Document:

EX-10.3

 Exhibit 10.3 

INTERCREDITOR AGREEMENT 
 among

 STONE ENERGY CORPORATION, 

each of the Guarantors party hereto from time to time, 

BANK OF AMERICA, N.A., 
 as First
Lien Administrative Agent for the 
 First Lien Credit Agreement Secured Parties, 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Second Lien Collateral Agent for the 

Second Lien Secured Parties, 
 THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as the Second Lien Notes Trustee, 

and 
 each additional
Representative from time to time party hereto 
 dated as of February 28, 2017 

 
  

 INTERCREDITOR AGREEMENT, dated as of February 28, 2017 (as amended, supplemented or
otherwise modified from time to time, this “Agreement”), among STONE ENERGY CORPORATION, a Delaware corporation (“Stone Energy”), each of the Guarantors (as defined below) party hereto from time to time, BANK OF
AMERICA, N.A., as administrative agent for the First Lien Credit Agreement Secured Parties (as defined below) (in such capacity and together with its successors in such capacity, the “First Lien Administrative Agent”), THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A., as collateral agent for the Second Lien Secured Parties (as defined below) (in such capacity and together with its successors in such capacity, the “Second Lien Collateral Agent”), THE BANK OF
NEW YORK MELLON TRUST COMPANY, N.A. as trustee pursuant to the Second Lien Notes (as defined below) (in such capacity and together with its successors in such capacity, the “Second Lien Notes Trustee”), and each additional
Representative that from time to time becomes a party hereto pursuant to Section 5.03 and Section 8.10. 

In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the First Lien Administrative Agent (for itself and on behalf of the First Lien Credit Agreement Secured Parties), the Second Lien Collateral Agent, the Second Lien Notes Trustee (for itself and on behalf of each holder of
the Second Lien Notes), and each other Representative party hereto from time to time (for itself and on behalf of the Secured Parties under the applicable Debt Facility), intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01. Certain Defined Terms . Capitalized terms used but not otherwise defined herein have the meanings set
forth in the First Lien Credit Agreement. As used in this Agreement, the following terms have the meanings specified below: 

“Agreement” has the meaning assigned to such term in the introductory paragraph of this Agreement. 

“Bankruptcy Code” means Title 11 of the United States Code, as amended or any similar federal or state law for the relief of
debtors. 
 “Bankruptcy Law” means the Bankruptcy Code and any federal, state or foreign, bankruptcy, insolvency,
receivership or similar law for the relief of debtors. 
 “Cash Collateralized” means, with respect to any Letter of
Credit, the deposit by Stone Energy of cash in a cash collateral account opened by the First Lien Administrative Agent in an amount not to exceed 103% of the outstanding face amount of such Letter of Credit pursuant to documentation in form and
substance reasonably satisfactory to the First Lien Administrative Agent and the applicable Issuing Bank in respect of such Letter of Credit. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the
proceeds of such cash collateral and other credit support. 

  
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 “Collateral” means the First Lien Collateral and the Second Lien Collateral but
excluding in all cases any Excluded Asset and the Excluded Equity Interests, as the context may require. Collateral (and Proceeds thereof) shall also be deemed to exclude any amounts received or deemed received by any First Lien Secured Party or
Second Lien Secured Party in respect of any First Lien Obligation or Second Lien Obligation owed to it from separate insurance, credit default swap protection or other protection against loss (x) that is arranged by such First Lien Secured
Party or Second Lien Secured party (as applicable) for its own account in respect of any such First Lien Obligation or Second Lien Obligation and (y) the provider of which insurance or protection shall have no recourse to the Collateral (which
insurance or other protection amounts shall be for the sole benefit of such First Lien Secured Party or Second Lien Secured Party (as applicable)). 

“Collateral Agents” means the First Lien Administrative Agent and the Second Lien Collateral Agent, as the context may
require. 
 “Collateral Documents” means the First Lien Collateral Documents and/or the Second Lien Collateral Documents,
as the context may require. 
 “Credit Party” means Stone Energy and each Guarantor from time to time. 

