (b)(iii) and (b)(iv) immediately following section 2.3(b)(ii): 

“(iii) After a transfer of any Initial Notes pursuant to and during the period of the effectiveness of a Shelf Registration Statement
with respect to such Initial Notes, all requirements pertaining to legends on such Initial Note will cease to apply, the requirement that any such Initial Note issued to certain Holders be issued in global form will cease to apply, and an Initial
Note in global form, in each case without restrictive transfer legends, will be available to the transferee of the Holder of such Initial Notes upon exchange of such transferring Holder’s certificated Initial Note or directions to transfer such
Holder’s interest in the Global Note, as applicable. 
 (iv) Upon the consummation of a Registered Exchange Offer with respect to the
Initial Notes, all requirements pertaining to such Initial Notes that Initial Notes issued to certain Holders be issued in global form will still apply with respect to Holders of such Initial Notes that do not exchange their Initial Notes, and
Exchange Notes in certificated or global form will be available to Holders that exchange such Initial Notes in such Registered Exchange Offer.”; and 

(j) add the Exhibit attached hereto as Annex B immediately after Exhibit 1 to the Appendix as a new Exhibit 2 to the Appendix. 

  
 16 

 Section 2.34. Exhibit 1 to Appendix shall be amended to: 

(a) delete the words “CUSIP No. 665531 AE9” and replace such words with “CUSIP No. [    ]; 

(b) delete the words “ISIN No. US665531AE93” and replace such words with “ISIN No. [    ]; 

(c) add the words “or, if the First Lien Credit Agreement ceases to exist, any substantively equivalent provisions in the Credit
Facility” immediately following the words “subject to the prepayment provisions in the First Lien Credit Agreement” in the first sentence of clause (b) of Section 8. 

(d) delete the word “or” immediately preceding clause (10) in the last sentence of Section 12; 

(e) add the following immediately after clause (10) of the last sentence of Section 12: 

“, or (11) to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture.”;

 (f) delete clauses (ii) - (v) of Section 13 in their entirety and replace such clauses with the following: 

“(ii) default for failure to pay any interest on any Note or any fee or any other amount payable under any Note Document, when and as
the same shall become due and payable and such failure shall continue unremedied for a period of 20 days; (iii) any representation or warranty made or deemed made by or on behalf of the Company or any Subsidiary in or in connection with the
Exchange Agreement and any Note Document or any amendment or modification of any Note Document or waiver under such Note Document, or in any report, certificate, financial statement or other document furnished by or on behalf of the Company or any
Subsidiary pursuant to or in connection with any Note Document or any amendment or modification thereof or waiver thereunder which has been proven to be incorrect in any material respect when made or deemed made (provided that to the extent
that any representation and warranty is qualified by materiality, material adverse effect or a similar qualification, such representation and warranty shall be true in all respects); (iv) failure by the Company or any Subsidiary to observe or
perform any covenant, condition or agreement contained in any of the Sections 4.03(h), 4.03(l), 4.04, 4.05, 4.13, 4.14, 4.15, 4.18, 4.19, 4.21, 4.24, 4.25 or 4.26 of the Indenture or in any of Sections 4.27 through 4.48 of the Indenture and such
failure shall continue unremedied for a period of thirty (30) days after the earlier to occur of (i) notice thereof from the Trustee to the Company or from the Holders of at least 25% of the aggregate principal amount of the Notes to the
Company and the Trustee or (ii) an Officer of the Company or such Subsidiary otherwise becoming aware of such default; provided, however, the rate at which Cash Interest on the Notes accrues shall increase to the Default Rate
effective immediately upon such failure without giving effect to such thirty (30)-day grace period; (v) failure by the Company or any Subsidiary to observe or perform any covenant, condition or agreement
contained in the Indenture (other than those specified in Section 6.01(a), Section 6.01(b) or Section 6.01(d)) or any other Note Document and such failure shall continue unremedied for a period of thirty (30) days after the
earlier to occur of (a) notice thereof from the Trustee to the Company or from the holders of at least 25% of the aggregate principal amount of the Notes to the Company and the Trustee, or (b) an Officer of the Company or such Subsidiary
otherwise becoming aware of such default;”; 

  
 17 

 (g) add the following immediately after Section 18 as a new Section 19 and
renumber the subsequent sections, as appropriate: 
 “19. Additional Rights of Holders of Transfer Restricted Securities. In
addition to the rights provided to Holders of the Notes under the Indenture, Holders of Transfer Restricted Securities shall have the rights set forth in the Registration Rights Agreement dated as of the First Supplemental Indenture Date, between
the Company and RBC Capital Markets, LLC.”; and 
 (h) add the words “or the Registration Rights Agreement” to the end of the
first sentence of the first paragraph immediately after Section 21. 
 ARTICLE 3 

Section 3.01. The Collateral Agent is hereby authorized and directed to enter into an amendment to the Intercreditor Agreement making certain changes,
including, among other items, to (i) reflect the replacement of the First Lien Credit Agreement with the new senior secured revolving credit facility; (ii) amend the definition of “Priority Lien Cap” to permit borrowings under
the new senior secured revolving credit facility up to $425 million; (iii) delete Section 4.05(b)(vii) to remove the restrictions on modifications to the amounts of or time periods applicable to any make-whole amounts, yield
maintenance amounts, premium or call protection applicable to the Second Lien Obligations or Third Lien Obligations (as such terms are defined in the Intercreditor Agreement) without prior written consent of the Priority Lien Agent (as defined in
the Intercreditor Agreement); and (iv) certain other changes to the Intercreditor Agreement to provide that holders of Additional Notes will be bound thereby. 

ARTICLE 4 
 Section 4.01.
Ratification of Obligations. Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms.

 Section 4.02. The Trustee and the Collateral Agent. Except as otherwise expressly provided herein, no duties, responsibilities or liabilities
are assumed, or shall be construed to be assumed, by the Trustee or Collateral Agent by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee and the Collateral Agent subject to all the terms and
conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee and Collateral Agent with respect hereto. The recitals above shall constitute
statements of the Company, and neither the Trustee nor the Collateral Agent assume any responsibility for their accuracy. Neither the Trustee nor the Collateral Agent makes any representation as to the validity or sufficiency of this Supplemental
Indenture. 

  
 18 

 Section 4.03. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Section 4.04. Counterparts. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission
shall constitute the effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall
be deemed to be their original signatures for all purposes. 
 [Signatures on following pages] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as
of the date first written above. 
  

			
	SIGNATURES
	
	NORTHERN OIL AND GAS, INC.
		
	By:	 	 /s/ Nicholas L. O’Grady

	Name:	 	Nicholas L. O’Grady
	Title:	 	Chief Financial Officer

  
 SIGNATURE PAGE TO FIRST
SUPPLEMENTAL INDENTURE 

 
			
	TRUSTEE:
	
	 WILMINGTON TRUST,
NATIONAL ASSOCIATION, as
Trustee

 
			
		
	By:	 	 /s/ Jane Y. Schweiger

	Name:	 	Jane Y. Schweiger
	Title:	 	Vice President

  

			
	COLLATERAL AGENT:
	
	 WILMINGTON TRUST,
NATIONAL ASSOCIATION, as
Collateral Agent

 
			
		
	By:	 	 /s/ Jane Y. Schweiger

	Name:	 	Jane Y. Schweiger
	Title:	 	Vice President

  
 SIGNATURE PAGE TO FIRST
SUPPLEMENTAL INDENTURE 

 ANNEX A 

CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture Act Section
	  	 Indenture Section

	 310  (a)(1)
	  	7.10
	         (a)(2)
	  	7.10
	         (a)(3)
	  	N/A
	         (a)(4)
	  	N/A
	         (a)(5)
	  	7.10
	         (b)
	  	7.10
	 311  (a)
	  	7.11
	         (b)
	  	7.11
	 312  (a)
	  	2.05
	         (b)
	  	11.03
	         (c)
	  	11.03
	 313  (a)
	  	7.06
	         (b)(1)
	  	7.06
	         (b)(2)
	  	7.06, 7.07
	         (c)
	  	7.06, 11.02
	         (d)
	  	7.06
	 314  (a)
	  	4.03, 11.02, 11.05
	         (b)
	  	12.05
	         (c)(1)
	  	11.04
	         (c)(2)
	  	11.04
	         (c)(3)
	  	N/A
	         (d)
	  	12.03
	         (e)
	  	11.05
	 315  (a)
	  	7.01
	         (b)
	  	7.05, 11.02
	         (c)
	  	7.01
	         (d)
	  	7.01
	         (e)
	  	6.11
	 316  (a)
	  	2.08, 2.09
	         (a)(1)(A)
	  	6.05
	         (a)(1)(B)
	  	6.04
	         (a)(2)
	  	N/A
	         (b)
	  	6.07
	         (c)
	  	9.04
	 317  (a)(1)
	  	6.08
	         (a)(2)
	  	6.09
	         (b)
	  	2.04
	 318  (a)
	  	11.01
	         (b)
	  	11.01
	         (c)
	  	11.01

  
 N/A means
not applicable. 

