Document:

EX-10.3

 Exhibit 10.3 

PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (as the same may be hereafter amended, modified, supplemented, renewed or restated from time to time, this
“Agreement”) is made and entered into as of this 10th day of February, 2016 (the “Effective Date”), by and between 20 COMMERCE LLC, a Delaware limited liability
company (“Seller”), and ALNYLAM PHARMACEUTICALS, INC., a Delaware corporation (“Purchaser”). 
 1. PURCHASE AND SALE OF
PROPERTY. 
 On the terms and conditions stated in this Agreement, Seller hereby agrees to sell to Purchaser and Purchaser hereby agrees
to purchase from Seller all of the following described property (collectively, the “Property”): 
 1.1 Land.
Seller’s fee simple interest in and to all of that certain tract of land situated in Norton, Bristol County, Massachusetts, as more particularly described on Exhibit 1.1 attached hereto and incorporated herein by reference, together with
all of Seller’s right, title and interest in and to the rights, privileges and easements appurtenant to such land (collectively, the “Land”). 

1.2 Permits. All of Seller’s right, title and interest in and to any transferable licenses, permits, registrations, use
agreements, orders, entitlements, privileges, guaranties and warranties, and governmental and all other approvals, including, without limitation, that certain Tax Increment Financing Agreement by and between the Town of Norton, Seller and Purchaser
dated November 19, 2015, relating to any or all of the Land and the Project (collectively, the “Permits”). 
 2. PURCHASE PRICE AND
DEPOSIT; OTHER PURCHASER PAYMENTS. 
 2.1 Payment. The aggregate purchase price (the “Purchase Price”) for the
Property shall be Seven Million One Hundred Thousand and No/100 Dollars ($7,100,000.00). The Purchase Price shall be payable by wire transfer of immediately available federal funds at the Closing. 

2.2 Deposit. 

2.2.1 Within one (1) business day following execution of this Agreement, Purchaser shall deposit Three Hundred Fifty-Five
Thousand and No/100 Dollars ($355,000.00) (together with any and all interest that may accrue thereon, the “Initial Deposit”) by wire transfer of immediately available federal funds, with Fidelity National Title Insurance Company
(the “Escrow Agent” or “Title Company”) to assure Purchaser’s performance hereunder. 

Pursuant to Section 6.2, the Initial Deposit shall be fully refundable to Purchaser by written notice to Seller any time
on or before the Due Diligence Deadline. 
 2.2.2 Prior to the expiration of the Due Diligence Deadline (as hereinafter
defined), Purchaser shall deposit an additional Three Hundred Fifty-Five Thousand and 

  
 14.1-1 

 
No/100 Dollars ($355,000.00) (together with any and all interest that may accrue thereon, the “Additional Deposit” and, together with the Initial Deposit, the
“Deposit”), by wire transfer of immediately available federal funds, with the Escrow Agent. Purchaser’s failure timely to deposit any amount required pursuant to this Section 2.2 (time being of the essence) shall be
deemed a default under this Agreement entitling Seller immediately and without notice to terminate this Agreement. Notwithstanding the foregoing, it is expressly understood and agreed that, in the event Purchaser terminates this Agreement before the
Due Diligence Deadline, the Deposit shall be immediately refunded to Purchaser. 
 2.2.3 Escrow Agent shall place the Deposit
in an interest-bearing escrow account at a federally-insured commercial bank reasonably acceptable to both Seller and Purchaser. The Escrow Agent shall hold the Deposit in accordance with this Agreement. At Closing, the Escrow Agent shall deliver
the Deposit to Seller and credit the Deposit against the Purchase Price in accordance with this Agreement. 
 2.2.4
Notwithstanding anything contained in this Agreement to the contrary, following the Due Diligence Deadline, the entire Deposit shall be conclusively deemed to have been earned by Seller and to be non-refundable to Purchaser in whole or in part under
any circumstances (including, without limitation, any prior or subsequent breach or default by Seller hereunder and any termination of this Agreement by Seller or Purchaser for any reason), except to the extent specifically provided in
Section 10.1 of this Agreement. Notwithstanding that the Deposit shall belong to Seller from and after the Due Diligence Deadline, Seller hereby authorizes and directs Escrow Agent to continue to hold the Deposit in escrow for
Seller’s account until the earlier to occur of (i) the Closing, or (ii) a default by Purchaser hereunder, whereupon Escrow Agent shall immediately release the entire Deposit from escrow and deliver the same to Seller. 

2.3 Site Work Costs. The parties acknowledge that, prior to Closing, Seller shall incur certain site work costs and other beneficial
costs with respect to the Land, as set forth on Exhibit 2.3 attached hereto (the “Site Work Costs”). At Closing, Purchaser shall reimburse Seller for all such Site Work Costs incurred by Seller as of the Closing Date. 

2.4 Contractor Termination Fee. The parties acknowledge that Seller currently has a contract with Polar Design Build, Inc. for
construction services on the Land. At Closing, Seller shall terminate such contract and Purchaser shall pay Nine Hundred Thousand and No/100 Dollars ($900,000.00) (the “Contractor Termination Fee”) to Seller to reimburse Seller for
the cost of such termination. 
 3. TITLE AND SURVEY. 

3.1 State of Title to be Conveyed. Title to the Property shall be conveyed to Purchaser at Closing in fee simple by Quitclaim Deed (the
“Deed”), free and clear of any and all liens, mortgages, deeds of trust, security interests and other encumbrances, except for: (i) the standard printed exclusions and exceptions from coverage contained in the ALTA form of
owner’s title policy issued by the Title Company to Purchaser at Closing and those items identified on Schedule B-II of the Policy of Title Insurance No. 27306-15-0132TN-FN (the 

  
 14.1-2 

 
“Existing Title Policy”), a copy of which Existing Title Policy is attached to Exhibit 3.1 attached hereto (except for any mortgages and mortgage related documents
noted in the Existing Title Policy, which Seller agrees to pay off with the sale proceeds at Closing); (ii) the lien of real estate taxes, water, sewer, vault and other public charges or assessments levied or assessed against the Property,
including any so-called payments in lieu of taxes, in each case which are a lien but not yet due and payable; (iii) any state of facts shown on the Survey (as hereinafter defined); (iv) the Amended and Restated First Amendment to Sewer Use
Agreement dated September 28, 2015 and recorded with the Bristol County North Registry of Deeds (the “Registry”) in Book 22581, Page 254; and (v) Declaration Regarding Cost Sharing dated October 13, 2015 and recorded
with the Registry in Book 22581, Page 290. The items referred to in clauses (i) through (v) above are hereinafter referred to, collectively, as the “Permitted Exceptions.” 

3.2 Title Policy and Survey. Purchaser hereby acknowledges receipt of: (i) a copy of the Existing Title Policy, identifying no
exceptions to title other than the Permitted Exceptions; and (ii) a survey of the Land and the Improvements titled “ALTA/ACSM Land Title Update Survey Plan of Land in Norton, MA,” by Halnon Land Surveying, Inc., dated June 6,
2015, revised August 28, 2015 (the “Survey”), identifying no exceptions to title other than the Permitted Exceptions. Without limiting the foregoing, but subject to Section 3.4, Seller shall have no liability to
Purchaser on account of any claims or defects or title or survey objections affecting the Property which are not shown on the Existing Title Policy, but existed as of the date thereof, it being understood and agreed that Purchaser’s sole remedy
shall be to proceed against the Title Company with respect to such matters. 
 3.3 Title Objections. During the Due Diligence Period,
Purchaser may review the Existing Title Policy as part of its investigations hereunder and will have the right to obtain a new title commitment from the Title Company (the “Title Commitment”) and to negotiate with the Title Company
in order to cause the Title Company to modify the Title Commitment to reflect only those exceptions to title that are acceptable to Purchaser. If Purchaser does not terminate this Agreement pursuant to Section 6.2, then the exceptions to
title disclosed in the Title Commitment as of the expiration of the Due Diligence Period, including any survey matters, will be deemed to be Permitted Exceptions. Seller will have no obligation to cure or remove any exceptions shown on the Existing
Title Policy or the Title Commitment other than any delinquent taxes or assessments and any monetary liens or any other encumbrances created by, through or under Seller. 

3.4 Gap Exceptions. In the event any matter which adversely affects title or Seller’s ability to comply with the terms of this
Agreement with respect to title first arises and/or is placed of record after the Due Diligence Deadline (a “Gap Exception”) and such exception is not a Permitted Exception, Purchaser shall notify Seller in writing (“Gap
Exception Notice”) of Purchaser’s objection to such Gap Exception on or before the earlier of (i) the third (3rd) Business Day following the date Purchaser first learns of
such Gap Exception, and (ii) the Closing Date. If for any reason Purchaser fails to deliver a timely Gap Exception Notice, any Gap Exception that could have been the subject of a proper Gap Exception Notice shall for all purposes constitute a
Permitted Exception for purposes of this Agreement. Seller shall have the right, but not the obligation, to attempt to cure any Gap Exceptions, and Seller shall notify Purchaser in writing within seven (7) Business Days of Seller’s receipt
of the Gap Exception 

  
 14.1-3 

 
Notice as to which, if any, of the Gap Exceptions Seller has elected to attempt to cure and, to the extent Seller elects to cure any such Gap Exceptions, Seller shall use commercially reasonable
efforts to cure such Gap Exceptions. If Seller fails to timely deliver notice to Purchaser that Seller has elected to attempt to cure a Gap Exception, Seller shall be conclusively deemed to have elected not to cure such Gap Exception. If Seller
elects to or is required to attempt to cure or remove any such Gap Exceptions, Purchaser’s and Seller’s respective rights and obligations, and any corresponding extensions of the Closing Date, shall be governed by the provisions of
Section 3.3 and Section 8.3. If at any time Purchaser elects to accept title to the Property subject to such Gap Exceptions, such Gap Exceptions shall be conclusively deemed to constitute “Permitted Exceptions” for
purposes of this Agreement. Notwithstanding anything contained in this Agreement to the contrary, nothing shall be deemed to impair or limit Seller’s right to challenge whether any purported Gap Exception constitutes a proper Gap Exception for
purposes of this Agreement. 
 4. PROPERTY INFORMATION. 

4.1 Property Information. Purchaser hereby acknowledges and agrees that Seller has delivered, or otherwise made available, as
appropriate, to Purchaser, for Purchaser’s review, copies of the Existing Title Policy, the Survey and the other documents and/or materials specifically listed on Exhibit 4.1 attached hereto (collectively, the “Property
Information”). Seller makes no representation or warranty whatsoever as to the completeness, truth or accuracy of the Property Information provided to Purchaser, except as otherwise expressly provided in this Agreement. In the event of the
expiration or termination of this Agreement for any reason whatsoever, Purchaser shall, within ten (10) days of Seller’s request, deliver to Seller at no cost or expense to Seller other than Purchaser’s actual out-of-pocket
third-party expenses incurred by Purchaser in connection with Purchaser’s investigation of the Property, any and all due diligence materials and other information or documentation obtained by, or made available to Purchaser, on its own or from
or at the request of Seller in connection with its investigation of the Property (to the extent the providers of such materials, information and documentation allow Purchaser to provide Seller with the same and to the extent Seller advises Purchaser
of Seller’s desire to obtain), and Purchaser’s obligation in such regard shall survive any such expiration or termination. Notwithstanding the foregoing, it is expressly understood and agreed that Seller shall not be required to pay
Purchaser’s actual out-of-pocket third-party expenses for materials, information and documentation that Seller advises Purchaser it does not require Purchaser to provide. Seller shall, at Purchaser’s request and at Purchaser’s sole
cost and expense, use commercially reasonable efforts to obtain a reliance letter addressed to Purchaser from the preparer of any report listed on Exhibit 4.1. 

5. CONDITION OF THE PROPERTY. 
 5.1
Condition of the Property. Subject to those certain Seller’s representations and warranties expressly set forth in this Agreement, the Property shall be sold and conveyed strictly on an “as is,” “where is” and
“with all defects” basis, without representation, warranty or covenant, express, implied or statutory, of any kind whatsoever by Seller. Without limiting the generality of the foregoing, Purchaser acknowledges that neither Seller nor any
other person or party on behalf of Seller has made any representations, warranties or covenants as to the compliance of the Property with any Applicable Law, including, without limitation, 

  
 14.1-4 

 
Environmental Laws (as hereinafter defined) and those pertaining to construction, building and health codes, land use (or permits issued in connection therewith), zoning, Hazardous Substances (as
hereinafter defined) or other environmental matters. Purchaser shall confirm the aforesaid acknowledgments in writing as of the Closing Date by executing and delivering that certain Acknowledgment and Agreement attached hereto as Exhibit 5.1
and incorporated herein by reference (the “Purchaser’s Acknowledgment and Agreement”). The provisions of this paragraph shall survive the Closing (as hereinafter defined) and the delivery of the Deed or any expiration or
termination of this Agreement. 
 5.2 Applicable Law. For purposes of this Agreement: (i) the term “Applicable
Law” shall mean with respect to any matter referred to herein, all present and future laws applicable with respect thereto, including, without limitation, all applicable constitutional provisions, statutes, ordinances, codes, by-laws,
regulations, rulings, decisions, rules, orders, determinations and requirements of any Federal, state, county, local or other legislative, executive, judicial or other governmental body or authority; (ii) the term “Environmental
Laws” shall mean all federal, state and local Applicable Laws relating to pollution or protection of the environment or occupational safety and health, including but not limited to the Comprehensive Environmental Response, Compensation and
Liability Act (“CERCLA”), 42 U.S.C. 9601 et seq., the Resource Conservation and Recovery Act, 42 U.S.C. 6901 et seq., the Federal Water Pollution Control Act, 33 U.S.C. 1251 et seq., the Clean Air Act, 42 U.S.C. 7401 et seq. and the
Toxic Substances Control Act (“TSCA”), 15 U.S.C. 2601 et seq., and all analogous state Applicable Laws; and (iii) the term “Hazardous Substances” shall mean each and every element, compound, chemical mixture,
contaminant, pollutant material, waste or other substance which is defined, determined or identified as hazardous, flammable, harmful, corrosive or toxic under any Environmental Law or the release of which is prohibited or restricted under any
Environmental Law. Without limiting the generality of the foregoing, the term “Hazardous Substances” shall mean and include: “hazardous substances”, “pollutants” and “contaminants” as defined in CERCLA and the
Superfund Amendment and Reauthorization Act (“SARA”), each as amended, and regulations promulgated thereunder; and “hazardous materials” as defined in the Hazardous Materials Transportation Act, each as amended, and
regulations promulgated thereunder; “chemical substance or mixture” as defined in TSCA, as amended, and regulations promulgated thereunder; or any similar definitions found in any other Environmental Laws. 