“Debt Facility” means any First Lien Debt Facility and/or any Second Lien Debt Facility. 

“DIP Cap” means an amount equal to (x) the greater of (i) 120% of the First Lien Priority Obligations outstanding at
the time of determination and (ii) 115% of the First Lien Priority Cap Amount plus (y) $15.0 million solely to pay the costs and expenses incurred in connection with the retention of professionals and the payment of adequate protection in
respect of First Lien Obligations. 
 “DIP Financing” means the obtaining of credit or incurring debt secured by Liens on
the Collateral pursuant to section 364 of the Bankruptcy Code (or similar Bankruptcy Law). 
 “Discharge of First Lien
Obligations” means the date on which the following conditions are satisfied: 

(a)    irrevocable payment in full in cash of the principal of and interest (including accruing on or after
the commencement of an Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in the proceeding) on all outstanding indebtedness constituting First Lien Obligations; 

(b)    irrevocable payment in full in cash of all other monetary First Lien Obligations that are due and
payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time); 

(c)    termination or expiration of any unfunded commitments to extend credit that would be First Lien
Obligations; 

  
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 (d)    termination or cash collateralization (pursuant to
documentation in form and substance reasonably satisfactory to First Lien Administrative Agent, but in no event greater than 103% of the aggregate undrawn face amount) of all Letters of Credit, or the making of other arrangements reasonably
satisfactory to the applicable letter of credit issuer of all letters of credit issued under the First Lien Credit Agreement; 

(e)    all Specified Swap Contracts and Specified Cash Management Agreements shall have been terminated or
expired in full and all amounts due from any Credit Party or Affiliate in connection therewith have been indefeasibly paid in full in cash (in immediately available funds) or the cash collateralization of all such applicable Specified Swap Contracts
or Specified Cash Management Agreements on terms reasonably satisfactory to each applicable counterparty (or the making of other arrangements reasonably satisfactory to the applicable counterparty); and 

(f)    there are no outstanding Obligations of any of the Credit Parties under any of the First Lien Debt
Documents that are required to be secured by the Collateral in accordance with the terms of such First Lien Debt Documents; 
 provided that the
Discharge of First Lien Obligations shall not be deemed to have occurred in connection with a Refinancing of all of the First Lien Credit Agreement Obligations with a Replacement First Lien Debt Facility secured by the Collateral under Replacement
First Lien Debt Documents. 
 “Discharge of First Lien Priority Obligations” means the date on which the following
conditions are satisfied: 
 (a)     irrevocable payment in full in cash of the principal of and interest
(including accruing on or after the commencement of an Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in the proceeding) on all outstanding indebtedness constituting First Lien Priority Obligations; 

(b)     irrevocable payment in full in cash of all other monetary First Lien Priority Obligations that are
due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time); 

(c)     termination or expiration of any unfunded commitments to extend credit that would be First Lien
Priority Obligations (other than pursuant to Specified Swap Contracts or Specified Cash Management Agreements, in each case which have been cash collateralized on terms reasonably satisfactory to each applicable counterparty, or as to which
arrangements have otherwise been made that are reasonably satisfactory to the applicable counterparty); and 
 (d)
    termination or cash collateralization (pursuant to documentation in form and substance reasonably satisfactory to First Lien Administrative Agent, but in no event greater than 103% of the aggregate undrawn face amount) of all
Letters of Credit, or the making of other arrangements reasonably satisfactory to the applicable letter of credit issuer of all letters of credit issued under the First Lien Credit Agreement; 

  
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 provided that the Discharge of First Lien Priority Obligations shall not be deemed to have occurred in
connection with a Refinancing of all of the First Lien Credit Agreement Obligations with a Replacement First Lien Debt Facility secured by the Collateral under Replacement First Lien Debt Documents. 