	*	 This Cross-Reference Table is not part of the Indenture. 

  
 ANNEX A TO THE FIRST
SUPPLEMENTAL INDENTURE 

 ANNEX B 

EXHIBIT 2 TO APPENDIX 

[FORM OF FACE OF EXCHANGE NOTE] 
  

	*/	 If the Note is to be issued in global form, add the Global Notes Legend from Exhibit 1 to Rule 144A/Regulation
S Appendix and the attachment from such Exhibit 1 captioned “[TO BE ATTACHED TO GLOBAL NOTES] — SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE.” 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 NORTHERN OIL AND GAS, INC. 

Principal Amount $[    ] 

					
	No. [    ]	  		  	CUSIP No. [    ]

 ISIN No. [    ] 

8.50% Senior Secured Second Lien Notes due 2023 

Northern Oil and Gas, Inc., a Delaware corporation, promises to pay to [    ], or its registered assigns, the principal
sum of [        ] Dollars on May 15, 2023 [or such greater or lesser amount as may be indicated on Schedule A hereto].1 

Quarterly Interest Payment Dates: January 1, April 1, July 1 and October 1 

Quarterly Record Dates: December 15, March 15, June 15 and September 15 

Additional provisions of this Note are set forth on the other side of this Note. 

 

			
	NORTHERN OIL AND GAS, INC.

 
			
		
	By:	 	
                     
        

	Name:	 	
	Title:	 	

  

	1 	 If this is a Global Note, add this provision. 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 
 as Trustee,
certifies that this is one of the 
 Notes referred to in the Indenture. 
  

			
	By:	 	  

		 	Authorized Signatory
		
	Dated:	 	  

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 [FORM OF REVERSE SIDE OF EXCHANGE NOTE] 

8.50% Senior Secured Second Lien Notes due 2023 

Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below unless otherwise
indicated. 
 1.    Interest. Northern Oil and Gas, Inc., a Delaware corporation (the
“Company”), promises to pay Cash Interest on the principal amount of this Note at 8.50% per annum from May 15, 2018 until maturity (the “Cash Interest Rate”); provided, however, beginning on
July 1, 2018, the Company shall pay additional interest in kind at 1.00% per annum (the “PIK Interest Rate”) (in addition to the Cash Interest Rate) on the then outstanding principal amount of this Note (a “PIK Note
Payment”) by increasing the principal amount of this Note or by issuing additional Notes in a principal amount equal to such interest (“PIK Interest”) on the applicable Interest Payment Date. Notwithstanding the foregoing,
if the Company delivers a PIK Interest Suspension Certificate to the Trustee on or before the Compliance Certificate Due Date for the most recently ended Measurement Fiscal Quarter, the PIK Interest shall not accrue from the Interest Payment Date
following the delivery of such PIK Interest Suspension Certificate through the Interest Payment Date following the Compliance Certificate Due Date for the immediately succeeding Measurement Fiscal Quarter; provided, however, if a PIK
Interest Suspension Certificate is not delivered by such Compliance Certificate Due Date, PIK Interest shall immediately and automatically begin accruing on the then outstanding principal amount of this Note on the next succeeding Interest Payment
Date and shall continue to accrue until the next Interest Payment Date following the date on which a PIK Interest Suspension Certificate is delivered in compliance with Section 2.13 of the Indenture. The Company will pay interest quarterly in
arrears on January 1, April 1, July 1 and October 1 of each year, commencing July 1, 2018 (each an “Interest Payment Date”), and at Stated Maturity, the Company will pay interest from the most recent date to
which interest has been paid to the Stated Maturity date. If an Interest Payment Date falls on a day that is not a Business Day, the interest payment to be made on such Interest Payment Date will be made on the next succeeding Business Day with the
same force and effect as if made on such Interest Payment Date, and no additional interest will accrue solely as a result of such delayed payment. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of original issuance; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof
and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The
Company shall pay in cash (i) interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 3% higher than the then applicable
interest rate on the Notes to the extent lawful and (ii) interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to
time on demand at the rate that is 3% higher than the then applicable interest rate on the Notes to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve (12) 30-day months. 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 PIK Note Payments shall be effected (i) with respect to Notes in certificated form, by issuing PIK
Notes in certificated form in an aggregate principal amount equal to the amount of PIK Interest to be paid on the principal amount of Notes held by each Holder on the relevant record date, after giving effect to any interest to be paid in Cash
Interest (rounded up to the nearest $1.00) or (ii) with respect to Global Notes, by increasing the principal amount of the outstanding Global Note by an amount equal to the amount of PIK Interest for the applicable Interest Period (rounded up
to the nearest $1.00), and the Trustee will, at the written order of the Company signed by an Officer, authenticate and deliver such PIK Notes on the Interest Payment Date in certificated form for original issuance to the Holders of record on the
relevant record date or cause such increase in principal amount with respect to Global Notes. Following an increase in the principal amount of the outstanding Global Notes as a result of a PIK Note Payment, the Notes will bear interest on such
increased principal amount from and after the date of such PIK Note Payment. Any PIK Notes issued in certificated form will be dated as of the applicable Interest Payment Date and will bear interest from and after such date. 

Method of Payment. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of
Notes at the close of business on the December 15, March 15, June 15 or September 15 next preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on or before such Interest Payment Date,
except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Holders must surrender Notes to the Paying Agent to collect payments of principal and premium, if any, together with accrued and unpaid interest due at
maturity. The Notes will be payable as to principal, Cash Interest, PIK Interest, if any, premium, if any, at the office or agency of the Company maintained for such purpose, or, at the option of the Company, payment of Cash Interest may be made by
check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds to an account in the United States of America will be required with respect to any
amounts due on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company to be provided to the Paying Agent or the Paying Agent. Notwithstanding the foregoing, if this Note is a Global
Note, payment may be made pursuant to the Applicable Procedures of the Depository as permitted in the Indenture. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts, except in the case of any PIK Interest. 
 Paying Agent, Collateral Agent and Registrar. Initially,
Wilmington Trust, National Association, the Trustee under the Indenture, will act as Paying Agent, Collateral Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice to any Holder. The Company or any of
its Subsidiaries may act in any such capacity. 
 Indenture. The Company issued the Notes under an Indenture, dated as of
May 15, 2018 (“Indenture”), between the Company, the Trustee and the Collateral Agent. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of
1939, as amended (15 U.S. Code §§ 77a-77b). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. The Notes are secured by
second priority liens in the Collateral pursuant to the Security Documents. 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 Optional Redemption. The Company shall have the option to redeem the Notes pursuant
to this paragraph 5 in whole or in part at any time, at the following redemption prices (and, following any acceleration of the Notes pursuant to Section 6.02 of the Indenture (including, without limitation, any such automatic acceleration in
connection with a voluntary or involuntary insolvency proceeding under any Bankruptcy Law), the Notes shall be accelerated at a price and any Asset Sale Offer pursuant to Section 3.09 of the Indenture shall be at the following redemption
prices) (in each case, expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest on the Notes redeemed to, but excluding the applicable redemption date or acceleration date (subject to the right of
Holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the redemption date or acceleration date) (i) from and after the Issue Date until May 15, 2021, 104.000%; (ii) on and
after May 15, 2021 until May 15, 2022, 102.000%; and (iii) on and after May 15, 2022, 100.000% (the amount equal to the percentage in excess of 100% of the principal amount in the foregoing clauses (i) and (ii), the
“Applicable Premium”); provided, that, any redemption of Notes (or acceleration of Notes) prior to May 15, 2020 shall also be accompanied by the Make Whole Premium (in addition to the Applicable Premium). 

Notice of Redemption. Notice of redemption will be mailed at least thirty (30) days but not more than sixty (60) days (except
as otherwise provided in the Indenture if the notice is issued in connection with a Legal Defeasance, Covenant Defeasance or Discharge) before the redemption date to each Holder whose Notes are to be redeemed at its registered address. If mailed in
the manner provided for in Section 3.03 of the Indenture, the notice of optional redemption shall be conclusively presumed to have been given whether or not a Holder receives such notice. Notes in denominations larger than $1.00 may be redeemed
in part but only in whole multiples of $1.00 in excess thereof, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest cease to accrue on the Notes or portions thereof called for redemption. The notice
of redemption with respect to a redemption described in paragraph 5 above need not set forth the Make Whole Premium but only the manner of calculation thereof. 

Mandatory Redemption. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes
or to repurchase the Notes at the option of the Holders. 
 Repurchase at Option of Holder. 