6. PURCHASER’S DUE DILIGENCE. 
 6.1
Purchaser’s Due Diligence. During the period (the “Due Diligence Period”) commencing on the Effective Date and ending at 5:00 p.m. local Boston, Massachusetts time on the date that is thirty (30) days following the
Effective Date (the “Due Diligence Deadline”), Purchaser shall have the right to review Seller’s title to the Property, as well as the right and non-exclusive license to enter the Property after prior notice for the purpose of
conducting such investigations, inspections, audits, analyses, surveys, tests, examinations, studies, and appraisals of the Property as Purchaser has deemed necessary or desirable, at Purchaser’s sole cost and expense, to determine whether the
Property is suitable for Purchaser’s purposes. Seller shall coordinate such inspections, as necessary, and shall have the right to be present at all inspections. 

6.1.1 Access. Purchaser shall use due diligence to minimize interference with Seller’s operations at the Property.
Notwithstanding anything in this Agreement to the 

  
 14.1-5 

 
contrary, Purchaser shall not alter or disturb the Property in any manner and Purchaser shall not permit any mechanics’ liens to be filed against all or any part of the Property. Prior to
Purchaser or any contractor, consultant or other party acting by or on behalf of Purchaser entering the Property in the exercise of the access rights provided hereunder, Purchaser shall deliver to Seller, from a reputable company or companies
acceptable to Seller, certificates evidencing (i) a policy or policies of commercial general liability insurance with respect to the Property and the operations of Purchaser and such parties on or about the Property, including but not limited
to owned and non-owned automobile (vehicle) liability, personal injury, blanket contractual, broad form property damage and product/completed operations liability coverage for not less than Two Million and No/100 Dollars ($2,000,000.00) combined
single limit bodily injury, death and property damage liability per occurrence, or the current limit of liability carried, whichever is greater, and (ii) workers compensation insurance in an amount required by law, together with employers
liability, with a waiver of subrogation endorsement by the insurance carrier as respects Seller and such other parties designated by Seller, and naming Seller and such other parties designated by Seller as additional insureds. To the extent the
coverages evidenced by such certificates are based on claims made, the coverages evidenced by such certificates shall remain in effect for no less than six (6) months after the exercise by Purchaser or such other parties of any access rights
provided hereunder. 
 6.1.2 Indemnity. Purchaser hereby agrees to indemnify, defend, and hold harmless Seller and its
respective partners, members, affiliates, property managers, and their respective officers, directors, agents, employees and representatives (collectively, the “Indemnified Parties”) from and against any and all liens, claims, or
damages of any kind or nature, including any demands, actions or causes of action, assessments, losses, costs, expenses, liabilities, interest and penalties, and reasonable attorneys’ fees suffered, incurred, or sustained by any of the
Indemnified Parties caused by the entry on the Property by Purchaser, its agents or representatives or any other due diligence activities pursuant to this Agreement (“Claims”), except to the extent such Claims are caused by the
negligence or willful misconduct of any of the Indemnified Parties.. Purchaser will promptly restore the Property substantially to its condition before any damages that may have been caused by Purchaser or its agents or representatives in the
conduct of the review. Notwithstanding anything set forth herein to the contrary, the indemnification and restoration obligations of Purchaser in this Section shall survive Closing or the earlier termination, for any reason, of this Agreement. 

6.2 Option to Terminate. Purchaser shall have the right, for any reason or no reason, in its sole discretion, at or prior to the Due
Diligence Deadline, to terminate Purchaser’s obligations hereunder, said right to be exercised by providing Seller with written notice (the “Due Diligence Termination Notice”) of Purchaser’s election not to proceed with
the consummation of the transaction contemplated by this Agreement. Upon receipt by Seller of a proper Due Diligence Termination Notice as aforesaid, the respective obligations contained herein of Seller and Purchaser to sell and purchase (as
applicable) the Property shall forthwith terminate and be of no further force and effect, and, except as otherwise provided herein, Seller and Purchaser shall be released and discharged from all further obligation and liability under this Agreement,
except that Seller shall cause the Deposit to be promptly returned to Purchaser and except for any covenants and agreements of the parties which by the specific terms of this 

  
 14.1-6 

 
Agreement are stated to survive any expiration or termination of this Agreement. In the event that a proper Due Diligence Termination Notice is not given to Seller at or prior to the Due
Diligence Deadline, then for all purposes of this Agreement, the condition of the Property and title thereto as of the Due Diligence Deadline shall conclusively be deemed acceptable to Purchaser. Purchaser confirms and agrees that, from and after
the Due Diligence Deadline, Purchaser shall have no right to terminate this Agreement for any cause or reason whatsoever, except as set forth in Section 10.1 hereof. 

7. REPRESENTATIONS AND WARRANTIES. 
 7.1
Seller’s Representations and Warranties. Seller represents to Purchaser as of the Effective Date as follows: 

7.1.1 Organization. Seller is duly formed, validly existing and in good standing under the laws of the State of
Delaware. 
 7.1.2 Authority/Consent. Seller is the owner of the fee simple interest in the Property and possesses all
requisite power and authority, and has taken or will by Closing have taken all actions required by its organizational documents and applicable law to execute and deliver this Agreement and to consummate the transactions contemplated by this
Agreement. 
 7.1.3 Foreign Person. Seller is not a “foreign person,” “foreign trust” or
“foreign corporation” within the meaning of the United States Foreign Investment in Real Property Tax Act of 1980 and the Internal Revenue Code of 1986, as subsequently amended. 

7.1.4 No Violation of Agreements, Orders, Etc. The execution and delivery of this Agreement by Seller and the
consummation by Seller of the transactions contemplated hereby will not (i) violate any judgment, order, injunction or decree to which Seller or the Property is subject, or (ii) conflict with, result in a breach of, or constitute a default
under the organizational documents of Seller or any lease, mortgage, loan agreement, covenant, or other agreement or instrument to which Seller is a party or by which Seller or the Property may be bound. 

7.1.5 No Possessory Rights. Except for any parties in possession pursuant to, and any rights of possession granted under
the Permitted Exceptions, there are no parties in possession of any part of the Property, and there are no other rights of possession concerning the Property which have been granted to any third party or parties. 

7.1.6 No Third-Party Interests. As of the date of this Agreement, Seller has not granted to any party any option,
contract or other agreement with respect to a purchase or sale of the Property or any portion thereof or any interest therein. 

7.1.7 Violation of Applicable Law. Seller has not received any written notice of any violation or noncompliance issued
pursuant to any Applicable Law, including, but not limited to Environmental Laws, with respect to the Property or any use or condition thereof, and to Seller’s actual knowledge, no such violation exists. 

  
 14.1-7 

 7.1.8 Litigation. There is no litigation, action, suit, hearing or
administrative proceeding pending or, to Seller’s actual knowledge, threatened in writing against the Seller or the Property. 

7.1.9 Condemnation. There are no presently pending condemnation actions against the Property or any part thereof, and
the Seller has no actual knowledge of any written notice of any condemnation actions being contemplated. 
 7.l.10
Bankruptcy. No bankruptcy, insolvency, reorganization or similar action or proceeding, whether voluntary or involuntary, is pending, or, to Seller’s knowledge, has been threatened in writing, against Seller. Seller is not insolvent. 

7.1.11 OFAC. Neither Seller, nor to Seller’s actual knowledge, any of Seller’s employees, officers or
directors, is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control of the Department of the Treasury (“OFAC”), (including those named on
OFAC’s Specially Designated and Blocked Persons List) or under any similar statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to
Commit, or Support Terrorism) or other similar governmental action. 
 7.2 Purchaser’s Representations and Warranties. Purchaser
represents to Seller as of the Effective Date as follows: 
 7.2.1 Organization. Purchaser is duly formed, validly
existing and in good standing under the laws of the State of Delaware. 
 7.2.2 Authority/Consent. Purchaser possesses
all requisite power and authority, has taken all actions required by its organizational documents and applicable law, and has obtained all necessary consents, to execute and deliver this Agreement and to consummate the transactions contemplated in
this Agreement. 
 7.2.3 OFAC. Neither Purchaser, nor to Purchaser’s actual knowledge, any of Purchaser’s
employees, officers or directors, is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of OFAC, (including those named on OFAC’s Specially Designated and Blocked Persons List) or under
any similar statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism) or other similar governmental action. 

7.3 Knowledge of Seller. References in this Agreement to the “knowledge” and/or “actual knowledge” of Seller, or
any words of similar import, shall refer only to the current actual (as opposed to implied or constructive) knowledge of Jeffrey O’Neill, and shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller or any parent,
subsidiary or affiliate of Seller or to any other officer, agent, manager, representative or employee of Seller or to impose upon Jeffrey O’Neill any duty to investigate the matter to which such actual knowledge, or the absence thereof,
pertains. Notwithstanding anything to the contrary contained in this Agreement, Jeffrey O’Neill shall not have any personal liability hereunder. 

  
 14.1-8 

 8. CONDITIONS PRECEDENT TO CLOSING. 

8.1 Conditions Precedent to Purchaser’s Obligation to Close. Purchaser’s obligation to purchase the Property is subject to
satisfaction, on or before the Closing Date (as such date may be extended as expressly provided herein), of the following conditions, any of which may be waived in writing by Purchaser in Purchaser’s sole and absolute discretion: 

8.1.1 Covenants. Seller shall have performed and observed, in all material respects, all covenants of Seller under this
Agreement. 
 8.1.2 Delivery of Closing Documents. Seller shall have delivered each of the Closing Documents (as
hereinafter defined) required to be delivered under Section 9.2.1 of this Agreement. 
 8.1.3 Representations
and Warranties. All representations and warranties of Seller set forth in this Agreement shall be true and correct in all material respects as if made on the Closing Date. 

8.1.4 Title. A final examination of the title to the Land by the Title Company shall disclose no title exceptions except
for the Permitted Exceptions and other matters approved or deemed approved by Purchaser in accordance with this Agreement. 
 8.2
Conditions Precedent to Seller’s Obligation to Close. Seller’s obligation to sell the Property is subject to satisfaction, on or before the Closing Date (as such date may be extended as expressly provided herein), of the following
conditions, any of which may be waived in writing by Seller in Seller’s sole and absolute discretion: 
 8.2.1
Covenants. Purchaser shall have performed and observed, in all material respects, all covenants of Purchaser under this Agreement. 

8.2.2 Representations and Warranties. All representations and warranties of Purchaser set forth in this Agreement shall
be true and correct in all material respects as if made on the Closing Date. 
 8.2.3 Delivery of Closing Documents.
Purchaser shall have delivered each of the Closing Documents required to be delivered under Section 9.3.1 of this Agreement. 

8.2.4 Delivery of the Development Agreement. Purchaser shall have executed and delivered development management contract
with Condyne Construct, Inc. in the form attached hereto as Exhibit 8.2.4 (the “Development Agreement”). 
 8.3
Failure of a Condition. 
 8.3.1 If any condition precedent to Purchaser’s obligation to close the transactions
contemplated by this Agreement, as set forth in Section 8.1 of this 

  
 14.1-9 

 
Agreement, has not been satisfied on or before the Closing Date, then Purchaser shall give written notice to Seller of the condition or conditions that Purchaser asserts are not satisfied. If the
conditions specified in such notice are not satisfied within ten (10) Business Days after receipt of such notice (with the Closing Date automatically being extended to accommodate such ten (10) Business Day period, then Purchaser may
terminate this Agreement by written notice to Seller and Escrow Agent, whereupon neither party shall have any further rights or obligations hereunder (other than any obligations of either party that expressly survive termination) and the Deposit
shall be returned to Purchaser. Notwithstanding anything contained herein to the contrary, if any of the conditions precedent to Purchaser’s obligation to close, as set forth in Section 8.1 of this Agreement, cannot reasonably be
satisfied within the ten (10) Business Day period specified above, but the same are reasonably susceptible of being cured and Seller is diligently proceeding to cure the same, Seller shall have the right to extend such period in which to
satisfy the unsatisfied condition for a period of up to thirty (30) additional days, by giving written notice thereof to the Purchaser and Escrow Agent within the initial ten (10) Business Day period referenced above. Purchaser shall have
the right to waive the unsatisfied condition or conditions by written notice to Seller and Escrow Agent given within five (5) Business Days after expiration of the applicable satisfaction period without satisfaction having occurred, in which
event the Closing Date shall be the date that is five (5) Business Days after Seller’s receipt of Purchaser’s waiver notice. If the Closing Date is extended pursuant to this paragraph, then the Closing Date shall be the date that is
the earlier to occur of five (5) Business Days after (a) the date that the unsatisfied condition has been satisfied, or (b) Seller’s receipt of Purchaser’s waiver notice. It is understood and agreed that the failure of any
condition set forth in Section 8.1 hereof that is not reasonably susceptible of being cured within the time allotted shall not constitute a default, breach of a covenant, or other failure to perform by Seller hereunder unless such failed
condition was caused by Seller’s willful and intentional actions or omissions in violation of its covenants set forth in this Agreement. 

8.3.2 If any condition precedent to Seller’s obligation to close the transactions contemplated by this Agreement, as set
forth in Section 8.2 of this Agreement, has not been satisfied on or before the Closing Date, then Seller shall give written notice to Purchaser of the condition or conditions that Seller asserts are not satisfied. If the conditions
specified in such notice are not satisfied within ten (10) Business Days after receipt of such notice (with the Closing Date automatically being extended to accommodate such ten (10) Business Day period), then Seller may terminate this
Agreement by written notice to Purchaser and Escrow Agent, whereupon neither party shall have any further rights or obligations hereunder (other than any obligations of either party that expressly survive termination) and the Deposit shall be
returned to Purchaser (unless the applicable conditions are not satisfied due to a default by Purchaser under this Agreement, in which case the Deposit shall be paid to Seller). Seller shall have the right to waive the unsatisfied condition or
conditions by written notice to Purchaser and Escrow Agent given within five (5) Business Days after expiration of the applicable satisfaction period without satisfaction having occurred, in which event the Closing Date shall be the date that
is five (5) Business Days after Purchaser’s receipt of Seller’s waiver notice. If the Closing Date is extended pursuant to this paragraph, then the Closing Date shall be the date that is the earlier to occur of five (5) Business
Days after (a) the date that 

  
 14.1-10 

 
the unsatisfied condition has been satisfied, or (b) Purchaser’s receipt of Seller’s waiver notice. Notwithstanding the foregoing or anything set forth herein to the contrary, in
no event shall the Closing Date be extended with respect to Purchaser’s failure to fund into escrow the balance of the Purchase Price due at Closing as required under this Agreement, unless expressly agreed by Seller in writing in Seller’s
sole and absolute discretion; it being expressly understood and agreed that the failure of Purchaser to fund into escrow the balance of the Purchase Price due at Closing shall constitute a default under this Agreement. 

8.3.3 If the transaction contemplated by this Agreement closes, the parties shall be deemed to have waived any and all unmet or
unsatisfied conditions, other than any unmet or unsatisfied conditions arising out of a breach by either party of any of its representations and warranties hereunder of which the other party has no knowledge as of Closing. 

9. CLOSING. 
 9.1 Closing Date. The
consummation of the transaction contemplated hereby (the “Closing”) will take place via an escrow closing conducted by the Title Company, on the date that is ten (10) Business Days following the Due Diligence Deadline, or such
earlier date as Seller and Purchaser may mutually agree upon in writing (the “Closing Date”), TIME BEING OF THE ESSENCE, subject to the provisions of Section 8.3. 