“Discharge of Second Lien Obligations” means the date on which the following conditions are satisfied: 

(a)    irrevocable payment in full in cash of the principal of and interest (including accruing on or after
the commencement of an Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in the proceeding) on all outstanding indebtedness constituting Second Lien Obligations; 

(b)    irrevocable payment in full in cash of all other monetary Second Lien Obligations that are due and
payable or otherwise accrued and owing at or prior to the time such principal and interest are paid (other than indemnification obligations for which no claim or demand for payment, whether oral or written, has been made at such time); 

(c)    termination or expiration of any unfunded commitments to extend credit that would be Second Lien
Obligations; and 
 (d)    there are no outstanding Obligations of any of the Credit Parties under any of
the Second Lien Debt Documents that are required to be secured by the Collateral in accordance with the terms of such Second Lien Debt Documents; 

provided that the Discharge of Second Lien Obligations shall not be deemed to have occurred in connection with a Refinancing of all of the First Lien
Obligations or any of the Second Lien Obligations with a Replacement Second Lien Debt Facility secured by the Collateral under one or more Replacement Second Lien Debt Documents. 

“Enforcement Action” means an action under applicable law to: 

(a)    foreclose, execute, levy, or collect on, take possession or control of, sell or otherwise realize
upon (judicially or non-judicially), or lease, license, or otherwise dispose of (whether publicly or privately), Collateral, or otherwise exercise or enforce remedial rights with respect to Collateral under
the First Lien Debt Documents or the Second Lien Debt Documents (including by way of set-off, recoupment notification of a public or private sale or other disposition pursuant to the UCC. or other applicable
law, notification to account debtors, notification to depositary banks under deposit account control agreements, or exercise of rights under landlord consents, if applicable), 

(b)    solicit bids from third Persons to conduct the liquidation or disposition of Collateral or to engage
or retain sales brokers, marketing agents, investment bankers, accountants, appraisers, auctioneers, or other third Persons for the purposes of valuing, marketing, promoting, and selling Collateral, 

  
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 (c)    to receive a transfer of Collateral in satisfaction of
Debt or any other Obligation secured thereby, 
 (d)    to otherwise enforce a security interest or
exercise another right or remedy, as a secured creditor or otherwise, pertaining to the Collateral at law, in equity, or pursuant to the First Lien Debt Documents or Second Lien Debt Documents (including the commencement of applicable legal
proceedings or other actions with respect to all or any portion of the Collateral to facilitate the actions described in the preceding clauses, and exercising voting rights in respect of equity interests comprising Collateral), or 

(e)    effect the Disposition of Collateral by any Credit Party after the occurrence and during the
continuation of an event of default under the First Lien Debt Documents or the Second Lien Debt Documents with the consent of the First Lien Administrative Agent or the Second Lien Collateral Agent, as applicable. 

“Event of Default” means (a) prior to the Discharge of First Lien Obligations, an Event of Default (as defined in the
First Lien Credit Agreement) or any other event of default (or equivalent thereunder) under any other First Lien Debt Document and (b) from and after the Discharge of First Lien Obligations but prior to the Discharge of Second Lien Obligations,
any event of default under any Second Lien Debt Document. 
 “Excess First Lien Obligations” means any First Lien
Obligations in excess of the First Lien Priority Cap Amount. 
 “Excess Second Lien Obligations” means any Second Lien
Obligations in excess of $225,000,000 (such amount, the “Second Lien Cap”). 
 “Excluded Asset” has the
meaning specified in the First Lien Security Agreement. 
 “Existing First Lien Credit Agreement” means that certain
Fourth Amended and Restated Credit Agreement, dated as of June 24, 2014, among Stone Energy, the lenders party thereto, the First Lien Administrative Agent and the other parties party thereto, as amended, restated, amended and restated,
extended, supplemented or otherwise modified from time to time prior to the date hereof. 
 “Existing Specified Cash Management
Agreements” means those cash management agreements entered into on or prior to the date hereof and constituting “Specified Cash Management Agreements” under the Existing First Lien Credit Agreement. The Existing Specified Cash
Management Agreements shall constitute Specified Cash Management Agreements for all purposes hereunder. 
 “Existing Specified Swap
Contracts” means those swap contracts entered into on or prior to the date hereof and constituting “Specified Swap Contracts” under the Existing First Lien Credit Agreement. The Existing Specified Swap Contracts shall constitute
Specified Swap Contracts for all purposes hereunder. 
 “First Lien Administrative Agent” has the meaning specified in the
preamble and shall include any successor administrative agent appointed in accordance with the First Lien 