Within thirty (30) days following the occurrence of a Change of Control, the Company shall make an offer (a “Change of Control
Offer”) to repurchase all or any part (equal to $1.00 or an integral multiple of $1.00 in excess thereof of each Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased,
plus accrued and unpaid interest thereon to the date of settlement (the “Change of Control Settlement Date”), subject to the right of Holders of record on the relevant record date to receive interest due on an Interest
Payment Date that is on or prior to the Change of Control Settlement Date. Within thirty (30) days following a Change of Control, the Company shall mail a notice of the Change of Control Offer to each Holder and the Trustee describing the
transaction that constitutes the Change of Control and setting forth the procedures governing the Change of Control Offer as required by Section 4.25 of the Indenture. 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 If the Company or any Guarantor Transfers Oil and Gas Properties (or any Equity Interests in
any Guarantor owning such Oil and Gas Properties) or Liquidates any Swap Agreement (in each case, other than Transfers permitted under Section 4.37(a)(i), Section 4.37(a)(iii), Section 4.37(a)(v), Section 4.37(a)(vi) or
Section 4.37(a)(viii)), then the Company shall, subject to the prepayment provisions in the First Lien Credit Agreement or, if the First Lien Credit Agreement ceases to exist, any substantively equivalent provision in the Credit Facility,
within ten (10) Business Days after such Transfer or Liquidation, make an Asset Sale Offer to all Holders of Notes to purchase the maximum principal amount of Notes that may be purchased from such Net Cash Proceeds. The offer price in any Asset
Sale Offer will be equal to 100% of principal amount of such Net Cash Proceeds in excess of $20,000,000 plus accrued and unpaid interest thereon to the Settlement Date plus the Make Whole Premium, subject to the right of Holders of
record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the Settlement Date, and will be payable in cash. Notwithstanding the foregoing, the company may, as long as no Default or Event of Default
exists, within ten (10) Business Days after such Transfer or Liquidation, notify the Trustee and the Holders that it intends to reinvest such Net Cash Proceeds; provided that if no Default or Event of Default exists and the Company
notifies the Trustee and the Holders that it plans to reinvest such Net Cash Proceeds in the acquisition or development of Oil and Gas Properties constituting Proved Reserves, then it shall do so within ninety (90) days after the date of such
Transfer or Liquidation (provided that the execution of a binding AFE during such period shall be deemed to be a reinvestment so long as the amounts owed under such AFE are funded within 180 days after the date such AFE is executed);
provided further, that (A) if the Company fails to make such reinvestment in such period, it shall make an Asset Sale Offer in amount equal to 100% of such Net Cash Proceeds within ten (10) Business Days after the expiration of such
90-day period (or, as applicable, after the expiration of the 180-day period following the execution of a binding AFE) and (B) in no event shall the aggregate
amount of Net Cash Proceeds permitted to be reinvested exceed $50,000,000 during the term of this Indenture. If the aggregate principal amount of Notes tendered into such Asset Sale Offer exceeds the amount of Net Cash Proceeds, the Trustee shall
select the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of $1.00, or integral multiples of $1.00 in excess thereof, shall be purchased). Holders of
Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect
Purchase” on the reverse of the Notes. 
 Guarantees. The payment by the Company of the principal of and interest, premium, if
any, on, the Notes is fully and unconditionally guaranteed on a joint and several senior unsecured basis by each of the Guarantors to the extent set forth in the Indenture. 

Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of $1.00 and integral multiples of
$1.00 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents, and the Company may require a Holder to pay any Taxes due on transfer or exchange. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any
Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of fifteen (15) days before a selection of Notes to be redeemed. 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 Persons Deemed Owners. The registered Holder of a Note may be treated as its owner
for all purposes. 
 Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture or the Notes may be amended or
supplemented with the consent of the Holders of a majority in principal amount of the then outstanding Notes, and any existing Default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding Notes (subject to Section 2.09). Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented (1) to cure any ambiguity, defect or
inconsistency, (2) to provide for uncertificated Notes in addition to or in place of certificated Notes, (3) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely
affect the legal rights under the Indenture of any such Holder in any material respect, (4) to secure the Notes or the Subsidiary Guarantee pursuant to Section 4.15 of the Indenture or otherwise, (5) to add any additional Guarantor
with respect to the Notes or to evidence the release of any Guarantor from its Subsidiary Guarantee in accordance with Article 10 of the Indenture, (6) to comply with the requirements of the SEC in order to effect or maintain the qualification
of the Indenture under the TIA, (7) to evidence or provide for the acceptance of appointment under the Indenture of a successor Trustee, (8) to make, complete or confirm any grant of Collateral permitted or required by the Indenture or any
of the Security documents or any discharge or release of any Collateral that is permitted by the Indenture or any of the Note Documents; (9) to implement any amendment contemplated by Section 4.24(a)(iii), Section 4.29(b)(iii)(3) or
Section 4.47 of the Indenture, (10) with respect to the Security Documents, as provided in the Intercreditor Agreement, or (11) to provide for the issuance of Additional Notes in accordance with the limitations set forth in the
Indenture. 
 Defaults and Remedies. Events of Default include: (i) default for failure to pay any principal of any Note when
due and payable, whether at the due date thereof or at a date fixed for redemption or repurchase thereof, by acceleration or otherwise; (ii) default for failure to pay any interest on any Note or any fee or any other amount payable under any
Note Document, when and as the same shall become due and payable and such failure shall continue unremedied for a period of 20 days; (iii) any representation or warranty made or deemed made by or on behalf of the Company or any Subsidiary in or
in connection with the Exchange Agreement and any Note Document or any amendment or modification of any Note Document or waiver under such Note Document, or in any report, certificate, financial statement or other document furnished by or on behalf
of the Company or any Subsidiary pursuant to or in connection with any Note Document or any amendment or modification thereof or waiver thereunder which has been proven to be incorrect in any material respect when made or deemed made (provided
that to the extent that any representation and warranty is qualified by materiality, material adverse effect or a similar qualification, such representation and warranty shall be true in all respects); (iv) failure by the Company or any
Subsidiary to observe or perform any covenant, condition or agreement contained in any of the Sections 4.03(h), 4.03(l), 4.04, 4.05, 4.13, 4.14, 4.15, 4.18, 4.19, 4.21, 4.24, 4.25 or 4.26 of the Indenture or in any of Sections 4.27 through 4.48 of
the Indenture and such failure shall continue unremedied for a period of thirty (30) days after the earlier to occur of 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 
(i) notice thereof from the Trustee to the Company or from the Holders of at least 25% of the aggregate principal amount of the Notes to the Company and the Trustee or (ii) an Officer of the
Company or such Subsidiary otherwise becoming aware of such default; provided, however, the rate at which Cash Interest on the Notes accrues shall increase to the Default Rate effective immediately upon such failure without giving
effect to such thirty (30)-day grace period; (v) failure by the Company or any Subsidiary to observe or perform any covenant, condition or agreement contained in the Indenture (other than those specified
in Section 6.01(a), Section 6.01(b) or Section 6.01(d)) or any other Note Document and such failure shall continue unremedied for a period of thirty (30) days after the earlier to occur of (i) notice thereof from the Trustee
to the Company or from the Holders of at least 25% of the aggregate principal amount of the Notes to the Company and the Trustee or (ii) an Officer of the Company or such Subsidiary otherwise becoming aware of such default; provided,
however, the rate at which Cash Interest on the Notes accrues shall increase to the Default Rate effective immediately upon such failure without giving effect to such thirty (30)-day grace period;
(v) failure to observe or perform any covenant, condition or agreement contained in the Indenture (other than those specified in (i), (ii) or (iv)) or any other Note Document and such failure shall continue unremedied for a period of thirty
(30) days after the earlier to occur of (a) notice thereof from the Trustee to the Company or from the holders of at least 25% of the aggregate principal amount of the Notes to the Company and the Trustee (b) an Officer of the Company
or such Subsidiary otherwise becoming aware of such default; (vi) failure to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable
(after giving effect to any applicable grace or cure periods); (vii) any event or condition occurs that results in (a) any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without the giving
of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the Redemption thereof or any offer to Redeem to
be made in respect thereof, prior to its scheduled maturity or require the Company or any Subsidiary to make an offer in respect thereof or (b) an “Event of Default” under the First Lien Credit Agreement or any equivalent under any
Credit Facility shall have occurred; provided that an “Event of Default” or equivalent resulting from a breach of the First Lien Financial Covenants or Section 9.01(a) of the First Lien Credit Agreement (or any replacement
financial covenants under any Credit Facility) to the extent then in effect under the First Lien Credit Agreement or the Credit Facility shall not constitute an Event of Default under this (vii)(b) until (A) the loans or other obligations under
the First Lien Credit Agreement or Credit Facility have been accelerated, (B) the First Lien Agent has commenced exercising remedies or (C) such “Event of Default” or equivalent has not been cured or waived under the terms of the
First Lien Credit Agreement or Credit Facility, as applicable, within thirty (30) days after notice of the occurrence of such “Event of Default” or equivalent has been delivered by the Company to the lenders under the First Lien
Credit Agreement or Credit Facility (or was required to be delivered under the terms of the First Lien Credit Agreement or Credit Facility as in effect at such time); (viii) certain events of bankruptcy, insolvency or reorganization with respect to
the Company or any of the Company’s Subsidiaries; (ix) (a) one or more judgments for the payment of money in an aggregate amount in excess of $2,000,000 (to the extent not covered by independent third party insurance provided by insurers
of the highest claims paying rating or financial strength as to which the insurer does not dispute coverage and is not subject to an insolvency proceeding under any Bankruptcy Law) or (b) any one or more
non-monetary judgments that have, or could reasonably be expected to have, individually or in the aggregate, a 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 
Material Adverse Effect, in either such case, shall have been rendered against a Note Party and the same shall remain undischarged for a period of forty-five (45) consecutive days during
which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of a Note Party to enforce any such judgment; (x) an ERISA Event shall have occurred that, when taken
together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; and (xi) the Note Documents cease to be in full force and effect or are repudiated or cease to create a valid and
perfected lien in favor of the Collateral Agent. If any Event of Default occurs and is continuing, the Trustee, by written notice to the Company, or the Holders of at least 25% in principal amount of the then outstanding Notes, by written notice to
the Company with a copy to the Trustee, may declare all the Notes to be due and payable immediately. Notwithstanding the preceding, in the case of an Event of Default arising from such events of bankruptcy, insolvency or reorganization described in
Section 6.01(h) or 6.01(i) of the Indenture, all outstanding Notes will become due and payable immediately without further action or notice, together with all accrued and unpaid interest and premium (including the Applicable Premium and Make
Whole Premium), if any, thereon. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee
in its exercise of any trust or power conferred on it. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal, interest,
premium, if any) if it in good faith determines that withholding notice is in their interests. The Holders of a majority in principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all the Notes rescind
an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except with respect to nonpayment of principal, interest, premium, if any, that have become due solely
because of the acceleration) have been cured or waived. The Holders of a majority in principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of
Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of the principal of, or interest, premium (including the Applicable Premium and Make Whole Premium), if any, on, the Notes. The Company
is required to deliver to the Trustee annually an Officers’ Certificate regarding compliance with the Indenture, and, so long as any Notes are outstanding, the Company is required upon any Officer of the Company becoming aware of any Default or
Event of Default, to deliver to the Trustee a statement describing such Default or Event of Default, its status and what action the Company is taking or proposes to take in respect thereof. 

