Document:

Registration Rights Agreement

 Exhibit 4.3 
 EXECUTION VERSION 
 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of August 31, 2012, is entered into among Par
Petroleum Corporation, a Delaware corporation (the “Company”), and each of the other parties executing a counterpart signature page hereof whether on or after the date hereof. 

W I T N E S S E T H 
 WHEREAS, on the date hereof, the Company and certain stockholders of the Company are party to that certain Stockholders Agreement (the “Stockholders Agreement”), with respect to certain
corporate governance and related matters; and 
 WHEREAS, the Company has agreed to provide certain stockholders of the Company
who execute this Agreement with the registration rights specified in this Agreement with respect to any shares of Common Stock (as defined below) held by a Holder (as defined below), on the terms and subject to the conditions set forth herein.

 NOW, THEREFORE, in consideration of the premises, and the mutual covenants and agreements set forth below, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
 ARTICLE 1 
 DEFINITIONS 

 

	Section 1.1	Definitions 

 Capitalized
terms used in this Agreement and not otherwise defined herein shall have the meanings set forth below: 
 “Adverse
Effect” has the meaning set forth in Section 2.1(e). 
 “Advice” has the meaning set forth
in Section 2.6. 
 “Affiliate” has the meaning set forth in the Stockholders Agreement. 

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

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

“Business Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to close. 
 “Certificate” has the meaning set forth in the Stockholders
Agreement. 
 “Common Stock” means the common stock of the Company, par value $.01 per share, as constituted on
the date hereof, any such stock into which such Common Stock shall have 

 
changed or any stock resulting from any reclassification of such Common Stock and any shares of any class of the Company’s common stock issued with respect to shares of Common Stock by way
of stock split, stock dividend or other recapitalization. 
 “Company” has the meaning set forth in the
Preamble and will include any successors pursuant to Section 2.12. 
 “Covered Persons” has the
meaning set forth in Section 2.8(a). 
 “Demand Registration” has the meaning set forth in
Section 2.1(a)(i). 
 “Demand Request” has the meaning set forth in Section 2.1(a)(i).

 “Demanding Stockholder” has the meaning set forth in Section 2.1(a)(i). 

“Disclosure Package” means, with respect to any offering of securities, (i) the preliminary prospectus and
(ii) each Issuer Free Writing Prospectus. 
 “Equity Security” means any class of capital stock, including
the Common Stock or any preferred stock of the Company, however described or whether voting or non-voting, and all securities convertible or exercisable into or exchangeable for or rights to purchase any such capital stock of the Company, if any,
including any Equity Security Equivalent and any and all other equity securities of the Company or securities convertible into or exchangeable for such security or issued as a distribution with respect to or in exchange for such securities.

 “Equity Security Equivalent” means any option, warrant, right, call or similar security or right exercisable
into, exchangeable for, or convertible into Equity Securities. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated by the SEC thereunder. 
 “Excluded
Registration” means a registration under the Securities Act of (i) securities on Form S-8 or any similar successor form or (ii) securities to effect the acquisition of, or combination with, another Person registered on Form S-4 or
any similar successor form. 
 “Governmental Authority” means any international, supranational or national
government, any state, provincial, local or other political subdivision thereof; any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government; any court, tribunal or
arbitrator; any self-regulatory organization; or any securities exchange or quotation system. 
 “Holder” means
(i) each Person executing a counterpart signature hereto and (ii) any other Person who shall have become a party to this Agreement in accordance with Section 2.9. 

“Inspectors” has the meaning set forth in Section 2.5(m). 

“Issuer Free Writing Prospectus” means any “issuer free writing prospectus” as defined in Rule 433 promulgated
under the Securities Act. 

  
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 “Long-Form Registration” shall mean any Demand Registration that will be
made on Form S-1 or any successor form or equivalent form under the Securities Act. 
 “Joinder Agreement” has
the meaning set forth in Section 2.9. 
 “Material Disclosure Event” means, as of any date of
determination, any event relating to the Company or any of its Subsidiaries that the Board reasonably determines in good faith, after consultation with outside counsel to the Company, (i) would require disclosure of material, non-public
information in any registration statement or related prospectus including Registrable Shares (including documents incorporated by reference therein) so that such registration statement would not be materially misleading or otherwise not in
compliance with applicable securities laws, (ii) would not otherwise be required to be publicly disclosed by the Company at that time in a periodic report to be filed with or furnished to the SEC under the Exchange Act but for the filing of
such registration statement or related prospectus and (iii) if publicly disclosed at the time of such event, could reasonably be expected to have a material adverse effect on the business, financial condition, prospects or results of operations
of the Company and its Subsidiaries or would materially adversely affect a pending or proposed material acquisition, merger, recapitalization, consolidation, reorganization, financing or similar transaction, or negotiations with respect thereto.

 “NASD” means the National Association of Securities Dealers. 

“Notice” has the meaning set forth in Section 4.8(a). 

“Party” means any party to this Agreement. 
 “Person” or “person” means any natural person, firm, limited liability company, general or limited partnership, association, corporation, company, joint venture, trust,
Governmental Authority or other entity. 
 “Piggyback Registration” has the meaning set forth in
Section 2.2(a). 
 “Public Offering” means the offer of Equity Securities on a broadly-distributed
basis, not limited to sophisticated investors (except for qualified institutional buyers pursuant to Rule 144 under the Securities Act), pursuant to a firm-commitment or best-efforts underwriting or purchase commitment. 

“Qualified Public Offering” means (i) a public offering of Common Stock under the United States securities laws or
(ii) any merger, consolidation, business combination, amalgamation, transfer of all or substantially all of the assets of the Company, or similar transaction to a third party as a result of which the shareholders of the Company receive, as the
consideration in such merger, consolidation, business combination, amalgamation, transfer or similar transaction, equity securities of a class that (A) has been registered as part of a public offering under the United States securities laws and
(B) is publicly traded on a national securities exchange or the London Stock Exchange or quoted on an automated interdealer quotation system in or outside the United States, which raises a minimum of $30 million of gross proceeds to the Company
and/or the shareholders of the Company. 

  
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 “Records” has the meaning set forth in Section 2.5(m).

 “register,” “registered” and “registration” refer to a registration
effected by preparing and filing a registration statement in compliance with the Securities Act, and the declaration or ordering of the effectiveness of such registration statement. 

“Registrable Shares” means (i) any and all shares of Common Stock owned by the Holders, whether owned on the date
hereof or acquired hereafter (including shares acquired in a rights offering or upon the exercise of preemptive rights), and (ii) any and all shares of Common Stock issued or issuable with respect to the Registrable Shares by way of stock
dividend or a stock split or in connection with any combination of shares, recapitalization, merger, consolidation or other reorganization; provided that Registrable Shares shall cease to be Registrable Shares as set forth in
Section 3.1. 
 “Requesting Holders” shall mean any Holder or Holders requesting to have its or
their Registrable Shares included in any Demand Registration or Shelf Registration. 
 “Required Filing Date”
has the meaning set forth in Section 2.1(a)(ii). 
 “Rule 144” means Rule 144 promulgated under the
Securities Act, as the same may be amended from time to time, and any successor or similar rule or regulation hereafter adopted by the SEC. 
 “SEC” means the Securities and Exchange Commission or any other federal agency at the time administering the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated by the SEC
thereunder. 
 “Shelf Registration” has the meaning set forth in Section 2.1(b). 

“Short-Form Registration” shall mean any Demand Registration that will be made on Form S-3 or any successor form or
equivalent form under the Securities Act. 
 “Stockholders Agreement” has the meaning set forth in the recitals
to this Agreement. 
 “Subsidiaries” means any other Person (a) in which the Company owns, directly or
indirectly, fifty percent (50%) or more of the securities or other ownership interests of such other Person, or (b) in which the Company owns, directly or indirectly, securities or other ownership interests having ordinary voting power to
elect a majority of the board of managers or directors, or other persons performing similar functions, of such other Person. 

“Suspension Notice” has the meaning set forth in Section 2.6. 

“Suspension Period” has the meaning set forth in Section 2.6. 

  
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	Section 1.2	Headings 

 Headings shall
be ignored in construing this Agreement. 
  

	Section 1.3	Singular, plural, gender 

References to one gender include all genders and references to the singular include the plural and vice versa. 

 

	Section 1.4	Recitals and Sections 

References to this Agreement shall include the Recitals to it and references to Sections are to Sections of this Agreement. 

 

	Section 1.5	Information 

 References
to books, records or other information mean books, records or other information in any form including paper, electronically stored data, magnetic media, film and microfilm. 

 

	Section 1.6	Interpretation 

 Whenever
the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” This Agreement shall be construed
as if it is drafted by all the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of authorship of any of the provisions of this Agreement if an ambiguity or question of intent or
interpretation arises. 
 ARTICLE 2 
 REGISTRATION RIGHTS 
  

	Section 2.1	Demand Registration 

  

	 	(a)	Request for Registration 

  

	 	(i)	 At any time after the earlier of the consummation of a Qualified Public Offering or sixty (60) days after the date of this Agreement, any Holder
or group of Holders that, together with its or their Affiliates, holds more than fifteen percent (15%) of the Registrable Shares (collectively, a “Demanding Stockholder”) shall have the right to require the Company to file a
registration statement on Form S-1 or S-3 or any similar form or successor to such forms under the Securities Act, or any other appropriate form under the Securities Act or the Exchange Act for a public offering of all or part of its Registrable
Shares (a “Demand Registration”), by delivering to the Company written notice stating that such right is being exercised, naming the Demanding Stockholder(s) whose Registrable Shares are to be included in such registration,
specifying the aggregate number of the Demanding Stockholder’s Registrable Shares to be included in such registration and, subject to Section 2.1(c) hereof, describing the intended method of distribution thereof to the extent then
known (a 

  
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“Demand Request”). Notwithstanding the foregoing, in the event of any Demand Request involving an underwritten offering that is made prior to the earlier of the consummation of a
Qualified Public Offering or two (2) years after the date of this Agreement, the term “Demanding Stockholder” shall have the meaning assigned to such term in the preceding sentence, except that the reference therein to “more than
fifteen percent (15%)” shall be deemed to be a reference to “fifty percent (50%) or more.” The Demanding Stockholders hereunder shall collectively have the right to require up to three (3) Long-Form Registrations and an
unlimited number of Short-Form Registrations. Notwithstanding the foregoing, in the event that a Holder together with its Affiliates holds 25% or more of the Common Stock held by such Holder as of the date hereof, then such Holder shall also have
the right to require one (1) Demand Registration as a Demanding Stockholder. The number of Demand Registrations in the form of a Shelf Registration (as defined below) shall be unlimited. 

 

	 	(ii)	Subject to Section 2.1(f), the Company shall file the registration statement in respect of a Demand Registration as soon as practicable and, in any event,
within ninety (90) days after receiving a Demand Request (the “Required Filing Date”) on any form for which the Company then qualifies, and which form shall be available for the sale of the Registrable Shares in accordance with
the intended methods of distribution thereof, and shall use commercially reasonable efforts to cause the same to be declared effective by the SEC as promptly as practicable after such filing; provided that: 

 

	 	(A)	other than a Shelf Registration, the Company shall not be obligated to effect a Demand Registration pursuant to this Section 2.1(a) within ninety (90)
days after the effective date of a previous Demand Registration; and 

  

	 	(B)	the Company shall not be obligated to effect a Demand Registration pursuant to this Section 2.1(a) unless the Demand Request is for a number of Registrable
Shares with an expected market value that is equal to at least (x) $15 million as of the date of such Demand Request or is for one hundred percent of the Demanding Stockholder’s Registrable Shares with respect to any Long-Form Registration
or (y) $5 million as of the date of such Demand Request with respect to any Short-Form Registration. 

  

	 	(b)	Shelf Registration. 

 With
respect to any Demand Registration, subject to the availability of a registration statement on Form S-3 (or any successor form), the Company shall, upon written request from a Demanding Stockholder, agree to effect a registration of the Common Stock
in a continuous offering pursuant to Rule 415 under the Securities Act (or any successor rule) (a “Shelf Registration”), and, thereafter, 

  
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shall use commercially reasonable efforts to cause such registration statement to be declared effective under the Securities Act as promptly as practicable after the filing thereof. 

 

	 	(c)	Selection of Underwriters 

 At
the request of a majority of the Demanding Stockholder(s) making a Demand Request, the offering of Registrable Shares pursuant to such Demand Registration, including pursuant to a Shelf Registration that is a Demand Registration, shall be in the
form of a “firm commitment” underwritten offering. The Demanding Stockholders making such Demand Request shall select (i) the investment banking firm or firms to manage the underwritten offering and (ii) counsel to the
Requesting Holders; provided that, in the case of clause (i), such selection shall be subject to the consent of the Company, which consent shall not be unreasonably withheld or delayed. No Holder may participate in any underwritten
registration pursuant to Section 2.1(a) unless such Holder (x) agrees to sell such Holder’s Registrable Shares on the basis provided in any underwriting agreement described above as agreed upon by the Company and accepts the
underwriters selected in accordance with the procedures described in this Section 2 and (y) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting agreements; provided that no such Holder shall be required to make any representations or warranties in connection with any such registration other than representations and warranties as to (i) such
Holder’s ownership of his, her or its Registrable Shares to be transferred free and clear of all liens, claims, and encumbrances created by such Holder, (ii) such Holder’s power and authority to effect such transfer, and
(iii) such matters pertaining to such Holder’s compliance with securities laws with respect to the Registrable Shares as may be reasonably requested; provided, further that any obligation of such Holder to indemnify any
Person pursuant to any such underwriting agreement shall be several, not joint and several, among such Holders selling Registrable Shares, and such liability shall be limited to the net amount received by such Holder from the sale of his, her or its
Registrable Shares pursuant to such registration (which amounts shall include the amount of cash or the fair market value of any assets, including Common Stock, received in exchange for the sale or exchange of such Registrable Shares or that are the
subject of a distribution), and the relative liability of each such Holder shall be in proportion to such net amounts; provided, further that this Section 2.1(c) shall not require any Holder of Registrable Shares to agree to any
lock up agreement, market standoff agreement or holdback agreement other than those permitted by Section 2.4 hereof. 
  

	 	(d)	Rights of Nonrequesting Holders 

Upon receipt of any Demand Request, the Company shall promptly (but in any event within ten (10) days) give written notice of such
proposed Demand Registration to all other Holders of Registrable Shares, who shall have the right, exercisable by written notice to the Company within fifteen (15) days of their 

  
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receipt of the Company’s notice, to elect to include in such Demand Registration such portion of their Registrable Shares as they may request, so long as such Registrable Shares are proposed
to be disposed of in accordance with the method or methods of disposition requested pursuant to this Section 2.1. All Holders requesting to have their Registrable Shares included in a Demand Registration in accordance with the preceding
sentence together with all Demanding Stockholders shall be deemed to be “Requesting Holders” for purposes herein. 
  

	 	(e)	Priority on Demand Registrations 

No securities to be sold for the account of any Person (including the Company), other than a Requesting Holder, shall be included in a
Demand Registration if the managing underwriters (or, in an offering that is not underwritten, a nationally recognized investment bank) shall advise the Company and the Requesting Holders in writing that the aggregate amount of such securities
requested to be included in any offering pursuant to such Demand Registration would have an adverse effect on the price, timing or distribution of any such offering, based on market conditions or otherwise (an “Adverse Effect”).
Furthermore, if the managing underwriters (or such investment bank) shall advise the Company and the Requesting Holders that, even after exclusion of all securities of other Persons pursuant to the immediately preceding sentence, the amount of
Registrable Shares proposed to be included in such Demand Registration by Requesting Holders is sufficiently large to cause an Adverse Effect, the Registrable Shares of the Requesting Holders to be included in such Demand Registration shall equal
the number of shares which the Requesting Holders are so advised can be sold in such offering without an Adverse Effect and such shares shall be allocated pro rata among the Requesting Holders on the basis of the number of Registrable Shares
requested to be included in such registration by each such Requesting Holder; provided, that if the number of Registrable Shares owned by the Demanding Stockholder to be included in the Demand Registration is less than 80% of the number
requested to be so included by such Demanding Stockholder, the Demanding Stockholder may withdraw such Demand Request by giving notice to the Company; if withdrawn, the Demand Request shall be deemed not to have been made for all purposes of this
Agreement and the Company shall pay all expenses of such withdrawn Demand Registration in accordance with Section 2.7 hereof. A Demand Registration shall not count as a Demand Registration until it has become effective, and any Demand
Registration shall not count as a Demand Registration unless the Demanding Stockholder is able to register and sell at least 80% of the Registrable Shares requested to be included by such Demanding Stockholder in such Demand Registration.

  

	 	(f)	Deferral of Filing 

 The Company
may defer the filing (but not the preparation) of a registration statement required by this Section 2.1 until after the Required Filing Date (i) for a period not to exceed one hundred eighty (180), if, at the time the Company
receives the Demand Request, there exists a Material Disclosure Event, or (ii) for 

  
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a period not to exceed one hundred eighty (180), if, at the time the Company receives the Demand Request, the Board determines in its reasonable judgment that such Demand Registration would
(A) materially interfere with a significant acquisition, corporate organization or other similar transaction involving the Company or (B) render the Company unable to comply with requirements under the Securities Act or Exchange Act. A
deferral of the filing of a registration statement pursuant to this Section 2.1(f) shall be lifted, and the requested registration statement shall be filed forthwith, if, in the case of a deferral pursuant to clause (i) of the
preceding sentence, the Material Disclosure Event is disclosed or terminated, or, in the case of a deferral pursuant to clause (ii)(A) of the preceding sentence, the acquisition, corporate organization or similar transaction is abandoned, or, in the
cause of a deferral pursuant to clause (ii)(B) of the preceding sentence, such Demand Registration would no longer render the Company unable to comply with the Requirements under the Securities Act or the Exchange Act. In order to defer the filing
of a registration statement pursuant to this Section 2.1(f), the Company shall promptly (but in any event within ten (10) days), upon determining to seek such deferral, deliver to each Requesting Holder a certificate signed by an
executive officer of the Company stating that the Company is deferring such filing pursuant to this Section 2.1(f), a general statement of the reason for such deferral and an approximation of the anticipated delay. Within
twenty (20) days after receiving such certificate, the Demanding Stockholder may withdraw such Demand Request by giving notice to the Company; if withdrawn, the Demand Request shall be deemed not to have been made for all purposes of this
Agreement and the Company shall pay all expenses of such withdrawn Demand Registration in accordance with Section 2.7 hereof. The Company may defer the filing of a particular registration statement pursuant to this
Section 2.1(f) only once in any consecutive twelve (12)-month period; provided that any deferral pursuant to this Section 2.1(f) shall be deemed to be a “Suspension Period” for purposes of
Section 2.6 and shall be subject to the limitations and obligations during Suspension Periods set forth in Section 2.6. Each Holder agrees to keep confidential the fact that the Company has exercised its rights under this
Section 2.1(f) and all facts and circumstances relating to such exercise until such information is made public by the Company. 
  

	 	(g)	Withdrawal and Cancellation 

 Any
Requesting Holder may withdraw its Registrable Shares from a Demand Registration at any time prior to effectiveness and any Demanding Stockholder shall have the right to cancel a proposed Demand Registration of Registrable Shares pursuant to this
Section 2.1(g). Upon such cancellation, the Company shall cease all efforts to secure registration and such Demand Registration shall not be counted as a Demand Registration under this Agreement for any purpose so long as the Demanding
Stockholder pay all expenses (including the expenses of the Company) of such cancelled Demand Registration. 