  
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Credit Agreement to so act; provided that such successor administrative agent has executed and delivered a Joinder Agreement pursuant to which such successor administrative agent shall agree to
be bound as the First Lien Administrative Agent for all purposes of this Agreement. After any Refinancing of the First Lien Credit Agreement, a reference herein to the First Lien Administrative Agent shall be deemed to be a reference to the
then-applicable First Lien Representative, as the context may require. 
 “First Lien Cash Collateral Account” means the
“Cash Collateral Account” as such term is defined in the First Lien Credit Agreement and any other blocked, interest or non-interest bearing deposit accounts of any Credit Party under the dominion of
the First Lien Administrative Agent or other agent appointed pursuant to the First Lien Debt Documents for the purpose of cash collateralizing First Lien Obligations. 

“First Lien Collateral” means (a) any “Collateral” as defined in the First Lien Credit Agreement or any other
First Lien Debt Document and (b) any other existing and future assets and property, and all proceeds thereof of any Credit Party with respect to which a Lien is granted, intended to be granted, purported to be granted or required to be granted
pursuant to a First Lien Collateral Document as security for any First Lien Obligations. 
 “First Lien Collateral
Documents” means the “Security Documents” as defined in the First Lien Credit Agreement, each First Lien Mortgage in effect from time to time and any other collateral agreement, security agreement, deed of trust or other
instrument or document executed and delivered by any Credit Party for purposes of providing collateral security for any First Lien Obligation. 

“First Lien Credit Agreement” means that certain Fifth Amended and Restated Credit Agreement, dated on or about the date
hereof, among Stone Energy, the lenders party thereto, the First Lien Administrative Agent and the other parties party thereto, as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time. 

“First Lien Credit Agreement Loan Documents” means the First Lien Credit Agreement and the other “Credit
Documents” as defined in the First Lien Credit Agreement. 
 “First Lien Credit Agreement Obligations” means all
Obligations of the Credit Parties under the First Lien Credit Agreement Loan Documents. 
 “First Lien Credit Agreement Secured
Parties” means (i) the First Lien Administrative Agent, (ii) each Person that is a Lender under the First Lien Credit Agreement from time to time, (iii) each Issuing Bank party to the First Lien Credit Agreement from time to
time, (iv) the beneficiaries of each indemnification obligation undertaken by Stone Energy or any Credit Party under any of the First Lien Credit Agreement Loan Documents, (v) each Hedge Bank that is a party to a Specified Swap Contract
and (vi) each Cash Management Bank that is a party to a Specified Cash Management Agreement. 
 “First Lien Debt
Documents” means the First Lien Credit Agreement Loan Documents, any Specified Swap Contracts, any Specified Cash Management Agreements and any Replacement First Lien Debt Documents, as the context may require. 

  
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 “First Lien Debt Facilities” means the First Lien Credit Agreement and any
Replacement First Lien Debt Facility, as the context may require. 
 “First Lien Guarantors” means each of the Credit
Parties that provides a Guarantee in respect of any of the Obligations of any other Credit Party under the First Lien Debt Documents. Each of the First Lien Guarantors existing on the date hereof are listed on the signature pages hereto as a First
Lien Guarantor. 
 “First Lien Mortgages” means a collective reference to each mortgage, deed of trust and other document
or instrument under which any Lien on real property owned or leased by any Credit Party is granted to secure any of the First Lien Obligations or under which rights or remedies with respect to any such Liens are governed, as amended, restated,
amended and restated, extended, supplemented or otherwise modified from time to time. 
 “First Lien Obligations” means
all Obligations of the Credit Parties under the First Lien Debt Documents. 
 “First Lien Priority Cap Amount” means an
amount equal to all First Lien Obligations to the extent incurred by the Credit Parties, excluding obligations under any Specified Swap Contract and any Specified Cash Management Agreement, up to and including the greater of: (i) $250 million;
(ii) 115% of the Borrowing Base as defined in, and as in effect from time to time under, the First Lien Credit Agreement; and (iii) $100 million plus 35% of Modified ACNTA. For the avoidance of doubt, obligations under Specified Swap Contracts
and Specified Cash Management Agreements will not be subject to the First Lien Priority Cap Amount and shall not constitute Excess First Lien Obligations under any circumstances. 