Defeasance and Discharge. The Notes are subject to defeasance and discharge upon the terms and conditions specified in the Indenture.

 No Recourse Against Others. No director, officer, partner, employee, incorporator, manager or shareholder or other owner of Equity
Interests of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor under the Notes, the Subsidiary Guarantee or the Indenture, or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 Authentication. This Note shall not be valid until authenticated by the manual
signature of an authorized signatory of the Trustee or an authenticating agent. 
 Abbreviations. Customary abbreviations may be used
in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts
to Minors Act). 
 CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers and corresponding ISIN numbers to be printed on the Notes and the Trustee may use CUSIP and corresponding ISIN numbers in notices of redemption as a convenience to Holders. No representation is made
as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

[Additional Rights of Holders of Transfer Restricted Securities. In addition to the rights provided to Holders of the Notes under the
Indenture, Holders of Transfer Restricted Securities shall have the rights set forth in the Registration Rights Agreement dated as of the First Supplemental Indenture Date, between the Company and RBC Capital Markets, LLC.]2 
 Governing Law. THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Successors. In the event a successor assumes all the obligations of the
Company under the Notes and the Indenture, pursuant to the terms thereof, the Company will be released from all such obligations. 
 The
Company will furnish to any Holder upon written request and without charge a copy of the Indenture [or the Registration Rights Agreement]3. Requests may be made to: 

Northern Oil and Gas, Inc. 
 601
Carlson Pkwy, Suite 990 
 Minnetonka, MN 55305 

Attention: Secretary 
  

	2	 Delete if this Note is not being issued in exchange for an Initial Note. 

	3 	 Delete if this Note is not being issued in exchange for an Initial Note. 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign and
transfer this Note to 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

 

							
	Date:	 	  
	  	Your signature:	  	  

		 		  		  	Sign exactly as your name appears on the other side of this Note.

 Signature Guarantee: 
  

 
 (Signature must be guaranteed) 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended. 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.25 or Section 4.37(b) of the Indenture, check the box below:

 ☐
Section 4.25                        ☐ Section 4.37(b) 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.25 or Section 4.37(b) of the
Indenture, state the amount (in minimum denomination of $1.00 or integral multiples of $1.00 in excess thereof) you elect to have purchased: $ 
  

			
	Dated:	 	
		 	  

		 	(Sign exactly as your name appears on the other side of this Note)
		
	Soc. Sec. or Tax Identification No.:	 	  

		
	Signature Guarantee:	 	  

		 	(signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTURE 

 [TO BE ATTACHED TO GLOBAL NOTE] 

SCHEDULE A 
 SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL NOTE 
 The following increases or decreases in this Global Note have been made: 

 

									
	 Date
	    	 Amount of

decrease in

Principal Amount
 of this
Global
 Note
	    	 Amount of

increase in
 Principal Amount

of this Global
 Note
	    	 Principal

Amount of this
 Global

Note following
 such decrease

or increase
	    	 Signatory of

authorized
 officer of

Trustee or Notes

Custodian

  
 ANNEX B TO THE FIRST
SUPPLEMENTAL INDENTUREEX-10.1

 Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement, dated as of September 17, 2018 (this “Agreement”), is made and entered into by and
among Pivotal Williston Basin, LP, a Delaware limited partnership, Pivotal Williston Basin II, LP, a Delaware limited partnership (together with Pivotal Williston Basin, LP, “Investors”), and Northern Oil and Gas, Inc., a Delaware
corporation (the “Company”). 
 RECITALS 

A.    The Company is party to a Purchase and Sale Agreement dated as of July 17, 2018 with each Investor
(collectively, the “Purchase Agreements”), pursuant to which the Investors may acquire up to 41,799,999 shares of Common Stock (as defined below) of the Company; and 

B.    In connection with the consummation of the transactions contemplated by the Purchase Agreements, and pursuant to the
terms of the respective Purchase Agreement, the parties hereto desire to enter into this Agreement in order to grant certain registration rights to each Investor as hereinafter set forth. 

NOW, THEREFORE, in consideration of the premises and of the mutual promises, representations, warranties, covenants, conditions and agreements
contained herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound by the terms hereof, agree as follows: 

1.    Defined Terms. As used in this Agreement (i) the following terms shall have the meaning ascribed
to them below, and (ii) other capitalized terms not defined herein have the meaning ascribed to them in the Purchase Agreements. 

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

“Business Day” means any day except Saturday, Sunday and any day that is a federal legal holiday in the United States. 

“Common Stock” means the Company’s common stock, $0.001 par value per share. 

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

“Exchange Act” means the Securities Exchange Act of 1934, as amended, together with the rules and regulations of the SEC
promulgated thereunder. 
 “Filing Deadline” means the first Business Day following either (a) if the Company
reasonably determines that financial statements meeting the requirements of Rule 3-05 of Regulation S-X are required to be filed by the Company pursuant to Item 9.01 of
Form 8-K, the 30th day after such financial statements are filed with the SEC, or (b) if the Company reasonably determines that such financial
statements are not required, the 30th day following Closing. 

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

 “Long-Form Registration Statement” has the meaning set forth in
Section 2(a). 
 “Prospectus” means the prospectus that forms a part of the Registration Statement and is used in
connection therewith. 
 “Purchase Agreements” has the meaning set forth in the recitals. 

“Registrable Securities” means any (a) shares of Common Stock of the Company issued or issuable under the Purchase
Agreements and beneficially owned by an Investor, and (b) any shares of Common Stock issued or issuable with respect to any shares described in clause (a) above by way of a stock dividend or stock split or in exchange for or upon
conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation, or other reorganization or similar event with respect to the Common Stock (it being understood that, for
purposes of this Agreement, a person shall be deemed to be a holder of Registrable Securities whenever such person has the right to then acquire or obtain from the Company any Registrable Securities, whether or not such acquisition has actually been
effected). As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) such securities are sold under circumstances in which all of the applicable conditions of Rule 144 under the Securities
Act are met, (ii) such securities become eligible for sale pursuant to Rule 144 without volume or manner-of-sale restrictions and without the requirement for the
Company to be in compliance with the current public information requirement under Rule 144(c)(1), (iii) such securities are transferred to a person or entity other than an Affiliate of the Investor and the Investor does not expressly assign its
rights under this Agreement with respect to such securities to the transferee, or (iv) such securities have ceased to be outstanding. 