  
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	 	(h)	Inclusion of Other Securities 

In any registration requested pursuant to this Section 2.1, the Company shall not be permitted to register securities other
than Registrable Shares for sale for the account of any Person (including the Company), unless permitted to do so by the written consent of the Holders of a majority of the Registrable Shares to be sold in such registration. 

 

	Section 2.2	Piggyback Registrations 

  

	 	(a)	Right to Piggyback 

 Each time
the Company proposes to register any class of its common stock (other than pursuant to Section 2.1 or pursuant to an Excluded Registration) for sale to the public (whether for the account of the Company or the account of any security
holder of the Company) (a “Piggyback Registration”), the Company shall give prompt written notice to each Holder of Registrable Shares not less than fifteen (15) days prior to the anticipated filing date of the Company’s
registration statement. Such notice shall offer each such Holder the opportunity to include any or all of its Registrable Shares in such registration statement, subject to the limitations contained in Section 2.2(b) hereof. Each Holder
who desires to have its Registrable Shares included in such registration statement shall so advise the Company in writing (stating the number of shares desired to be registered) within fifteen (15) days after the receipt of such notice from the
Company. In the event the registration statement is not declared effective within ninety (90) days following the initial filing of such registration statement, unless a road show for an underwritten offering pursuant to such registration
statement is actually in progress at such time, the Company shall promptly provide a new written notice to all Holders of Registrable Shares giving them another opportunity to elect to include Registrable Shares in the pending registration
statement. Each Holder receiving such new written notice shall have the same rights afforded above. Subject to Section 2.2(b) below, the Company shall include in such registration statement all such Registrable Shares so requested to be
included therein; provided that the Company may at any time withdraw or cease proceeding with any such registration if it shall at the same time withdraw or cease proceeding with the registration of all other equity securities originally
proposed to be registered and shall provide each Requesting Holder with prompt written notice of such withdrawal or cessation; provided, further that any Holder shall have the right to withdraw such Holder’s request for inclusion of such
Holder’s Registrable Shares in any registration statement pursuant to this Section 2.2(a) by giving written notice to the Company of such withdrawal at least fifteen (15) days prior to such registration statement becoming
effective. 
  

	 	(b)	Priority on Piggyback Registrations 

  

	 	(i)	 If a Piggyback Registration is an underwritten offering and was initiated by the Company, and if the managing underwriters advise the Company that the
inclusion of Registrable Shares or other securities requested to be included in the registration statement would cause an Adverse Effect, then 

  
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the Company shall be required to include in such registration statement, to the extent of the amount of securities that the managing underwriters advise may be sold without causing such Adverse
Effect, (A) first, the securities the Company proposes to sell; (B) second, the Registrable Shares requested to be included in such registration by any Holder thereof together with any other securities requested to be
included by any other holders of piggyback registration rights in such registration, pro rata among such Holders and such other holder of piggyback registration rights on the basis of the number of Registrable Shares and such other securities
requested to be registered by each such Holder or each such other holder of piggyback registration rights; and (C) third, any other securities requested to be included in such registration. If, as a result of the provisions of this
Section 2.2(b)(i), any Holder shall not be entitled to include all Registrable Shares in a registration that such Holder has requested to be so included, such Holder may withdraw such Holder’s request to include Registrable Shares
in such registration statement. 

  

	 	(ii)	If a Piggyback Registration is an underwritten offering and was initiated by any of the other security holders of the Company (other than as set forth in
Section 2.1) (the “Secondary Offering Securityholders”), and if the managing underwriters advise the Company that the inclusion of Registrable Shares and securities held by the Secondary Offering Securityholders and any
other holders of piggyback registration rights requested to be included in the Registration Statement would cause an Adverse Effect, the Company shall include in such registration statement, to the extent of the amount of securities that the
managing underwriters advise may be sold without causing such Adverse Effect, (A) first, the other securities requested to be included by the Secondary Offering Securityholders, pro rata among such Secondary Offering
Securityholders on the basis of the number of such other securities requested to be registered by each such Secondary Offering Securityholder; (B) second, the Registrable Shares requested to be included in such registration by any Holder
thereof together with any other securities requested to be included by any other holders of piggyback registration rights in such registration, pro rata among such Holders and such other holders of piggyback registration rights on the basis
of the number of Registrable Shares and such other securities requested to be registered by each such Holder and each such other holder of piggyback registration rights; and (C) third, any other securities requested to be included in
such registration (including securities to be sold for the account of the Company). If, as a result of the provisions of this Section 2.2(b)(ii), any Holder shall not be entitled to include all Registrable Shares in a registration that
such Holder has requested to be so included, such Holder may withdraw such Holder’s request to include Registrable Shares in such registration statement. 

  
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	 	(iii)	Notwithstanding any of the foregoing, the provisions of Sections 2.2(b)(i) and (ii) shall not apply to a Piggyback Registration that is a Shelf
Registration. 

  

	 	(iv)	No Holder may participate in any registration statement in respect of a Piggyback Registration hereunder unless such Holder (x) agrees to sell such Holder’s
Registrable Shares on the basis provided in any underwriting agreement approved by the Company and (y) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents, each in customary
form, reasonably required under the terms of such underwriting agreements; provided that no such Holder shall be required to make any representations or warranties in connection with any such registration other than representations and
warranties as to (i) such Holder’s ownership of his, her or its Registrable Shares to be transferred free and clear of all liens, claims, and encumbrances created by such Holder, (ii) such Holder’s power and authority to effect
such transfer, and (iii) such matters pertaining to such Holder’s compliance with securities laws with respect to the Registrable Shares as may be reasonably requested; provided, further that any obligation of such Holder to
indemnify any Person pursuant to any such underwriting agreements shall be several, not joint and several, among such Holders selling Registrable Shares, and such liability shall be limited to the net amount received by such Holder from the sale of
his, her or its Registrable Shares pursuant to such registration (which amounts shall include the amount of cash or the fair market value of any assets, including shares of Common Stock, received in exchange for the sale or exchange of such
Registrable Shares or that are the subject of a distribution), and the relative liability of each such Holder shall be in proportion to such net amounts; provided, further that this Section 2.2(b)(iv) shall not require any Holder of
Registrable Shares to agree to any lock up agreement, market standoff agreement or holdback agreement other than those permitted by Section 2.4 hereof. 

 

	 	(c)	Selection of Underwriters and Counsel 

 Subject to Section 2.1(c), if any Piggyback Registration is an underwritten offering initiated by the Company or another security holder of the Company, the Company or such other
securityholder shall select an investment banking firm or firms to manage the offering. The Holders of a majority of the Registrable Shares included in any Piggyback Registration shall have the right to select one (1) counsel for the Requesting
Holders. 
  

	 	(d)	Effect on Demand Registrations 

No registration of the Registrable Shares effected under this Section 2.2 shall relieve the Company of its obligation to
effect a registration of Registrable Shares pursuant to Section 2.1. 

  
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	Section 2.3	SEC Registration Statements 

  

	 	(a)	The Company shall use commercially reasonable efforts to cause any Demand Registrations to be registered on Form S-3 (or any successor form), if applicable, once the
Company becomes eligible to use Form S-3. If the Company is not then eligible under the Securities Act to use Form S-3, such Demand Registrations shall be registered on the form for which the Company then qualifies. The Company shall use
commercially reasonable efforts to become and remain eligible to use Form S-3. 

  

	 	(b)	All such registration statements shall comply with applicable requirements of the Securities Act, and, together with each prospectus included, filed or otherwise
furnished by the Company in connection therewith, shall not contain any untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

  

	Section 2.4	Holdback Agreements 

  

	 	(a)	The Company agrees (i) not to effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable
for such securities, except pursuant to Excluded Registrations, during the seven (7) days prior to the effective date of any registration statement in connection with a Demand Registration or Piggyback Registration and thereafter until the date
on which all of the Registrable Shares subject to such registration statement have been sold (not to exceed ninety (90) days, as required by the underwriters managing the offering, subject to one extension of no more than seventeen
(17) days if required by the underwriters managing the offering in connection with NASD Rule 2711(f) or any similar or successor provision) and (ii) if requested by the managing underwriters, to use reasonable efforts to cause each
director and executive officer to agree not to effect any public sale or distribution (including sales pursuant to Section 144) of any such securities during such period (except as part of such underwritten registration, if otherwise
permitted); provided that the foregoing described holdback shall not apply to the extent that the managing underwriters of such offering otherwise agree or, in the event a registration statement does not relate to an underwritten offering
with respect to clause (i), if the holders of a majority of such Registrable Shares consent thereto. 

  

	 	(b)	 If any Holders of Registrable Shares notify the Company in writing that they intend to effect an underwritten sale of Common Stock registered pursuant
to a Shelf Registration, the Company agrees (i) not to effect any public sale or distribution of its equity securities, or any securities convertible into or exchangeable or exercisable for its equity securities, except pursuant to Excluded
Registrations, during the seven (7) days prior to and during the ninety (90)-day period beginning on the filing of the prospectus supplement with respect to such offering (not to exceed ninety (90) days, as required by the
underwriters managing the offering, subject to one extension of no more than seventeen (17) days if required by the underwriters managing the offering in connection with

  
 13 

	 	
NASD Rule 2711(f) or any similar or successor provision); and (ii) if requested by the managing underwriters, to use reasonable efforts to cause each director and executive officer to agree
not to effect any public sale or distribution (including sales pursuant to Section 144) of any such securities during such period (except as part of such underwritten registration, if otherwise permitted); provided that the foregoing described
holdback shall not apply to the extent that the managing underwriters of such offering otherwise agree. 

  

	 	(c)	Each Holder of Registrable Shares agrees, in the event of an underwritten offering by the Company (whether for the account of the Company or otherwise), not to effect
any public sale or distribution of any Registrable Shares, or any securities convertible into or exchangeable or exercisable for such Registrable Shares, including any sale pursuant to Rule 144 (except as part of such underwritten offering),
during the seven (7) days prior to and ending up to one hundred eighty (180) days in the case of an initial Public Offering and otherwise ninety (90) days after the date of the final prospectus; provided that each other Holder
of Registrable Shares is subject to substantially the same restrictions and each Holder of Registrable Shares shall be released from its obligations under this clause to the extent that any other Holder of Registrable Shares is released; and
provided further, that after a Qualified Public Offering, any Holder, upon notice to the Company that such Holder wishes to surrender such Holder’s rights under the Agreement, shall upon such notice and in accordance with
Section 3.1 no longer be subject to the obligations imposed by this Agreement, including without limitation this Section 2.4(c). 

  

	Section 2.5	Registration Procedures 

Whenever any Holder has requested that any Registrable Shares be registered pursuant to this Agreement, the Company shall use commercially
reasonable efforts to effect the registration and the sale of such Registrable Shares in accordance with the intended method of disposition thereof as promptly as is practicable, and pursuant thereto the Company shall as expeditiously as possible,
but subject to the other provisions of this Agreement: 
  

	 	(a)	prepare and file with the SEC by the Required Filing Date a registration statement on the appropriate form under the Securities Act with respect to such Registrable
Shares and use commercially reasonable efforts to cause such registration statement to become effective as soon as practicable after the initial filing thereof; provided that as far in advance as practicable before filing such registration
statement or any amendment or supplement thereto, the Company shall furnish to the selling Holders copies of reasonably complete drafts of all such documents prepared to be filed (including exhibits and documents that are to be incorporated by
reference into the registration statement, amendment or supplement), and any such Holder shall have the opportunity to provide comments to any information contained therein and the Company shall make any corrections or other amendments reasonably
requested by such Holder with respect to such information prior to filing any such registration statement, amendment or supplement; 

  
 14 

	 	(b)	except in the case of a Shelf Registration, prepare and file with the SEC such amendments, post-effective amendments, and supplements to such registration statement and
the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period of not less than one hundred and eighty (180) days (or such lesser period as is necessary for the underwriters in an
underwritten offering to sell unsold allotments) and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods
of disposition by the sellers thereof set forth in such registration statement; 

  

	 	(c)	in the case of a Shelf Registration, prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Shares subject thereto for a period ending on the earlier of
(i) twenty-four (24) months after the effective date of such registration statement and (ii) the date on which all the Registrable Shares subject thereto have been sold pursuant to such registration statement;

  

	 	(d)	furnish to each Holder selling Registrable Shares and the underwriters, if any, of the securities being registered such number of copies of such registration statement,
each amendment and supplement thereto, the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus), any documents incorporated by reference therein and such other documents as such Holder
or underwriters may reasonably request in order to facilitate the disposition of the Registrable Shares owned by such Holder or the sale of such securities by such underwriters (it being understood that, subject to this Section 2.5 and
the requirements of the Securities Act and applicable state securities laws, the Company consents to the use of the prospectus and any amendment or supplement thereto by each such Holder and the underwriters in connection with the offering and sale
of the Registrable Shares covered by the registration statement of which such prospectus, amendment or supplement is a part); 

  

	 	(e)	use commercially reasonable efforts to register or qualify such Registrable Shares under such other securities or “blue sky” laws of such jurisdictions
as any Holder thereof or the managing underwriters reasonably request; use commercially reasonable efforts to keep each such registration or qualification (or exemption therefrom) effective during the period in which such registration statement is
required to be kept effective; and do any and all other acts and things which may be reasonably necessary or advisable to enable each such Holder to consummate the disposition of the Registrable Shares owned by such Holder in such jurisdictions;
provided that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph (ii) subject itself to taxation in any such
jurisdiction where it is not at such time so subject or (iii) consent to general service of process in any such jurisdiction where it is not at such time so subject; 

  
 15 

	 	(f)	promptly notify each Holder of such Registrable Shares and each underwriter, if any, in writing (i) when a prospectus or any prospectus supplement or
post-effective amendment has been filed and, with respect to a registration statement or any post-effective amendment, when the same has become effective; (ii) of the issuance by any state securities or other regulatory authority of any order
suspending the qualification or exemption from qualification of any of the Registrable Shares under state securities or “blue sky” laws or the initiation or threat of initiation of any proceedings for that purpose; and (iii) if
such registration statement or related prospectus, at the time it or any amendment thereto became effective or at any time such prospectus is required to be delivered under the Securities Act, contained an untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading, upon the discovery by the Company of such material misstatement or omission or of the happening of any event as a result of
which the Company believes there would be such a material misstatement or omission; provided that, in the case of clause (iii), promptly after delivery of such notice, the Company shall, as the case may be, (x) prepare and file with the
SEC a post-effective amendment to such registration statement and use commercially reasonable efforts to cause such amendment to become effective so that such registration statement, as so amended, shall not contain any untrue statement of a
material fact or omit a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading or (y) prepare and furnish a supplement or amendment to such prospectus so that, as
thereafter deliverable to the purchasers of such Registrable Shares, such prospectus shall not contain any untrue statement of a material fact or omit a material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; 

  

	 	(g)	permit (i) any selling Holder that, in such Holder’s reasonable judgment, may be deemed to be an underwriter or a controlling person of the Company (in each
case, within the meaning of the Securities Act) and (ii) any selling Holder holding, or representing Holders of, a majority of the Registrable Shares included in such registration statement, to participate in the preparation of such
registration statement or related prospectus and reasonably incorporate any information about such Holder furnished to the Company by such Holder that, in the reasonable judgment of the Company, should be included; 

 

	 	(h)	 make reasonably available senior management of the Company, as selected by the Holders of a majority of the Registrable Shares included in such
registration, to assist in the marketing of the Registrable Shares covered by such registration, including the participation of such members of the Company’s senior management in road show presentations and other customary marketing activities,
including “one on one” meetings with prospective purchasers of the Registrable Shares to be sold in the underwritten offering and otherwise to facilitate, 

  
 16 

	 	
cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto, in each case to the same extent as if the Company were engaged in a
primary registered offering of its capital stock; provided that such assistance does not unduly interfere with the normal operations of the Company in the ordinary course of business, consistent with past practice; 

 

	 	(i)	otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the SEC, including the Securities Act and the Exchange Act, and
make generally available to the Company’s security holders an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, as soon as reasonably practicable, but no later than thirty
(30) days after the end of the twelve (12)-month period beginning with the first day of the Company’s first fiscal quarter commencing after the effective date of a registration statement, which earnings statement shall cover said twelve
(12)-month period; provided that such requirement shall be deemed satisfied if the Company timely files complete and accurate information on Forms 10-Q, 10-K and 8-K under the Exchange Act as required thereby and otherwise complies with Rule 158
under the Securities Act; 

  

	 	(j)	in the case of an underwritten offering, if requested by the managing underwriters or any selling Holder, promptly incorporate in a prospectus supplement or
post-effective amendment such information as the managing underwriters or such selling Holder reasonably requests to be included therein, including with respect to the Registrable Shares being sold by such selling Holder, the purchase price being
paid therefor by the underwriters and with respect to any other terms of the underwritten offering of the Registrable Shares to be sold in such offering, and promptly make all required filings of such prospectus supplement or post-effective
amendment; 

  

	 	(k)	cooperate with the selling Holders and the managing underwriters to facilitate the timely preparation and delivery of certificates representing securities sold under
any registration statement, which certificates shall not bear any restrictive legends unless required under applicable law, and enable such securities to be in such denominations and registered in such names as the managing underwriters or such
selling Holders may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such registration statement a supply of such certificates; 

 

	 	(l)	 promptly make available for inspection by any selling Holder and any underwriter participating in any disposition pursuant to any registration
statement, and any attorney, accountant or other agent or representative retained by any such selling Holder or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and
properties of the Company (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors, employees and independent
accountants to supply all information reasonably requested by any such Inspector in connection with such registration 

  
 17 

	 	
statement; provided that, unless the disclosure of such Records is necessary to avoid or correct a misstatement or omission in the registration statement or the release of such Records is
ordered pursuant to a subpoena or other order from a court of competent jurisdiction, the Company shall not be required to provide any information under this subparagraph (l) if (i) the Company reasonably determines in good faith, after
consultation with outside counsel, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to such information or (ii) if either (A) the Company has requested and been granted from the SEC
confidential treatment of such information contained in any filing with the SEC or documents provided supplementally or otherwise or (B) the Company reasonably determines in good faith that such Records are confidential and so notifies the
Inspectors in writing, unless prior to furnishing any such information with respect to clause (ii) such selling Holder requesting such information agrees to enter into a confidentiality agreement in customary form and subject to customary
exceptions; and provided, further that each selling Holder agrees that it shall, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Company and allow the Company, at its
expense, to undertake appropriate action and to prevent disclosure of the Records deemed confidential; 

  

	 	(m)	furnish to each selling Holder and underwriter, if any, copies of (i) an opinion or opinions of counsel to the Company and updates thereof covering the matters
customarily covered in opinions requested in underwritten offerings and (ii) a comfort letter or comfort letters and updates thereof from the Company’s independent public accountants, each in customary form and covering such matters of the
type customarily covered by comfort letters by underwriters in connection with underwritten offerings; 

  

	 	(n)	cause the Registrable Shares included in any registration statement to be listed on each securities exchange or quotation system, if any, on which similar securities
issued by the Company are then listed or quoted; 

  

	 	(o)	provide a transfer agent and registrar for all Registrable Shares registered hereunder not later than the effective date of the registration statement related thereto;

  

	 	(p)	use commercially reasonable efforts to cause Registrable Shares covered by such registration statement to be registered with or approved by such other Governmental
Authorities as may be necessary to enable the sellers thereof to consummate the disposition of such Registrable Shares; 

  

	 	(q)	notify each selling Holder promptly of any written comments by the SEC or any request by the SEC for the amending or supplementing of such registration statement or
prospectus or for additional information; 

  

	 	(r)	 if applicable, enter into an underwriting agreement for such offering, such agreement to contain such representations and warranties by the Company and

  
 18 

	 	
such other terms and provisions as are customarily contained in underwriting agreements with respect to that offering, including indemnities and contribution to the effect and to the extent
provided in Section 2.8 and the provision of opinion of counsel and accountants’ letters to the effect and to the extent provided in Section 2.5(n) and enter into any other such customary agreements and take all such
other actions as the Holders of a majority of the Registrable Shares covered by the registration statement or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition of such Registrable Shares. The selling
Holders shall be parties to any such underwriting agreement, and the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such underwriters shall also be made to and for the benefit of
such selling Holders; 

  

	 	(s)	make every reasonable effort to prevent the entry of any order suspending the effectiveness of the registration statement and, in the event of the issuance of any such
stop order, or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any security included in such registration statement for sale in any jurisdiction, the Company shall use commercially
reasonable efforts promptly to obtain the withdrawal of such order; 

  

	 	(t)	provide a CUSIP number for all Registrable Shares not later than the effective date of the registration statement with respect thereto; 

 

	 	(u)	in connection with an underwritten offering make such representations and warranties to the selling Holders of such Registrable Shares and the underwriters with respect
to the Registrable Shares and the registration statement as are customarily made by issuers to underwriters in primary underwritten offerings and deliver such documents and certificates as may be reasonably requested by each seller of Registrable
Shares covered by the registration statement and by the underwriters to evidence compliance with such representations and warranties and with any customary conditions contained in the underwriting agreement or other agreement entered into by the
Company; and 

  

	 	(v)	advise each selling Holder, promptly after it shall receive notice or obtain knowledge thereof, of the issuance or threat of issuance of any stop order by the SEC
suspending the effectiveness of such registration statement or the initiation or threatening of any proceeding for such purpose and promptly use commercially reasonable 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. 