“First Lien Priority Obligations” means all First Lien Obligations other than Excess First Lien Obligations. 

“First Lien Representative” means (a) in the case of any First Lien Credit Agreement Obligations or the First Lien
Credit Agreement Secured Parties thereunder, the Administrative Agent and (b) in the case of any Replacement First Lien Debt Facility and the Replacement First Lien Secured Parties thereunder, the trustee, administrative agent, or other similar
agent under such Replacement First Lien Debt Facility that is named as the representative in respect of such Replacement First Lien Debt Facility in the applicable Joinder Agreement. 

“First Lien Secured Parties” means, collectively, the “Secured Parties” as defined in the First Lien Credit
Agreement and any Replacement First Lien Secured Parties, as the context may require. 
 “First Lien Security Agreement”
means that certain Fourth Amended and Restated Security Agreement, dated on or about the date hereof, by Stone Energy and each of the Guarantors party thereto from time to time in favor of the First Lien Administrative Agent, as amended, restated,
amended and restated, extended, supplemented or otherwise modified from time to time. 
 “First Priority Lien” means the
Liens on the First Lien Collateral granted in favor, or for the benefit, of the First Lien Secured Parties whether created under the First Lien Collateral Documents or acquired by possession, statute, operation of law, judgment, subrogation of
otherwise. 

  
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 “Guarantor” means, collectively, the First Lien Guarantors and the Second Lien
Guarantors. 
 “Insolvency or Liquidation Proceeding” means: 

(a)    any case commenced by or against any Credit Party under any Bankruptcy Law, any other proceeding for
the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of any Credit Party, any receivership or assignment for the benefit of creditors relating to any Credit Party or any similar case or proceeding relative
to any Credit Party or its creditors, as such, in each case whether or not voluntary; 
 (b)    any
liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to any Credit Party, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 

(c)    any other proceeding of any type or nature in which substantially all claims of creditors of any
Credit Party are determined and any payment or distribution is or may be made on account of such claims. 
 “Joinder
Agreement” means a supplement to this Agreement in substantially the form of Annex II hereof. 
 “Majority
Holders” means the Holders (as defined in the Second Lien Note Indenture) of a majority in principal amount of the Outstanding (as defined in the Second Lien Note Indenture) Second Lien Notes. 

“Modified ACNTA” has the meaning provided to such term in the Second Lien Note Indenture as in effect on the date of this
Agreement. 
 “Obligations” means, with respect to any Secured Debt Document, any payment, performance or other obligation
of any Credit Party of any kind, under or in respect of such Secured Debt Document, including, any liability of any Credit Party on any claim, whether or not the right of any Secured Party to payment in respect of such claim is reduced to judgment,
liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured or unsecured and whether not such claim is discharged, stayed, allowed, authorized or otherwise affected by any Insolvency or Liquidation
Proceeding. Without limiting the generality of the foregoing, the Obligations of any Credit Party under any Secured Debt Document shall include (a) the obligation to pay principal, interest, ordinary course settlement payments, termination
payments, breakage costs, reimbursement obligations in respect of Letters of Credit, obligations to provide cash collateral in respect of Letters of Credit (whether or not drawn), commissions, fees, premiums, charges, expenses, attorneys’ fees
and disbursements, indemnities and other amounts payable by such Credit Party under such Secured Debt Document, (b) Post-Petition Interest and (c) any reimbursement obligations of any Credit Party in respect of any amounts paid in advance
or on behalf of such Credit Party by any applicable Secured Party. 