“Registration Statement” means any Short-Form Registration Statement and Long-Form Registration Statement and shall include
any final Prospectus, exhibit, supplement or amendment included in or relating to, and any document incorporated by reference in, the Registration Statement (or deemed to be a part thereof). 

“Rule 144” means Rule 144 adopted by the SEC under the Securities Act or any successor rule. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, together with the rules and regulations of the SEC promulgated
thereunder. 
 “Selling Stockholder” means an Investor, its respective executive officers and directors and each person, if
any, who controls the Investor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act. 

“Short-Form Registration Statement” has the meaning set forth in Section 2(a). 

“Suspension” has the meaning set forth in Section 3(b). 

“Suspension Notice” has the meaning set forth in Section 3(b). 

  
 2 

 2.    Registration Procedures and Expenses. 

(a)    The Company will prepare and file with the SEC, as promptly as reasonably practicable following the
Closing, but in no event later than the Filing Deadline, a registration statement on Form S-3 (or any successor to Form S-3) covering the resale of the Registrable
Securities, including as permitted by Rule 415 under the Securities Act (or any successor rule) (the “Short-Form Registration Statement”), and as soon as reasonably practicable thereafter but in no event later than 60 days following
the filing of the Short-Form Registration Statement (90 days in the event of a full review of the Short-Form Registration Statement by the SEC), to effect such registration and any related qualification or compliance with respect to all Registrable
Securities held by the Investors. In the event that Form S-3 (or any successor form) is or becomes unavailable to register the resale of the Registrable Securities at any time prior to the expiration of all
Investors’ registration rights pursuant to this Agreement, the Company will prepare and file with the SEC, as promptly as reasonably practicable following the Closing but in no event later than the Filing Deadline, a registration statement on
Form S-1 (or any successor to Form S-1) covering the resale of the Registrable Securities, including as permitted by Rule 415 under the Securities Act (or any successor
rule) (the “Long-Form Registration Statement”), and as soon as reasonably practicable thereafter but in no event later than 60 days following the filing of the Long-Form Registration Statement (90 days in the event of a full review
of the Long-Form Registration Statement by the SEC), to effect such registration and any related qualification or compliance with respect to all Registrable Securities held by the Investors. 

(b)    The Company will use its best efforts to: 

(i)    prepare and file with the SEC such amendments and supplements to the Registration Statement and the
Prospectus as may be necessary or advisable to keep the Registration Statement continuously effective and current for the Registrable Securities held by the Investors for a period ending on the earlier of (i) the date on which all shares of
Common Stock initially required to be registered pursuant to this Agreement cease to be Registrable Securities or (ii) such time as all Registrable Securities have been sold pursuant to a registration statement or Rule 144. The Company will
notify each Investor promptly upon the Registration Statement and each post-effective amendment thereto being declared effective by the SEC and advise each Investor that the form of Prospectus contained in the Registration Statement or
post-effective amendment thereto, as the case may be, at the time of effectiveness meets the requirements of Section 10(a) of the Securities Act or that it intends to file a Prospectus pursuant to Rule 424(b) under the Securities Act that meets
the requirements of Section 10(a) of the Securities Act; 
 (ii)    furnish to each Investor and its
representatives and counsel in advance of filing the Registration Statement or the Prospectus or any amendment or supplement thereto a copy of a reasonably complete draft of such Registration Statement or Prospectus or any amendment or supplement
thereto, and provide Investor the opportunity to object to any information pertaining to Investor that is contained therein and make necessary corrections reasonably requested by Investor with respect to such information prior to filing the
Registration Statement or the Prospectus or any amendment or supplement thereto; 

  
 3 

 (iii)    furnish to each Investor with respect to the
Registrable Securities registered under the Registration Statement such number of copies of the Registration Statement and the Prospectus (including supplemental prospectuses) filed with the SEC in conformance with the requirements of the Securities
Act and other such documents as the Investor may reasonably request, in order to facilitate the public sale or other disposition of all or any of the Registrable Securities by the Investor; 

(iv)    make any necessary blue sky filings; 

(v)    pay the expenses incurred by the Company and each Investor in complying with this Agreement,
including, without limitation, all registration and filing fees, FINRA fees, exchange listing fees, fees of transfer agents and registrars, printing expenses, fees and disbursements of counsel and independent reserve engineers for the Company, blue
sky fees and expenses and the expense of any special audits incident to or required by any such registration (but excluding attorneys’ fees of any Investor and any and all underwriting discounts and selling commissions applicable to the sale of
Registrable Securities by the Investors); 
 (vi)    advise the Investors, promptly after it shall
receive notice or obtain knowledge of the issuance of any stop order by the SEC delaying or suspending the effectiveness of the Registration Statement or of the initiation of any proceeding for that purpose; and it will promptly use its commercially
reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal at the earliest possible moment if such stop order should be issued; and 

(vii)    with a view to making available to each Investor the benefits of Rule 144 and any other rule or
regulation of the SEC that may at any time permit the Investor to sell Registrable Securities to the public without registration, the Company covenants and agrees to use its commercially reasonable best efforts to: (i) make and keep public
information available, as those terms are understood and defined in Rule 144, until the earlier of (A) such date as all of the Registrable Securities qualify to be resold immediately without restriction, and without regard for whether the
Company has filed and made available the information contemplated by Rule 144(c)(1), pursuant to Rule 144 or (B) such date as all of the Registrable Securities shall have been resold pursuant to Rule 144 (and may be further resold without
restriction); (ii) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and under the Exchange Act; and (iii) furnish to the Investor upon request, as long as the Investor owns
any Registrable Securities, (A) a written statement by the Company as to whether it has complied with the reporting requirements of the Securities Act and the Exchange Act, (B) a copy of the Company’s most recent annual report on Form
10-K or quarterly report on Form 10-Q, and (C) such other information as may be reasonably requested in order to avail the Investor of any rule or regulation of the
SEC that permits the selling of any such Registrable Securities without registration. 

  
 4 

 (c)    The Company understands that each Investor
disclaims being an underwriter but acknowledges that a determination by the SEC that an Investor is deemed an underwriter shall not relieve the Company of any obligations it has hereunder. 

3.    Transfer of Shares After Registration; Suspension. 

(a)    Except in the event that Section 3(b) applies, the Company shall: (i) if deemed necessary
or advisable by the Company, prepare and file from time to time with the SEC a post-effective amendment to the Registration Statement or a supplement to the related Prospectus or a supplement or amendment to any document incorporated therein by
reference or file any other required document so that such Registration Statement will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not
misleading, and so that, as thereafter delivered to each Investor, such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading; (ii) provide the Investors copies of any documents filed pursuant to clause (i) above; and (iii) upon request, inform each Investor that the Company has complied
with its obligations in Section 2(b)(i) (or that, if the Company has filed a post-effective amendment to the Registration Statement which has not yet been declared effective, the Company will notify the Investor to that effect, will use its
commercially reasonable best efforts to secure the effectiveness of such post-effective amendment as promptly as possible and will promptly notify the Investor pursuant to Section 2(b)(i) when the amendment has become effective). 

(b)    In the event: (i) of any request by the SEC during the period of effectiveness of the
Registration Statement for amendments or supplements to the Registration Statement or related Prospectus or for additional information; (ii) of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement
or the initiation of any proceedings for that purpose; (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in
any jurisdiction or the initiation of any proceeding for such purpose; or (iv) of any event or circumstance which necessitates the making of any changes in the Registration Statement or Prospectus, or any document incorporated or deemed to be
incorporated therein by reference, so that, in the case of the Registration Statement, it will not contain any 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, and that in the case of the Prospectus, it will not contain any 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, in the light of
the circumstances under which they were made, not misleading; then the Company shall promptly deliver a certificate in writing to the Investors (the “Suspension Notice”) to the effect of the foregoing and, upon receipt of such
Suspension Notice, the Investors will refrain from selling any Registrable Securities pursuant to the Registration Statement (a “Suspension”) until the Investors are advised in writing by the Company that the current Prospectus may
be used, and have received copies from the Company of any additional or supplemental filings that are incorporated or deemed incorporated by 

  
 5 

 
reference in any such Prospectus. In the event of any Suspension, the Company will use its commercially reasonable best efforts to cause the use of the Prospectus so suspended to be resumed as
soon as practicable after delivery of a Suspension Notice to the Investors. In addition to and without limiting any other remedies (including, without limitation, at law or at equity) available to the Company and the Investors, the Company and the
Investors shall be entitled to specific performance in the event that the other party fails to comply with the provisions of this Section 3(b). 