  

	Section 2.6	Suspension of Dispositions 

Each Holder agrees by acquisition of any Registrable Shares that, upon receipt of any notice (a “Suspension Notice”) from
the Company of the happening of any Material Disclosure Event, such Holder shall promptly discontinue such Holder’s disposition of Registrable Shares until such Holder’s receipt of the copies of the supplemented or amended prospectus, or
until it is advised in writing by the Company (the “Advice”) that the use of the prospectus may be 

  
 19 

 
resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the prospectus, and, if so directed by the Company, such Holder shall deliver to
the Company all copies, other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable Shares current at the time of receipt of such notice. In the event the Company shall give any Suspension
Notice, the time period regarding the effectiveness of registration statements set forth in Sections 2.5(b) and 2.5(c) hereof shall be extended by the number of days during the period from and including the date of the giving of
the Suspension Notice to and including the date when each seller of Registrable Shares covered by such registration statement shall have received the copies of the supplemented or amended prospectus or the Advice (such period, a “Suspension
Period”). The Company shall use commercially reasonable efforts and take such actions as are reasonably necessary to render the Advice as promptly as practicable and shall as promptly as practicable after the expiration of the Suspension
Period prepare a post-effective amendment or supplement to the registration statement or the prospectus or any document incorporated therein by reference, or file any required document so that, as thereafter delivered to purchasers of the
Registrable Shares included therein, the prospectus will not include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. Notwithstanding anything herein to the contrary, the Company shall not be entitled to more than two (2) Suspension Periods during any consecutive twelve (12)-month period, which Suspension Periods shall have durations of not
more than one hundred twenty (120) days in the aggregate; provided that a Suspension Period shall automatically expire upon the public disclosure of the information to which the Material Disclosure Event relates. 

 

	Section 2.7	Registration Expenses 

The Company shall pay all reasonable, out-of-pocket fees and expenses incident to any Demand Registration or Piggyback Registration,
including all expenses incident to the Company’s performance of or compliance with this Article 2, all registration and filing fees, all internal fees and expenses of the Company (including any allocation of salaries of employees of the
Company or any of its Subsidiaries or other general overhead expenses of the Company and its Subsidiaries or other expenses related to the preparation of financial statements or other data normally prepared by the Company and its Subsidiaries in the
ordinary course of business and expenses of its officers and employees performing legal or accounting duties), all fees and expenses associated with filings required to be made with any applicable Governmental Authority, as may be required by the
rules and regulations of such Governmental Authority, fees and expenses of compliance with securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue sky”
qualifications of the Registrable Shares), rating agency fees, printing expenses (including expenses of printing certificates for the Registrable Shares in a form eligible for deposit with Depository Trust Company and of printing prospectuses if the
printing of prospectuses is requested by a Holder of Registrable Shares), messenger, duplicating, distribution and delivery expenses, the expense of any annual audit or quarterly review, the expense of any liability insurance, the fees and expenses
incurred in connection with any listing or quotation of the Registrable Shares, fees and expenses of counsel for the Company and fees and expenses of its independent certified public accountants (including the expenses of any special audit or
“cold comfort” letters required by or incident to such performance), the fees and expenses of any special experts retained by the Company in 

  
 20 

 
connection with such registration and the reasonable fees and expenses of any one (1) counsel for all Holders participating in such registration shall be paid for by the Company, which
counsel shall be selected in accordance with Section 2.1(c) or Section 2.2(c), as applicable. Any underwriting discounts, commissions, fees or stock transfer taxes attributable to the sale of the Registrable Shares shall be
borne by the Holders pro rata on the basis of the number of shares so registered whether or not any registration statement becomes effective, and the fees and expenses of any counsel, accountants, or other persons retained or employed by any
Holder (other than as set forth in the preceding sentence) shall be borne by such Holder. 
  

	Section 2.8	Indemnification 

  

	 	(a)	The Company agrees to indemnify and hold harmless, to the fullest extent permitted by applicable law, each seller of Registrable Shares, its Affiliates and their
respective employees, advisors, agents, representatives, partners, members, officers, and directors, each other Person who participates as an underwriter, broker or dealer in any offering or sale of securities and each other Person who controls such
seller or any such participating Person (within the meaning of the Securities Act or the Exchange Act) and any agent or investment advisor thereof (collectively, the “Covered Persons”) against, and reimburse, (i) any and all
losses, claims, damages, liabilities and expenses, joint or several (including reasonable attorneys’ fees and disbursements, other than to the extent limited by Section 2.8(c) and (d)), based upon, arising out of, related to
or resulting from any untrue or alleged untrue statement of a material fact contained in any registration statement, any Disclosure Statement, any prospectus, preliminary prospectus or Issuer Free Writing Prospectus included therein or any amendment
or supplement thereto, or any document incorporated by reference therein, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) any and all losses,
claims, damages, liabilities and expenses whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation or investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim
whatsoever based upon, arising out of, related to or resulting from any such untrue statement or omission or alleged untrue statement or omission; and (iii) any and all costs and expenses (including reasonable fees and disbursements of counsel)
as may be reasonably incurred in investigating, preparing, or defending against any litigation, or investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon, arising out of, related
to or resulting from any such untrue statement or omission or alleged untrue statement or omission, or such violation of the Securities Act or the Exchange Act, to the extent that any such expense or cost is not paid under clauses (i) or
(ii) above; except (A) insofar as any such statements or omissions are caused by or contained in written information furnished to the Company by such seller or any Covered Person specifically for inclusion in such registration statement,
prospectus, preliminary prospectus, any Disclosure Package, Issuer Free Writing Prospectus, amendment or supplement thereto or (B) to the extent that any loss, claim, damage, liability or expense is incurred by a seller of Registrable Shares as
a result of selling such Registrable Shares during a Suspension Period. 

  
 21 

	 	(b)	In connection with any registration statement in which a seller of Registrable Shares is participating pursuant to this Article 2, each such seller shall
furnish to the Company such written information and affidavits regarding such seller, the Registrable Shares and the intended distribution thereof as the Company reasonably requests for use in connection with any such registration statement or
prospectus and as shall be reasonably required in connection with any registration, qualification or compliance required in connection with this Article 2 and, to the fullest extent permitted by applicable law, each such seller shall
indemnify the Company, and its officers and directors and each other Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) against any and all losses, claims, damages, liabilities and expenses, joint or
several (including reasonable attorneys’ fees and disbursements, other than to the extent limited by Section 2.8(c) and (d)), based upon, arising out of, related to or resulting from any untrue or alleged untrue statement of
a material fact contained in any registration statement, any prospectus, preliminary prospectus, Disclosure Package or Issuer Free Writing Prospectus included therein or any amendment or supplement thereto, or any document incorporated by reference
therein, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or alleged untrue statement or omission or
alleged omission is contained in any written information furnished by such seller or any Covered Person specifically stating that it has been provided for inclusion in such registration statement, prospectus, preliminary prospectus, Disclosure
Package or Issuer Free Writing Prospectus or amendment or supplement thereto, or document incorporated by reference therein; provided that the obligation to indemnify shall be several, not joint and several, among such sellers of Registrable
Shares, and the liability of each such seller of Registrable Shares shall be in proportion to, and shall be limited to, the net amount of proceeds received by such seller from the sale of Registrable Shares pursuant to such registration statement.

  

	 	(c)	 Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which
it seeks indemnification; provided that the failure to give such notice shall not limit the rights of such Person or relieve the indemnifying party from any liability that it may have under subsection (a) and (b) above unless and
only to the extent that failure to give such notice materially prejudices the indemnifying party; and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and any indemnifying parties
may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided that any person entitled to indemnification hereunder shall have
the right to employ separate counsel and to participate in the defense of such claim at the expense of such indemnified person, unless (x) the indemnifying party has agreed to pay such fees or expenses or (y) the indemnifying party shall
have failed to assume the 

  
 22 

	 	
defense of such claim and employ counsel reasonably satisfactory to such person. If such defense is not assumed by the indemnifying party when permitted hereunder, the indemnified party shall be
entitled to assume and control such defense and to settle and agree to pay in full such claim without the consent of the indemnifying party without prejudice to the ability of the indemnified party to enforce its claim for indemnification against
the indemnifying party hereunder. 

  

	 	(d)	Except as otherwise provided in the preceding paragraph, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party
without its consent, which consent shall not be unreasonably withheld or delayed. If such defense is assumed by the indemnifying party pursuant to the provisions hereof, such indemnifying party shall not settle or otherwise compromise the applicable
claim (i) unless (A) such settlement or compromise contains a full and unconditional release of the indemnified party and (B) such settlement or compromise does not include any statement as to or any admission of fault, culpability or
a failure to act by or on behalf of the indemnified party or (ii) if such settlement or compromise provides for injunctive or other non-monetary relief, in each case, unless the indemnified party otherwise consents in writing. An indemnifying
party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one (1) counsel for all parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party, a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim, in which event the indemnifying party shall be
obligated to pay the reasonable fees and disbursements of such additional counsel or counsels. 

  

	 	(e)	 Each party hereto agrees that, if for any reason the indemnification provisions contemplated by Section 2.8(a) or
Section 2.8(b) are unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities or expenses (or actions 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, liabilities or expenses (or actions in respect thereof) (i) in such proportion as is appropriate to reflect the relative
benefits received by the indemnifying party and the indemnified party from the offering of Registrable Shares (taking into account the portion of the proceeds of the offering realized by each such party, or (ii) if the allocation provided by
clause (i) is not permitted by applicable law, or provides a lesser sum to the indemnified party than the amount hereinafter calculated in this clause (ii), in such proportion as is appropriate not only to reflect the relative benefits referred
to in clause (i), but also the relative fault of the indemnifying party and the indemnified party, respectively, in connection with the actions or omissions that resulted in the losses, claims, damages, liabilities or expenses, as well as any other
relevant equitable considerations. The relative fault of such indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged
omission to state a material fact relates to information 

  
 23 

	 	
supplied by such indemnifying party or indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.8(e) were determined by pro rata allocation (even if the Holders or any underwriters or all of them were treated as
one (1) entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 2.8(e). The amount paid or payable by an indemnified party as a result of
the losses, claims, damages, liabilities or expenses (or actions in respect thereof) referred to above shall be deemed to include (subject to any limitation set forth thereon) any legal or other fees or expenses reasonably incurred by such
indemnified party in connection with investigating or, except as provided in Section 2.8(c) and (d), defending any such action, proceeding or claim. Notwithstanding the provisions of this Section 2.8(e), no Holder
shall be required to contribute an amount greater than the dollar amount by which the net proceeds received by such Holder with respect to the sale of any Registrable Shares exceeds the amount of damages that such Holder has otherwise been required
to pay by reason of any and all untrue or alleged untrue statements of material fact or omissions or alleged omissions of material fact made in any registration statement, prospectus or preliminary prospectus or any amendment supplement thereto, or
any document incorporated by reference therein, related to such sale of Registrable Shares. 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 Holders’ obligations in this Section 2.8(e) to contribute shall be several in proportion to the amount of Registrable Shares registered by them and not joint and
several. 

 If indemnification is available under this Section 2.8, the indemnifying parties shall
indemnify each indemnified party to the fullest extent provided in Section 2.8(a) and Section 2.8(b) without regard to the relative fault of said indemnifying party or indemnified party or any other equitable consideration
provided for in this Section 2.8(e) subject, in the case of the Holders, to the limits set forth in Section 2.8(b). 
  

	 	(f)	The indemnification and contribution provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the
indemnified party or any officer, director, or controlling Person of such indemnified party and shall survive the transfer of securities and the termination of this Agreement. 

 

	 	(g)	As used in this Section 2.8, the terms “officers” and “directors” shall include the direct or indirect partners, members
or managers of Holders of Registrable Shares that are partnerships or limited liability companies, as the case may be. 

  
 24 

	Section 2.9	Transfer of Registration Rights 

 Provided that the Company is given prompt written notice by the Holder of Registrable Shares of any transfer of Registrable Shares by such Holder of Registrable Shares stating the name and address of the
transferee of such Registrable Shares and identifying the securities with respect to which the rights under this Article 2 are being assigned, the rights of such Holder of Registrable Shares under this Article 2 may be transferred in
whole or in part at any time to any such transferee, so long as such transfer of securities is in accordance with all applicable state and federal securities laws and regulations, with the Certificate, with this Agreement and the provisions of any
other instruments executed by and among each of the parties hereto (including the Stockholders Agreement), and such transferee agrees in writing to be bound by the terms of this Agreement by executing and delivering a Joinder Agreement in the form
of Exhibit A hereto (the “Joinder Agreement”). The Company shall be responsible for the expenses of registration in accordance with Section 2.7 of any transferee or assignee pursuant to this
Section 2.9 to the same extent as the original transferor. 
  

	Section 2.10	Rule 144 

 The Company
shall timely file (taking into account all valid extensions) the reports required to be filed by it under the Securities Act and the Exchange Act (or, if the Company is not required to file such reports, shall, upon the request of the Holders, make
publicly available information substantially similar to the type of information that would be required if the Company was subject to rules under the Securities Act and the Exchange Act) and shall use commercially reasonable efforts to take such
further action as the Holders may reasonably request, in each case to the extent required from time to time to enable the Holders to sell Common Stock without registration under the Securities Act within the limitation of the exemptions provided by
Rule 144. Upon the reasonable request of any Holder, the Company shall deliver to such parties a written statement as to whether it has complied with such requirements, a copy of the most recent annual or quarterly report of the Company, and such
other reports and documents so filed by the Company as may be reasonably requested by any Holder in availing itself of any rule or regulation of the SEC permitting the selling of any the securities without registration and shall, at its expense,
forthwith upon the request of any such Holder, deliver to such Holder a certificate, signed by the Company’s principal financial officer, stating (a) the Company’s name, address and telephone number (including area code), (b) the
Company’s Internal Revenue Service identification number, (c) the Company’s SEC file number, (d) the number of shares of each class of capital stock outstanding as shown by the most recent report or statement published by the
Company, and (e) whether the Company has filed the reports required to be filed under the Exchange Act for a period of at least ninety (90) days prior to the date of such certificate and has filed the most recent annual report required to
be filed thereunder. 
  

	Section 2.11	Preservation of Rights 

From and after the date of this Agreement, the Company shall not (a) enter into any agreement with any Holder or prospective holder
of any securities of the Company providing for the granting to the holder of registration rights that are more favorable in any material respect than or are otherwise inconsistent with the rights granted hereunder and which does not expressly

  
 25 

 
provide that the Holders in this Agreement shall be treated pari passu or with priority with respect to such other holders have priority over such new holders of securities of the Company
in any subsequent registration statement or (b) with respect to its securities, enter into any agreement or arrangement, take any action, or permit any change to occur that violates or subordinates the rights expressly granted to the Holders in
this Agreement. 
  

	Section 2.12	Applicability of Rights to Holders in the Event of an Acquisition 

 In the event the Company merges into, consolidates with, sells substantially all of its assets to or otherwise becomes an Affiliate of a Person pursuant to a transaction or series of related transactions
in which members of the Holders receive equity securities of such Person (or of any Affiliate of such Person) in exchange for shares of Common Stock held by such Holders, all of the rights of the Holders set forth in this Agreement shall continue in
full force and effect and shall apply to the Person the equity securities of which are received by such Holders pursuant to such transaction or series of related transactions. The Company agrees that the Company shall not enter into any agreement
that has the effect set forth in the first clause of the preceding sentence unless such Person agrees to be bound by the foregoing provision. 
  

	Section 2.13	Deemed Underwriters 

 To
the extent that, in connection with a registration of any of the Registrable Shares under the Securities Act pursuant to Section 2.1 or 2.2, any selling Holder is deemed to be an underwriter of Registrable Shares pursuant to any
SEC comments or policies, the Company agrees that (1) the indemnification and contribution provisions contained in Section 2.8 shall be applicable to the benefit of such selling Holder in its role as deemed underwriter in addition
to its capacity as Holder and (2) such selling Holder shall be entitled to conduct the due diligence which it would normally conduct in connection with an offering of securities registered under the Securities Act, including receipt of
customary opinions and comfort letters. 
 ARTICLE 3 

TERMINATION 
  

	Section 3.1	Termination 

 A particular
Registrable Share shall cease to be a Registrable Share when: (a) a registration statement covering such Registrable Share has been declared effective under the Securities Act by the SEC and such Registrable Share has been disposed of pursuant
to such effective registration statement, (b) the sale to the public of such Registrable Share pursuant to Rule 144, or (c) such Registrable Share is proposed to be sold or distributed by a Person not entitled to the registration rights
granted by this Agreement. The registration rights of a Holder in all of such Holder’s Registrable Shares shall cease to apply to such Holder and all such Registrable Shares (x) during any period when the entire amount of the Registrable
Shares owned by a Holder may be sold in a single sale pursuant to Rule 144 or (y) at any time after one hundred eighty (180) days following a Qualified Public Offering effective upon such Holder’s election by written notice to the
Company to no longer be a Party to this Agreement; provided, that if such Holder is subject to a holdback obligation pursuant to Section 2.4 at the time of such election, this clause (y) shall be effective at the time such
obligation terminates. Upon the 

  
 26 

 
effectiveness of a Holder’s election under clause (y) of the preceding sentence, without limiting the effect of such election, such Holder shall not have any further obligations under
Section 2.4(c). In connection with clauses (x) and (y) of this Section 3.1, such Holder shall no longer be required for purposes of amending this Agreement and shall no longer be deemed a Holder of Registrable
Shares for purposes of receiving any required notices hereunder. For purposes of determining compliance with this Section 3.1, the Company shall, promptly upon the request of any Holder, furnish to such Holder evidence of the number of
Registrable Shares then outstanding. This Agreement may be terminated at any time by the written agreement of holders of at least 75% of all Registrable Shares then outstanding. 