9.2 Seller’s Obligations at the Closing. At the Closing, Seller will do, or cause to be done, the following: 

9.2.1 Closing Documents. Seller shall deliver originals of the following documents (collectively, the “Seller
Closing Documents”): 
 9.2.1.1 An executed and acknowledged Deed in the form attached hereto as Exhibit
9.2.1.1; 
 9.2.1.2 An executed Certificate of Non-Foreign Status in the form of Exhibit 9.2.1.2 hereto (the
“FIRPTA”); 
 9.2.1.3 An Assignment and Assumption Agreement with respect to the Permits, substantially in
the form attached hereto as Exhibit 9.2.1.3 (the “Assignment and Assumption Agreement”); 
 9.2.1.4
An executed Settlement statement showing all of the payments, adjustments and prorations provided for in Section 9.5 and otherwise agreed upon by Seller and Purchaser (the “Settlement Statement”); 

9.2.1.5 An executed certificate stating that each of Seller’s representations and warranties contained in this Agreement
is true and correct in all material respects; 

  
 14.1-11 

 9.2.1.6 Such evidence as may be reasonably and customarily required by the Title
Company with respect to the authority of the person(s) executing the documents required to be executed by Seller on behalf of Seller; 

9.2.1.7 An executed Development Agreement from Seller’s affiliate, Condyne Construct, Inc.; 

9.2.1.8 A Certificate of Approval of Plans and Improvements, in recordable form, as required under the Protective Restrictions
listed in Exception 7 of the Existing Title Policy and as required under the Declaration of Restrictive Covenants listed in Exception 15 of the Existing Title Policy; 

9.2.1.9 A Certificate of Compliance or other close out documentation, in recordable form, from the Norton Conservation
Commission, to close out the Order of Conditions DEP File No. 250-751 listed as Exception 24 of the Existing Title Policy for which the work was never completed; 

9.2.1.10 An estoppel from Seller, in recordable form, representing there are no outstanding charges owed or default of which
Seller is aware related to the Sewer Use Agreement listed as Exception 12 of the Existing Title Policy; 
 9.2.1.11 An
estoppel from the Agent (as defined in the Cost Sharing Declaration), in recordable form, representing all assessments payable by the Seller have been paid, or if such is not the case, stating the nature, amount, and due date of any unpaid
assessments, related to the Declaration Regarding Cost Sharing, dated October 13, 2015 and recorded with the Bristol County North Registry of Deeds in Book 22581, Page 290 (the “Cost Sharing Agreement”); and 

9.2.1.12 An Owner’s Affidavit in the form of Exhibit 9.2.1.12 attached hereto or in such other form reasonably
requested by the Title Company, in order to delete from an owner’s policy of title insurance issued by the Title Company to Purchaser at Closing any exceptions for parties in possession and mechanics’ or materialmen’s liens (the
“Owner’s Affidavit”). Seller shall also deliver to the Title Company and Purchaser such evidence as may reasonably be required by the Title Company with respect to the authority of the person(s) executing the Deed. 

9.2.2 Original Property Information Documents. Seller will deliver to Purchaser originals within Seller’s
possession of all items comprising the Property Information. 
 9.2.3 Possession. Seller will deliver possession of
the Property, free and clear of all tenants and occupants. 
 9.2.4 Costs. Seller will pay all costs allocated to
Seller pursuant to Section 9.5 of this Agreement. 

  
 14.1-12 

 9.3 Purchaser’s Obligations at the Closing. At the Closing, Purchaser will do, or
cause to be done, the following: 
 9.3.1 Closing Documents. At Closing, Purchaser shall deliver originals of the
following documents (the “Purchaser Closing Documents” and, together with the Seller Closing Documents, the “Closing Documents”): 

9.3.1.1 An executed Assignment and Assumption Agreement; 

9.3.1.2 An executed Settlement Statement; 

9.3.1.3 Such evidence as may be reasonably and customarily required by the Title Company with respect to the authority of the
person(s) executing the documents required to be executed by Purchaser on behalf of Purchaser; 
 9.3.1.4 An executed
certificate stating that each of Purchaser’s representations and warranties contained in this Agreement is true and correct in all material respects; and 

9.3.1.5 an executed Development Agreement. 

9.3.2 Payment of Consideration. At Closing, Purchaser shall pay to Seller a amount equal to the sum of the Purchase
Price (subject to the credits, prorations and adjustments provided hereby), the Site Work Costs and the Contractor Termination Fee via wire transfer of immediately available federal funds to an account designated by Seller in a written notice to the
Escrow Agent delivered prior to the Closing Date, such notice to contain all information necessary for the Escrow Agent to effectuate such transfer. 

9.3.3 Costs. Purchaser will pay all costs allocated to Purchaser pursuant to Section 9.5 of this Agreement.

 9.4 Escrow. The delivery of the documents and the payment of the sums to be delivered and paid at the Closing shall be
accomplished through an escrow with the Escrow Agent. 
 9.5 Costs and Adjustments at Closing. 

9.5.1 Expenses. Seller shall pay the Massachusetts deeds excise tax, the cost of recording any instruments required to
deliver clear title and one-half of any escrow fees of Escrow Agent. Purchaser shall pay all costs and fees for title examination, title insurance and other title company charges, any new survey of the Property or update to the Survey and all of
Purchaser’s due diligence studies and investigations, the cost of recording the Deed, and one-half of any escrow fees of the Escrow Agent. Seller and Purchaser shall each pay their respective attorney’s fees. Seller and Purchaser shall
each pay all other expenses, charges or costs for which sellers and purchasers, respectively, are customarily responsible in real estate transactions in Massachusetts. All other costs and expenses incident to this transaction and the Closing shall
be paid by the party incurring same. 

  
 14.1-13 

 9.5.2 Deposit and Option Payments. The Deposit shall be credited again the
Purchase Price at Closing. 
 9.5.3 Insurance Policies. Premiums on insurance policies will not be adjusted. As of the
Closing Date, Seller will terminate its insurance coverage and Purchaser will effect its own insurance coverage. 
 9.5.4
Other Income and Expenses. All other income and ordinary operating expenses for or pertaining to the Property, including, but not limited to, public utility charges, maintenance, service charges, and license fees, will be prorated as of the
Apportionment Time. 
 9.5.5 Post-Closing Adjustment. In the absence of error or omission, all prorations, adjustments
and credits made and determined as herein provided shall be final as of the Closing Date, unless otherwise specified herein. If, subsequent to the Closing Date, an error or omission in the determination or computation of any of the prorations,
adjustments and credits shall be discovered, then, promptly upon discovery thereof, the parties hereto shall make the appropriate adjustments required to correct such error or omission. The provisions of this subsection shall survive the Closing and
the delivery of the Deed. 
 9.5.6 Seller Election Regarding Prorations. Notwithstanding anything contained herein to
the contrary, at Seller’s election, any one or more of the prorations that would otherwise be made by adjustment to the Purchase Price may instead be paid by Seller out of separate funds, without adjustment to the Purchase Price. 

9.5.7 Survival. The provisions of this Section 9.5 shall survive Closing. 

10. REMEDIES AND ADDITIONAL COVENANTS. 

10.1 Seller Default. If Seller refuses or fails to consummate the transactions contemplated by this Agreement for any reason other than
Purchaser’s default or the permitted termination of this Agreement as herein expressly provided, Purchaser shall be entitled, as its sole remedy, either (a) to receive the return of the Deposit with interest, which return shall operate to
terminate this Agreement and release Seller from any and all liability hereunder, or (b) to enforce specific performance of Seller’s obligation to execute the documents required to convey the Property to Purchaser, it being understood and
agreed that the remedy of specific performance shall not be available to enforce any other obligation of Seller hereunder. Purchaser expressly waives its rights to seek damages in the event of Seller’s default hereunder. Purchaser shall be
deemed to have elected to terminate this Agreement and receive back the Deposit if Purchaser fails to file suit for specific performance against Seller in a court having jurisdiction in Suffolk County, Massachusetts, on or before thirty
(30) days following the date upon which Closing was to have occurred. In no event shall Seller or any Seller Party have any personal liability in connection with this Agreement or the transactions contemplated hereby. 

  
 14.1-14 

 The representations and warranties of Seller as contained in this Agreement shall survive for a
period of nine (9) months from and after the Closing Date. If Purchaser becomes aware of any breach and/or violation of any of Seller’s representations and warranties prior to Closing and Purchaser fails to give Seller notice thereof
and/or proceeds to Closing with such knowledge, Purchaser is deemed to have waived any such breach and/or violation. If Purchaser commences any action(s) to enforce any alleged breach and/or violation of any of the representations and/or warranties
of Seller as set forth in this Agreement of which Purchaser becomes aware after Closing, then Purchaser’s sole remedy shall be to seek recovery of its actual damages (but not special, consequential, speculative, punitive or other damages, all
of which are waived by Purchaser), provided, in no event may the amount of such damages, in the aggregate (with respect to any and all such breaches and/or violations for all of the Property) exceed Two Hundred Thousand and No/100 Dollars
($200,000.00) (the “Cap”), unless such breach or violation is due to Seller’s fraud or intentional misrepresentation. Notwithstanding the foregoing, Seller shall not have any liability for cure of Seller’s breach and/or
violation of Seller’s representations and warranties hereunder, whether before or after Closing, unless and until the aggregate amount of claims by Purchaser as a result of all breaches and violations of Seller exceeds Twenty-Five Thousand and
No/100 ($25,000.00) (the “Basket”), in which case Seller’s liability shall be limited to amounts in excess of the Basket. 

10.2 Purchaser Default. If Purchaser fails to consummate the transactions contemplated by this Agreement for any reason other than
Seller’s default or the permitted termination of this Agreement as herein expressly provided, Seller shall have the right, as its sole and exclusive remedy, to terminate this Agreement and to receive and retain the Earnest Money hereunder as
liquidated damages. Seller and Purchaser acknowledge and agree that (a) the Earnest Money is a reasonable estimate of and bears a reasonable relationship to the damages that would be suffered and costs incurred by Seller as a result of having
withdrawn the Property from sale and the failure of the Closing to occur due to a default by Purchaser under this Agreement; (b) the actual damages suffered and costs incurred by Seller as a result of such withdrawal and failure to close due to
a default by Purchaser would be extremely difficult and impractical to determine; and (c) the Earnest Money constitutes valid liquidated damages for such default by Purchaser. 

10.3 Damages. In no event shall Seller or Purchaser ever be liable under this Agreement for damages of any kind whatsoever (including,
without limitation, direct, incidental, consequential or punitive damages) for any breach or default or failure to perform by any of the same under this Agreement, except as specifically provided for herein; it being understood and agreed that
Purchaser’s and Seller’s sole and exclusive rights and remedies on account of any such breach, default or failure shall be limited as set forth in Section 10.1 and Section 10.2, respectively. 

11. BROKERAGE COMMISSION. 
 11.1
Brokers. Purchaser warrants and represents to Seller and Seller represents and warrants to Purchaser that each has dealt with no broker or other person entitled to a broker’s commission in connection with the negotiation or execution of
this Agreement or the consummation of the transaction contemplated hereby, other than Transwestern RBJ (for whose commission Seller shall be responsible pursuant to a separate agreement), and each agrees to

  
 14.1-15 

 
hold the other harmless and indemnify the other against all damages, claims, losses and liabilities, including legal fees, incurred by the other, arising out of or resulting from the failure of
its representation and warranty. Notwithstanding anything to the contrary contained in this Agreement, the indemnities set forth in this Section 11.1 shall survive the Closing or earlier termination of this Agreement. 

12. NOTICES. 
 12.1 Written Notice.
All notices, demands and requests which may be given or which are required to be given by either party to the other party under this Agreement must be in writing. 

12.2 Method of Transmittal. All notices, demands, requests or other communications required or permitted to be given hereunder must be
sent by (i) United States certified mail, postage fully prepaid, return receipt requested, (ii) hand delivery, (iii) Federal Express or a similar nationally recognized overnight courier service or (iv) e-mail with a confirmation
copy sent the same day by another method set forth in this Section. All such notices, demands, requests or other communications shall be deemed to have been given for all purposes of this Agreement upon the date of receipt or refusal, except that
whenever under this Agreement a notice is either received on a day which is not a Business Day or is required to be delivered on or before a specific day which is not a Business Day, the day of receipt or required delivery shall automatically be
extended to the next Business Day. 
 12.3 Addresses. The addresses for proper notice under this Agreement are as follows: 

 

			
	As to Purchaser:	  	As to Seller:
		
		  	c/o Condyne Capital Partners
		  	100 Grandview Road, Suite 312
		  	Braintree, MA 02184
		  	 Attn: Jeffrey O’Neill
 E-mail:
joneill@condyne.com

		
	WITH A COPY TO:	  	WITH A COPY TO:
		
	 Goodwin Procter LLP
 Exchange
Place
 Boston, MA 02109
 Attn: Alexander Randall, Esq.

E-mail: arandall@goodwinprocter.com
	  	 Nutter, McClennen & Fish, LLP
 Seaport
West
 155 Seaport Boulevard
 Boston, MA 02110-2604

Attn: Paul A. Ayoub, Esq.
 E-mail: payoub@nutter.com

 
 AND TO:

		
	 As to Escrow Agent:
  

Fidelity National Title Insurance Company
 133 Federal Street

Boston, MA 02110
 Attn: Terence J. Nolan

E-mail: TNolan@fnf.com
	  	 Amstar Advisers, LLC
 1401 17th Street, 12th Floor
 Denver, CO 80202

Attn: Patricia Noble

E-mail: Tricia.Noble@amstaradvisers.com

Attn: Gabe Finke
 E-mail:
gabe.finke@amstaradvisers.com

  
 14.1-16 

 Either party may from time to time by written notice to the other party designate a different address for notices
within the United States of America. 
 13. ASSIGNMENT. 

13.1 Purchaser may not assign this Agreement or its rights and obligations hereunder, without the prior express written consent of Seller,
which consent may be withheld and/or conditioned by Seller in its sole and absolute discretion; provided, however, that, Purchaser shall have the right to assign its interest in this Agreement and delegate its duties to an affiliate, so long as such
affiliate controls, is controlled by, or is under common control with Purchaser, and provided that (a) such affiliate shall assume, in writing (by execution of an assignment and assumption of this Agreement in form and substance reasonably
satisfactory to Seller), all of Purchaser’s obligations under this Agreement and (b) Purchaser shall not be released of any obligations under this Agreement. If Purchaser so assigns this Agreement to an affiliate, Purchaser shall, at least
five (5) Business Days prior to the Closing Date, give the Seller written notice of such assignment, together with a copy of the assignment and assumption agreement executed by Purchaser and the assignee. Other than an assignment in connection
with financing, Seller may not assign this Agreement or its rights and obligations hereunder, without the prior express written consent of Purchaser, which consent may be withheld and/or conditioned by Purchaser in its sole and absolute discretion.