  
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 “Officer’s Certificate” has the meaning provided to such term in
Section 8.08. 
 “Person” means any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, governmental authority or other entity. 
 “Pledged or Controlled
Collateral” has the meaning assigned to such term in Section 5.05(a). 
 “Post-Petition
Interest” means interest, fees, costs, expenses and other charges that pursuant to any of the Secured Debt Documents accruing as of, and continuing to accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not
such interest, fees, costs expenses and other charges are allowed or allowable under the Bankruptcy Law or in any such Insolvency or Liquidation Proceeding. 

“Proceeds” means the proceeds of any sale, collection or other liquidation of any Collateral and any payment or distribution
made in respect of any Collateral in an Insolvency or Liquidation Proceeding and any amounts received by the First Lien Administrative Agent or any other First Lien Secured Party from a Second Lien Secured Party in respect of any Collateral pursuant
to this Agreement. 
 “Refinance” means, (a) in respect of any agreement with reference to the First Lien Credit
Agreement, the First Lien Obligations, or any Replacement First Lien Debt, that such agreement refunds, refinances or replaces the First Lien Credit Agreement, the First Lien Obligations, or such Replacement First Lien Debt in full in a transaction
that is permitted under the terms of the Second Lien Debt Documents then in effect and is consummated in compliance with Section 5.03 and Section 8.10 and (b) in respect of any agreement with
reference to the Second Lien Debt Documents, the Second Lien Obligations or any Replacement Second Lien Debt, that such Debt refunds, refinances or replaces the Second Lien Debt Documents, the Second Lien Obligations or such Replacement Second Lien
Debt in a transaction that is permitted under the terms of the First Lien Debt Documents then in effect and is consummated in accordance with Section 5.03 and Section 8.10.
“Refinance,” “Refinanced” and “Refinancing” shall have correlative meanings. 

“Replacement First Lien Debt” means any Debt that is incurred, issued or guaranteed by Stone Energy and/or any Credit Party
(other than Debt constituting First Lien Credit Agreement Obligations) which Debt is secured by the First Lien Collateral (or a portion thereof) on a pari passu basis with the First Lien Credit Agreement Obligations and which Debt
replaces or Refinances such First Lien Credit Agreement Obligations in full in accordance with the requirements of Section 5.03 and Section 8.10. 

“Replacement First Lien Debt Documents” means, with respect to any series, issue or class of Replacement First Lien Debt,
the loan agreements, the promissory notes, indentures, the First Lien Collateral Documents or other operative agreements evidencing or governing such Debt. 

“Replacement First Lien Debt Facility” means any debt facility with respect to which the requirements contained in
Section 5.03 and Section 8.10 of this Agreement have been satisfied, which is secured by the First Lien Collateral (or a portion thereof) on a pari passu basis

  
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with other First Lien Obligations and that Refinances all of the First Lien Credit Agreement or any other Replacement First Lien Debt Facility then in existence with Replacement First Lien Debt;
provided that any First Priority Lien securing such Replacement First Lien Debt Facility shall be subject to the terms of this Agreement for all purposes (including the lien priorities as set forth herein as of the date hereof). 

“Replacement First Lien Secured Parties” means, with respect to any series, issue or class of Replacement First Lien Debt,
the holders of such Debt, the First Lien Representative with respect thereto, and the beneficiaries of each indemnification obligation undertaken by Stone Energy or any Credit Party under any related Replacement First Lien Debt Document. 

“Replacement Second Lien Debt” means any Debt that is incurred, issued or guaranteed by Stone Energy and/or any other Credit
Party (other than Debt constituting Second Lien Obligations incurred pursuant to the Second Lien Indenture Documents), which Debt is secured by the Second Lien Collateral (or any portion thereof) and for which the applicable Replacement Second Lien
Debt Documents provide that such Debt is to be secured by such Second Lien Collateral on a subordinate or junior basis to the First Lien Obligations; provided that (a) the applicable Credit Party is permitted to incur, issue or guaranty
such Debt under the terms of the First Lien Debt Documents in effect at the time thereof and (b) the requirements set forth in Section 5.03 and Section 8.10 are satisfied. 