ARTICLE 4 

MISCELLANEOUS 
  

	Section 4.1	Whole Agreement 

 This
Agreement, together with the Stockholders Agreement, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties hereto with respect to the subject matter hereof and thereof.

  

	Section 4.2	Successors and Assigns 

Except as otherwise provided herein, no party hereto may assign, directly or indirectly, by operation of law or otherwise, any of its
respective rights or delegate any of its responsibilities, liabilities or obligations under this Agreement, without the prior written consent of each other party hereto. 

 

	Section 4.3	Amendment and Waiver 

Except as otherwise provided herein and other than as a result of the execution and delivery of a Joinder Agreement, no amendment,
alteration or modification of this Agreement or waiver of any provision of this Agreement shall be effective against the Company or the Holders unless such amendment, alteration, modification or waiver is approved in writing by the Company and the
Holders of a majority of the Registrable Shares; provided, however, that no amendment, alteration, modification or waiver of the rights of any Holder who has a right to a Demand Registration may be made without such Holder’s prior written
consent if such amendment, alteration, modification or waiver would have an Adverse Effect on such Holder’s rights under this Agreement. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of
such provision and shall not affect the right of such party thereafter to enforce each provision of this Agreement in accordance with its terms. 
  

	Section 4.4	Severability 

 If any
provision of this Agreement, including any phrase, sentence, clause, Section or subsection, is inoperative or unenforceable for any reason, such circumstances shall not have the effect of rendering the provision in question inoperative or
unenforceable in any other case or circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative, or unenforceable to any extent whatsoever. If any provision of this Agreement shall be adjudged to be
excessively broad as to duration, geographical scope, activity or subject, the 

  
 27 

 
parties hereto intend that such provision shall be deemed modified to the minimum degree necessary to make such provision valid and enforceable under applicable law and that such modified
provision shall thereafter be enforced to the fullest extent possible. 
  

	Section 4.5	Remedies 

 The Parties
agree that money damages or other remedy at law would not be a sufficient or adequate remedy for any breach or violation of, or a default under, this Agreement by them and that, in addition to all other remedies available to them, each of them shall
be entitled to an injunction restraining such breach, violation or default or threatened breach, violation or default and to any other equitable relief including, without limitation, specific performance without bond or other security being
required. 
  

	Section 4.6	No Third Party Beneficiaries 

 Nothing in this Agreement, express or implied, is intended or shall be construed to give any person other than the Parties (including any permitted transferees that hereafter become Parties in accordance
with Section 2.9) to this Agreement, or any of their respective successors and permitted assigns any legal or equitable right, remedy or claim under or in respect of any agreement or provision contained herein. 

 

	Section 4.7	Counterparts 

 This
Agreement may be executed in several counterparts (including by facsimile, .pdf or other electronic transmission), each of which shall be deemed an original and all of which shall together constitute one and the same instrument. 

 

	Section 4.8	Notices 

  

	 	(a)	Any notice or other communication in connection with this Agreement (each, a “Notice”) shall be: 

 

	 	(i)	in writing in English; and 

  

	 	(ii)	delivered by hand, fax, registered post or by courier using an nationally recognized overnight delivery or courier company. 

 

	 	(b)	Notices to the Company shall be sent to at the following address, or such other person or address as the Company may notify to the stockholders from time to time:

 Par Petroleum Corporation 
 370 17th Street, Suite 4300 
 Denver, Colorado 80202 

Facsimile:  (303) 298-8251 
 Attention:  Chief Executive Officer 

  
 28 

 with copies to: 
 Davis, Graham & Stubbs LLP 
 1550 17th Street, Suite 500 

Denver, Colorado 80202 
 Facsimile: (303) 893-1379 
 Attention: John Elofson, Esq. 

E-mail: john.elofson@DGSlaw.com 
 Brown Rudnick LLP 
 601 13th Street, NW 

Washington, DC 20005 
 Facsimile: (202) 536-1701 
 Attention: Christopher J. Hagan, Esq. 

Email: chagan@brownrudnick.com 
  

	 	(c)	Notices to the Holders shall be sent to such Holders at the addresses set forth on Exhibit B hereto or as provided on any Joinder Signature Page, as applicable,
or such other addresses as the applicable Holder may notify the Company in writing from time to time in accordance with this Section 4.8. 

  

	 	(d)	A Notice shall be effective upon receipt and shall be deemed to have been received: 

 

	 	(i)	at the time of delivery, if delivered by hand, registered post or courier; and 

 

	 	(ii)	at the expiration of two (2) hours after completion of the transmission, if sent by electronic transmission; 

provided that if a Notice would become effective under the above provisions after 5.30 p.m. on any Business Day, then it shall be
deemed instead to become effective at 9.30 a.m. on the next Business Day. References in this Agreement to time are to local time at the location of the addressee as set out in the Notice. 

 

	 	(e)	Subject to the foregoing provisions of this Section 4.8, in proving service of a Notice, it shall be sufficient to prove that the envelope containing such
Notice was properly addressed and delivered by hand, registered post, overnight delivery service or courier to the relevant address pursuant to the above provisions or that the electronic transmission report (call back verification) states that the
communication was properly sent or an e-mail was timely and properly sent attaching a copy of the subject notice as a .pdf. 

  

	Section 4.9	Governing Law and Venue; Waiver of Jury Trial 

  

	 	(a)	 THIS AGREEMENT AND ALL DISPUTES BETWEEN THE PARTIES UNDER OR RELATING TO THIS AGREEMENT OR THE FACTS AND CIRCUMSTANCES LEADING TO ITS EXECUTION AND
DELIVERY, WHETHER IN CONTRACT, TORT OR OTHERWISE, WILL BE GOVERNED 

  
 29 

	 	
BY AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF THE LAW OF ANY
OTHER STATE. 

  

	 	(b)	ANY ACTION, SUIT OR PROCEEDING SEEKING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY SHALL ONLY BE BROUGHT IN ANY FEDERAL COURT LOCATED IN THE STATE OF DELAWARE OR ANY DELAWARE STATE COURT, AND EACH PARTY CONSENTS TO THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS (AND OF THE APPROPRIATE APPELLATE COURTS
THEREFROM) IN ANY SUCH ACTION, SUIT OR PROCEEDING AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH, ACTION, SUIT OR PROCEEDING IN ANY SUCH COURT OR
THAT ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM; PROVIDED, HOWEVER, THAT ANY ACTION, SUIT OR PROCEEDING, SEEKING TO ENFORCE A FINAL JUDGMENT RENDERED IN SUCH COURT MAY BE BROUGHT IN ANY
COURT OF COMPETENT JURISDICTION. PROCESS IN ANY SUCH ACTION, SUIT OR PROCEEDING MAY BE SERVED ON ANY PARTY ANYWHERE IN THE WORLD, WHETHER WITHIN OR WITHOUT THE JURISDICTION OF ANY SUCH COURT. WITHOUT LIMITING THE FOREGOING, SERVICE OF PROCESS ON
SUCH PARTY AS PROVIDED IN SECTION 4.8 SHALL BE DEEMED EFFECTIVE SERVICE OF PROCESS ON SUCH PARTY. 

  

	 	(c)	 EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE OUT OF OR RELATING TO THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY EXPRESSLY, IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION OR DISPUTE DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS CONTEMPLATED HEREBY. THE SCOPE OF THIS WAIVER IS INTENDED TO ENCOMPASS ANY AND ALL ACTIONS, SUITS AND PROCEEDINGS THAT RELATE
TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY REPRESENTS AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER 

  
 30 

	 	
PARTY WOULD NOT, IN THE EVENT OF ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (ii) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER,
(iii) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND REPRESENTATIONS IN THIS SECTION 4.9. IN THE EVENT OF LITIGATION THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

 (This space intentionally left blank)

  
 31 

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

			
	PAR PETROLEUM CORPORATION
		
	By:	 	 /s/ John T. Young Jr.

	Name:  John T. Young
	Title:    Chief Executive Officer

  
 [Signature
page to Registration Rights Agreement] 

			
	ZELL CREDIT OPPORTUNITIES MASTER FUND, L.P.
	
	By: Chai Trust Company, LLC, General Partner
	
	 /s/ Illegible

	 By:
	 	
	 Title:

  
 [Signature
page to Registration Rights Agreement] 

 
					
	WATERSTONE OFFSHORE ER FUND, LTD
	By:	 	Waterstone Capital Management, L.P.
		
	By:	 	/s/ Jeffrey Erb
	Name:	 	Jeffrey Erb
	Title:	 	General Counsel
	
	 PRIME CAPITAL MASTER SPC, GOT WAT
 MAC SEGREGATED PORTFOLIO

	By:	 	Waterstone Capital Management, L.P.
		
	By:	 	/s/ Jeffrey Erb
	Name:	 	Jeffrey Erb
	Title:	 	General Counsel
	
	WATERSTONE MARKET NEUTRAL MAC51, LTD
	By:	 	Waterstone Capital Management, L.P.
		
	By:	 	/s/ Jeffrey Erb
	Name:	 	Jeffrey Erb
	Title:	 	General Counsel
	
	WATERSTONE MARKET NEUTRAL MASTER FUND, LTD
	By:	 	Waterstone Capital Management, L.P.
		
	By:	 	/s/ Jeffrey Erb
	Name:	 	Jeffrey Erb
	Title:	 	General Counsel
	
	WATERSTONE MF FUND, LTD.
	By:	 	Waterstone Capital Management, L.P.
		
	By:	 	/s/ Jeffrey Erb
	Name:	 	Jeffrey Erb
	Title:	 	General Counsel
	
	NOMURA WATERSTONE MARKET NEUTRAL FUND
	By:	 	Waterstone Capital Management, L.P.
		
	By:	 	/s/ Jeffrey Erb
	Name:	 	Jeffrey Erb
	Title:	 	General Counsel
	
	DBX CONVERTIBLE ARBITRAGE 13 FUND
	By:	 	Waterstone Capital Management, L.P.
		
	By:	 	/s/ Jeffrey Erb
	Name:	 	Jeffrey Erb
	Title:	 	General Counsel

  
 [Signature
page to Registration Rights Agreement] 

			
	PANDORA SELECT PARTNERS, LP
		
	By:	 	Pandora Select Advisors, LLC
		 	its General Partner
		
	By:	 	Whitebox Advisors, LLC
		 	its Managing Partner
	
	 /s/ Mark Strefling

	By:	 	Mark Strefling
	Title:	 	CLO
	
	IAM MINI-FUND 14 LIMITED
		
	By:	 	Whitebox Advisors, LLC
		 	its Investment Advisor
	
	 /s/ Mark Strefling

	By:	 	Mark Strefling
	Title:	 	CLO
	
	 WHITEBOX MULTI-STRATEGY PARTNERS, LP

		
	By:	 	Whitebox Multi-Strategy Advisors, LLC
		 	its General Partner
		
	By:	 	Whitebox Advisors, LLC
		 	its Managing Member
	
	 /s/ Mark Strefling

	By:	 	Mark Strefling
	Title:	 	CLO

  
 [Signature
page to Registration Rights Agreement] 

 
			
	 WHITEBOX CREDIT ARBITRAGE PARTNERS, LP

		
	By:	 	Whitebox Credit Arbitrage Advisors, LLC
		 	its General Partner
		
	By:	 	Whitebox Advisors, LLC
		 	its Managing Member
	
	 /s/ Mark Strefling

	By:	 	Mark Strefling
	Title:	 	CLO
	
	 HFR RVA COMBINED MASTER TRUST

		
	By:	 	Whitebox Advisors, LLC
		 	its Investment Advisor
	
	 /s/ Mark Strefling

	By:	 	Mark Strefling
	Title:	 	CLO
	
	 WHITEBOX CONCENTRATED CONVERTIBLE ARBITRAGE PARTNERS, LP

		
	By:	 	Whitebox Advisors, LLC
		 	its Managing Member
	
	 /s/ Mark Strefling

	By:	 	Mark Strefling
	Title:	 	CLO

 [Signature page to Registration Rights Agreement] 

 
			
	 WHITEBOX ASYMMETRIC PARTNERS, LP

		
	By:	 	Whitebox Asymmetric Advisors, LLC
		 	its General Partner
		
	By:	 	Whitebox Advisors LLC
		 	its Managing Member
	
	 /s/ Mark Strefling

	By:	 	Mark Strefling
	Title:	 	CLO

 [Signature page to Registration Rights Agreement] 

 EXHIBIT A 
 JOINDER SIGNATURE PAGE 
 The undersigned hereby (i) joins as a
“Holder” in the Registration Rights Agreement, dated as of August 31, 2012 (as the same shall be amended from time to time), by and among the parties set forth on the signature page thereto and any other signatories added thereafter
(the “Registration Rights Agreement”), (ii) authorizes this signature page to be attached as a counterpart of such Registration Rights Agreement, and (iii) agrees to be bound by, and shall be entitled to the benefits of, such
Registration Rights Agreement. 
  

			
	Dated:	 	  

 

	
	  

	Name
	
	  

	  

	Address
	
	  

	Signature

 EXHIBIT B 

NOTICE ADDRESSES 

Waterstone Capital Management, L.P. 
 2 Carlson
Parkway, Suite 260 
 Plymouth, MN 55447 

Attn: Vincent Conley 
 Fax: (952) 697-4140

 Email: vconley@wscm.net 

Highbridge International, LLC 
 c/o Highbridge
Capital Management 
 40 West 57th Street, 32nd Floor 
 New York, NY 10019 
 Attn: Jonathan Segal 
 Email: jonathan.segal@highbridge.com 
 For all Whitebox Entities: 

c/o Whitebox Advisors, LLC 
 3033 Excelsior
Boulevard, Suite 300 
 Minneapolis, MN 55416 
 Attention: Jake Mercer 
 Telephone: (612) 253-6001 

Email: jmercer@whiteboxadvisors.com 
 with copies to: 
  

			
	 Brown Rudnick LLP
 Seven Times
Square
 New York, NY 10036
 Attn:
Robert J. Stark, Esq.
 Facsimile (212) 209-4801
 Email: rstark@brownrudnick.com
	  	 Brown Rudnick LLP
 185 Asylum
Street, 38th Floor
 Hartford, CT 06103

Attn: Howard L. Siegel, Esq.
 Facsimile (860)
509-6501
 Email: hsiegel@brownrudnick.com

 Zell Credit Opportunities Master Fund, L.P. 
 Two North Riverside Plaza 
 Suite 600 
 Chicago, Illinois 60606 
 Attn: Will Monteleone 

Facsimile (312) 454-0335 
 Email:
wmonteleone@egii.com 
 with copies to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 155 North Wacker Drive, Floor 32 

Chicago, IL 60606 
 Attn: Ron E. Meisler

 Facsimile: (312) 407-8641 

Email: Ron. Meisler@skadden.comWarrant Issuance Agreement

 Exhibit 4.4 
 EXECUTION VERSION 
  

 
 WARRANT ISSUANCE
AGREEMENT 
 Dated as of August 31, 2012 
 between 
 PAR PETROLEUM CORPORATION 

and 
 CERTAIN
PURCHASERS OF WARRANTS 
  
  

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	1	  
		
	 SECTION 1.1 Definitions
	  	 	1	  
	 SECTION 1.2 Interpretation.
	  	 	8	  
		
	 ARTICLE II. ISSUANCE OF WARRANT; CLOSING
	  	 	8	  
		
	 SECTION 2.1 Issuance of Warrant.
	  	 	8	  
	 SECTION 2.2 Closing.
	  	 	8	  
		
	 ARTICLE III. FORM; EXCHANGE FOR WARRANTS; TRANSFER; TAXES
	  	 	9	  
		
	 SECTION 3.1 Form of Warrant.
	  	 	9	  
	 SECTION 3.2 Exchange of Warrants for Warrants.
	  	 	10	  
	 SECTION 3.3 Transfer of Warrant.
	  	 	10	  
		
	 ARTICLE IV. EXERCISE OF WARRANT; EXCHANGE FOR WARRANT SHARES
	  	 	12	  
		
	 SECTION 4.1 Exercise of Warrants.
	  	 	12	  
	 SECTION 4.2 Cashless Exercise.
	  	 	12	  
	 SECTION 4.3 Issuance of Common Stock.
	  	 	12	  
	 SECTION 4.4 Adjustment of Exercise Price and Number of Warrant Shares.
	  	 	13	  
	 SECTION 4.5 Adjustment upon Issuance of Common Stock.
	  	 	13	  
	 SECTION 4.6 Subdivisions or Combinations of Common Stock.
	  	 	16	  
	 SECTION 4.7 Capital Reorganization or Capital Reclassifications.
	  	 	16	  
	 SECTION 4.8 Consolidations and Mergers.
	  	 	17	  
	 SECTION 4.9 Notice; Calculations; Etc.
	  	 	17	  
	 SECTION 4.10 Excluded Transactions.
	  	 	17	  
	 SECTION 4.11 Adjustment Rules.
	  	 	17	  
	 SECTION 4.12 Regulated Holders.
	  	 	18	  
	 SECTION 4.13 Unresolved Bankruptcy Claims Adjustment.
	  	 	18	  
		
	 ARTICLE V. WARRANT FORFEITURE
	  	 	19	  
		
	 SECTION 5.1 Failure to Fund Loans.
	  	 	19	  
	 SECTION 5.2 Issuance of Additional Warrants.
	  	 	19	  
		
	 ARTICLE VI. REPRESENTATIONS AND WARRANTIES
	  	 	19	  
		
	 SECTION 6.1 Representations and Warranties of Investors.
	  	 	19	  
	 SECTION 6.2 Representations and Warranties of the Corporation.
	  	 	20	  
		
	 ARTICLE VII. COVENANTS OF THE CORPORATION
	  	 	21	  
		
	 SECTION 7.1 Notices of Certain Actions.
	  	 	21	  
	 SECTION 7.2 Financial Statements and Reports.
	  	 	21	  
	 SECTION 7.3 Reserved.
	  	 	22	  
	 SECTION 7.4 Merger or Consolidation of the Corporation.
	  	 	22	  
	 SECTION 7.5 Reservation of Shares.
	  	 	22	  
	 SECTION 7.6 Current Public Information.
	  	 	22	  
	 SECTION 7.7 Public Disclosures.
	  	 	22	  

  
 -i-

					
	 ARTICLE VIII. MISCELLANEOUS
	  	 	23	  
		
	 SECTION 8.1 Notices.
	  	 	23	  
	 SECTION 8.2 No Voting Rights; Limitations of Liability.
	  	 	24	  
	 SECTION 8.3 Amendments and Waivers.
	  	 	24	  
	 SECTION 8.4 Severability.
	  	 	24	  
	 SECTION 8.5 Specific Performance.
	  	 	24	  
	 SECTION 8.6 Binding Effect.
	  	 	24	  
	 SECTION 8.7 Counterparts.
	  	 	24	  
	 SECTION 8.8 Governing Law.
	  	 	24	  
	 SECTION 8.9 Benefits of this Agreement.
	  	 	24	  
	 SECTION 8.10 Headings.
	  	 	24	  
	 SECTION 8.11 Reserved.
	  	 	25	  
	 SECTION 8.12 Certain Taxes.
	  	 	25	  
	 SECTION 8.13 Attorneys’ Fees.
	  	 	25	  
	 SECTION 8.14 Filings.
	  	 	25	  
	 SECTION 8.15 Other Transactions.
	  	 	25	  
	 SECTION 8.16 Forum Selection and Consent to Jurisdiction.
	  	 	25	  
	 SECTION 8.17 Waiver of Jury Trial.
	  	 	26	  

  
 -ii-

 WARRANT ISSUANCE AGREEMENT 

WARRANT ISSUANCE AGREEMENT (this “Agreement”) dated as of August 31, 2012, between PAR PETROLEUM
CORPORATION, a Delaware corporation (the “Corporation”) and the investors named on the signature page hereto (each an “Investor” and collectively, the
“Investors”). 
 Reference is made to the Credit Agreement (as the same may be amended from time
to time, the “Credit Agreement”) among the Corporation and certain lenders (the “Lenders”) and Jefferies Finance LLC, as agent for said lenders. In order to induce the Lenders to enter
into the Credit Agreement and to make certain loans and provide other financial accommodations to the Corporation thereunder, the Corporation has agreed, subject to the terms and conditions herein set forth, to sell, issue and deliver Warrants (as
hereinafter defined) to purchase Common Stock (as defined herein) of the Corporation to the Investors who are Lenders or Affiliates of Lenders under the Credit Agreement. This Agreement sets forth the terms and conditions applicable to such Warrant.