(c)    If a Suspension is not then in effect, each Investor may sell Registrable Securities under the
Registration Statement, provided that it complies with any applicable prospectus delivery requirements. Upon receipt of a request therefor, the Company will provide an adequate number of current Prospectuses to each Investor and to any other parties
reasonably requiring such Prospectuses. 
 4.    Indemnification. 

(a)    The Company agrees to indemnify and hold harmless each Selling Stockholder from and against any
losses, claims, damages or liabilities to which such Selling Stockholder may become subject (under the Securities Act or otherwise) insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of,
or are based upon (i) any untrue statement of a material fact in the Registration Statement or omission to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, (ii) any inaccuracy in the representations and warranties of the Company contained in this Agreement or the failure of the Company to perform its obligations hereunder or (iii) any failure by the
Company to fulfill any undertaking included in the Registration Statement, and the Company will reimburse such Selling Stockholder for any reasonable legal expense or other actual accountable out-of-pocket expenses reasonably incurred in investigating, defending or preparing to defend any such action, proceeding or claim; provided, however, that the Company shall not be liable in any such case to
the extent that such loss, claim, damage or liability arises out of, or is based upon, an untrue statement in the Registration Statement or omission to state a material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Selling Stockholder specifically for use in preparation of the
Registration Statement or the failure of such Selling Stockholder to comply with its covenants and agreements contained herein or any statement or omission in any Prospectus that is corrected in any subsequent Prospectus that was delivered to the
Selling Stockholder prior to the pertinent sale or sales by the Selling Stockholder. The indemnity provided in this Section 4(a) shall remain in full force and effect regardless of any investigation made by or on behalf of a Selling Stockholder
and shall survive any transfer of Registrable Securities by such Selling Stockholder. 
 (b)    Each
Investor severally (as to itself), and not jointly, agrees to indemnify and hold harmless the Company (and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act, each officer of the Company who

  
 6 

 
signs the Registration Statement and each director of the Company) from and against any losses, claims, damages or liabilities to which the Company (or any such officer, director or controlling
person) may become subject (under the Securities Act or otherwise), to the extent that such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of, or are based upon, (i) any failure by that Investor
to comply with the covenants and agreements contained herein or (ii) any untrue statement of a material fact contained in the Registration Statement if, and only if, such untrue statement was made in reliance upon and in conformity with written
information furnished by or on behalf of that Investor specifically for use in preparation of the Registration Statement, and that Investor will reimburse the Company (or such officer, director or controlling person, as the case may be), for any
reasonable legal expense or other reasonable actual accountable out-of-pocket expenses reasonably incurred in investigating, defending or preparing to defend any such
action, proceeding or claim. The obligation to indemnify and reimburse expenses shall be limited to the net amount of the proceeds received by the Investor from the sale of the Registrable Securities pursuant to the Registration Statement. 

(c)    Promptly after receipt by any indemnified person of a notice of a claim or the beginning of any
action in respect of which indemnity is to be sought against an indemnifying person pursuant to this Section 4, such indemnified person shall notify the indemnifying person in writing of such claim or of the commencement of such action, but the
omission to so notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party under this Section 4 (except to the extent that such omission materially and adversely affects the indemnifying
party’s ability to defend such action) or from any liability otherwise than under this Section 4. Subject to the provisions hereinafter stated, in case any such action shall be brought against an indemnified person, the indemnifying person
shall be entitled to participate therein, and, to the extent that it shall elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, shall be entitled to assume the defense
thereof, with counsel reasonably satisfactory to such indemnified person. After notice from the indemnifying person to such indemnified person of its election to assume the defense thereof (unless it has failed to assume the defense thereof and
appoint counsel reasonably satisfactory to the indemnified party), such indemnifying person shall not be liable to such indemnified person for any legal expenses subsequently incurred by such indemnified person in connection with the defense
thereof; provided, however, that if there exists or shall exist a conflict of interest that would make it inappropriate, in the reasonable opinion of counsel to the indemnified person, for the same counsel to represent both the indemnified person
and such indemnifying person or any Affiliate or associate thereof, the indemnified person shall be entitled to retain its own counsel (who shall not be the same as the opining counsel) at the expense of such indemnifying person; provided, however,
that no indemnifying person shall be responsible for the fees and expenses of more than one separate counsel (together with appropriate local counsel) for all indemnified parties. In no event shall any indemnifying person be liable in respect of any
amounts paid in settlement of any action unless the indemnifying person shall have approved the terms of such settlement; provided that such consent shall not be unreasonably withheld, conditioned or delayed. No indemnifying person shall, without
the prior written consent of the indemnified person, effect any settlement of any pending or threatened proceeding in respect of which 

  
 7 

 
any indemnified person is or could reasonably have been a party and indemnification could have been sought hereunder by such indemnified person, unless such settlement includes an unconditional
release of such indemnified person from all liability on claims that are the subject matter of such proceeding. 

(d)    If the indemnification provided for in this Section 4 is unavailable to or insufficient to hold
harmless an indemnified party under subsections 4(a) or 4(b) above in respect of any losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to therein, then each indemnifying party shall contribute to the
amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the
liable Investor on the other in connection with the statements or omissions or other matters which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The
relative fault shall be determined by reference to, among other things, in the case of an untrue statement, whether the untrue statement relates to information supplied by the Company on the one hand or the liable Investor on the other and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement. The Company and the Investors agree that it would not be just and equitable if contribution pursuant to this
subsection 4(d) were determined by pro rata allocation or by any other method of allocation which does not take into account the equitable considerations referred to above in this subsection 4(d). The amount paid or payable by an
indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect thereof) referred to above in this subsection 4(d) will be deemed to include any legal or other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection 4(d), no Investor will be required to contribute any amount in excess of the amount by which the net amount received
by that Investor from the sale of the Registrable Securities to which such loss relates exceeds the amount of any damages which that Investor has otherwise been required to pay to the Company by reason of such untrue statement. 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. The Investors’ obligations in this
subsection to contribute are several and not joint. 
 (e)    The parties to this Agreement hereby
acknowledge that they are sophisticated business persons who were represented by counsel during the negotiations regarding the provisions hereof including, without limitation, the provisions of this Section 4, and are fully informed regarding
said provisions. They further acknowledge that the provisions of this Section 4 fairly allocate the risks in light of the ability of the parties to investigate the Company and its business in order to assure that adequate disclosure is made in
the Registration Statement as required by the Securities Act and the Exchange Act. 

  
 8 

 (f)    The obligations of the Company and of the
Investors under this Section 4 shall survive completion of any offering of Registrable Securities pursuant to the Registration Statement. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of
each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a complete and unconditional release
from all liability in respect to such claim or litigation. 
 5.    Information Available. So long as the
Registration Statement is effective covering the resale of Registrable Securities owned by an Investor, the Company will furnish (or, to the extent such information is available electronically through the Company’s filings with the SEC, the
Company will make available via the SEC’s EDGAR system or any successor thereto) to each Investor: 

(a)    as soon as practicable after it is available, one copy of (i) its Annual Report to Stockholders
(which Annual Report shall contain financial statements audited in accordance with generally accepted accounting principles by a national firm of certified public accountants) and (ii) if not included in substance in the Annual Report to
Stockholders, its Annual Report on Form 10-K (the foregoing, in each case, excluding exhibits); 

(b)    upon the request of an Investor, all exhibits excluded by the parenthetical to subparagraph (a)(ii)
of this Section 5 as filed with the SEC and all other information that is made available to stockholders; and 

(c)    upon the reasonable request of an Investor, an adequate number of copies of the Prospectuses to
supply to any other party requiring such Prospectuses; and the Company, upon the reasonable request of an Investor, will meet with each Investor or its representatives at the Company’s headquarters during the Company’s normal business
hours to discuss all information relevant for disclosure in the Registration Statement covering the Registrable Securities and will otherwise reasonably cooperate with any Investor’s investigation for the purpose of reducing or eliminating the
Investor’s exposure to liability under the Securities Act, including the reasonable production of information at the Company’s headquarters; provided, that the Company shall not be required to disclose any confidential information to or
meet at its headquarters with an Investor until and unless that Investor shall have entered into a confidentiality agreement in form and substance reasonably satisfactory to the Company with the Company with respect thereto. 

6.    Regulation M.    The Company will not take any direct or indirect action
prohibited by Regulation M under the Exchange Act or that would cause Investor to be prohibited or limited under Regulation M or any similar rule from selling any shares of Common Stock pursuant to the Registration Statement. 