 14. CIVIL ENGINEERING CONTRACT. 

14.1 The parties acknowledge that Purchaser has entered into a contract for civil engineering services with CEG Engineering, LLC, a copy of
which is attached hereto as Exhibit 14.1. Purchaser shall pay all fees and costs required to be paid pursuant to said agreement, in accordance with the terms thereof, regardless of whether the transaction contemplated by this Agreement shall
close. 
 15. MISCELLANEOUS. 
 15.1
Entire Agreement. This Agreement embodies the entire agreement between the parties and cannot be varied except by the written agreement of the parties and supersedes all prior agreements and undertakings. 

15.2 Modifications. This Agreement may not be modified except by the written agreement of the parties. 

15.3 Gender and Number. Words of any gender used in this Agreement will be construed to include any other gender and words in the
singular number will be construed to include the plural, and vice versa, unless the context requires otherwise. 

  
 14.1-17 

 15.4 Captions. The captions used in connection with the Articles, Sections and Subsections
of this Agreement are for convenience only and will not be deemed to expand or limit the meaning of the language of this Agreement. 
 15.5
Successors and Assigns. Subject to the limitations set forth in Section 13.1 hereof, this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective permitted legal representatives,
successors and assigns. 
 15.6 Controlling Law. This Agreement will be construed under, governed by and enforced in accordance with
the laws of the jurisdiction where the Property is located. 
 15.7 Exhibits. All exhibits, attachments, annexed instruments and
addenda referred to herein will be considered a part hereof for all purposes with the same force and effect as if set forth verbatim herein. 

15.8 No Rule of Construction. Seller and Purchaser have each been represented by counsel in the negotiations and preparation of this
Agreement; therefore, this Agreement will be deemed to be drafted by both Seller and Purchaser, and no rule of construction will be invoked respecting the authorship of this Agreement. 

15.9 Severability. In the event that any one or more of the provisions contained in this Agreement (except the provisions relating to
Seller’s obligations to convey the Property and Purchaser’s obligation to pay the Purchase Price, the invalidity of either of which shall cause this Agreement to be null and void) are held to be invalid, illegal, or unenforceable in any
respect, such invalidity, illegality, or unenforceability will not affect any other provisions hereof, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had not been contained herein; provided, however,
that the parties hereto shall endeavor in good faith to rewrite the affected provision to make it (i) valid, and (ii) consistent with the intent of the original provision. 

15.10 Time of Essence. Time is important to both Seller and Purchaser in the performance of this Agreement, and both parties have
agreed that TIME IS OF THE ESSENCE with respect to any date set out in this Agreement. 
 15.11 Business Days. “Business
Day” means any day on which business is generally transacted by banks in the Commonwealth of Massachusetts. If the final date of any period which is set out in any paragraph of this Agreement falls upon a day which is not a Business Day,
then, and in such event, the time of such period will be extended to the next Business Day. 
 15.12 No Memorandum. Purchaser and
Seller agree not to record this Agreement or any memorandum hereof. 
 15.13 Press Releases. Subject to the provisions of
Section 16 hereof, prior to Closing, any release to the public of information with respect to the matters set forth in this Agreement will be made only in the form and pursuant to the timing approved by Purchaser and Seller and their
respective counsel. Notwithstanding anything to the contrary contained herein, Seller hereby agrees that Purchaser shall be allowed to make any necessary disclosures to comply with U.S. Securities and Exchange Commission and investor notification
requirements. 

  
 14.1-18 

 15.14 Attorneys’ Fees and Costs. In the event either party is required to resort to
litigation to enforce its rights under this Agreement, the prevailing party in such litigation will be entitled to collect from the other party all costs, expenses and attorneys’ fees incurred in connection with such action. Notwithstanding any
other provision of this Agreement, the provisions of this Section 15.14 shall survive the Closing or earlier termination of this Agreement. 

15.15 Counterparts and Expiration of Offer. This Agreement may be executed in multiple counterparts which shall together constitute a
single document. However, this Agreement shall not be effective unless and until all counterpart signatures have been obtained. Faxed or electronically scanned signatures shall have the same binding effect as original signatures. 

15.16 Waiver of Jury Trial. EACH PARTY HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY EITHER
PARTY IN CONNECTION WITH ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE RELATIONSHIP OF SELLER AND PURCHASER HEREUNDER, PURCHASER’S OWNERSHIP OR USE OF THE PROPERTY, AND/OR ANY CLAIMS OF INJURY OR DAMAGE. 

15.17 Venue; Jurisdiction. For the purposes of any suit, action or proceeding involving this Agreement, the parties hereby expressly
submit to the jurisdiction of all federal and state courts sitting in the Commonwealth of Massachusetts and consent that any order, process, notice of motion or other application to or by any such court or a judge thereof may be served within or
without such court’s jurisdiction by registered mail or by personal service, provided that a reasonable time for appearance is allowed, and the parties agree that such courts shall have exclusive jurisdiction over any such suit, action or
proceeding commenced by either or both of said parties. In furtherance of such agreement, the parties agree upon the request of the other to discontinue (or agree to the discontinuance of) any such suit, action or proceeding pending in any other
jurisdiction. Each party hereby irrevocably waives any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any federal or state court sitting in
the Commonwealth of Massachusetts and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. In recognition of the benefits of having any disputes
with respect to this Agreement resolved by an experienced and expert person, Seller and Purchaser hereby agree that any suit, action or proceeding, whether claim or counterclaim, brought or instituted by any party in connection with this Agreement
or any event, transaction or occurrence arising out of or in any way connected with this Agreement or the Property, or the dealings of the parties with respect thereto, shall be tried only by a court and not by a jury. 

15.18 No Third Party Beneficiary. The provisions of this Agreement and of the documents to be executed and delivered at Closing are and
will be for the benefit of Seller and Purchaser only and are not for the benefit of any third party, and accordingly, no third party shall have the right to enforce the provisions of this Agreement or of the documents to be executed and delivered at
Closing. 

  
 14.1-19 

 15.19 Title Standards. Any title matter which is the subject of a title standard of the
Real Estate Bar Association of Massachusetts (or any successor organization thereto) at the time for delivery of the Deed hereunder shall be governed by said title standards to the extent applicable and not inconsistent with statutory or common law.

 15.20 No Personal Liability of Officers or Directors. Purchaser and Seller acknowledge and agree that no officer, partner,
director, manager, member, trustee, beneficiary, equity owner, employee, or representative of Purchaser or Seller shall ever have any personal liability under this Agreement for any document executed in connection with the transactions contemplated
by this Agreement. 
 16. CONFIDENTIALITY. 

16.1 Prior to Closing and except as provided otherwise in this Section 16, Purchaser and Seller, for the benefit of each other,
hereby agree that neither of them nor any of their directors, officers, employees, partners, members, agents, subsidiaries or affiliates will release or cause or permit to be released to the public any press notices, publicity (oral or written) or
advertising promotion relating to, or otherwise publicly announce or disclose or cause or permit to be publicly announced or disclosed, in any manner whatsoever, the terms, conditions or substance of this Agreement or the transactions contemplated
herein, without first obtaining the consent of the other party hereto, which shall not be unreasonably withheld. 
 16.2 It is understood
that the foregoing shall not preclude any party from discussing the substance or any relevant details of the transactions contemplated in this Agreement on a confidential basis with such party’s attorneys, accountants, professional consultants,
financial advisors, rating agencies, or potential lenders, as the case may be, or prevent any party hereto from complying with applicable laws, including, without limitation, governmental regulatory, disclosure, tax and reporting requirements. 

[SIGNATURES ON FOLLOWING PAGE] 

  
 14.1-20 

 IN WITNESS WHEREOF, the parties have executed this Purchase and Sale Agreement as of the date
first written above. 
  

									
		 	SELLER:
		
		 	 20 COMMERCE LLC,
 a Delaware
limited liability company

			
		 	By:	 	Amstar/Condyne Commerce, LLC,
		 		 	a Delaware limited liability company,
its sole Member
				
		 		 	By:	 	Amstar-111, LLC,
		 		 		 	a Colorado limited liability company,
its Managing Member
					
		 		 		 	By:	 	 /s/ Gabe Finke

		 		 		 	Name:	 	Gabe Finke
		 		 		 	Title:	 	CEO Manager
		
		 	PURCHASER:
		
		 	ALNYLAM PHARMACEUTICALS, INC., a Delaware corporation
			
		 	By:	 	 /s/ Michael Mason

		 	Name:	 	Michael Mason
		 	Title:	 	Vice President of Finance

  
 14.1-21 

 Schedule of Exhibits: 
  

			
	Exhibit 1.1 –	  	Legal Description of the Land
	Exhibit 2.3 –	  	Site Work Costs
	Exhibit 3.1 –	  	Existing Title Policy
	Exhibit 4.1 –	  	Property Information
	Exhibit 5.1 –	  	Purchaser’s Acknowledgement and Agreement
	Exhibit 8.2.4 –	  	Form of Development Agreement
	Exhibit 9.2.1.1 –	  	Form of Deed
	Exhibit 9.2.1.2 –	  	Form of Certificate of Non-Foreign Status
	Exhibit 9.2.1.3 -	  	Form of Assignment and Assumption Agreement
	Exhibit 9.2.1.12 -	  	Form of Owner’s Affidavit
	Exhibit 14.2 –	  	Civil Engineering Contract

  
 14.1-22 

 AMENDMENT TO PURCHASE AND SALE AGREEMENT 

This AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made as of March 25, 2016, by and between 20
COMMERCE LLC, a Delaware limited liability company (“Seller”) and ALNYLAM PHARMACEUTICALS, INC., a Delaware corporation (“Purchaser”). 

RECITALS: 
 A. Seller and
Purchaser entered into that certain Purchase and Sale Agreement dated as of February 10, 2016 (the “Purchase Agreement”), for the purchase and sale of certain Property located in Norton, Massachusetts, as more fully
described in the Purchase Agreement. Capitalized terms used but not otherwise defined herein shall be defined as provided in the Purchase Agreement. 

B. Purchaser and Seller desire to amend the Purchase Agreement as herein provided. 

NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto do hereby agree as follows: 
 1. The parties hereby agree that the term “Closing
Date” as defined in Section 9.1 of the Purchase Agreement shall be changed to March 31, 2016, or such earlier date as Seller and Purchaser may mutually agree upon in writing. 

2. By executing this Amendment, the parties acknowledge and agree that, except as expressly amended hereby, all other items and provisions of
the Purchase Agreement remain unchanged and continue to be in full force and effect. 
 3. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same document. Executed copies hereof may be delivered by facsimile, PDF or email, and upon receipt, shall be deemed originals and binding upon
the parties hereto. Without limiting or otherwise affecting the validity of executed copies hereof that have been delivered by facsimile, PDF or email, the parties shall use diligent efforts to deliver originals as promptly as possible after
execution. 
 [Signatures on Following Pages] 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first
above written. 
  

									
		 	SELLER:
		
		 	20 COMMERCE LLC,
a Delaware limited liability company
			
		 	By:	 	Amstar/Condyne Commerce, LLC,
		 		 	a Delaware limited liability company,
its sole Member
				
		 		 	By:	 	Amstar-111, LLC,
		 		 		 	a Colorado limited liability company,
its Managing Member
					
		 		 		 	By:	 	 /s/ Rob Toomey

		 		 		 	Name:	 	 Rob Toomey

		 		 		 	Title:	 	Manager Authorized Representative

 [Signatures Continue on the Following Page] 

  
 [Signature Page -
Amendment to Purchase and Sale] 

 
			
	PURCHASER:
	
	ALNYLAM PHARMACEUTICALS, INC., a Delaware corporation
		
	By:	 	 /s/ Michael Mason

	Name:	 	Michael Mason
	Title:	 	Vice President of Finance

  
 [Signature Page -
Amendment to Purchase and Sale]EX-10.1

 Exhibit 10.1 

THIRD AMENDMENT TO 

AMENDED AND RESTATED CREDIT AGREEMENT 

This Third Amendment to Amended and Restated Credit Agreement (this “Third Amendment”) is effective as of May 3, 2016
(the “Third Amendment Effective Date”), by and among APPROACH RESOURCES INC., a corporation duly formed and existing under the laws of the State of Delaware (the “Borrower”), JPMORGAN CHASE BANK, N.A.,
a national banking association, as administrative agent for the Lenders (the “Administrative Agent”), and each of the Lenders party hereto. 

W I T N E S S E T H: 

WHEREAS, the Borrower, the Administrative Agent and the financial institutions party thereto as Lenders are parties to that certain Amended
and Restated Credit Agreement dated as of May 7, 2014 (as amended prior to the date hereof, the “Credit Agreement”, and the Credit Agreement as amended hereby and as otherwise amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Amended Credit Agreement”) (unless otherwise defined herein, all terms used herein with their initial letter capitalized shall have the meaning given such terms in the
Amended Credit Agreement); and 
 WHEREAS, pursuant to the Credit Agreement, the Lenders have made revolving credit loans to the Borrower;
and 
 WHEREAS, the parties hereto desire to amend certain terms of the Credit Agreement as set forth herein to be effective as of the Third
Amendment Effective Date; and 
 WHEREAS, the Lenders party hereto desire to establish a Borrowing Base in the amount of $325,000,000 to be
effective as of the Third Amendment Effective Date and to remain at such level until the next Scheduled Redetermination Date, Interim Redetermination Date or other redetermination or adjustment of the Borrowing Base, whichever comes first; and 

WHEREAS, subject to and upon the terms and conditions set forth herein, the Lenders have agreed to enter into this Third Amendment. 

NOW THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and confessed, the Borrower, the Administrative Agent and the Lenders party hereto hereby agree as follows: 

SECTION 1. Amendments. In reliance on the representations, warranties, covenants and agreements contained in this Third Amendment, and
subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Credit Agreement is hereby amended, effective as of the Third Amendment Effective Date, in the manner provided in this Section 1. 

1.1. Amended and Restated Definitions. The definitions of “Applicable Margin”, “Borrowing Base
Properties”, “Borrowing Base Value”, “Interest Expense”, “LC Commitment”, “Loan Documents”, “Permitted Unsecured Notes” and “Security
Instruments” contained in Section 1.02 of the Credit Agreement are hereby amended and restated in their entirety to read in full as follows: 

  
 1 

 “Applicable Margin” means, for any day, with respect to any ABR
Loan or Eurodollar Loan, or with respect to the Commitment Fee Rate, as the case may be, the rate per annum set forth in the Borrowing Base Utilization Grid below based upon the Borrowing Base Utilization Percentage then in effect: 

 

											
	Borrowing Base Utilization Grid
	 Borrowing Base Utilization Percentage
	  	< 25%	 	3 25%
 < 50%
	 	350%
 < 75%
	 	3 75%
 < 90%
	 	3 90%
	 ABR Loans
	  	1.500%	 	1.750%	 	2.000%	 	2.250%	 	2.500%
	 Eurodollar Loans
	  	2.500%	 	2.750%	 	3.000%	 	3.250%	 	3.500%
	 Commitment Fee Rate
	  	0.500%	 	0.500%	 	0.500%	 	0.500%	 	0.500%

 Each change in the Applicable Margin shall apply during the period commencing on the effective date of such
change and ending on the date immediately preceding the effective date of the next such change. 
 “Borrowing Base
Properties” means the proved Oil and Gas Properties and related Midstream Assets of the Credit Parties evaluated in the most recently delivered Reserve Report for purposes of determining the Borrowing Base hereunder. 