 NOW, THEREFORE, the parties to this Agreement hereby agree as follows: 

ARTICLE I. 

DEFINITIONS 

SECTION 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Affiliate” shall mean, with respect to any Person, any Person that directly or indirectly through one or more
intermediaries Controls, is Controlled by or is under common Control with such Person. An Affiliate of a Holder shall include any investment fund under common management or control by the managers of such Holder. 

“Affiliate Holder” shall have the meaning given to such term in Section 3.3(d) hereof. 

“Allocable Number” shall have the meaning given to such term in Section 4.2. 

“Applicable Law” shall mean all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates or
orders of any Governmental Authority applicable to the Person in question or any of its assets or property, and all judgments, injunctions, orders and decrees of all courts and arbitrators in proceedings or actions in which the Person in question is
a party or by which any of its assets or properties are bound. 
 “Assignment Form” shall mean the assignment
form attached as Annex C to a Warrant. 
 “Business Day” shall mean any day other than a Saturday, Sunday or a
day on which banks are authorized or required to be closed in New York, New York; provided, however, that any determination of a Business Day relating to a securities exchange shall mean a Business Day on which such exchange is open for trading.

  
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 “Cash Specified Transaction” means a merger or consolidation of the
Corporation that constitutes a Specified Transaction in which at least 25% of the consideration paid to the Corporation’s stockholders in such Specified Transaction consists of cash or cash equivalents. 

“Closing” shall have the meaning given to such term in Section 2.2. 

“Closing Date” shall have the meaning given to such term in Section 2.2. 

“Commission” shall mean the Securities and Exchange Commission (or a successor thereto). 

“Common Stock” shall mean the Common Stock, currently $0.01 par value, of the Corporation, and any similar equity
security of any successor entity to the Corporation. 
 “Control” shall mean, with respect to any Person, the
possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Corporation” shall have the meaning given to such term in the Preamble. 

“Convertible Securities” shall have the meaning given to such term in Section 4.5(b). 

“Credit Agreement” shall have the meaning given to such term in the Preamble. 

“Delivery Date” shall have the meaning given to such term in Section 4.3(a). 

“Equivalent Nonvoting Security” with respect to any security (a “first security”) issued
or to be issued by any Person, shall mean a security (an “equivalent security”) of such Person that is identical in rights and benefits to such first security, except that (a) the equivalent security shall not be
entitled to vote on any matter on which holders of voting securities of such Person are entitled to vote, other than as required by Applicable Law or with respect to any amendment or repeal of any provision of the Organizational Documents of such
Person or any other agreement or instrument pursuant to which the equivalent security was issued which provision specifically affects such equivalent security, (b) subject to such reasonable restrictions as any affected Regulated Holder may
request (including, without limitation, any restriction necessary to prevent the violation by such Regulated Holder of any provision of Applicable Law with respect to its Ownership of voting securities), the equivalent security shall be convertible
in a one-to-one ratio into the first security and (c) the terms of the equivalent security shall include such provisions requested by any affected Regulated Holder as are reasonable and equitable to ensure that (i) the equivalent security
is treated comparably to the first security with respect to dividends, distributions, stock splits, reclassifications, capital reorganizations, mergers, consolidations and other similar events and transactions, (ii) the conversion right
provided in clause (b) above is equitably protected and (iii) the acquisition of the equivalent security will not cause such Regulated Holder to violate Applicable Law. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Exchange Form” shall mean the exchange form attached as Annex B to a Warrant. 

  
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 “Excluded Securities” shall mean: 

(i) securities issued upon exercise of the Warrants; 

(ii) securities issued by the Corporation in a Qualified Public Offering; 

(iii) securities issued pursuant to the direct or indirect acquisition by the Corporation of any Person or assets, whether
by merger, purchase of stock, purchase of assets or otherwise; 
 (iv) securities issued to Persons in connection
with a joint venture, strategic alliance or other commercial relationship with such Person (including Persons that are customers, suppliers and strategic partners of the Corporation) relating to the operation of the Corporation’s business and
not for the primary purpose of raising equity capital; 
 (v) securities issued upon exercise of conversion or
exchange rights, options or subscription calls, warrants, commitments or claims, provided that the foregoing are outstanding on the date hereof; and 
 (vi) securities or options or rights to purchase securities issued to directors, officers, employees or consultants of the Corporation, or the issuance of securities upon the exercise of any such options
or rights; provided, however, that the aggregate amount of all such Common Stock or Common Stock which may be acquired upon the exercise of such options shall not exceed an aggregate of 10% of the Common Stock (on a Fully-Diluted
Basis). 
 Excluded Securities shall also include any securities issued upon the exercise of rights, warrants or options issued pursuant to
clauses (i) through (vi) above. 
 “Executive Officer” shall mean, with respect to the Corporation,
its Chairman or President. 
 “Exercise Form” shall mean the exercise form attached as Annex A to a Warrant.

 “Exercise Price” shall mean $.01 per share of Common Stock, subject to adjustment from time to time in the
manner provided in Section 4.5. 
 “Expiration Date” shall mean the earlier of
(i) August 31, 2022; (ii) a Cash Specified Transaction; and (iii) any Non-Cash Specified Transaction if approved by the Requisite Holders, immediately prior to the closing of such Non-Cash Specified Transaction. 

“Financial Officer” shall mean the Chief Financial Officer, Treasurer or Assistant Treasurer of the Corporation.

 “Fiscal Quarter” shall mean, with respect to the Corporation, any of the fiscal quarters ending
March 31, June 30, September 30 and December 31 of each Fiscal Year. 

  
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 “Fiscal Year” shall mean, with respect to the Corporation, the calendar
year ending on December 31. 
 “Fully Diluted Basis” means, as applied to the calculation of the number of
shares of Common Stock outstanding at any time, after giving effect to (a) all shares of Common Stock outstanding at the time of determination, (b) all shares of Common Stock issuable upon the exercise of any option, warrant (including the
Warrants) or similar right to purchase Common Stock outstanding at the time of determination and then exercisable at a per share price equal to or less than the price per share of Common Stock being determined and (c) all shares of Common Stock
issuable upon the conversion or exchange of any security convertible into or exchangeable for shares of Common Stock outstanding at the time of determination and then so convertible or exchangeable at a conversion or exchange price equal to or less
than the price per share of Common Stock being determined. Such calculation will not be made in accordance with the “treasury method.” 
 “GAAP” shall mean generally accepted accounting principles in the United States of America in effect from time to time. 

“Governmental Authority” shall mean any federal, state, municipal or other governmental department, commission, board,
bureau, agency or instrumentality, or any court, in each case whether of the United States of America or foreign. 

“Holder” shall have the meaning given to such term in Section 3.1(c). 

“Investors” shall have the meaning given to such term in the Preamble. 

“Lenders” shall have the meaning given to such term in the Preamble. 

“Market Price” shall mean, with respect to a share of Common Stock on any Business Day: 

(a) if the Common Stock is Publicly Traded at the time of determination, the average of the closing prices for the Common
Stock on all domestic securities exchanges on which such security may at the time be listed, or, if there have been no sales on any such exchange on such day, the average of the highest bid and lowest asked prices on all such exchanges at the end of
such day, or, if on any day such security is not so listed, the average of the representative bid and asked prices quoted on the NASDAQ System as of 4:00 P.M., New York time, on such day, or if on any day such security is not quoted in the NASDAQ
System, the average of the highest bid and lowest asked prices on such day in the domestic over-the-counter market as reported by the National Quotation Bureau, Incorporated, OTCQX or any similar successor organization, in each such case averaged
over a period of twenty-one (21) days consisting of the day as of which “Market Price” is being determined and the twenty (20) consecutive Business Days prior to such day; 

or 
 (b) if the Common Stock is not Publicly Traded at the time of determination, for the purposes of Section 4 only, the fair value of one share of Common Stock,

  
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determined in good faith by the Board of Directors of the Corporation exercising reasonable business judgment; provided, however, if the Common Stock is not Publicly Traded at the
time of determination for all other purposes, the Market Price shall be the Market Value Per Share. 
 “Market
Value” shall mean the highest price that would be paid for the entire common equity interest in the Corporation on a going-concern basis in a single arm’s-length transaction between a willing buyer and a willing seller (neither acting
under compulsion), using valuation techniques then prevailing in the securities industry and always determined in accordance with the Valuation Procedures, and assuming full disclosure and understanding of all relevant information and a reasonable
period of time for effectuating such sale. For the purposes of determining the Market Value, (i) the exercise price of options or warrants to acquire Common Stock which are deemed to have been exercised for the purpose of determining the number
of shares of Common Stock outstanding on a Fully Diluted Basis, shall be deemed to have been received by the Corporation, (ii) the liquidation preference or indebtedness, as the case may be, represented by securities which are deemed exercised
for or converted into Common Stock for the purpose of determining the number of shares of Common Stock outstanding on a Fully Diluted Basis shall be deemed to have been eliminated or canceled, (iii) any contract limitation in respect of the
shares of Common Stock, including their transfer, voting and other rights shall be disregarded; (iv) any illiquidity arising by contract law in respect of the shares of Common Stock and any voting rights or control rights amongst the
Stockholders, shall be disregarded; and (v) in the event of an Specified Transaction, the Market Value shall be based on the fair value of the consideration received by the holders of the Common Stock in such Transaction as determined based on
the Valuation Procedures. 
 “Market Value Per Share” shall mean the price per share of Common Stock obtained
by dividing (A) the Market Value by (B) the number of shares of Common Stock outstanding (on a Fully Diluted Basis) at the time of determination. 
 “NASDAQ” shall mean the NASDAQ National Market or the NASDAQ Smallcap Market. 
 “Non-Cash Specified Transaction” means any Specified Transaction other than a Cash Specified Transaction. 
 “Notes” means those certain loans or other obligations owing to the Lenders under the Credit Agreement. 
 “Obligations” shall have the meaning given such term in the Credit Agreement. 
 “Offer” shall have the meaning given to such term in Section 3.3(e) hereof. 
 “Offer Letter” shall have the meaning given to such term in Section 3.3(e) hereof. 
 “Offered Securities” shall have the meaning given to such term in Section 3.3(e) hereof. 
 “Offering Holders” shall have the meaning given to such term in Section 3.3(e) hereof. 

  
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 “Options” shall have the meaning given to such term in
Section 4.5(b)(i) hereof. 
 “Organizational Documents” shall mean, with respect to any Person,
each instrument or other document that (a) defines the existence of such Person, including its articles or certificate of incorporation, as filed or recorded with an applicable Governmental Authority or (b) governs the internal affairs of
such Person, including its by-laws, in each case as amended, supplemented or restated. 
 “OTCQX” means the
United States over the counter market trading platform maintained by OTC Markets Group Inc. 
 “Other Holders”
shall have the meaning given to such term in Section 3.3(e) hereof. 
 “Own” shall mean, with
respect to any security, to own, hold or Control. Owns and Ownership shall have correlative meanings. 

“Person” shall mean and include any natural person, company, association, partnership, joint venture, limited liability
company, limited partnership, limited liability partnership, corporation, business trust, other legal entity or unincorporated organization or any government or any agency or political subdivision thereof. 

“Proportionate Percentage” shall mean, with respect to any Holder at any time, the quotient obtained by dividing
(a) the aggregate number of Warrant Shares then held by such Holder by (b) the total number of shares of Common Stock then outstanding (on a Fully Diluted Basis). 
 “Pro Rata Portion of the Notes and Warrants” shall mean a transfer of the same percentage of the aggregate principal amount of the Notes and the aggregate number of Warrant Shares
originally issued or issuable upon exercise of the Warrants (including any underlying Warrant Shares previously exercised) in any transfer permitted pursuant to Section 3.3. For example, if a Holder desires to transfer 40% of the
principal amount of the Notes held by such Holder and/or its Affiliates, then it must also transfer a corresponding percentage of Warrants and/or Warrants Shares in an amount equal to 40% of the aggregate number of all Warrants originally
exercisable under the Warrants. 
 “Publicly Traded” shall mean, with respect to any security, that such
security is (a) listed on a domestic securities exchange, (b) quoted on NASDAQ or (c) traded in the domestic over-the-counter market, which trades are reported by the National Quotation Bureau, Incorporated or OTCQX. 

“Qualified Public Offering” shall mean an underwritten public offering of the Common Stock, or of rights, warrants or
options to purchase Common Stock, registered under the Securities Act, (a) which offering results in net proceeds to the Corporation of at least $20,000,000 and (b) after which the shares of Common Stock are Publicly Traded. 

“Regulated Holder” shall mean any Holder subject to any provisions of Applicable Law (including without limitation the
Bank Holding Company Act of 1956, as amended, (12 U.S.C. § 1841 et seq.) and the regulations promulgated thereunder) limiting the quantity or kind of securities (or any class thereof) of the Corporation which such Holder is permitted to Own.

  
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 “Requisite Holders” shall mean Holders holding Warrants or Warrant Shares
representing at least sixty-seven percent (67%) of all Warrant Shares issued or issuable upon exercise of Warrants outstanding on the date of determination; provided, however, that any Warrants or Warrant Shares owned by the Corporation shall
not be deemed to be outstanding. 
 “Restricted Securities” shall mean the Warrant Shares which are held by the
Investors and which theretofore have not been sold to the public pursuant to a registration statement under the Securities Act or pursuant to Rule 144. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Securities Offer Price” shall have the meaning given to such term in Section 3.3(e) hereof. 
 “Selling Holder” shall have the meaning given to such term in Section 3.3(e) hereof. 
 “Specified Transaction” shall mean (a) the sale of all or substantially all of the assets of the Corporation or (b) a merger or consolidation of the Corporation with or into
another entity (other than a merger or consolidation solely involving a merger of the Corporation with or into a wholly-owned Subsidiary of the Corporation). 
 “Stockholders Agreement” means that certain Stockholders Agreement between the Corporation and certain holders of its Common Stock including the initial Investors dated on or about
August 31, 2012, as amended, modified or restated from time to time. 
 “Subsidiary” shall mean, at any
time, any Person of which more than fifty percent (50%) of the shares of stock or other interests entitled to vote in the election of directors or comparable Persons performing similar functions (excluding shares or other interests entitled to
vote only upon the failure to pay dividends thereon or other contingencies) are at the time owned directly or indirectly through one or more Subsidiaries, by the Corporation. 
 “Transfer” shall mean any bona fide sale, transfer, assignment, or other disposition of any interest in, with or without consideration, any security (other than a pledge or
hypothecation). 
 “Valuation Procedure” shall mean, with respect to the determination of any amount or value
required to be determined in accordance with such procedure, a determination (which shall be final and binding on the Corporation and the Holders) made (i) by agreement among the Corporation and the Requisite Holders within thirty
(30) days following the event requiring such determination; or (ii) in the absence of such an agreement, by an Appraiser (as defined below) selected in accordance with the further provisions of this definition. If required, the Appraiser
shall be selected within 10 days following the expiration of the 30-day period referred to above, either by agreement among the Corporation and the Requisite Holders or, in the absence of such agreement, by the Corporation selecting the Appraiser
from a list of three potential Appraisers submitted by the Requisite Holders. The Appraiser shall be instructed by the Corporation and the Requisite Holders to make its determination within twenty (20) days of its selection. The

  
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fees and expenses of an Appraiser selected hereunder shall be borne fifty percent (50%) by the Corporation and fifty percent (50%) by the Holders (on a pro rata basis) participating in
the transaction to which the determination relates. As used herein, “Appraiser” shall mean with respect to a determination of Market Value, a nationally-recognized investment banking firm. 

“Warrant” shall have the meaning given to such term in Section 3.1(a). 

“Warrant Register” shall have the meaning given to such term in Section 3.1(c). 

“Warrant Shares” shall mean (a) the shares of Common Stock issued or issuable upon exercise of a Warrant in
accordance with Section 4.1 or upon exchange of a Warrant in accordance with Section 4.2, and/or (b) all other securities or other property issued or issuable upon any such exercise or exchange in accordance with this
Agreement. As used in this Agreement, the phrase “Warrant Shares then held” by any Holder or Holders shall mean Warrant Shares held at the time of determination by such Holder or Holders, and shall include Warrant Shares issuable upon
exercise of Warrants held at the time of determination by such Holder or Holders. 
 SECTION 1.2 Interpretation. Unless
the context of this Agreement clearly requires otherwise, references to the plural include the singular, to the singular include the plural, and to the part include the whole. The term “including” is not limiting and the term
“or” has the inclusive meaning represented by the term “and/or.” The words “hereof,” “herein,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and not to any
particular provision of this Agreement. References to “Articles”, “Sections,” “Subsections,” “Exhibits,” and “Schedules” are to Articles, Sections, Subsections, Exhibits and Schedules, respectively,
of this Agreement, unless otherwise specifically provided. Terms defined herein may be used in the singular or the plural. Any capitalized terms used herein which are not specifically defined herein have the meaning given to them in the Credit
Agreement. 
 ARTICLE II. 
 ISSUANCE OF WARRANT; CLOSING 
 SECTION 2.1 Issuance of Warrant. The
Corporation hereby agrees to issue a Warrant registered in the name of each Investor exercisable for the individual number of Warrant Shares set forth on Schedule A hereto at a price per share equal to the Exercise Price. The number of
Warrant Shares which may be purchased upon exercise of each such Warrant and the Exercise Price to be paid for such Warrant Shares are subject to adjustment in the manner provided in Article IV. 

SECTION 2.2 Closing. The closing (the “Closing”) for the issuance, sale and transfer of the Warrant
shall take place on the “Closing Date” as defined in the Credit Agreement, and simultaneously with or immediately after the First Advance (as defined in the Credit Agreement) has been made (the “Closing
Date”), or, in each case, if such date is not a Business Day, on the next succeeding Business Day. 

  
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 ARTICLE III. 
 FORM; EXCHANGE FOR WARRANTS; TRANSFER; TAXES 
 SECTION 3.1 Form of Warrant.