7.    Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities
pursuant to this Agreement may be assigned by an Investor to a party that acquires, other than pursuant to the Registration Statement or Rule 144, any of the Registrable Securities, or to any Affiliate of an Investor that acquires any Registrable
Securities. Any such permitted assignee will have all the rights of such Investor under this Agreement with respect to the Registrable Securities transferred. 

  
 9 

 8.    Required Questionnaire. Each Investor agrees to
furnish to the Company a completed questionnaire in the form attached to this Agreement as Exhibit A (a “Selling Holder Questionnaire”). The Company shall not be required to include the Registrable Securities of an Investor
in a Registration Statement and shall not be required to pay any liquidated or other damages hereunder to any such Investor who fails to furnish to the Company a fully completed Selling Holder Questionnaire at least three Business Days prior to the
filing of the Registration Statement. 
 9.    Termination. This Agreement shall terminate and be of no
further force or effect when there shall no longer be any Registrable Securities outstanding; provided, that the provisions of Subsection 2(b)(v) and Section 4 will survive any such termination. 

10.    Counterparts. This Agreement may be executed and delivered (including by facsimile or email
transmission) in counterparts, each of which shall be deemed an original instrument, but all such counterparts together shall constitute but one agreement. This Agreement may be signed by facsimile signature or other electronic delivery of an image
file reflecting execution hereof and, if so signed: (i) may be relied on by each party as if the document were a manually signed original and (ii) will be binding on each party for all purposes. 

11.    Notices. All notices which are required or may be given pursuant to this Agreement shall be
sufficient in all respects if given in writing and delivered personally, by overnight courier service, by electronic mail, or by registered or certified mail, postage prepaid, as follows: 

 

			
	If to Investor:	  	 c/o Tailwater Capital LLC
 Attention: William B.
DeArman
 2021 McKinney Ave., Suite 1250
 Dallas, TX 75201

Phone: (214) 269-1208
 E-mail: wdearman@tailwatercapital.com

		
	With a copy to (which shall not constitute Notice to Investor):	  	 Thompson & Knight LLP
 Attention: J.
Holt Foster, III
 1722 Routh Street, Suite 1500
 Dallas, Texas
75201
 Phone: (214) 969-1366

E-mail: holt.foster@tklaw.com

		
	If to the Company:	  	 Northern Oil and Gas, Inc.
 Attention: Erik J.
Romslo
601 Carlson Parkway, Suite 990
Minnetonka, MN 55305
 Phone: (952) 476-9800

E-mail: eromslo@northernoil.com

		
	With a copy to (which shall not constitute Notice to the Company):	  	 Faegre Baker Daniels LLP
 Attention: Morgan
Burns
 2200 Wells Fargo Center
 90 S. Seventh Street

Minneapolis, MN 55402
 Phone: (612)
766-7136
 E-mail: morgan.burns@faegrebd.com

  
 10 

 Each party may change its address for notice by notice to the other in the manner set forth above. All
notices shall be deemed to have been duly given at the time of receipt by the party to which such notice is addressed. 

12.    Remedies. Each holder of Registrable Securities, in addition to being entitled to exercise all rights
granted by law, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. The Company acknowledges that monetary damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Agreement and the Company hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

13.    Governing Law and Venue. THIS AGREEMENT AND THE LEGAL RELATIONS BETWEEN THE PARTIES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS OTHERWISE APPLICABLE TO SUCH DETERMINATIONS. 

14.    Waiver of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under
this Agreement is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this
Agreement or the transactions contemplated hereby. Each party to this Agreement certifies and acknowledges that (a) no representative of any other party has represented, expressly or otherwise, that such other party would not seek to enforce
the foregoing waiver in the event of a legal action, (b) such party has considered the implications of this waiver, (c) such party makes this waiver voluntarily, and (d) such party has been induced to enter into this Agreement by,
among other things, the mutual waivers and certifications in this Section 14. 
 15.    Captions. The
captions in this Agreement are for convenience only and shall not be considered a part of or affect the construction or interpretation of any provision of this Agreement. 

16.    Successor and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the
parties hereto and their respective successors and permitted assigns. The Company may assign this Agreement at any time in connection with a sale or acquisition of the Company, whether by merger, consolidation, sale of all or substantially all of
the Company’s assets, or similar transaction, without the consent of the Investors; provided, that the successor or acquiring Person agrees in writing to assume all of the Company’s rights and obligations under this Agreement. 

  
 11 

 17.    Entire Agreement. This Agreement, together with the
Purchase Agreement and the Exhibits and Schedules attached thereto and hereto, constitutes the entire agreement between the parties pertaining to the subject matter hereof, and supersede all prior agreements, understandings, negotiations and
discussions, whether oral or written, of the parties pertaining to the subject matter hereof. 

18.    Amendment, Modification and Waiver. The provisions of this Agreement may only be amended, modified,
supplemented or waived with the prior written consent of the Company and the holders of a majority of the Registrable Securities. No waiver by any party or parties shall operate or be construed as a waiver in respect of any failure, breach or
default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising,
any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. 
 19.    No Third-Party
Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable
right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement; provided, however, the parties hereto hereby acknowledge that the persons specifically identified in Section 4 are express third-party beneficiaries of the
obligations of the parties hereto set forth in Section 4. 
 20.    Severability. If any term or
other provisions of this Agreement is held invalid, illegal or incapable of being enforced under any rule of law, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated hereby is not affected in a materially adverse manner with respect to either party; provided, however, that if any such term or provision may be made enforceable by limitation thereof, then such term
or provision shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by applicable Law. 
 [SIGNATURES
BEGIN ON THE FOLLOWING PAGE] 

  
 12 

 IN WITNESS WHEREOF, this Registration Rights Agreement has been signed by each of the
parties hereto as of the date first above written. 
  

			
	COMPANY:
	
	NORTHERN OIL AND GAS, INC.
		
	By:	 	 /s/ Brandon Elliott

		 	Brandon Elliott, CEO
	
	INVESTORS:
	
	PIVOTAL WILLISTON BASIN, LP
		
	By:	 	 /s/ William B. DeArman

		 	William B. DeArman, Authorized Person
	
	PIVOTAL WILLISTON BASIN II, LP
		
	By:	 	 /s/ William B. DeArman

		 	William B. DeArman, Authorized Person

 Exhibit A 

to Registration Rights Agreement  

NORTHERN OIL AND GAS, INC. 

SELLING HOLDER QUESTIONNAIRE 

The purpose of this questionnaire is to obtain information to be used by Northern Oil and Gas, Inc. (the “Company”) to
complete a Registration Statement (the “Registration Statement”) covering the resale of certain shares of Company Common Stock currently outstanding and/or of certain shares of Company Common Stock to be issued upon exercise of
currently outstanding warrants to purchase Company Common Stock. 
 Please answer all questions fully. Do not leave questions blank
– if the answer to any question is “Not Applicable,” please indicate by marking “N/A.” If there is any question about which you have any doubt, please set forth the relevant facts in your answer. 

Please complete and sign this Questionnaire and fax or email it to: 
  

			
		  	 Northern Oil and Gas, Inc.

Attn: Erik Romslo – General Counsel

(f) 952-476-9801

eromslo@northernoil.com

 If you have any questions concerning this Questionnaire, please call Erik Romslo at 952-476-9800. You may wish to keep a copy of the Questionnaire for your records. 
 PLEASE
COMPLETE AND RETURN THIS QUESTIONNAIRE AS SOON AS POSSIBLE, BUT NO LATER THAN [DATE]. 
 Failure to return the questionnaire may result in the
exclusion of your name and shares from the registration statement. 
  

	1.	 Please set forth your name and address. 

Full legal name:
                                         
                                

Address:
                                         
                                         
                                         
                              

 

	2.	 Please state the total number of currently outstanding shares of Company Common Stock that you
beneficially own* and the form of ownership and the date that you acquired such stock. Include shares registered in your name individually or jointly with others and shares held in the name of a bank, broker, nominee, depository or in “street
name” for your account. (DO NOT list shares underlying options and warrants. See Question #3). 

  

                       
                          

	3.	 Please list any outstanding options and warrants to purchase Company Common Stock that you beneficially own*,
including (i) the number of shares of Company Common Stock to be issued upon the exercise of such option or warrant, (ii) the date such option or warrant is exercisable, (iii) the expiration date and (iv) the exercise price per
share of EACH such option and warrant. 

  

							
	 Number of Shares Covered

by Option or Warrant
	  	 Date Exercisable
	  	 Exercise Price
	  	 Expiration Date

		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	
		  		  		  	

  

	4.	 If you are a limited liability company or limited partnership, please name the managing member or general
partner and each person controlling such managing member or general partner. 

  

	
	 
	
	 
	
	 

  

	5.	 If you are an entity, please identify the natural person(s) who exercise sole or shared voting power* and/or
sole or shared investment power* with regard to the shares listed under Question #2 and Question #3. 