“Borrowing Base Value” means, with respect to any Oil and Gas Property of a Credit Party or any Swap Agreement
in respect of commodities, the value the Administrative Agent attributed to such asset in connection with the most recent determination of the Borrowing Base hereunder; provided that (i) if the Administrative Agent’s determination of the
Borrowing Base Value for purposes of Section 2.07(f) is less than the threshold that would trigger a reduction, such determination of the Borrowing Base Value shall be controlling and if such amount is greater than such threshold, the
Administrative Agent’s initial determination of the Borrowing Base Value shall be submitted to the Required Lenders for approval, and (ii) with respect to the Borrowing Base Value of any Midstream Assets, such Borrowing Base Value shall be
determined by Administrative Agent (and, if above the threshold described in clause (i), approved by the Required Lenders) by reference to the discounted present value of the net effect of such sale or disposition on the amount of lease operating
expenses of the Oil and Gas Property of the Credit Parties on a pro forma basis after giving effect to such sale or disposition, together with such other information as the Administrative Agent and Required Lenders may deem appropriate. 

  
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 “Interest Expense” means, for any period, the sum (determined
without duplication) of (a) the aggregate gross cash interest expense of the Borrower and the Consolidated Restricted Subsidiaries for such period to the extent paid in cash and (b) without duplication, any cash interest paid in connection
with the issuance or incurrence of any Debt issued or incurred by the Borrower in reliance on the exception in Section 9.02(m) to the extent that, pursuant to Accounting Standards Codification 470-60, such payments are not accounted for as
interest expense. 
 “LC Commitment” at any time means the lesser of (a) the Borrowing Base in effect
at such time and (b) $15,000,000. 
 “Loan Documents” means this Agreement, the First Amendment, the
Second Amendment, the Third Amendment, the Notes, the Letter of Credit Agreements, the Letters of Credit, the Fee Letter, and the Security Instruments. 

“Permitted Unsecured Notes” means unsecured notes issued pursuant to Section 9.02(g) and permitted
refinancings, extensions and renewals thereof pursuant to Section 9.02(h). 
 “Security Instruments”
means the Guaranty and Pledge Agreement, after the Security Agreement Effective Date, the Security Agreement, the Account Control Agreement, mortgages, deeds of trust and other agreements, instruments or certificates described or referred to in
Exhibit E, and any and all other agreements, instruments or consent agreements now or hereafter executed and delivered by the Borrower or any other Person (other than Swap Agreements with the Lenders or any Affiliate of a Lender or participation or
similar agreements between any Lender and any other lender or creditor, in each case, with respect to any Indebtedness pursuant to this Agreement) in connection with, or as security for the payment or performance of the Indebtedness, the Notes, this
Agreement, or reimbursement obligations under the Letters of Credit, as such agreements may be amended, modified, supplemented or restated from time to time. 

1.2. Additional Definitions. Section 1.02 of the Credit Agreement is hereby amended to add the following definitions to such
Section in appropriate alphabetical order: 
 “Account Control Agreement” means any control agreement which
grants the Administrative Agent “control” as defined in the Uniform Commercial Code in effect in the applicable jurisdiction over the applicable Deposit Account, securities account or commodities account and executed by the institutions
maintaining a Deposit Account, securities account or commodities account (as applicable) in the name of the Borrower and each Domestic Restricted Subsidiary, in each case, as required by Section 8.19, in form and substance reasonably
acceptable to the Administrative Agent. 

  
 3 

 “Anti-Corruption Laws” means all laws, rules, and regulations of
any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption, enacted or promulgated by any Governmental Authority having jurisdiction over Borrower or its Subsidiaries.

 “Availability” means, as of any time of determination, the unused amount of the total Commitments (but
only to the extent that at such time the Borrower could satisfy the conditions in Section 6.02 with respect to such amount as a Borrowing or other extension of credit hereunder). 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution
Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule. 
 “Control Agreement Compliance Date” means June 2, 2016 (or such
later date as the Administrative Agent may agree in writing in its sole discretion). 
 “Deposit Account”
means any operating, administrative, cash management, collection activity, demand, time, savings, passbook or other deposit account maintained with a bank or other financial institution. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA
Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any
financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 “EEA Resolution Authority” means any public administrative authority or any person entrusted with public
administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market
Association (or any successor Person), as in effect from time to time. 

  
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 “Excess Cash” has the meaning assigned to such term in
Section 3.04(e). 
 “Excluded Debt” means (x) any Debt to the extent resulting from any interest
paid in kind in respect of other Debt, and (y) any Debt that is issued or incurred as a part of an exchange for other existing Debt to the extent the Borrower or applicable Restricted Subsidiary does not receive cash proceeds from such issuance
or incurrence of Debt. 
 “Excluded Deposit Account” means any Deposit Account (i) which is used for
the sole purpose of making payroll and withholding tax payments related thereto and other employee wage and benefit payments and accrued and unpaid employee compensation (including salaries, wages, benefits and expense reimbursements),
(ii) which is used as an escrow account or as a fiduciary or trust account and solely contains deposits made for the benefit of another Person, (other than the Borrower or any Restricted Subsidiary), and which such deposits are held in such
Deposit Account on behalf of, and for the benefit of, such other Person, or (iii) which does not have a balance in excess of $100,000 at any time. 

“Intercreditor Agreement” shall mean a customary intercreditor agreement providing for, among other things,
(x) the subordination of the Liens on the property and assets of the Borrower and the other Credit Parties securing any Permitted Additional Debt (or any refinancing, replacement or similar thereof permitted hereunder) and/or Permitted
Refinancing Debt (or any refinancing, replacement or similar thereof permitted hereunder) to the Liens on such property and assets securing the Indebtedness and (y) the relative rights and other creditors’ rights, as between the holders of
the Indebtedness and the holders of any such Permitted Additional Debt or Permitted Refinancing Debt, by and among the Administrative Agent, the Borrower, the other Credit Parties, the collateral agents or representatives for the holders of the
relevant Debt and the other parties thereto in form and substance reasonably satisfactory to the Administrative Agent and which intercreditor agreement shall not have been objected to by the Required Lenders in accordance with the following
sentence. The Administrative Agent shall post a copy of the Intercreditor Agreement to the Lenders in accordance with the Administrative Agent’s internal procedures and the Lenders shall have 5 Business Days from the date of posting to object
to the Intercreditor Agreement in a writing delivered to the Administrative Agent. 
 “Liquid Investments”
means: 
 (a) direct obligations of the United States or any agency thereof, or obligations guaranteed by the United States
or any agency thereof, in each case maturing within one year from the date of acquisition thereof. 
 (b) commercial paper
maturing within one year from the date of acquisition thereof rated in the highest grade by S&P or Moody’s. 

  
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 (c) demand deposits, and time deposits maturing within one year from the date of
creation thereof, with, or issued by any Lender or any office located in the United States of any other bank or trust company which is organized under the laws of the United States or any state thereof, has capital, surplus and undivided profits
aggregating at least $100,000,000 (as of the date of such bank or trust company’s most recent financial reports) and has a short term deposit rating of at least A2 or P2, as such rating is set forth from time to time, by S&P or
Moody’s, respectively. 
 (d) shares of any SEC registered 2a-7 money market fund that has net assets of at least
$500,000,000 and the highest rating obtainable from either Moody’s or S&P. 
 (e) deposits in money market funds
investing exclusively in Investments described in (a), (b), (c) or (d) above. 
 “Midstream
Assets” means Property of the type used in the operation of Midstream Activities. 
 “Midstream
Activities” means the ownership, operation, maintenance, expansion, construction, commissioning and decommissioning of, and acquisition of, natural gas, oil, condensate, and water conditioning, treating, processing, and, as applicable,
compression facilities, gathering systems and pipelines, marketing of capacity on such gathering systems and pipelines, buying and selling natural gas, oil, condensate, and water in connection therewith, the provision of compression services in
connection therewith, and all other acts or activities incidental or related to any of the foregoing. 
 “Permitted
Additional Debt” means any Debt (whether issued under a loan, credit or note purchase agreement or indenture or other debt instrument and including guarantees thereof by the Credit Parties and other Debt thereunder) and any Debt incurred in
connection with any refinancing, replacement or Redemption of such Debt (whether issued under a loan, credit or note purchase agreement or indenture or other debt instrument and including guarantees thereof by the Credit Parties and other Debt
thereunder), in each case, to the extent permitted under the applicable Intercreditor Agreement, if any, and that otherwise complies with all of the following requirements: 

(a) such Debt does not require a scheduled amortization of principal or have a maturity date that is on or earlier than the
date 91 days after the Maturity Date; 
 (b) the documentation governing such Debt shall not contain any restriction on the
ability of the Borrower or any of its Restricted Subsidiaries to amend, modify, restate or otherwise supplement this Agreement or the other Loan Documents other than (i) if such Debt is secured by a lien on the Collateral that is

  
 6 

 
junior with respect to the liens on the Collateral securing the Indebtedness, as set forth in the applicable Intercreditor Agreement and (ii) if such Debt is unsecured, provisions that are
no more onerous than those set forth in the Permitted Unsecured Notes on the Third Amendment Effective Date; 
 (c) except
for equal and ratable clauses, the documentation governing such Debt shall not contain any restrictions on the ability of any Subsidiary of the Borrower to guarantee the Indebtedness (or any similar term used in any Intercreditor Agreement to
describe the Indebtedness, in each case, as such term may be amended, supplemented, modified, or amended and restated, in each case, in accordance with the applicable Intercreditor Agreement) or any restrictions on the ability of any Subsidiary or
the Borrower to pledge assets as collateral security for the Indebtedness (or any similar term used in any Intercreditor Agreement to describe the Indebtedness, in each case, as such term may be amended, supplemented, modified, or amended and
restated, in each case, in accordance with the applicable Intercreditor Agreement); 
 (d) no Default, Event of Default or
Borrowing Base Deficiency exists at the time of the incurrence of such Debt or would result therefrom; 
 (e) after giving
effect to the incurrence of such Debt, the Borrower is in pro forma compliance with the financial covenants set forth in Section 9.01; 

(f) the covenants and events of default contained in the documentation governing such Debt are not materially more onerous than
the corresponding terms of this Agreement and the other Loan Documents (as determined in good faith by the Borrower); 
 (g)
any Liens securing such Debt are second in priority to the Liens securing the Indebtedness as provided in the applicable Intercreditor Agreement; 

(h) such Debt is not guaranteed by any Person that is not a Guarantor; 

(i) (A) if unsecured, the documents governing such Debt do not contain any mandatory prepayment or redemption provisions (other
than payments as part of an “applicable high yield discount obligations” (AHYDO) catch-up payments, customary offers to repurchase in connection with any change of control, asset sale or casualty event and customary acceleration rights
after an event of default) which would require a mandatory prepayment or redemption of such Debt in priority to the Loans and (B) if secured by a lien on the Collateral that is junior with respect to the liens on the Collateral securing the
Indebtedness, such Debt, subject to the Intercreditor Agreement, shall be prepaid pursuant to provisions that are not more onerous than (and limited to) those mandatory prepayment provisions contained in this Agreement, with appropriate
modifications (including to any relevant component definitions) to reflect the second lien status of any such Permitted Refinancing Debt and/or Permitted Additional Debt; and 

  
 7 

 (j) such Debt does not prohibit prior repayment of the Loans. 

“Permitted Refinancing Debt” means any Debt issued or incurred by the Borrower and/or any Restricted
Subsidiary for any refinancing, replacement or Redemption of the Permitted Unsecured Notes (whether issued under a loan, credit or note purchase agreement or indenture or other debt instrument and including guarantees thereof by the Credit Parties
and other Debt thereunder) and any Debt incurred in connection with refinancing, replacement or Redemption of such Debt (whether issued under a loan, credit or note purchase agreement or indenture or other debt instrument and including guarantees
thereof by the Credit Parties and other Debt thereunder), in each case, other than any refinancing or replacement effected in reliance on Section 9.02(h), and to the extent permitted under the applicable Intercreditor Agreement, if any, and
that otherwise complies with all of the following requirements: 
 (a) such Debt does not require a scheduled amortization of
principal or have a maturity date that is on or earlier than the date 91 days after the Maturity Date; 
 (b) the
documentation governing such Debt shall not contain any restriction on the ability of the Borrower or any of its Restricted Subsidiaries to amend, modify, restate or otherwise supplement this Agreement or the other Loan Documents other than
(i) if such Debt is secured by a lien on the Collateral that is junior with respect to the liens on the Collateral securing the Indebtedness, as set forth in the applicable Intercreditor Agreement and (ii) if such Debt is unsecured,
provisions that are no more onerous than those set forth in the Permitted Unsecured Notes on the Third Amendment Effective Date; 

(c) except for equal and ratable clauses, the documentation governing such Debt shall not contain any restrictions on the
ability of any Subsidiary of the Borrower to guarantee the Indebtedness (or any similar term used in any Intercreditor Agreement to describe the Indebtedness, in each case, as such term may be amended, supplemented, modified, or amended and
restated, in each case, in accordance with the applicable Intercreditor Agreement) or any restrictions on the ability of any Subsidiary or the Borrower to pledge assets as collateral security for the Indebtedness (or any similar term used in any
Intercreditor Agreement to describe the Indebtedness, in each case, as such term may be amended, supplemented, modified, or amended and restated, in each case, in accordance with the applicable Intercreditor Agreement); 

(d) no Default, Event of Default or Borrowing Base Deficiency exists at the time of the incurrence of such Debt or would result
therefrom; 

  
 8 

 (e) after giving effect to the incurrence of such Debt, the Borrower is in pro
forma compliance with the financial covenants set forth in Section 9.01; 
 (f) the covenants and events of default
contained in the documentation governing such Debt are not materially more onerous than the corresponding terms of this Agreement and the other Loan Documents (as determined in good faith by the Borrower); 

(g) any Liens securing such Debt are second in priority to the Liens securing the Indebtedness as provided in the applicable
Intercreditor Agreement; 
 (h) such Debt is not guaranteed by any Person that is not a Guarantor; 

(i) (A) if unsecured, the documents governing such Debt do not contain any mandatory prepayment or redemption provisions (other
than payments as part of an “applicable high yield discount obligation” (AHYDO) catch-up payments, customary offers to repurchase in connection with any change of control, asset sale or casualty event and customary acceleration rights
after an event of default) which would require a mandatory prepayment or redemption of such Debt in priority to the Loans and (B) if secured by a lien on the Collateral that is junior with respect to the liens on the Collateral securing the
Indebtedness, such Debt, subject to the Intercreditor Agreement, shall be prepaid pursuant to provisions that are not more onerous than (and limited to) those mandatory prepayment provisions contained in this Agreement, with appropriate
modifications (including to any relevant component definitions) to reflect the second lien status of any such Permitted Refinancing Debt and/or Permitted Additional Debt; and 

(j) such Debt does not prohibit prior repayment of the Loans. 