 (a) Each Warrant issued hereunder shall be in the form of Exhibit A (each, a “Warrant”)
and shall be executed on behalf of the Corporation by an Executive Officer and attested to by a Financial Officer. The signature of any officer on any Warrant may be manual, PDF or facsimile. Upon initial issuance, each Warrant shall be dated as of
the date of counter-signature thereof by the Corporation. 
 (b) Each Warrant and each certificate representing Warrant Shares
shall include a legend in substantially the following form: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 AND STATE SECURITIES LAWS AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM, OR OTHERWISE IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF SUCH ACT. IN ADDITION, THE
SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE LIMITATIONS ON TRANSFER SET FORTH IN THE WARRANT ISSUANCE AGREEMENT AND THE STOCKHOLDERS AGREEMENT, EACH DATED AS OF AUGUST 31, 2012, AND EACH BETWEEN THE CORPORATION AND CERTAIN INVESTORS. A COPY OF
THE WARRANT ISSUANCE AGREEMENT AND STOCKHOLDERS AGREEMENT IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE CORPORATION AND WILL BE FURNISHED WITHOUT CHARGE TO THE RECORD HOLDER HEREOF UPON WRITTEN REQUEST TO THE CORPORATION. 

(c) Each Warrant issued, exchanged or transferred hereunder shall be registered in a warrant register (the “Warrant
Register”). The Warrant Register shall set forth the number of each Warrant, the name and address of the holder (a “Holder”) thereof, and the original number of Warrant Shares purchasable upon the
exercise thereof. The Warrant Register will be maintained by the Corporation and will be available for inspection by any Holder at the principal office of the Corporation or such other location as the Corporation may designate to the Holders in the
manner set forth in Section 8.1. The Corporation shall be entitled to treat the Holder of any Warrant as the owner in fact thereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in such
Warrant on the part of any other person. The Corporation shall not be liable for complying with a request by a fiduciary or nominee of a fiduciary to register a transfer of any Warrant which is registered in the name of such fiduciary or nominee,
unless made with the actual knowledge that such fiduciary or nominee is committing a breach of trust in requesting such registration of transfer, or with knowledge of such facts that the Corporation’s participation therein amounts to bad faith.

  
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 SECTION 3.2 Exchange of Warrants for Warrants. 

(a) Subject to applicable federal and state securities laws, the Holder may exchange any Warrant issued hereunder for another Warrant or
Warrants of like kind and tenor representing in the aggregate the right to purchase the same number of Warrant Shares which could be purchased pursuant to the Warrant being so exchanged. In order to effect an exchange permitted by this
Section 3.2, the Holder shall deliver to the Corporation such Warrant accompanied by a written request signed by the Holder thereof specifying the number and denominations of Warrants to be issued in such exchange, and related
documentation, the names in which such Warrants are to be issued and such other documentation as may be reasonably requested by the Corporation to comply with applicable Federal and State securities laws. Within five (5) Business Days of
receipt of such a request and all related documentation, the Corporation shall issue, register and deliver to the Holder thereof each Warrant to be issued in such exchange. 
 (b) Upon receipt of evidence reasonably satisfactory to the Corporation (an affidavit of the Holder being satisfactory) of the ownership and the loss, theft, destruction or mutilation of any Warrant, and
in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Corporation or, in the case of any such mutilation, upon surrender of such Warrant, the Corporation shall (at its expense) execute and
deliver in lieu of such Warrant a new Warrant of like kind representing the same rights represented by and dated the date of such lost, stolen, destroyed or mutilated Warrant. Any such new Warrant shall constitute an original contractual obligation
of the Corporation, whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by any Person. 
 SECTION 3.3 Transfer of Warrant. 
 (a) Subject to Sections 3.3(c),
(d), (e) and (f) hereof, each Warrant may be transferred by the Holder thereof by delivering to the Corporation such Warrant accompanied by a properly completed Assignment Form. Within five (5) Business Days of
receipt of such Assignment Form the Corporation shall issue, register and deliver to the Holder, subject to this Section 3.3, a new Warrant or Warrants of like kind and tenor representing in the aggregate the right to purchase the same
number of Warrant Shares which could be purchased pursuant to the Warrant being transferred. In all cases of transfer by an attorney, the original power of attorney, duly approved, or a copy thereof, duly certified, shall be deposited and remain
with the Corporation. In case of transfer by executors, administrators, guardians or other legal representatives, duly authenticated evidence of their authority shall be produced and may be required to be deposited and remain with the Corporation in
its discretion. 
 (b) Each Warrant issued, in accordance with this Section 3.3 shall bear the restrictive legend
set forth in Section 3.1(b), unless the Holder or transferee thereof supplies to the Corporation evidence, reasonably satisfactory to the Corporation, that the restrictions described in such legend are no longer applicable to such
Warrant. 

  
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 (c) The Corporation and each Holder agrees that the Notes and Warrants (and any underlying
Warrant Shares) are not detachable instruments for transfer purposes, and so long as the Obligations are outstanding, the Notes and Warrants (or underlying Warrant Shares) may not be sold, assigned, transferred or pledged separately, and any
purported sale, assignment, transfer or pledge in violation of the foregoing shall be null and void and of no effect. Subject to Section 3.3(d) below, any transfer of the Notes and Warrants (or underlying Warrant Shares) prior to
repayment in full of the Obligations shall be subject to the right of first offer rights of the Holders set forth in Section 3.3(e) below. 
 (d) Notwithstanding the provisions of Section 3.3(c) above, each Holder shall have the right to transfer a Pro Rata Portion of the Notes and Warrants together to any Affiliate of a Holder
(“Affiliate Holder”) so long as such Affiliate Holder agrees in writing to be bound by the terms and provisions of this Agreement (including this Section 3.3), which respect to such acquired Notes and
Warrants (or underlying Warrant Shares). 
 (e) In the event that any Holder (the “Selling
Holder”) desires to sell any Pro Rata Portion of the Notes and Warrants to any Person (other than to an Affiliate Holder) while the Obligations are outstanding, then such Holder shall first deliver a written offer letter (the
“Offer Letter”) to the Corporation and the other Lenders and/or Holders (collectively, the “Other Holders”) notifying them of its desire to sell a Pro Rata Portion of the Notes and
Warrants and indicating the exact amount of Notes and Warrants (or underlying Warrant Shares) desired to be sold by the Selling Holders (collectively, the “Offered Securities”). Upon receipt of the Offer Letter, the
Other Holders (or any of them) shall have three (3) Business Days to elect to make an offer to collectively purchase all of the Offered Securities for cash by delivering a written notice of an offer to the Selling Holder (the
“Offer”). The Offer shall set forth the purchase price (the “Securities Offer Price”) for all of the Offered Securities that the Other Holders making the Offer (the
“Offering Holders”) desire to purchase, which Securities Offer Price shall be determined by holders of a majority of the principal amount of the Notes then outstanding held by the Offering Holders. The Selling Holder
will then have ten (10) days from its receipt of the Offer to notify the Offering Holders in writing of its acceptance or rejection of the Offer. If no such acceptance or rejection notice is given by the Selling Holder, then the Selling Holder
shall be deemed to have rejected the Offer. In the event that the Selling Holder accepts the Offer, the closing of the purchase of the Offered Securities by the Offering Holders shall occur within thirty (30) days after the Selling
Holder’s acceptance of the Offer at the offices of the Corporation or as otherwise mutually agreed by the Selling Holder and the Offering Holders. In the event that more than one Other Holder elects to be an Offering Holder, than, unless
otherwise agreed by such Offering Holders, such Offer shall be made on a pro rata basis among such Offering Holders on the basis of their pro rata ownership (together with their Affiliates) of the principal amount of the Notes prior to such Offer.
Notwithstanding the foregoing, in the event that the Selling Holder rejects the Offer or the Offering Holders, taken together, fail to close such purchase within the time period provided above, then such Offered Securities may be sold by the Selling
Holder to a third party within 120 days after the expiration of the applicable time period set forth above subject to Section 3.3(f) below. Any such sale of Offered Securities to a third party shall be for consideration with a fair
market value of not less than the Securities Offer Price and upon other terms and conditions, if any, not materially less favorable to the purchaser than those specified in the Offer. Any Offered Securities not sold within such 120-day period shall
continue to be subject to the requirements of a prior offer and re-sale pursuant to this Section 3.3(e). The provisions of this Section 3.3(e) shall terminate upon payment in full of all of the Obligations. 

  
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 (f) After the repayment of the Obligations or in the event of any transfer otherwise
permitted pursuant to Sections 3.3(d) or (e) above, the transfer of Warrants and Warrant Shares shall be permitted, so long as such transfer is pursuant to a transaction that complies with, or is exempt from, the provisions of the
Securities Act, and the Corporation may require an opinion of counsel (which may be internal counsel to each transferring Holder) in form and substance reasonably satisfactory to it to such effect prior to effecting any transfer of such Warrants or
Warrant Shares. Notwithstanding anything to the contrary contained in this Section 3.3, no transfer of Warrants or Warrant Shares may be made unless each transferee becomes a party to the Stockholders Agreement. 

ARTICLE IV. 

EXERCISE OF WARRANT; EXCHANGE FOR WARRANT SHARES 
 SECTION 4.1 Exercise of Warrants. A Holder may exercise a Warrant at any time prior to the Expiration Date by delivering to the Corporation such Warrant accompanied by a properly completed Exercise
Form and a certified or bank check or wire transfer of immediately available funds in an aggregate amount equal to the product obtained by multiplying (a) the Exercise Price by (b) the number of Warrant Shares being purchased;. Any partial
exercise of a Warrant shall be for a whole number of Warrant Shares only. 
 SECTION 4.2 Cashless Exercise. On any
Business Day prior to the Expiration Date, a Holder may exchange a Warrant, in whole or in part, for Warrant Shares by delivering to the Corporation such Warrant accompanied by a properly completed Exchange Form. The number of shares of Common Stock
to be received by a Holder upon such exchange shall be equal to (a) the number of Warrant Shares allocable to the portion of the Warrant being exchanged (the “Allocable Number”), as specified by such Holder in the
Exchange Form less (b) the number of shares equal to the quotient obtained by dividing (i) the product obtained by multiplying (A) the Exercise Price by (B) the Allocable Number of Warrant Shares by (ii) the Market Price as
of the close of business on the date of delivery of the Exchange Form. The Allocable Number shall be a whole number. 
 SECTION
4.3 Issuance of Common Stock. 
 (a) Within five (5) Business Days following the delivery date (the
“Delivery Date”) of (i) an Exercise Form or Exchange Form in accordance with Section 4.1 or 4.2, (ii) a Warrant and (iii) any required payments of the Exercise Price, the Corporation
shall issue and deliver to the Holder a certificate or certificates, registered in the name of such Holder, representing the Warrant Shares being purchased or to be received upon such exchange. 

(b) If a Holder shall exercise or exchange a Warrant for less than all of the Warrant Shares which could be purchased or received
thereunder, the Corporation shall issue to the Holder, within five (5) Business Days of the Delivery Date, a new Warrant evidencing the right to purchase the remaining Warrant Shares. In the case of an exchange pursuant to
Section 4.2, the number of remaining Warrant Shares shall be the original number of Warrant Shares subject to the Warrant so exchanged reduced by the Allocable Number of Warrant Shares. Each Warrant surrendered pursuant to
Section 4.1 or 4.2 shall be canceled. 

  
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 (c) The Corporation shall not be required to issue fractional shares of Common Stock upon
the exercise or exchange of a Warrant. If any fraction of a share of Common Stock would be issuable on the exercise or exchange of any Warrant, the Corporation may, in lieu of issuing such fractional share, pay to such Holder for any such fraction
of a share an amount in cash equal to the product obtained by multiplying (i) such fraction by (ii) the Market Price in effect on the Delivery Date. 
 (d) Reserved. 
 (e) If permitted by Applicable Law, the person in whose
name any certificate for shares of Common Stock is issued upon exercise or exchange of a Warrant shall for all purposes be deemed to have become the holder of record of such shares on the Delivery Date, irrespective of the date of delivery of such
certificate, except that, if the Delivery Date is a date when the stock transfer books of the Corporation are closed, such person shall be deemed to have become the holder of record of such shares at the close of business on the next succeeding date
on which the stock transfer books are open. 
 (f) If any shares of Common Stock required to be reserved for purposes of the
exercise or exchange of a Warrant require registration or approval under any Applicable Law, the Corporation will in good faith and as expeditiously as possible cause such shares to be registered or seek such approval, as applicable. The Corporation
may suspend the exercise of any Warrant so affected for the period during which such registration or approval is required but not in effect. 
 (g) Any Exercise Form or Exchange Form delivered under Section 4.1 or 4.2 may condition the exercise or exchange of any Warrant on the consummation of a sale contemplated by
Section 3.3(d) or 3.3(e), or on the consummation of a sale of Warrant Shares pursuant to a public offering registered under the Securities Act, and such exercise or exchange shall not be deemed to have occurred except concurrently
with the consummation of any such sale, with all periods of required performance in connection therewith adjusted accordingly. 

SECTION 4.4 Adjustment of Exercise Price and Number of Warrant Shares. The number and kind of Warrant Shares purchasable upon
exercise of each Warrant shall be subject to adjustment from time to time in accordance with this Article 4. 
 SECTION
4.5 Adjustment upon Issuance of Common Stock. 
 (a) If, at any time after the Closing Date, the Corporation shall issue
or sell (or, in accordance with Section 4.5, shall be deemed to have issued or sold) any shares of Common Stock without consideration or for a consideration per share less than 95% of the Market Price determined as of the date of such
issuance or sale, then, effective immediately upon such issuance or sale, the Exercise Price shall be reduced to an amount equal to the product obtained by multiplying (A) the Exercise Price in effect immediately prior to such issuance or sale,
by (B) a fraction, the numerator of which shall be the sum of (x) the product obtained by multiplying (1) the number of shares of Common Stock outstanding (on a Fully Diluted Basis) immediately prior

  
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to such issuance or sale by (2) the Market Price as of the date of such issuance or sale, and (y) the consideration, if any, received by the Corporation upon such issuance or sale, and
the denominator of which shall be the product obtained by multiplying (C) the number of shares of Common Stock outstanding (on a Fully Diluted Basis) immediately after such issuance or sale, by (D) such Market Price. Upon each such
adjustment of the Exercise Price hereunder, the number of Warrant Shares which may be obtained upon exercise of such Warrant shall be increased to the number of shares determined by multiplying (A) the number of Warrant Shares which could be
obtained upon exercise of such Warrant immediately prior to such adjustment by (B) a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to such adjustment and the denominator of which shall be the Exercise
Price in effect immediately after such adjustment. 
 (b) For the purpose of determining the adjusted Exercise Price under
Section 4.5(a), the following shall be applicable: 
 (i) Issuance of Rights or Options. If
the Corporation in any manner issues or grants any rights or options to subscribe for or to purchase (A) Common Stock or (B) any stock or other securities convertible into or exchangeable for Common Stock (such rights or options being
herein called “Options” and such convertible or exchangeable stock or securities being herein called “Convertible Securities”), and the price per share for which Common Stock is issuable
upon the exercise of such Options or upon conversion or exchange of such Convertible Securities is less than 95% of the Market Price determined as of the date of issuance or grant of such Options, then the total maximum number of shares of Common
Stock issuable upon the exercise of such Options (or upon conversion or exchange of the total maximum amount of such Convertible Securities issuable upon the exercise of such Options) shall be deemed to be outstanding and to have been issued and
sold by the Corporation for such price per share (and the Exercise Price accordingly adjusted as provided in Section 4.5(a)). For purposes of this paragraph, the price per share for which Common Stock is issuable upon exercise of Options
or upon conversion or exchange of Convertible Securities issuable upon exercise of Options shall be determined by dividing (A) the total amount, if any, received or receivable by the Corporation as consideration for the issuing or granting of
such Options, plus the minimum aggregate amount of additional consideration payable to the Corporation upon the exercise of all such Options, plus in the case of such Options which relate to Convertible Securities, the minimum aggregate amount of
additional consideration, if any, payable to the Corporation upon issuance or sale of such Convertible Securities and the conversion or exchange thereof, by (B) the total maximum number of shares of Common Stock issuable upon exercise of such
Options or upon the conversion or exchange of all such Convertible Securities issuable upon the exercise of such Options. No further adjustment of the Exercise Price shall be made upon the actual issuance of such Common Stock or of such Convertible
Securities upon the Exercise of such Options or upon the actual issuance of such Common Stock upon conversion or exchange of such Convertible Securities. 
 (ii) Issuance of Convertible Securities. If the Corporation in any manner issues or sells any Convertible Securities having an exercise or conversion or exchange price per share of Common Stock
which is less than 95% of the Market Price determined 

  
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as of the date of such issuance or sale, then the maximum number of shares of Common Stock issuable upon the conversion or exchange of such Convertible Securities shall be deemed to be
outstanding and to have been issued and sold by the Corporation for such lower price per share (and the Exercise Price accordingly adjusted as provided in Section 4.5(a)). For purposes of this paragraph, the price per share for which
Common Stock is issuable upon conversion or exchange of Convertible Securities is determined by dividing (A) the total amount received or receivable by the Corporation as consideration for the issuance or sale of such Convertible Securities,
plus the minimum aggregate amount of additional consideration, if any, payable to the Corporation upon the conversion or exchange thereof, by (B) the total maximum number of shares of Common Stock issuable upon the conversion or exchange of all
such Convertible Securities. No further adjustment of the Exercise Price shall be made upon the actual issuance of such Common Stock upon conversion or exchange of such Convertible Securities, and if any such issuance or sale of such Convertible
Securities is made upon exercise of any Options for which adjustments of the Exercise Price had been or are required to be made pursuant to other provisions of this Section 4.5(b), no further adjustment of the Exercise Price shall be
made by reason of such issuance or sale. 
 (iii) Change in Option Price or Conversion Rate. If the
purchase price provided for in any Options, the additional consideration, if any, payable upon the issuance, conversion or exchange of any Convertible Securities, or the rate at which any Convertible Securities are convertible into or exchangeable
for Common Stock change at any time, then the Exercise Price in effect at the time of such change shall be readjusted to the Exercise Price which would have been in effect at such time had such Options or Convertible Securities still outstanding
provided for such changed purchase price, additional consideration or changed conversion rate, as the case may be, at the time initially granted, issued or sold and the number of Warrant Shares shall be correspondingly readjusted. 

(iv) Treatment of Expired Options and Unexercised Convertible Securities. Upon the expiration of any Option or the
termination of any right to convert or exchange any Convertible Securities without the exercise of such Option or right, the Exercise Price then in effect and the number of Warrant Shares acquirable hereunder shall be adjusted to the Exercise Price
and the number of shares which would have been in effect at the time of such expiration or termination had such Option or Convertible Securities, to the extent outstanding immediately prior to such expiration or termination, never been issued.

 (v) Calculation of Consideration Received. If any Common Stock, Options or Convertible Securities are
issued or sold or deemed to have been issued or sold for cash, then the consideration received therefor shall be deemed to be the gross amount received by the Corporation therefor. If any Common Stock, Options or Convertible Securities are issued or
sold for consideration other than cash, then the amount of the consideration other than cash received by the Corporation shall be the fair value of such consideration determined by the Board of Directors of the Corporation. 