  

	
	 
	
	 
	
	 

  

	6.	 Please advise whether you are a registered broker-dealer or an affiliate* thereof. If you are an affiliate of a
registered broker-dealer, please explain the nature of the affiliation and disclose whether you acquired the shares in the ordinary course of business and whether at the time of the acquisition you had any plans or proposals, directly or with any
other person, to distribute the shares listed under Question #2 and Question #3. 

  

	
	 
	
	 
	
	 

  
  

	*	 See Appendix A for definitions 

	7.	 List below the nature of any position, office or other material relationship that you have, or have had within
the past three years, with the Company or any of its predecessors or affiliates*. 

  

	
	 
	
	 

  

	8.	 If you expressly wish to disclaim any beneficial ownership* of any shares listed under Question #2 for any
reason in the Registration Statement, indicate below the shares and circumstances for disclaiming such beneficial ownership*. 

  

	
	 
	
	 

  

	9.	 With respect to the shares that you wish to include in the Registration Statement, please list any party that
has or may have secured a lien, security interest or any other claim relating to such shares, and please give a full description of such claims. 

  

	
	 
	
	 

  

	10.	 Please review Appendix B “Plan of Distribution.” Please identify and describe any method of
distribution, other than described in Appendix B, that you plan on using to sell your shares of the Company’s Common Stock. By signing below, you agree to distribute your shares of the Company’s Common Stock as
described in Appendix B and this Item 10 and to notify the Company of any plan to distribute the Company’s Common Stock that is not described in Appendix B or herein under Item 10.

  

	
	 
	
	 

 The undersigned, a Selling Stockholder of the Company, hereby furnishes the foregoing information for use by
the Company in connection with the preparation of the Registration Statement. The undersigned will notify Erik Romslo, at the address specified above, in writing immediately of any changes in the foregoing answers that should be made as a result of
any developments occurring prior to the time that all the shares of Common Stock of the Company are sold pursuant to the Registration Statement referred to above. Otherwise, the Company is to understand that the above information continues to be, to
the best of the undersigned’s knowledge, information and belief, complete and correct. 
 Dated:
             , 20     
  

			
	  

	By:	 	  

	Name:	 	  

	Its:	 	  

  

	*	 See Appendix A for definitions 

 Appendix A 

to Selling Holder Questionnaire 

CERTAIN TERMS USED IN QUESTIONNAIRE 

AFFILIATE 
 An
“affiliate” of a company is a person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, such company. 

BENEFICIAL OWNERSHIP 
 A person
“beneficially owns” a security if such person, directly or indirectly, has or shares voting power or investment power of such security, whether through a contract, arrangement, understanding, relationship or otherwise. A person is
also the beneficial owner of a security if he has the right to acquire beneficial ownership at any time within 60 days through the exercise of any option, warrant or right, or the power to revoke a trust, discretionary account or similar
arrangement. 
 INVESTMENT POWER 

“Investment power” includes the power to dispose, or to direct the disposition of, a security. 

VOTING POWER 
 “Voting
power” includes the power to vote, or to direct the voting of, a security. 

 Appendix B 

to Selling Holder Questionnaire 

PLAN OF DISTRIBUTION 
 We
are registering for resale by the selling stockholders and certain transferees a total of                  shares of Common Stock, of which
                 shares are issued and outstanding and up to                  shares are
issuable upon exercise of warrants. We will not receive any of the proceeds from the sale by the selling stockholders of the shares of Common Stock, although we may receive up to
$                 upon the exercise of all of the warrants by the selling stockholders. We will bear all fees and expenses incident to our obligation to register the
shares of Common Stock. If the shares of Common Stock are sold through broker-dealers or agents, the selling stockholder will be responsible for any compensation to such broker-dealers or agents. 

The selling stockholders may pledge or grant a security interest in some or all of the shares of Common Stock owned by them and, if they
default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of Common Stock from time to time pursuant to this prospectus. 

The selling stockholders also may transfer and donate the shares of Common Stock in other circumstances in which case the transferees, donees,
pledgees or other successors-in-interest will be the selling beneficial owners for purposes of this prospectus. 

The selling stockholders may use any one or more of the following methods when selling the shares of Common Stock offered by this prospectus:

  

	 	•	 	 through one or more broker-dealers or agents (and may involve crosses, block transactions or hedging
transactions); 

  

	 	•	 	 ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

  

	 	•	 	 through hedging transactions with broker-dealers or agents, which may in turn engage in short sales of the Common
Stock in the course of hedging in positions they assume; 

  

	 	•	 	 on the OTC Bulletin Board Market, any national securities exchange or quotation service on which the shares of
our Common Stock may be listed or quoted at the time of sale; 

  

	 	•	 	 in the over-the counter market; 

 

	 	•	 	 in privately negotiated transactions; 

 

	 	•	 	 through the writing of options, whether such options are listed on an options exchange or otherwise;

  

	 	•	 	 settlement of short sales entered into after the effective date of the registration statement of which this
prospectus is a part; 

  

	 	•	 	 in a combination of such transactions; or 

 

	 	•	 	 any other method permitted pursuant to applicable law. 

 The selling stockholders may set the price or prices of their shares of Common Stock at:

  

	 	•	 	 fixed prices; 

  

	 	•	 	 carrying prices determined at the time of sale; 

 

	 	•	 	 market prices prevailing at the time of such sale; 

 

	 	•	 	 prices related to market prices; or 

 

	 	•	 	 negotiated prices. 

In connection with sales through one or more broker-dealers or agents, such broker-dealers or agents may receive compensation in the form of
discounts, concessions or commissions from the selling stockholders and may receive commissions from the purchasers of the shares of Common Stock for whom they act as broker-dealer or agent or to whom they sell as principal (which discounts,
concessions or commissions as to particular broker-dealers or agents may be in excess of those customary in the types of transaction involved). Any broker-dealer or agent participating in any such sale may be deemed to be an “underwriter”
within the meaning of the Securities Act and will be required to deliver a copy of this prospectus to any person who purchases any share of Common Stock from or through such broker-dealer or agent. [We have been advised that, as of the date hereof,
none of the selling stockholders have made any arrangements with any broker-dealer or agent for the sale of their shares of Common Stock.] 

The selling stockholder and any broker-dealer participating in the distribution of the shares of Common Stock may be deemed to be
“underwriters” within the meaning of the Securities Act, and any profits realized by the selling stockholders and any commissions paid, or any discounts or concessions allowed to any such broker-dealer may be deemed to be underwriting
commissions or discounts under the Securities Act. In addition, any shares of Common Stock covered by this prospectus that qualify for sale pursuant to Rule 144 may be sold under Rule 144 rather than pursuant to this prospectus. A selling
stockholder may also transfer, devise or gift the shares of Common Stock by other means not covered in this prospectus in which case the transferee, devisee or giftee will be the selling stockholder under this prospectus. 

If required at the time a particular offering of the shares of Common Stock is made, a prospectus supplement or, if appropriate, a
post-effective amendment to the shelf registration statements of which this prospectus is a part, will be distributed which will set forth the aggregate amount of shares of Common Stock being offered and the terms of the offering, including the name
or names of any broker-deals or agents, any discounts, commissions or concessions allowed or reallowed or paid to broker-dealers. 
 Under
the securities laws of some states, the shares of Common Stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the shares of Common Stock may not be sold unless such shares have been
registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. There can be no assurance that any selling stockholder will sell any or all of the shares of Common Stock registered
pursuant to the shelf registration statement, of which this prospectus forms a part. 
 The selling stockholders and any other person
participating in such distribution will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and
sales of any of the shares of Common Stock by the selling stockholders and any other participating person. 

 Regulation M may also restrict the ability of any person engaged in the distribution of the
shares of Common Stock to engage in market-making activities with respect to the shares of Common Stock. All of the foregoing may affect the marketability of the shares of Common Stock and the ability of any person or entity to engage in
market-making activities with respect to the shares of Common Stock. 
 We will bear all expenses of the registration of the shares of
Common Stock including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with the state securities of “blue sky” laws. The selling stockholders will pay all underwriting discounts and selling
commissions and expenses, brokerage fees and transfer taxes, as well as the fees and disbursements of counsel to and experts for the selling stockholders, if any. We will indemnify the selling stockholders against liabilities, including some
liabilities under the Securities Act, in accordance with the registration rights agreement or the selling stockholder will be entitled to contribution. We will be indemnified by the selling stockholders against civil liabilities, including
liabilities under the Securities Act that may arise from any written information furnished to us by the selling stockholders for use in this prospectus, in accordance with the registration rights agreement or will be entitled to contribution. Once
sold under this shelf registration statement, of which this prospectus forms a part, the shares of Common Stock will be freely tradable in the hands of persons other than our affiliates.

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