“Pro Forma Borrowing Base” means, (a) as of any date of determination prior to any Reduction Date,
(i) the Borrowing Base then in effect, minus (ii) the sum of each Pro Forma Reduction Amount with respect to any incurrence of Debt in reliance on the exception set forth in Section 9.02(m) (other than to the extent resulting from any
interest paid in kind in respect of such Debt), and (b) as of any date of determination when no Reduction Date is pending, the Borrowing Base then in effect. 

“Pro Forma Reduction Amount” means with respect to any incurrence of Debt in reliance on the exception set
forth in Section 9.02(m) (other than Excluded Debt), an amount equal to the product of 0.20 multiplied by the difference of (A) the stated principal amount of the Debt so incurred (without regard to any initial issue discount), minus
(B) the aggregate amount of the cash proceeds of such Debt described in clause (A) to the extent actually paid by the Credit Parties in cash to Redeem Permitted Unsecured Notes following the incurrence of such Debt and prior to the
Reduction Date with respect to such Debt. 

  
 9 

 “Reduction Date” means, as of any date of determination, with
respect to any issuance or incurrence of Debt (other Excluded Debt) by the Borrower and/or the Consolidated Restricted Subsidiaries in reliance on the exception set forth in Section 9.02(m), the later to occur of (a) the date occurring 90
days following the date of the issuance or incurrence of such Debt; provided that, if, despite the Borrower’s commercially reasonable efforts to consummate a refinancing, replacement or Redemption of Permitted Unsecured Notes, such refinancing,
replacement or Redemption cannot be completed within such 90 day period, upon the request of the Borrower and with the approval of the Administrative Agent (such approval not to be unreasonably withheld), the timeframe in this clause (a) may be
extended by an additional 30 days, and (b) as of such date, the date of the next Scheduled Redetermination of the Borrowing Base pursuant to Section 2.07. 

“Sanctioned Country” means, at any time, a country region or territory which is itself the subject or target
of any Sanctions (as of the Third Amendment Effective Date, Crimea, Cuba, Iran, North Korea, Sudan and Syria). 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated
Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or
controlled by any such Person or Persons described in the foregoing subsections (a) or (b). 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from
time to time by (a) the U.S. government, including those administered the Office of Foreign Assets Control of the United States Department of the Treasury or the U.S. Department of State, or (b) the United Nations Security Council, the
European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom. 
 “Security
Agreement” means a Security Agreement executed by the Borrower and the Guarantors in form and substance reasonably satisfactory to the Administrative Agent pursuant to which the Credit Parties grant liens and security interests in the
“Collateral” (as defined therein) in the favor of the Administrative Agent for the benefit of the Secured Parties to secure the Indebtedness, as the same may be amended, modified or supplemented from time to time. 

“Security Agreement Effective Date” means the date the Credit Parties are required to execute and deliver the
Security Agreement, as required by Section 5.2 the Third Amendment. 

  
 10 

 “Third Amendment” means that certain Third Amendment to Amended
and Restated Credit Agreement dated as of May 3, 2016, entered into by and among the Borrower, the Administrative Agent and the Lenders party thereto. 

“Third Amendment Effective Date” means May 3, 2016. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and
conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

1.3. Deleted Definitions. The definitions of “FCPA” and “OFAC” contained in Section 1.02 of the
Credit Agreement are hereby deleted in their entirety. 
 1.4. Amendment to Definition of “Defaulting Lender”. Clause
(d) of the definition of “Defaulting Lender” is hereby amended and restated in its entirety to read in full as follows: 

(d) has (or whose bank holding company has) (i) been placed into receivership, conservatorship or bankruptcy; provided
that a Lender shall not become a Defaulting Lender solely as a result of the acquisition or maintenance of an ownership interest in such Lender or Person controlling such Lender or the exercise of control over a Lender or Person controlling such
Lender by a Governmental Authority or an instrumentality thereof or (ii) become the subject of a Bail-In Action. 
 1.5. Amendment to
Definition of “Oil and Gas Properties”. The definition of “Oil and Gas Properties” contained in Section 1.02 of the Credit Agreement is hereby amended by adding the following sentence immediately after the second
sentence thereof: 
 For the avoidance of doubt, “Oil and Gas Properties” shall include the Midstream Assets. 

1.6. Amendments to Definition of “Material Indebtedness”, Section 9.02(c), Section 9.02(k), Section 9.03(e),
Section 9.05(l), Section 10.01(k) and Section 10.01(n). The definition of “Material Indebtedness” contained in Section 1.02 of the Credit Agreement, Section 9.02(c), Section 9.02(k),
Section 9.03(e), Section 9.05(l), Section 10.01(k) and Section 10.01(n) of the Credit Agreement are each hereby amended by deleting each occurrence of “$10,000,000” contained therein and replacing such occurrence with a
reference to “$5,000,000”. 
 1.7. Amendment to Section 2.03. Clause (v) of Section 2.03 of the Credit
Agreement is hereby amended by inserting “and Pro Forma Borrowing Base” immediately after the occurrence of “Borrowing Base”. 

1.8. Amendments to Section 2.07. 

  
 11 

 (a) Section 2.07 of the credit agreement is hereby amended by amending and restating clause
(a) thereof in its entirety to read in full as follows: 
 (a) Borrowing Base. For the period from and including
the Third Amendment Effective Date to but excluding the first Redetermination Date thereafter, the amount of the Borrowing Base shall be $325,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments in between
Scheduled Redeterminations from time to time pursuant to Section 2.07(e), Section 2.07(f), Section 2.07(g) or Section 8.13(c). 

(b) Section 2.07 of the credit agreement is further amended by inserting “Section 2.07(g)” immediately after the occurrence of
“Section 2.07(f)” contained in the final paragraph of Section 2.07(d). 
 (c) Section 2.07 of the credit agreement is
further amended by amending and restating the first sentence of Section 2.07(f) in its entirety to read in full as follows: 

In addition to the other redeterminations of the Borrowing Base provided for herein, if at any time the aggregate Borrowing
Base Value of Properties sold or disposed of and Swap Agreements in respect of commodities terminated (which, for clarification purposes, does not include the scheduled expiration of any Swap Agreement in accordance with its terms) or otherwise
monetized, in each case pursuant to Section 9.11(f), in any period between Redetermination Dates exceeds five percent (5%) of the Borrowing Base as of the last Redetermination Date, then the Borrowing Base shall be automatically reduced,
effective immediately upon such sale or disposition or, in the case of a Swap Agreement, termination (which, for clarification purposes, does not include the scheduled expiration of any Swap Agreement in accordance with its terms) or other
monetization by an amount equal to the Borrowing Base Value of such Properties sold or disposed of and Swap Agreements in respect of commodities so terminated or otherwise monetized. 

(d) Section 2.07 of the credit agreement is further amended by adding a new clause (g) immediately after clause (f) thereof,
which new clause (g) shall read in full as follows: 
 (g) Reduction of Borrowing Base on any Reduction Date. In
addition to the other redeterminations of the Borrowing Base provided for herein, and notwithstanding anything to the contrary set forth herein, upon the incurrence of any Debt by the Borrower or any Restricted Subsidiary in reliance on
Section 9.02(m) (other than as a result of any interest paid in kind) after the Third Amendment Effective Date, the Borrowing Base in effect immediately prior to any Reduction Date with respect to such incurrence of Debt shall be automatically
reduced by an amount equal to the Pro Forma Reduction Amount in respect of such incurrence of Debt, and the Borrowing Base as so reduced shall become the new Borrowing Base immediately upon such Reduction Date, effective and applicable to the
Borrower, the Administrative Agent, the Issuing Banks, and the Lenders on such date until the next redetermination or modification of the Borrowing Base pursuant to this Agreement. 

  
 12 

 1.9. Amendment to Section 2.08(j). Section 2.08(j) of the Credit Agreement is
hereby amended by inserting “or Section 3.04(e)” after each occurrence of “Section 3.04(c)”. 
 1.10. Amendments
to Section 3.04. 
 (a) Section 3.04 is hereby amended by amending and restating the parenthetical contained in
Section 3.04(c)(ii) to read in full as follows: 
 (other than Section 2.07(e), Section 2.07(f) and 2.07(g))

 (b) Section 3.04 of the Credit Agreement is further amended by (i) deleting the occurrence of “or” immediately after
the occurrence of “2.07(e)” in Section 3.04(c)(iii) and replacing it with a comma; and (ii) inserting “or Section 2.07(g)” immediately after the occurrence of “Section 2.07(f) in Section 3.04(c)(iii).

 (c) Section 3.04 of the Credit Agreement is further amended by adding a new clause (e) immediately after clause
(d) thereof, which new clause (e) shall read in full as follows: 
 (e) Excess Cash Balances. If at any time
while any Borrowings are outstanding the Credit Parties have any cash or cash equivalents (other than cash collateral deposited pursuant to Section 2.08(j)) in excess of $35,000,000 in the aggregate at any time (the “Excess
Cash”), the Borrower shall prepay the Borrowings in an amount equal to the amount of such Excess Cash within two Business Days after such Excess Cash exists. If any amount is required to be prepaid pursuant to this Section 3.04(e), the
Administrative Agent is hereby authorized at any time and from time to time to debit and apply any and all deposits (other than cash collateral deposited pursuant to Section 2.08(j)) at any time held by the Administrative Agent or any of its
Affiliates to or for the credit or the account of the Borrower or any other Credit Party to make such prepayment. Each prepayment of Borrowings pursuant to this Section 3.04(e) shall be applied, first, ratably to any ABR Borrowings then
outstanding, and, second, to any Eurodollar Borrowings then outstanding, and if more than one Eurodollar Borrowing is then outstanding, to each such Eurodollar Borrowing in order of priority beginning with the Eurodollar Borrowing with the least
number of days remaining in the Interest Period applicable thereto and ending with the Eurodollar Borrowing with the most number of days remaining in the Interest Period applicable thereto. Each prepayment of Borrowings pursuant to this
Section 3.04(e) shall be applied ratably to the Loans included in the prepaid Borrowings. Prepayments pursuant to this Section 3.04(e) shall be accompanied by accrued interest to the extent required by Section 3.02. 

 

	1.11.	Amendments to Section 6.02. 

  
 13 

 (a) Section 6.02 of the Credit Agreement is hereby amended by inserting the following as the
new clauses (e) and (f) immediately after clause (d) thereof and immediately prior to the final paragraph thereof: 

(e) At the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of
such Letter of Credit, as applicable, the Borrower together with the other Credit Parties shall not have any cash or cash equivalents (other than cash collateral deposited pursuant to Section 2.08(j)) in excess of $35,000,000 in the aggregate.

 (f) For any such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, prior
to any Reduction Date, at the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, the total Revolving Credit Exposures shall not exceed the Pro Forma
Borrowing Base. 
 (b) Section 6.02 of the Credit Agreement is further amended by inserting “and Section 6.02(e) and (f)”
at the end of the final paragraph of such section. 
 1.12. Amendment to Section 7.21. Section 7.21 of the Credit Agreement
is hereby amended and restated in its entirety to read in full as follows: 
 Section 7.21 Anti-Corruption Laws and
Sanctions. The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and
applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of the Borrower its directors (acting in their respective capacities as such), are in compliance with Anti-Corruption Laws and
applicable Sanctions in all material respects. None of the Borrower, any Subsidiary or any of their respective directors, officers or employees is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other transaction
contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions. 
 1.13. Amendment to Section 7.22.
Section 7.22 of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows: 

Section 7.22 EEA Financial Institutions. No Credit Party is an EEA Financial Institution. 

1.14. Amendment to Section 8.01. Section 8.01 of the Credit Agreement is hereby amended by adding a new clause
(p) immediately after clause (o) thereof, which new clause (p) shall read in full as follows: 
 (p) Account Control
Agreements. Promptly, and no later than two (2) Business Days after the opening thereof, written notice (such notice to include reasonably detailed information regarding the account number, purpose and

  
 14 

 
applicable bank or other institution in respect of such Deposit Account, commodities account or securities account) to the Administrative Agent of any Deposit Account, commodities account or
securities account (other than an Excluded Deposit Account) opened by the Borrower or any Domestic Restricted Subsidiary. 
 1.15.
Amendment to Section 8.09. Section 8.09 of the Credit Agreement is hereby amended by adding the following sentence immediately after the first sentence thereof: 

The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its
Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions. 
 1.16.
Amendments to Section 8.14. Section 8.14 of the Credit Agreement is hereby amended by (a) deleting each reference to “80%” contained in clause (a) thereof and replacing it with the following language “90%
(or, at any time that any Debt incurred in reliance on the exception set forth in Section 9.02(m) is secured by a Lien, 95%)” and (b) amending and restating clause (b) thereof to read in its entirety as follows: 

(b) In the event that any Domestic Subsidiary incurs or guarantees any Debt or the Borrower creates or acquires any new
Domestic Subsidiary that is a Restricted Subsidiary, the Borrower shall promptly cause such Subsidiary to (i) guarantee the Indebtedness pursuant to the Guaranty and Pledge Agreement by executing a supplement or joinder thereto and
(ii) following the Security Agreement Effective Date, become a party to the Security Agreement by executing an Assumption Agreement (as defined in the Security Agreement) pursuant to which such Domestic Subsidiary will grant liens and security
interests in the “Collateral” (as defined in the Security Agreement) in the favor of the Administrative Agent for the benefit of the Secured Parties to secure the Indebtedness, in each case, in form and substance acceptable to the
Administrative Agent. In connection with the creation or acquisition of any such Restricted Subsidiary, the Borrower shall cause the owner of Equity Interests in such Restricted Subsidiary to (iii) execute and deliver a supplement to the
Guaranty and Pledge Agreement (in form and substance acceptable to the Administrative Agent) pursuant to which such owner of such Equity Interests will confirm the pledge of all of the Equity Interests of such new Subsidiary and (iv) deliver
original stock certificates, if any, evidencing the Equity Interests of such Subsidiary, together with an appropriate undated stock powers for each certificate duly executed in blank by the registered owner thereof. In connection with the foregoing
described in this clause (b), the Credit Parties shall execute and deliver such other additional closing documents, certificates and legal opinions as shall reasonably be requested by the Administrative Agent. 