  
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 (vi) Treasury Shares. The number of shares of Common Stock
outstanding at any given time does not include shares owned or held by or for the account of the Corporation or any Subsidiary of the Corporation and the disposition of any shares so owned or held shall be considered an issue or sale of Common
Stock. 
 (vii) Record Date. If the Corporation takes a record of the holders of Common Stock for the
purpose of entitling them (A) to receive a dividend or other distribution payable in Common Stock, Options or in Convertible Securities or (B) to subscribe for or purchase Common Stock, Options or Convertible Securities, then such record
date shall be deemed to be the date of the issuance or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the date of the granting of such right of
subscription or purchase, as the case may be. 
 SECTION 4.6 Subdivisions or Combinations of Common Stock. If, at any
time after the Closing Date, (a) the number of shares of Common Stock outstanding is increased by a dividend or other distribution payable in shares of Common Stock or by a subdivision or split-up of shares of Common Stock or (b) the
number of shares of Common Stock outstanding is decreased by a combination or reverse stock split of shares of Common Stock, then, in each case, effective as of the effective date of such event retroactive to the record date, if any, of such event,
(i) the Exercise Price shall be adjusted to a price determined by multiplying (A) the Exercise Price in effect immediately prior to such event by (B) a fraction, the numerator of which shall be the number of shares of Common Stock
outstanding immediately prior to such event and the denominator of which shall be the number of shares of Common Stock outstanding after giving effect to such event, and (ii) the number of Warrant Shares subject to purchase upon the exercise of
any Warrant shall be adjusted effective at such time, to a number equal to the product of (A) the number of Warrant Shares subject to purchase upon the exercise of such Warrant immediately prior to such event by (B) a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding after giving effect to such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately prior to such event. 

SECTION 4.7 Capital Reorganization or Capital Reclassifications. If, at any time after the Closing Date, there shall be any
capital reorganization or any reclassification of the capital stock of the Corporation (other than a change in par value or from par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up
or combination of shares), then in each case the Corporation shall cause effective provision to be made so that each Warrant shall, effective as of the effective date of such event retroactive to the record date, if any, of such event, be
exercisable or exchangeable for the kind and number of shares of stock, other securities, cash or other property to which a holder of the number of shares of Common Stock deliverable upon exercise or exchange of such Warrant would have been entitled
upon such reorganization or reclassification and any such provision shall include adjustments in respect of such stock, securities or other property that shall be as nearly equivalent as may be practicable to the adjustments provided for in this
Agreement with respect to such Warrant. 

  
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 SECTION 4.8 Consolidations and Mergers. If, at any time after the Closing Date, the
Corporation shall consolidate with, merge with or into, or sell all or substantially all of its assets or property to, another corporation (other than in a Cash Specified Transaction or a Non-Cash Specified Transaction if the Requisite Holders elect
to cause the Warrants to expire in connection with such Non-Cash Specified Transaction), then the Corporation shall cause effective provision to be made so that each Warrant shall, effective as of the effective date of such event retroactive to the
record date, if any, of such event, be exercisable or exchangeable for the kind and number of shares of stock, other securities, cash or other property to which a holder of the number of shares of Common Stock deliverable upon exercise or exchange
of such Warrant would have been entitled upon such event. 
 SECTION 4.9 Notice; Calculations; Etc. Whenever the Exercise
Price and the number of Warrant Shares shall be adjusted as provided in this Section 4, the Corporation shall provide to each Holder a statement, signed by an Executive Officer, describing in detail the facts requiring such adjustment
and setting forth a calculation of the Exercise Price and the number of Warrant Shares applicable to each Warrant after giving effect to such adjustment. All calculations under this Section 4 shall be made to the nearest one hundredth of
a cent ($.0001) or to the nearest one-tenth of a share, as the case may be. Adjustments pursuant to Sections 4.5, 4.6, 4.7 and 4.13 shall apply to successive events or transactions of the type covered thereby. 

SECTION 4.10 Excluded Transactions. Notwithstanding any other provision of this Section 4, no adjustment shall be made
pursuant to this Section 4 in respect of the issuance of Excluded Securities. 
 SECTION 4.11 Adjustment
Rules. 
 (a) Any adjustments pursuant to this Section 4 shall be made successively whenever an event referred
to herein shall occur, except that, notwithstanding any other provision of this Section 4, no adjustment shall be made to the number of shares of Common Stock or to the Exercise Price if such adjustment represents less than 1% of the
number of shares previously required to be so delivered, but any lesser adjustment shall be carried forward and shall be made at the time and together with the next subsequent adjustment which together with any adjustments so carried forward shall
amount to 1% or more of the number of shares to be so delivered. 
 (b) Notwithstanding any other provision of this Agreement,
the actual amount payable by a Holder in connection with the exercise of a Warrant hereunder shall not be less than the par value per share of the Common Stock, unless and until the Exercise Price, as adjusted pursuant to this Section 4,
has been reduced to an amount less than 1% of the par value per share of the Common Stock. Before taking any action which would cause an adjustment pursuant to this Section 4 which would reduce the Exercise Price below 1% of the par
value per share, the Corporation shall use reasonable best efforts to take any corporate action which may be necessary in order that the Corporation may validly and legally issue fully paid and nonassessable Warrant Shares at the Exercise Price as
so adjusted; provided, that if corporate action is not taken which enables the Corporation to so validly and legally issue fully paid and nonassessable Warrant Shares at the Exercise Price as so adjusted, the Exercise Price shall be the lowest price
required under Applicable Law to enable the Corporation to so validly and legally issue fully paid and nonassessable Warrant Shares (i.e. the par value per share of the Common Stock). 

  
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 SECTION 4.12 Regulated Holders. If, in the written opinion of counsel to any
Regulated Holder (which may be internal counsel), the receipt by such Regulated Holder of Warrant Shares (or any security included therein) upon any exercise or exchange pursuant to this Article IV would cause such Regulated Holder to violate
any provision of Applicable Law with respect to its Ownership of voting securities of the Corporation, then the Corporation will use its reasonable best efforts (including without limitation using its reasonable best efforts to cause its
Organizational Documents to be amended) to create an Equivalent Nonvoting Security with respect to Warrant Shares (or any such security included therein), and such Regulated Holder shall be entitled to receive upon such exercise or exchange, in lieu
of such number (as it shall specify) of shares or other units of Warrant Shares (or any such security included therein) otherwise receivable by such Regulated Holder, the same number of shares or other units of such Equivalent Nonvoting Security.

 SECTION 4.13 Unresolved Bankruptcy Claims Adjustment. The Corporation and the Holders each
understand and acknowledge that the number of Warrant Shares issued on the Closing Date to the Holders has been determined based on the number of shares of Common Stock issued as “allowed claims” on or about the Closing Date by the United
States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) pursuant to the Joint Amended Plan of Reorganization of Delta Petroleum Corporation and its Debtor Affiliates, as confirmed on August 15,
2012, by an order of the Bankruptcy Court on August 16, 2012 (the “Plan”). The Warrant Shares and the Exercise Price shall be adjusted in the event that any additional shares of Common Stock or securities convertible
into Common Stock (the “Unresolved Bankruptcy Shares”) are authorized to be issued under the Plan by the Bankruptcy Court after the Closing Date as a result of any unresolved bankruptcy claims under the Plan. Upon each
issuance of any Unresolved Bankruptcy Shares, the Exercise Price shall be reduced to an amount equal to the product obtained by multiplying (A) the Exercise Price in effect immediately prior to such issuance or sale, by (B) a fraction, the
numerator of which shall be (x) 147,655,8151 and
(y) the denominator of which shall be sum of (1) 147,655,815 and (2) and the number of additional Unresolved Bankruptcy Shares authorized for issuance under the Plan. Upon each such adjustment of the Exercise Price hereunder, the
number of Warrant Shares which may be obtained upon exercise of such Warrant shall be increased to the number of shares determined by multiplying (A) the number of Warrant Shares which could be obtained upon exercise of such Warrant immediately
prior to such adjustment by (B) a fraction, the numerator of which shall be the Exercise Price in effect immediately prior to such adjustment and the denominator of which shall be the Exercise Price in effect immediately after such adjustment.
Notwithstanding any other provision of this Section 4, the adjustments provided in this Section 4.13 shall be the sole adjustment to the Exercise Price or the number of Warrant Shares under this Section 4 as a
result of the issuance of any Unresolved Bankruptcy Shares. 
  

	1 	 The fully-diluted number of shares of Common Stock issued or issuable as of the Closing Date for allowed claims. 

  
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 ARTICLE V. 
 WARRANT FORFEITURE 
 SECTION 5.1 Failure to Fund Loans. In the event that
any Lender or its Affiliates (collectively, a “Defaulting Lender”) fails to fund its pro rata share of any loans (the “Loans”) required to be made by such Defaulting Lender under the Credit Agreement
(a “Funding Failure”), then the number of Warrant Shares exercisable under the Warrants held by such Defaulting Lender shall be reduced (the “Warrant Shares Adjustment”) to an amount equal to the
product of (i) the number of Warrant Shares initially exercisable under the Warrant held by the Defaulting Lender and (ii) a fraction equal to one minus the quotient obtained by dividing (x) the amount of Loans previously made under
the Credit Agreement by the Defaulting Lender by (y) the Defaulting Lender’s full commitment for Loans under the Credit Agreement. In the event that any or all of the Warrant Shares have been previously exercised by such Defaulting Lender
prior to such Funding Failure, then a portion of the Warrant Shares held by such Defaulting Lender shall be forfeited to the Corporation in an amount equal to the excess, if any, between (i) the number of Warrant Shares issued and outstanding
and held by such Defaulting Lender and (ii) the maximum number of Warrant Shares that would have been exercisable under the Defaulting Lender’s Warrants after the Warrant Shares Adjustment. Each Holder of Warrant Shares agrees that any
Warrant Shares exercised by a Holder prior to the date that the Lenders are no longer required to fund any Loans under the Credit Agreement shall bear a legend and transfer restriction referring to the obligations of such Holder under this
Section 5.1. In the event that the Defaulting Lender includes more than one Affiliated Lender, then the Warrant Shares Adjustment shall be made on a pro rata basis among all Lenders who are an Affiliate of such Defaulting Lender.

 SECTION 5.2 Issuance of Additional Warrants. In the event of any Funding Failure in accordance with
Section 5.1 above, the Corporation shall have the obligation to reissue additional Warrants under this Agreement to any Lenders or new Lenders who fulfill the Loans not funded as a result of the Funding Failure by a Defaulting Lender
(the “Additional Warrants”). The Additional Warrants shall be equal in the aggregate to the difference between (i) the number of Warrant Shares initially exercisable under the Warrants held by the Defaulting
Lender and (ii) the number of Warrant Shares exercisable or held by the Defaulting Lender after the Warrant Shares Adjustment. The Additional Warrants shall be allocated on a pro rata basis among any Lenders who fulfill the Funding Failure
commitments of the Defaulting Lender. The Additional Warrants shall otherwise be on the same terms and conditions as the Warrants initially issued hereunder. 
 ARTICLE VI. 
 REPRESENTATIONS AND WARRANTIES 

SECTION 6.1 Representations and Warranties of Investors. Each Investor represents that it (i) is acquiring the Warrant to be
issued to it on the Closing Date for its own account, for investment purposes only and not with a view to any distribution or public offering in violation of the Securities Act, (ii) has the financial resources and capabilities to purchase the
Warrant and to bear the economic risk of its investment in the Corporation and (iii) is an accredited investor as that term is defined under Regulation D promulgated under the Securities Act. 

  
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 SECTION 6.2 Representations and Warranties of the Corporation. The Corporation hereby
represents and warrants to Investors as follows: 
 (a) Organization. The Corporation is a corporation duly organized,
validly existing and in good standing under the laws of the jurisdiction in which it is incorporated, has all requisite power and authority and has all material governmental licenses, approvals, consents and authorizations necessary to own its
property and assets and to carry on its business as currently conducted and is qualified to do business in each jurisdiction in which the nature of the business conducted or the property owned or leased by it requires such qualification except where
the failure to be so qualified or licensed would not have a material adverse effect on the business, condition, operations or properties of the Corporation. 
 (b) Corporate Power and Authority; No Required Consents or Approvals. 
 (i) The Corporation has the power to execute, deliver and perform its obligations under this Agreement and the Warrants. 

(ii) The execution, delivery and performance by the Corporation of this Agreement, the issuance of Warrants and the
issuance of Warrant Shares upon exercise of each Warrant, have been duly authorized by all required corporate and stockholder action of the Corporation and will not (i) violate any provision of Applicable Law, any Organizational Document, or
any indenture or other material agreement or instrument to which the Corporation is a party or by which the Corporation or any of its properties are or may be bound, (ii) conflict with, result in a breach of or constitute (alone or with notice
or lapse of time or both) a default under any such indenture or other material agreement or instrument to which the Corporation is a party, or by which the Corporation or any of its properties are or may be bound, (iii) result in the creation
or imposition of any lien upon any property of the Corporation or (iv) require registration or filing with, or consent, approval or any other action by any Governmental Authority, except as may be required under federal and state securities
law. 
 (c) Enforceability. This Agreement has been duly executed and delivered by the Corporation and constitutes a
legal, valid, binding and enforceable Obligation of the Corporation except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar event affecting the enforcement of creditors rights generally and
except as enforceability may be subject to general principles of equity, whether such principles are applied in a court of equity. When the Warrants and Warrant Certificates have been issued as contemplated hereby, (i) each Warrant will
constitute the legal, valid, binding and enforceable obligation of the Corporation and (ii) the Warrant Shares, when issued upon the exercise or exchange of a Warrant in accordance with the terms hereof and of such Warrant, will be duly
authorized, validly issued, fully paid and nonassessable shares of the Common Stock. 
 (d) Capitalization. The
authorized capital stock of the Corporation consists of 300,000,000 shares of Common Stock, $0.01 par value, of which 147,655,815 shares are outstanding. All such outstanding shares are duly authorized, validly issued, fully paid and nonassessable.

  
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 ARTICLE VII. 
 COVENANTS OF THE CORPORATION 
 SECTION 7.1 Notices of Certain Actions.

 (a) In the event that the Corporation: 

(i) shall authorize issuance to all holders of Common Stock of rights or warrants to subscribe for or purchase capital
stock of the Corporation or of any other subscription rights or warrants; or 
 (ii) shall authorize a dividend
or other distribution to all holders of Common Stock of evidences of its indebtedness, cash or other property or assets; or 
 (iii) proposes to become a party to any consolidation or merger for which approval of any stockholders of the Corporation will be required by Applicable Law, or to a conveyance or transfer of the
properties and assets of the Corporation substantially as an entirety, or of any capital reorganization or reclassification or change of the Common Stock (other than a change in par value, or from par value to no par value, or from no par value to
par value, or as a result of a subdivision or combination); 
 (iv) commences a voluntary or involuntary
dissolution, liquidation or winding up; 
 (v) files a registration statement for a Qualified Public Offering;

 (vi) commences a Specified Transaction; or 

(vii) proposes to take any other action which would require an adjustment pursuant to Section 4.5; 

then the Corporation shall provide a written notice to each Holder stating (i) the date as of which the holders of record of Common Stock to be
entitled to receive any such rights, warrants or distribution are to be determined, (ii) the material terms of any such consolidation or merger and the expected effective date thereof, or (iii) the material terms of any such conveyance,
transfer, dissolution, liquidation or winding up, and the date as of which it is expected that holders of record of Common Stock will be entitled to exchange their shares for securities or other property, if any, deliverable upon such
reclassification, conveyance, transfer, dissolution, liquidation or winding up. Such notice shall be given not later than twenty (20) Business Days (or such shorter period if twenty (20) Business Days’ notice is impractical) prior to
the effective date (or the applicable record date, if earlier) of such event. The failure to give the notice required by this Section 7.1 or any defect therein shall not affect the legality or validity of any distribution, right,
warrant, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up, or the vote upon any action. 

SECTION 7.2 Financial Statements and Reports. The Corporation shall furnish to each Holder such financial statements and reports
as it furnishes or makes available to all of its stockholders, and in the same manner and with the same restrictions as it so furnishes such financial statements and reports. 

  
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 SECTION 7.3 Reserved. 

SECTION 7.4 Merger or Consolidation of the Corporation. The Corporation will not merge or consolidate with or into, or sell,
transfer or lease all or substantially all of its property to, any other corporation or partnership unless the successor or purchasing entity, as the case may be (if not the Corporation), shall expressly agree to provide to one representative of all
Holders the securities, cash or property required by Section 4 hereof upon the exercise or exchange of Warrants and expressly assumes, by supplemental agreement reasonably satisfactory in form and substance to each Holder, the due and
punctual performance and observance of each and every covenant and condition of this Agreement to be performed and observed by the Corporation; provided, however, that the initial obligation of such successor with respect to the
exercise or exchange of Warrants shall be only as set forth in Section 4, and, provided further that the foregoing shall not apply to a Cash Specified Transaction or a Non-Cash Specified Transaction if the Requisite Holders
have provided for expiration of the Warrants upon occurrence of such Non-Cash Specified Transaction. 
 SECTION 7.5
Reservation of Shares. The Corporation will at all times have authorized, and reserve and keep available, free from preemptive rights, for the purpose of enabling it to satisfy any obligation to issue Warrant Shares upon the exercise or
exchange of each Warrant, the number of Shares of Common Stock deliverable upon exercise or exchange of all outstanding Warrants. 
 SECTION 7.6 Current Public Information. At all times after the Corporation had a registration statement declared effective with the Commission pursuant to the requirements of either the Securities
Act or the Exchange Act, the Corporation will file all reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder, and will take such further action as any
Holder or Holders of restricted securities may reasonably request, all to the extent required to enable such holders to sell Restricted Securities pursuant to (i) Rule 144 or Rule 144A adopted by the Commission under the Securities Act (as such
rule may be amended from time to time) or any successor rule hereafter adopted by the Commission. Upon request, the Corporation will deliver to such holders a written statement as to whether it has complied with such requirements. 

SECTION 7.7 Public Disclosures. The Corporation will not disclose any Holder’s name or identity as an investor in the
Corporation in any press release or other public announcement without the written consent of such Holder, unless such disclosure is required by Applicable Law or governmental regulations or by order of a court of competent jurisdictions in which
case prior to making such disclosure the Corporation will give written notice to such Holder describing in reasonable detail the proposed content of such disclosure and will permit the Holder to review and comment upon the form and substance of such
disclosure. 

  
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 ARTICLE VIII. 
 MISCELLANEOUS 
 SECTION 8.1 Notices. All notices, demands and requests of
any kind to be delivered to any party hereto in connection with this Agreement shall be in writing (i) delivered personally, (ii) sent by nationally-recognized overnight courier, (iii) sent by first class, registered or certified
mail, return receipt requested or (iv) sent by facsimile, in each case to such party at its address as follows: 
 (a) if
to the Corporation, to: 
 Par Petroleum Corporation 

370 17th Street, Suite 4300 
 Denver, CO 80202 
 Attention: Chief Executive Officer 

Telephone: 
 Telecopier:   (303) 298-8251 
 with a copy to:

 Davis Graham & Stubbs LLP 

1550 17th Street 
 Suite 500 
 Denver, CO 80202 

Attention: John A. Elofson, Esq. 

Telephone:   (303) 892-7335 

Telecopier:   (303) 893-1379 

(b) if to the Investors, at their respective addresses set forth on Schedule A hereto. 

with a copy to: 
 Brown Rudnick LLP 
 601 Thirteenth Street, NW 

Suite 600S 
 Washington, DC 20005 
 Attention: Christopher J. Hagan, Esq.