  
 15 

 1.17. Amendment to Article VIII. Article VIII of the Credit Agreement shall be amended by
inserting new Sections 8.19 and 8.20 immediately after Section 8.18 thereof, which new Sections 8.19 and 8.20 shall each read in full as follows: 

Section 8.19 Deposit Accounts. The Borrower and each Domestic Restricted Subsidiary will maintain one or more of
the Lenders as it principal depository bank, including for the maintenance of any Deposit Account for the primary operation of its business. The Borrower and each Domestic Restricted Subsidiary will cause each of their respective Deposit Accounts
(other than Excluded Deposit Accounts), commodities accounts or securities accounts to at all times be subject to an Account Control Agreement; provided that, subject to Section 8.20, Account Control Agreements with respect to
Deposit Accounts (other than any Excluded Deposit Account), commodities accounts or securities accounts in existence on the Third Amendment Effective Date shall not be required until the Control Agreement Compliance Date. 

Section 8.20 Post Closing; Account Control Agreements. The Borrower and each Domestic Restricted Subsidiary shall,
no later than the Control Agreement Compliance Date (or such later date as the Administrative Agent may agree in writing in its sole discretion), deliver to the Administrative Agent duly executed Account Control Agreements with respect to each
Deposit Account (other than any Excluded Deposit Account), commodities account or securities account in existence on the Third Amendment Effective Date. 

1.18. Amendment to Section 9.01. Clause (a) of Section 9.01 of the Credit Agreement is hereby amended and restated in its
entirety to read in full as follows: 
 (a) Interest Coverage Ratio. 

(i) At any time that any Debt incurred in reliance on the exception set forth in Section 9.02(m) is secured by a Lien, the
Borrower will not (A) as of the last day of any fiscal quarter ending after the Third Amendment Effective Date and on or prior to December 31, 2017, permit its ratio of EBITDAX for the period of four fiscal quarters then ending to Interest
Expense for such period to be less than 1.00 to 1.00; (B) as of the last day of any fiscal quarter ending after December 31, 2017 and on or prior to December 31, 2018, permit its ratio of EBITDAX for the period of four fiscal quarters
then ending to Interest Expense for such period to be less than 1.50 to 1.00; and (C) as of the day of any fiscal quarter ending on or after March 31, 2019, permit its ratio of EBITDAX for the period of four fiscal quarters then ending to
Interest Expense for such period to be less than 2.00 to 1.00; and 
 (ii) At any time when clause (i) does not apply,
the Borrower will not (A) as of the last day of any fiscal quarter ending after the Third Amendment Effective Date and on or prior to December 31, 2017, permit its ratio of EBITDAX for the period of four fiscal quarters then ending to
Interest Expense 

  
 16 

 
for such period to be less than 1.25 to 1.00; (B) as of the last day of any fiscal quarter ending after December 31, 2017 and on or prior to December 31, 2018, permit its ratio of
EBITDAX for the period of four fiscal quarters then ending to Interest Expense for such period to be less than 1.50 to 1.00; and (C) as of the day of any fiscal quarter ending on or after March 31, 2019, permit its ratio of EBITDAX for the
period of four fiscal quarters then ending to Interest Expense for such period to be less than 2.00 to 1.00. 
 1.19. Amendments to
Section 9.02. 
 (a) Section 9.02 of the Credit Agreement is hereby amended by inserting “in an amount not to exceed the
principal amount thereof outstanding on Third Amendment Effective Date” immediately after the occurrence of “Debt in respect of unsecured notes” in clause (g) thereof. 

(b) Section 9.02 of the Credit Agreement is further amended by adding a new clause (m) thereto, which new clause (m) shall read
in full as follows: 
 (m) (i) Permitted Refinancing Debt and any guarantee thereof given by the Borrower or any Guarantor;
provided that the aggregate principal amount of such Permitted Refinancing Debt shall not exceed the then-outstanding principal amount of the Permitted Unsecured Notes Redeemed, refinanced or replaced by such Permitted Refinancing Debt plus accrued
interest in respect of the Permitted Unsecured Notes so refinanced or replaced, any applicable premium and transaction expenses plus the amount of interest expense accrued in connection with such Permitted Refinancing Debt to the extent paid-in-kind
and not paid in cash and (ii) Permitted Additional Debt and any guarantee thereof given by the Borrower or any Guarantor; provided that the aggregate principal amount of such Permitted Refinancing Debt and Permitted Additional Debt shall not
exceed the sum of (A) $150,000,000 plus (B) the amount of interest expense accrued in connection with such Debt to the extent paid-in-kind and not paid in cash. 

(c) Section 9.02(l) of the Credit Agreement is hereby amended by replacing “(other than clauses (a), (g) and (h))” with
“(other than clauses (a), (g), (h) and (m))”. 
 1.20. Amendment to Section 9.03. 

(a) Section 9.03 of the Credit Agreement is hereby amended by adding a new clause (f) immediately after clause
(e) thereof and immediately prior to the final paragraph thereof, which new clause (f) shall read in full as follows: 

(f) Liens securing Permitted Refinancing Debt and Permitted Additional Debt in each case, permitted under Section 9.02(m),
to the extent such Liens and the Permitted Refinancing Debt or Permitted Additional Debt (as applicable) are subject to an Intercreditor Agreement. 

  
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 (b) Section 9.03 is hereby amended by adding the phrase “Liens
permitted by Section 9.03(f),” immediately after the phrase “(other than” occurring in the last paragraph of Section 9.03. 

1.21. Amendment to Section 9.04. 

(a) Section 9.04 of the Credit Agreement is hereby amended by deleting the occurrence of “, and” at the end of clause
(a) thereof and replacing it with “;” 
 (b) Section 9.04 of the Credit Agreement is hereby amended by amending and
restating clause (b) thereof to read in full as follows: 
 (b) The Borrower will not, and will not permit any of its
Restricted Subsidiaries to, prior to the date that is 91 days after the Maturity Date, make or offer to make any optional or voluntary Redemption of or otherwise optionally or voluntarily Redeem (whether in whole or in part) any principal in respect
of any Permitted Unsecured Notes, Permitted Refinancing Debt or Permitted Additional Debt, except that: 
 (i) so long as
(A) no Borrowing Base Deficiency or Event of Default exists or results therefrom and (B) after giving pro forma effect to such Redemption, Availability is not less than the greater of (x) $50,000,000 and (y) 20% of the total
Commitments then in effect, the Borrower or applicable Restricted Subsidiary may, within one year following its receipt of any cash proceeds from any issuance by the Borrower of Equity Interests in the Borrower, voluntarily prepay or otherwise
Redeem any principal in respect of Permitted Unsecured Notes, Permitted Refinancing Debt or Permitted Additional Debt in an aggregate amount not to exceed the amount of the net cash proceeds received by the Borrower and/or Restricted Subsidiaries
from such issuance of Equity Interests (other than Disqualified Capital Stock) of the Borrower; 
 (ii) the Borrower and the
Restricted Subsidiaries may refinance Permitted Unsecured Notes, Permitted Refinancing Debt or Permitted Additional Debt (collectively “Original Debt”) (x) substantially contemporaneously with its receipt of any cash proceeds
from any incurrence of Debt in accordance with Section 9.02(h) and Section 9.02(m) or (y) pursuant to an exchange of such Original Debt for Debt incurred in accordance with Section 9.02(h) and Section 9.02(m); provided that,
except as otherwise permitted in this Section 9.04, such exchange described in this clause (y) does not include any payment of cash in respect of the principal amount of such Original Debt; 

  
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 (iii) so long as (A) no Borrowing Base Deficiency or Event of Default exists
or results therefrom and (B) after giving pro forma effect to such Redemption, the Availability is not less than 20% of the total Commitments then in effect, the Borrower or applicable Restricted Subsidiary may voluntarily prepay or otherwise
Redeem any principal in respect of Permitted Unsecured Notes, Permitted Refinancing Debt and any Permitted Additional Debt in an aggregate amount not to exceed the amount of net cash proceeds from any incurrence of Debt in accordance with
Section 9.02(m) (to the extent not applied under clause (ii) of this Section 9.04(b)); and 
 (iv) so long as
(A) no Borrowing Base Deficiency or Event of Default exists or results therefrom and (B) after giving pro forma effect to such Redemption, the Availability is not less than 20% of the total Commitments then in effect, the Borrower or
applicable Restricted Subsidiary may voluntarily prepay or otherwise Redeem any principal in respect of Permitted Unsecured Notes, Permitted Refinancing Debt and any Permitted Additional Debt in an aggregate amount not to exceed the amount of net
cash proceeds (after any prepayment of Borrowings required by Section 3.04(c)) from any sale, assignment, farm-out, conveyance or other transfer of Property or termination or monetization of any Swap Agreement, in each case, not prohibited by
Section 9.11; provided that the aggregate amount of all such Redemptions of Debt pursuant to this clause (iv) shall not exceed $50,000,000 minus the aggregate amount of Investments made or outstanding in reliance on the exceptions
set forth in Section 9.05(m) and (n); and 
 (c) Amendment to Section 9.04. Section 9.04 of the Credit Agreement is
hereby amended by adding a new clause (c) thereof to read in full as follows: 
 (c) the Borrower and the Restricted
Subsidiaries may refinance, replace or Redeem any Permitted Unsecured Notes, Permitted Additional Debt and any Permitted Refinancing Debt through the conversion of any such Debt to Equity Interests (other than Disqualified Capital Stock) of the
Borrower or any of its direct or indirect parents. 
 1.22. Amendment to Section 9.05(m) and (n). Subsections (m) and
(n) of Section 9.05 of the Credit Agreement are hereby amended and restated in their entirety to read in full as follows: 

(m) subject to the limits in Section 9.07, Investments in businesses, operations and joint ventures which are incidental
to or reasonably related to the businesses, operations and joint ventures conducted by the Credit Parties not to exceed an aggregate amount at any time equal to $50,000,000 minus the amount 

  
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of any Redemptions of Debt made in reliance on the exception set forth in Section 9.02(b)(iv); provided that, after giving effect to any such Investment (including Borrowing in connection
therewith), the Borrower’s Availability shall not be less than an amount equal to 20% of the Borrowing Base then in effect. 

(n) other Investments; provided, that the amount of such Investments made under this Section 9.05(n) shall not
exceed $25,000,000 in the aggregate at any time. 
 1.23. Amendment to Section 9.08. Section 9.08 of the Credit Agreement is
hereby amended and restated in its entirety to read in full as follows: 
 Section 9.08 Proceeds of Loans. The
Borrower will not permit the proceeds of the Notes to be used for any purpose other than those permitted by Section 7.19. Neither the Borrower nor any Person acting on behalf of the Borrower has taken or will take any action which might cause
any of the Loan Documents to violate Regulations T, U or X or any other regulation of the Board or to violate Section 7 of the Securities Exchange Act of 1934 or any rule or regulation thereunder, in each case as now in effect or as the same
may hereinafter be in effect. If requested by the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the requirements of FR Form U-1 or such other form
referred to in Regulation U, Regulation T or Regulation X of the Board, as the case may be. The Borrower will not request any Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their
respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else
of value, to any Person in violation of any Anti-Corruption Laws in any material respect, (b) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned
Country, or (c) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 
 1.24. Amendment
to Section 9.14. Section 9.14 of the Credit Agreement is hereby amended and restated in its entirety as follows: 

Section 9.14 Negative Pledge Agreements; Dividend and Other Restrictions. The Borrower will not, and will not
permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any contract, agreement or understanding (other than (i) this Agreement and the Security Instruments, (ii) agreements with respect to Debt secured by Liens
permitted by Section 9.03(c) or Section 9.03(e), but then only with respect to the Property that is financed by such Debt, (iii) agreements with respect to Debt secured by Liens permitted by Section 9.03(f), (iv) documents
creating Liens which are described in clause (d) or (f) of the definition of “Excepted Liens”, but then only with 

  
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respect to the Property that is the subject of the applicable lease or document described in such clause (d) or (f), and (v) documents creating Liens which are permitted under
Section 9.03(d), but then only with respect to Property that is the subject of the applicable document or license) that in any way prohibits or restricts the granting, conveying, creation or imposition of the Liens on any of its Property in
favor of the Administrative Agent for the benefit of the Secured Parties that are created pursuant to the Security Instruments to secure the Indebtedness. The Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume
or suffer to exist any contract, agreement or understanding (other than the Loan Documents) that restricts any Restricted Subsidiary from paying dividends or making any other distributions in respect of its Equity Interests to the Borrower or any
other Restricted Subsidiary. 
 1.25. Amendment to Section 9.18. Section 9.18 of the Credit Agreement is hereby amended and
restated in its entirety as follows: 
 Section 9.18 Amendments to Permitted Unsecured Notes Documents, Permitted
Refinancing Debt Documents and Permitted Additional Debt Documents. 
 (a) The Borrower will not, and will not permit any
Restricted Subsidiary to, amend, modify, waive or otherwise change, consent or agree to any amendment, modification, waiver or other change to, any of the terms of the Permitted Unsecured Notes, or, if unsecured, any Permitted Refinancing Debt
and/or Permitted Additional Debt if (a) the effect thereof would be to shorten the maturity of such Debt or shorten the average life or increase the amount of any payment of principal thereof or increase the rate or scheduled recurring fee or
add call or pre-payment premiums or shorten any period for payment of interest thereon, (b) such action requires the payment of a consent fee (howsoever described), (c) such action increases the interest rate margins applicable to such
Debt or alters the calculation of interest thereunder, (d) such action adds or amends any representations and warranties, covenants or events of default to be more restrictive or burdensome than this Agreement without this Agreement being
contemporaneously amended to add similar provisions or (e) such action adds or changes any redemption, put or prepayment provisions; provided that the foregoing shall not prohibit the execution of supplemental agreements to add guarantors if
required by the terms thereof (provided that any such guarantor also guarantees the Indebtedness pursuant to the Guaranty and Pledge Agreement and each of Borrower and such guarantor otherwise complies with Section 8.14); and provided further
that nothing in this Section 9.18(a) shall prohibit the Borrower from (i) extending, refinancing, or renewing of the Permitted Unsecured Notes pursuant to Section 9.02(h) or Section 9.02(m); (ii) permitting any Restricted
Subsidiary to extend, refinance or renew the Permitted Unsecured Notes pursuant to Section 9.02(h) or 9.02(m) or (iii) Redeeming the Permitted Unsecured Notes pursuant to Section 9.04(b). 

  
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 (b) The Borrower will not, and will not permit any Restricted Subsidiary to,
amend, modify, waive or otherwise change, consent or agree to any amendment, modification, waiver or other change to, any of the terms of the Permitted Additional Debt or Permitted Refinancing Debt, in each case, to the extent secured by any Lien on
the Collateral, the effect of which is to: (i) permit any payments not otherwise permitted by Section 9.04 or modify or amend the documentation governing such Permitted Additional Debt and/or Permitted Refinancing Debt in a manner that
contravenes any of the provisions of Section 9.02(m) or the component definitions thereof, (ii) adversely affect the Lien priority rights of the Secured Parties or the rights of the Secured Parties to receive payments owing pursuant to the
Loan Documents, (iii) except as otherwise provided for in the Intercreditor Agreement, add any Liens securing the collateral granted under the Second Lien Loan Documents, (iv) confer any additional rights on any holder of any Permitted
Additional Debt and/or Permitted Refinancing Debt in a manner adverse to any Secured Party, or (v) contravene any of the provisions of the Intercreditor Agreement or breach any of the provisions of the other Loan Documents; provided that
nothing in this Section 9.18(b) shall prohibit the Borrower from (i) extending, refinancing, or renewing of the Permitted Unsecured Notes pursuant to Section 9.02(h) or Section 9.02(m); (ii) permitting any Restricted
Subsidiary to extend, refinance or renew the Permitted Unsecured Notes pursuant to Section 9.02(m) or (iii) Redeeming the Permitted Unsecured Notes pursuant to Section 9.04(b). 

1.26. Amendment to Section 10.01(d). Section 10.01(d) of the Credit Agreement is hereby amended by inserting “,
Section 8.19, Section 8.20” after “Section 8.03” in the text thereof. 
 1.27. Amendment to Article XII.
Article XII of the Credit Agreement shall be amended by inserting new Sections 12.20, 12.21 and 12.22 immediately after Section 12.19 thereof, which new Sections 12.20, 12.21 and 12.22 shall read in full as follows: 

Section 12.20. Intercreditor Agreements. 

(a) Each of the Lenders, the Issuing Banks and the other Secured Parties acknowledges that obligations of the Borrower and the
other Credit Parties with respect to any Permitted Additional Debt and any Permitted Refinancing Debt may be secured by Liens on assets of the Borrower and the other Credit Parties that constitute collateral security for the Indebtedness. Unless the
Majority Lenders object in accordance with the definition of “Intercreditor Agreement”, each of the Lenders, the Issuing Banks and the other Secured Parties hereby irrevocably authorizes and directs the Administrative Agent to execute and
deliver, in each case on behalf of such Secured Party and without any further consent, authorization or other action by such Secured Party, (i) from time to time upon the request of the Borrower, in connection with the establishment,
incurrence, amendment, refinancing or replacement of any such Debt, such Intercreditor Agreement and (ii) any documents relating thereto. 

  
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 (b) Each of the Lenders, the Issuing Banks and the other Secured Parties hereby
irrevocably (i) consents to the treatment of Liens to be provided for under the Intercreditor Agreements, (ii) agrees that, upon the execution and delivery thereof, such Secured Party will be bound by the provisions of any Intercreditor
Agreement as if it were a signatory thereto and will take no actions contrary to the provisions of any Intercreditor Agreement, (iii) agrees that no Secured Party shall have any right of action whatsoever against the Administrative Agent as a
result of any action taken by the Administrative Agent pursuant to this Section or in accordance with the terms of any Intercreditor Agreement and (iv) authorizes and directs the Administrative Agent to carry out the provisions and intent of
each Intercreditor Agreement. 
 (c) Each of the Lenders, the Issuing Banks and the other Secured Parties hereby irrevocably
further authorizes and directs the Administrative Agent to execute and deliver, in each case on behalf of such Secured Party and without any further consent, authorization or other action by such Secured Party, any amendments, supplements or other
modifications of any Intercreditor Agreement that the Borrower may from time to time request (i) to give effect to any establishment, incurrence, amendment, extension, renewal, refinancing or replacement of any Debt under any Permitted
Refinancing Debt and/or any Permitted Additional Debt, (ii) to confirm for any party that such Intercreditor Agreement is effective and binding upon the Administrative Agent on behalf of the Secured Parties or (iii) to effect any other
amendment, supplement or modification so long as the resulting agreement would constitute an Intercreditor Agreement if executed at such time as a new agreement. 

(d) Each of the Lenders, the Issuing Banks and the other Secured Parties hereby irrevocably further authorizes and directs the
Administrative Agent to execute and deliver, in each case on behalf of such Secured Party and without any further consent, authorization or other action by such Secured Party, any amendments, supplements or other modifications of any Security
Instrument to add or remove any legend that may be required pursuant to any Intercreditor Agreement. 
 (e) The
Administrative Agent shall have the benefit of the provisions of Article XI with respect to all actions taken by it pursuant to this Section or in accordance with the terms of any Intercreditor Agreement to the full extent thereof. 

Section 12.21. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to
the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such
liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

  
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 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 Section 12.22.
Credit Bidding. Each Secured Party hereby irrevocably authorizes the Administrative Agent, at the direction of the Majority Lenders, to credit bid all or any portion of the Indebtedness (including by accepting some or all of the collateral
securing the Indebtedness pursuant to the Security Instruments in satisfaction of some or all of the Indebtedness pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition
vehicles) all or any portion of such collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to
which a Credit Party is subject or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in
accordance with any applicable law. In connection with any such credit bid and purchase, the Indebtedness owed to the Secured Parties shall be credit bid by the Administrative Agent at the direction of the Majority Lenders on a ratable basis (with
Indebtedness with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the
contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interest or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In
connection with any such bid (i) the 

  
 24 

 
Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured
Parties’ ratable interests in the Indebtedness which was credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative
Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition
of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Majority Lenders or their permitted assignees under the terms of this Agreement or
the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Majority Lenders contained in
Section 9.02; provided further that any disbursement or other disposition of any proceeds of such collateral or proceeds of such proceeds shall be consistent with this Agreement, including Section 10.02), (iv) the Administrative Agent
on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Indebtedness which was credit bid, interests, whether as equity, partnership, limited partnership
interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent
that Indebtedness that is assigned to an acquisition vehicle is not used to acquire any collateral securing the Indebtedness for any reason, such Indebtedness shall automatically be reassigned to the Lenders (or the applicable holder of the
Indebtedness so assigned) pro rata and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Indebtedness shall automatically be canceled, without the need for any Secured Party or any acquisition vehicle
to take any further action. Notwithstanding that the ratable portion of the Indebtedness of each Secured Party is deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such
documents and provide such information regarding such Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request
in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid. 

1.28. Amendment to Exhibit B. Exhibit B to the Credit Agreement is hereby amended and restated in its entirety with Exhibit B attached
hereto. 
 SECTION 2. Borrowing Base. In reliance on the representations, warranties, covenants and agreements contained in this Third
Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Lenders hereby agree that the Borrowing Base shall 

  
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be decreased to $325,000,000 effective as of the Third Amendment Effective Date and shall remain at such level until the next Scheduled Redetermination Date, Interim Redetermination Date or other
redetermination or adjustment of the Borrowing Base thereafter, whichever comes first. The Borrower and Lenders agree that the redetermination of the Borrowing Base provided for in this Section 2 shall constitute the Scheduled Redetermination
scheduled for on or about April 1, 2016 and shall not be construed or deemed to be an Interim Redetermination for purposes of Section 2.07(b) of the Amended Credit Agreement. 

SECTION 3. Conditions Precedent. The effectiveness of the amendments to the Credit Agreement contained in Section 1 hereof and
the decrease of the Borrowing Base contained in Section 2 hereof, are each subject to satisfaction of each of the following conditions precedent: 

3.1. Counterparts. The Administrative Agent shall have received counterparts of this Third Amendment from the Borrower and the Required
Lenders. 
 3.2. No Material Adverse Change. Since December 31, 2014, there has been no event, development or circumstance that
has had or would reasonably be expected to have a Material Adverse Effect. 
 The Administrative Agent shall notify the Borrower and the
Lenders of the effectiveness of this Third Amendment, and such notice shall be conclusive and binding. 
 SECTION 4. Representations and
Warranties of the Borrower. To induce the Lenders and the Administrative Agent to enter into this Third Amendment, the Borrower hereby represents and warrants to the Lenders and the Administrative Agent as of the Third Amendment Effective Date
as follows: 
 4.1. Reaffirm Existing Representations and Warranties. Each representation and warranty of each Credit Party contained
in the Amended Credit Agreement and the other Loan Documents is true and correct in all material respects on the date hereof and will be true and correct in all material respects after giving effect to the amendments set forth in
Section 1 hereof, except (a) to the extent such representations and warranties are expressly limited to an earlier date, such representations and warranties shall be true and correct in all material respects as of such specified
earlier date, and (b) to the extent such representations and warranties are qualified by materiality or Material Adverse Effect, such representations and warranties shall be true and correct in all respects. 

4.2. Deposit Accounts. Schedule I attached hereto sets forth the account numbers, purposes, and applicable bank or other
institution in respect of, of all Deposit Accounts, commodities account or securities account of the Borrower and the Domestic Restricted Subsidiaries as of the Third Amendment Effective Date and whether any of such Deposit Accounts is an Excluded
Deposit Account. 
 4.3. Approvals; No Conflicts. The execution, delivery and performance by the Borrower and the other Credit Parties
of this Third Amendment and the other Loan Documents (a) do not require any consent or approval of, registration or filing with, or any other action by, 

  
 26 

 
any Governmental Authority or any other third Person (including shareholders or any class of directors, whether interested or disinterested, of the Borrower or any other Person), nor is any such
consent, approval, registration, filing or other action necessary for the validity or enforceability of any Loan Document or the consummation of the transactions contemplated thereby, except such as have been obtained or made and are in full force
and effect other than (i) the recording and filing of the Security Instruments as required by the Amended Credit Agreement and (ii) those third party approvals or consents which, if not made or obtained, would not cause a Default under the
Amended Credit Agreement, would not reasonably be expected to have a Material Adverse Effect or do not have an adverse effect on the enforceability of the Loan Documents, (b) will not violate any applicable law or regulation or the charter,
bylaws or other organizational documents of the Borrower or any Restricted Subsidiary or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, material agreement or other material instrument
binding upon the Borrower or any Restricted Subsidiary or any of their Properties, or give rise to a right thereunder to require any payment to be made by the Borrower or such Restricted Subsidiary and (d) will not result in the creation or
imposition of any Lien on any Property of the Borrower or any Restricted Subsidiary (other than the Liens created by the Loan Documents). 

4.4. Authority and Enforceability. This Third Amendment and each other Loan Document delivered by any Credit Party on or prior to the
Third Amendment Effective date has been duly executed and delivered by such Credit Party and constitutes a legal, valid and binding obligation of such Credit Party, enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

4.5. No Default or Borrowing Base Deficiency. No Default or Borrowing Base Deficiency has occurred and is continuing. 

SECTION 5. Post-Closing Security Agreement and Mortgages on Proved Oil and Gas Properties. 

5.1. On or before the date that is thirty (30) days after the Third Amendment Effective Date (or such later date as the Administrative
Agent may agree in writing in its sole discretion) the Administrative Agent shall have received executed counterparts of the Security Instruments and other items required by Section 8.14(a) with respect to Oil and Gas Properties required to
become Mortgaged Properties in accordance with such Section. 
 5.2. On or before the date that is five (5) Business Days after the
Third Amendment Effective Date (or such later date as the Administrative Agent may agree in writing in its sole discretion) the Administrative Agent shall have received counterparts of the Security Agreement executed by each Credit Party. 

  
 27 

 SECTION 6. Miscellaneous. 

6.1. Reaffirmation of Loan Documents; Extension of Liens. Any and all of the terms and provisions of the Credit Agreement and the Loan
Documents shall, except as amended and modified hereby, remain in full force and effect. The amendments contemplated hereby shall not limit or impair any Liens securing the Indebtedness, each of which are hereby ratified, affirmed and extended to
secure the Indebtedness after giving effect to this Third Amendment. 
 6.2. Parties in Interest. All of the terms and provisions of
this Third Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. 
 6.3.
Counterparts. This Third Amendment may be executed in counterparts, and all parties need not execute the same counterpart. Facsimiles or other electronic transmission (e.g..pdf) shall be effective as originals. 

6.4. Complete Agreement. THIS THIRD AMENDMENT, THE AMENDED CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES. 

6.5. Headings. The headings, captions and arrangements used in this Third Amendment are, unless specified otherwise, for convenience
only and shall not be deemed to limit, amplify or modify the terms of this Third Amendment, nor affect the meaning thereof. 
 6.6.
Effectiveness. This Third Amendment shall be effective automatically and without necessity of any further action by the Borrower, the Administrative Agent or the Lenders when counterparts hereof have been executed by the Borrower, the
Administrative Agent and the Majority Lenders, and all conditions to the effectiveness hereof set forth herein have been satisfied. 
 6.7.
Governing Law. This Third Amendment shall be governed by, and construed in accordance with, the laws of the State of New York. 
 6.8.
Severability. Any provision of this Third Amendment which is held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

  
 28 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be duly executed on the date and year
first above written. 
 [Signature pages to follow] 

  
 29 

							
	BORROWER:	 		 	APPROACH RESOURCES INC., a Delaware corporation
				
		 		 	By:	 	 /s/ J. Ross Craft

		 		 	Name:	 	J. Ross Craft
		 		 	Title:	 	President and Chief Executive Officer

  
 SIGNATURE
PAGE 
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT 
 APPROACH RESOURCES INC.

							
	ADMINISTRATIVE AGENT,	 		 		 	
	LENDER AND ISSUING BANK:	 		 	JPMORGAN CHASE BANK, N.A.,
		 		 	as Administrative Agent, a Lender and Issuing Bank
				
		 		 	By:	 	 /s/ David Morris

		 		 	Name:	 	David Morris
		 		 	Title:	 	Authorized Officer

  
 SIGNATURE
PAGE 
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT 
 APPROACH RESOURCES INC.

							
	LENDERS:	 		 	KEYBANK NATIONAL ASSOCIATION,
		 		 	as a Lender
				
		 		 	By:	 	 /s/ John Dravenstott

		 		 	Name:	 	John Dravenstott
		 		 	Title:	 	Vice President

  
 SIGNATURE
PAGE 
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT 
 APPROACH RESOURCES INC.

 
			
	ROYAL BANK OF CANADA,
	as a Lender
		
	By:	 	 /s/ Don J. McKinnerney

	Name:	 	Don J. McKinnerney
	Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE 
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT 
 APPROACH RESOURCES INC.

 
			
	WELLS FARGO BANK, N.A.,
	as a Lender
		
	By:	 	 /s/ David K. Maynard

	Name:	 	David K. Maynard
	Title:	 	Senior Vice President

  
 SIGNATURE
PAGE 
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT 
 APPROACH RESOURCES INC.

 
			
	 CAPITAL ONE, NATIONAL ASSOCIATION,

as a Lender

		
	By:	 	 /s/ Victor Ponce de Leon

	Name:	 	Victor Ponce de Leon
	Title:	 	Senior Vice President

  
 SIGNATURE
PAGE 
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT 
 APPROACH RESOURCES INC.

 Execution Version 

 

			
	COMERICA BANK,
	as a Lender
		
	By:	 	 /s/ Brandon M. White

	Name:	 	Brandon M. White
	Title:	 	Vice President

  
 SIGNATURE
PAGE 
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT 
 APPROACH RESOURCES INC.

 
			
	WHITNEY BANK,
	as a Lender
		
	By:	 	 /s/ Liana Tchernysheva

	Name:	 	Liana Tchernysheva
	Title:	 	Senior Vice President

  
 SIGNATURE
PAGE 
 THIRD AMENDMENT TO AMENDED AND
RESTATED CREDIT AGREEMENT 
 APPROACH RESOURCES INC.

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