 Telephone:    (202) 536-1761 

Telecopier:    (617) 289-0771 
 Any notice, demand or request so delivered shall constitute valid notice under this Agreement and shall be deemed to have been received (i) on the day of actual delivery in the case of personal
delivery, (ii) on the next Business Day after the date when sent in the ease of delivery by nationally-recognized overnight courier, (iii) on the fifth Business Day after the date of deposit in the U.S. mail in the case of mailing or
(iv) upon receipt in the case of a facsimile transmission. Any party hereto may from time to time by notice in writing served upon the other as aforesaid designate a different mailing address or a different Person to which all such notices,
demands or requests thereafter are to be addressed. 

  
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 SECTION 8.2 No Voting Rights; Limitations of Liability. No Warrant shall entitle the
holder thereof to any voting rights or, rights to dividends or any other rights of a stockholder of the Corporation. No provision hereof, in the absence of affirmative action by the Holder to purchase Warrant Shares, and no enumeration herein of the
rights or privileges of the Holder shall give rise to any liability of such Holder for the Exercise Price of Warrant Shares acquirable by exercise hereof or as a stockholder of the Corporation. 

SECTION 8.3 Amendments and Waivers. Any provision of this Agreement may be amended or waived, but only pursuant to a written
agreement signed by the Corporation and the Requisite Holders. 
 SECTION 8.4 Severability. Any provision of this
Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such provision and such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this
Agreement or affecting the validity or enforceability of such provision in any other jurisdiction 
 SECTION 8.5 Specific
Performance. Each Holder shall have the right to specific performance by the Corporation of the provisions of this Agreement, in addition to any other remedies it may have at law or in equity. The Corporation hereby irrevocably waives, to the
extent that it may do so under applicable law, any defense based on the adequacy of a remedy at law which may be asserted as a bar to the remedy of specific performance in any action brought against the Corporation for specific performance of this
Agreement by the Holders of the Warrants or Warrant Shares. 
 SECTION 8.6 Binding Effect. This Agreement shall be
binding upon and inure to the benefit of the Corporation, each Holder and their respective successors and assigns. 
 SECTION
8.7 Counterparts. This Agreement may be executed by the parties hereto in several counterparts, all of which shall constitute together but one and the same agreement. This Agreement shall become effective when counterparts hereof executed on
behalf of the Corporation and each Holder shall have been received. 
 SECTION 8.8 Governing Law. THIS AGREEMENT AND THE
WARRANTS, SHALL EACH BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF DELAWARE. 

SECTION 8.9 Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the
Corporation and each Holder of a Warrant or a Warrant Share any legal or equitable right, remedy or claim hereunder. 
 SECTION
8.10 Headings. The various headings of this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provisions hereof or thereof. 

  
 -24-

 SECTION 8.11 Reserved. 

SECTION 8.12 Certain Taxes. The Corporation will promptly (and in any event within thirty (30) days of receiving any
statement or invoice therefor) pay all reasonable fees, expenses and costs relating to: (i) all transfer, stamp, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in respect hereof (but
expressly excluding any capital gains or taxes on income), (ii) reasonable fees and expenses (including, without limitation, reasonable attorneys’ fees) incurred in respect of the successful enforcement by Holders of the rights granted to
Holders under this Agreement, and (iii) the Holders’ reasonable out-of-pocket fees and expenses relating to the consideration, negotiation, preparation or execution of any amendments, waivers or consents requested by the Corporation in
writing pursuant to the provisions hereof, whether or not any such amendments, waivers or consents are executed. In addition, the Corporation shall pay all expenses in connection with, and all taxes (other than withholding, income or similar taxes)
that may be imposed with respect to, the issuance or delivery of Warrant Shares upon exercise of this Warrant or the exchange of Warrants pursuant to Section 3.2; provided, that the Corporation shall not be required to pay any expenses
or tax which may be payable in respect of any transfer involved in the exchange of any Warrant or issuance of any Warrant or any certificate for Warrant Shares in a name other than that of the Holder of the Warrant being exercised. 

SECTION 8.13 Attorneys’ Fees. In any action or proceeding brought by a party to enforce any provision of this Agreement, the
prevailing party shall be entitled to recover the reasonable and documented costs and expenses incurred by it in connection with that action or proceeding (including, but not limited to, reasonable attorneys’ fees). 

SECTION 8.14 Filings. The Corporation shall, at its own expense, promptly execute and deliver, or cause to be executed and
delivered, to any holder of Warrants all applications, certificates, instruments and all other documents and papers that such holder of Warrants may reasonably request in connection with the obtaining of any consent, approval, qualification, or
authorization of any federal, provincial, state or local government (or any agency or commission thereof) necessary or appropriate in connection with, or for the effective exercise of, any Warrants then held by such holder. 

SECTION 8.15 Other Transactions. Nothing contained herein shall preclude the Holder from engaging in any transaction, in addition
to those contemplated by this Agreement with the Corporation or any of its Affiliates in which the Corporation or such Affiliate is not restricted hereby from engaging with any other Person. 

SECTION 8.16 Forum Selection and Consent to Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH, THIS AGREEMENT OR ANY COURSE OF CONDUCT, COURSE OF DEALING, OR ACTIONS OF THE HOLDERS OR THE CORPORATION SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF DELAWARE OR IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT
OF DELAWARE; THE CORPORATION HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE FOR THE PURPOSE OF ANY SUCH

  
 -25-

 
LITIGATION AS SET FORTH ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION. THE CORPORATION FURTHER IRREVOCABLY CONSENTS TO THE SERVICE
OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF DELAWARE. THE CORPORATION HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY HAVE OR
HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN ANY INCONVENIENT FORUM. TO THE EXTENT THAT THE CORPORATION HAS OR HEREAFTER MAY
ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OF FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE CORPORATION
HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT. 
 SECTION 8.17 Waiver of Jury
Trial. THE HOLDERS AND THE CORPORATION HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT,
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, OR ACTIONS OF THE HOLDERS OR THE CORPORATION. THE CORPORATION ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A MATERIAL
INDUCEMENT FOR THE HOLDERS ENTERING INTO THIS AGREEMENT. 

  
 -26-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their authorized officers, all as of the date and year first above written. 
  

			
	THE CORPORATION
	
	PAR PETROLEUM CORPORATION
		
	By:	 	 /s/ John T. Young, Jr.

	Name:	 	John T. Young, Jr.
	Title:	 	Chief Executive Officer
	
	INVESTORS
	
	WB DELTA, LTD
		
	By:	 	 /s/ Mark Strefling

	Name:	 	Mark Strefling
	Title:	 	Director
	
	WATERSTONE OFFSHORE ER FUND, LTD.
	
	By: Waterstone Capital Management, L.P.
		
	By:	 	 /s/ Jeffrey C. Erb

	Name:	 	Jeffrey C. Erb
	Title:	 	General Counsel
	
	PRIME CAPITAL MASTER SPC
	
	By: Waterstone Capital Management, L.P.
		
	By:	 	 /s/ Jeffrey C. Erb

	Name:	 	Jeffrey C. Erb
	Title:	 	General Counsel

 
			
	WATERSTONE MARKET NEUTRAL MAC51, LTD.
	
	By: Waterstone Capital Management, L.P.
		
	By:	 	 /s/ Jeffrey C. Erb

	Name:	 	Jeffrey C. Erb
	Title:	 	General Counsel
	
	WATERSTONE MARKET NEUTRAL MASTER FUND, LTD.
	
	By: Waterstone Capital Management, L.P.
		
	By:	 	 /s/ Jeffrey C. Erb

	Name:	 	Jeffrey C. Erb
	Title:	 	General Counsel
	
	WATERSTONE MF FUND, LTD.
	
	By: Waterstone Capital Management, L.P.
		
	By:	 	 /s/ Jeffrey C. Erb

	Name:	 	Jeffrey C. Erb
	Title:	 	General Counsel

 
			
	NOMURA WATERSTONE MARKET NEUTRAL FUND
	
	By: Waterstone Capital Management, L.P.
		
	By:	 	 /s/ Jeffrey C. Erb

	Name:	 	Jeffrey C. Erb
	Title:	 	General Counsel
	
	ZCOF PAR PETROLEUM HOLDINGS, L.L.C.
		
	By:	 	 /s/ Philip G. Tinkler

	Name:	 	Philip G. Tinkler
	Title:	 	Vice President
	
	HIGHBRIDGE INTERNATIONAL LLC
	By: Highbridge Capital Management, LLC, as Trading Manager
		
	By:	 	 /s/ Jonathan Segel

	Name:	 	Jonathan Segal
	Title:	 	Managing Director

 EXHIBITS 

 

			
	Exhibit A	  	Form of Warrant Certificate

 SCHEDULES 
  

			
	Schedule A	  	Ownership of Warrants and Warrant Shares

 EXHIBIT A 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT PURSUANT TO AN EXEMPTION FROM, OR OTHERWISE IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF SUCH ACT. IN ADDITION, THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE LIMITATIONS ON TRANSFER SET FORTH IN THE WARRANT ISSUANCE AGREEMENT DATED AS OF AUGUST     ,
2012, BETWEEN THE CORPORATION AND CERTAIN INVESTORS A PARTY THERETO. A COPY OF THE WARRANT ISSUANCE AGREEMENT IS AVAILABLE FOR INSPECTION AT THE PRINCIPAL OFFICE OF THE CORPORATION AND WILL BE FURNISHED WITHOUT CHARGE TO THE HOLDER HEREOF UPON
WRITTEN REQUEST TO THE CORPORATION. 
 PAR PETROLEUM CORPORATION 

 

			
	No. W-    	 	Warrant to Purchase
		 	         Shares of Common Stock
		
		 	                     , 2012

 Common Stock Purchase Warrant 

THIS CERTIFIES that, for value received,
                    is entitled to purchase from the PAR PETROLEUM CORPORATION, a Delaware corporation (the
“Corporation”),             shares of the Common Stock, $0.01 par value (the “Common Stock”), of the Corporation, at the price
(the “Exercise Price”) of $0.01 per share, at any time or from time to time during the period commencing on the date hereof and ending at 5:00 P.M. on the tenth anniversary of the date hereof or such earlier time as
set forth in the Warrant Issuance Agreement (the “Expiration Date”); provided, however, that this Warrant may not be exercised for any shares of Common Stock by any Regulated Holder to the extent that
such exercise will result in a violation of any Applicable Law. 
 This Warrant has been issued pursuant to the Warrant Issuance
Agreement (the “Warrant Issuance Agreement”) dated August 31, 2012, between the Corporation and certain investors, and is subject to the terms and conditions, and entitled to the benefits, thereof, including
provisions (i) for adjusting the number of Warrant Shares issuable upon the exercise hereof and the Exercise Price to be paid upon such exercise (including any adjustment required by Section 5.1 of the Warrant Issuance Agreement),
(ii) providing for certain “right of first offer” rights and (iii) providing certain information and other rights. A copy of the Warrant Issuance Agreement is available for inspection at the principal office of the Corporation
and will be furnished without charge to the Holder upon written request to the Corporation. Capitalized terms used but not defined herein shall have the meaning given to them in the Warrant Issuance Agreement. 

SECTION 1. Exercise of Warrant. On any Business Day prior to the Expiration Date, the Holder may exercise this Warrant, in whole
or in part, by delivering to the Corporation this Warrant accompanied by a properly completed Exercise Form in the form of Annex A and a 

 
check in an aggregate amount equal to the product obtained by multiplying (a) the Exercise Price by (b) the number of Warrant Shares being purchased. Any partial exercise of a Warrant
shall be for a whole number of Warrant Shares only. Any exercise of this Warrant shall be subject to the potential forfeiture rights of the Corporation set forth in Section 5.1 of the Warrant Issuance Agreement. 

SECTION 2. Exercise Price. The Exercise Price is subject to adjustment from time to time as provided in the Warrant Issuance
Agreement. 
 SECTION 3. Exchange of Warrant. On any Business Day prior to the Expiration Date, the Holder may exchange
this Warrant, in whole or in part, for Warrant Shares by delivering to the Corporation this Warrant accompanied by a properly completed Exchange Form in the form of Annex B. The number of shares of Common Stock to be received by the Holder
upon such exchange shall be determined as provided in Section 4.2 of the Warrant Issuance Agreement. 
 SECTION 4.
Transfer. Subject to the limitations set forth in the Warrant Issuance Agreement, this Warrant may be transferred by the Holder by delivery to the Corporation of this Warrant accompanied by a properly completed Assignment Form in the form of
Annex C. 
 SECTION 5. Lost, Stolen, Mutilated or Destroyed Warrant. If this Warrant is lost, stolen, mutilated or
destroyed, the Corporation will issue a new Warrant of like denomination and tenor upon compliance with the provisions set forth in the Warrant Issuance Agreement. 
 SECTION 6. No Stockholder Rights. This Warrant shall not entitle the holder hereof to any voting rights or, except as otherwise provided in the Warrant Issuance Agreement, other rights of a
stockholder of the Corporation, as such. 
 SECTION 7. Successors. All of the provisions of this Warrant by or for the
benefit of the Corporation or the Holder shall bind and inure to the benefit of their respective successors and assigns. 

SECTION 8. Headings. Section headings in this Warrant have been Inserted for convenience of reference only and shall not affect
the construction of, or be taken into consideration in interpreting, this Warrant. 
 SECTION 9. Governs. This Warrant
shall be construed in accordance with and governed by the laws of the State of Delaware (without giving effect to principles or conflicts or laws). 

 IN WITNESS WHEREOF, the Corporation has caused this Warrant to be executed by its duly
authorized officers, and this Warrant to be dated as of the date first set forth above. 
  

					
		 	PAR PETROLEUM CORPORATION
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 ATTEST: 
  

			
	 By:
	 	  

		 	 Name:

		 	 Title:

 ANNEX A 

NOTICE OF EXERCISE 

Attention:     Corporate Secretary 
 The undersigned hereby elects to purchase, pursuant to the provisions of the Warrant, as follows: 
  

	 	 ̈	            shares of Common Stock pursuant to the terms of the attached Warrant, and tenders herewith
payment in cash of the Exercise Price of such Warrant Shares in full. 

 The undersigned hereby represents and
warrants that Representations and Warranties in Section 6.1 of the Warrant Issuance Agreement with respect to such Holder are true and correct as of the date hereof. 

 

											
		 		 		 		 	HOLDER:
						
	Date:	 	  
	 		 		 	By:	 	  

					
		 		 		 	Address:	 	  

		 		 		 		 	  

				
	Name in which shares should be registered:	 		 		 	
				
	  
	 		 		 	

  
 1 

 ANNEX B 

NOTICE OF CASHLESS EXCHANGE 
 Attention: Corporate Secretary 
 In accordance with Section 4.2 of the
Warrant Issuance Agreement, the undersigned hereby elects to exchange the attached Warrant for either: 
  

	 	 ̈	            shares of Common Stock pursuant to the terms of the attached Warrant, and tenders herewith the
attached Warrant in exchange for a new Warrant for any remaining Warrant Shares not exchanged for such shares of Common Stock in accordance with Section 4.2 of the Warrant Issuance Agreement; or 

 

	 	 ̈	the maximum number of shares of Common Stock issuable pursuant to the terms of Section 4.2 of the Warrant Issuance Agreement by delivery of the attached Warrant
(estimated to be             shares of Common Stock), and tenders herewith the attached Warrant in exchange for such Warrant Shares. 

The undersigned hereby represents and warrants that Representations and Warranties in Section 6.2 of the Warrant Issuance Agreement
with respect to such Holder are true and correct as of the date hereof. 
  

											
		 		 		 		 	HOLDER:
						
	Date:	 	  
	 		 		 	By:	 	  

					
		 		 		 	Address:	 	  

		 		 		 		 	  

				
	Name in which shares should be registered:	 		 		 	
				
	  
	 		 		 	

  
 1 

 ANNEX C 

ASSIGNMENT FORM 
  

					
		 	(To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)	  	

 FOR VALUE RECEIVED, the foregoing
Warrant and all rights evidenced thereby are hereby assigned to 
  

			
	Name:	  	  

 (Please Print) 
  

			
	Address:	  	  

 (Please Print) 
  

					
	Dated:	  	  
	  	

					
			
	Holder’s	  		  	
	Signature:	  	  
	  	
			
	Holder’s	  		  	
	Address:	  	  
	  	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the
Warrant. Officers of corporations and those acting in a fiduciary or other representative capacity should provide proper evidence of authority to assign the foregoing Warrant. 

  
 2 

 SCHEDULE A 

KEY HOLDERS 
  

			
	 Name and Address
	  	
Number of Warrants
Shares Exercisable

		
	 WB DELTA, LTD
 c/o Whitebox
Advisors, LLC
 3033 Excelsior Blvd. Suite 300
 Minneapolis, MN 55416
 Attn: Katrina Kramer
 Fax: 612-253-6178
 Email: kkramer@whiteboxadvisors.com

Attn: Jake Mercer
 Fax: 612-253-6149

Email: Jmercer@whiteboxadvisors.com
 Attn: Barb
Reller
 Fax: 612-253-6114
 Email:
Breller@whiteboxadvisors.com
	  	3,326,574
		
	 WATERSTONE OFFSHORE ER FUND, LTD

c/o Waterstone Capital Management, LP
 2 Carlson
Parkway, Suite 260
 Plymouth, MN 55447

Attn: Vincent Conley
 Fax:
952.697.4140
 Email: vconley@wscm.net
	  	197,278
		
	 PRIME CAPITAL MASTER SPC
 c/o
Waterstone Capital Management, LP
 2 Carlson Parkway, Suite 260
 Plymouth, MN 55447
 Attn: Vincent Conley
 Fax: 952.697.4140
 Email: vconley@wscm.net
	  	29,736
		
	 WATERSTONE MARKET NEUTRAL MAC51, LTD
 c/o Waterstone Capital Management, LP
 2 Carlson Parkway, Suite 260

Plymouth, MN 55447
 Attn: Vincent
Conley
 Fax: 952.697.4140
 Email:
vconley@wscm.net
	  	109,030

			
	 WATERSTONE MARKET NEUTRAL MASTER FUND, LTD.
 c/o Waterstone Capital Management, LP
 2 Carlson Parkway, Suite 260

Plymouth, MN 55447
 Attn: Vincent
Conley
 Fax: 952.697.4140
 Email:
vconley@wscm.net
	  	1,167,007
		
	 WATERSTONE MF FUND, LTD.
 c/o
Waterstone Capital Management, LP
 2 Carlson Parkway, Suite 260
 Plymouth, MN 55447
 Attn: Vincent Conley
 Fax: 952.697.4140
 Email: vconley@wscm.net
	  	272,097
		
	 NOMURA WATERSTONE MARKET NEUTRAL FUND
 c/o Waterstone Capital Management, LP
 2 Carlson Parkway, Suite 260

Plymouth, MN 55447
 Attn: Vincent
Conley
 Fax: 952.697.4140
 Email:
vconley@wscm.net
	  	22,062
		
	 ZCOF PAR PETROLUEM HOLDINGS, L.L.C.
 Two North Riverside Plaza
 Suite 600
 Chicago, Illinois 60606
 Attn: Will Monteleone

Fax: (312) 454-0335
 Email:
wmonteleone@egii.com
	  	3,959,328
		
	 HIGHBRIDGE INTERNATIONAL, L.P.

c/o Highbridge Capital Management
 40 West 57th
Street, 32nd Floor
 New York, NY 10019

Attn: Jonathan Segal
 Email:
jonathan.segal@highbridge.com
	  	509,013
		  	  

		
	 TOTAL
	  	9,592,125

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