“Replacement Second Lien Debt Documents” means, with respect to any series, issue or class of Replacement Second Lien Debt,
the loan agreements, the promissory notes, indentures, the Second Lien Collateral Documents or other operative agreements evidencing or governing such Debt. 

“Replacement Second Lien Debt Facility” means any debt facility with respect to which the requirements contained in
Section 5.03 and Section 8.10 of this Agreement have been satisfied and that Refinances any of the First Lien Obligations or Second Lien Obligations then outstanding through Stone Energy’s and
any other Credit Party’s incurrence, issuance or guaranty of any Replacement Second Lien Debt. For the avoidance of doubt, no Replacement Second Lien Debt Facility shall be required to be an indenture or notes offering and may be a facility
evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument; provided that any Second Priority Lien securing such Replacement Second Lien Debt Facility shall be
subject to the terms of this Agreement for all purposes (including the lien priorities as set forth herein as of the date hereof). 

“Replacement Second Lien Secured Parties” means, with respect to any series, issue or class of Replacement Second Lien Debt,
the holders of such Debt, the Second Lien Collateral Agent, the Second Lien Representative with respect thereto, and the beneficiaries of each indemnification obligation undertaken by Stone Energy or any other Credit Party under any related
Replacement Second Lien Debt Document. 
 “Representatives” means the First Lien Representatives and the Second Lien
Representatives, as the context may require. 

  
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 “Second Lien Collateral” means (a) any “Collateral” as defined
in the Second Lien Collateral Documents and (b) any other existing and future assets and property, and all proceeds thereof of any Credit Party with respect to which a Lien is granted, intended to be granted, purported to be granted or required
to be granted pursuant to a Second Lien Collateral Document as security for any Second Lien Obligations; provided that Second Lien Collateral shall not include any Excluded Assets or Excluded Equity Interests. 

“Second Lien Collateral Agent” has the meaning assigned to such term in the introductory paragraph of this Agreement and
shall include any successor collateral agent appointed by, or on behalf of, the Second Lien Secured Parties to act as collateral agent for the benefit of the Second Lien Secured Parties under the terms of the Second Lien Debt Documents from time to
time; provided that such successor collateral agent has executed and delivered a Joinder Agreement in accordance with Section 8.10 of this Agreement pursuant to which such successor collateral agent shall agree to be
bound as the Second Lien Collateral Agent for all purposes of this Agreement. 
 “Second Lien Collateral Documents” means
the Second Lien Security Agreement, each Second Lien Mortgage in effect from time to time and any other collateral agreement, security agreement, mortgage, deed of trust or other instrument or document executed and delivered by any Credit Party for
purposes of providing collateral security for any Second Lien Obligation. 
 “Second Lien Debt Documents” means the Second
Lien Indenture Documents and any Replacement Second Lien Debt Documents, as the context may require. 
 “Second Lien Debt
Facilities” means the Second Lien Note Indenture (and the Second Lien Notes issued pursuant thereto) and any Replacement Second Lien Debt Facilities, as the context may require. 

“Second Lien Guarantors” means each of the Credit Parties that provides a Guarantee in respect of any of the Obligations of
any other Credit Party under the Second Lien Debt Documents; provided that no Credit Party shall be a “Second Lien Guarantor” unless it is also a First Lien Guarantor. 

“Second Lien Indenture Documents” means, collectively, the Second Lien Note Indenture, the Second Lien Notes and the Second
Lien Collateral Documents. 
 “Second Lien Mortgages” means a collective reference to each mortgage, deed of trust and
other document or instrument under which any Lien on real property owned or leased by any Credit Party is granted to secure any Second Lien Obligations or under which rights or remedies with respect to any such Liens are governed, as amended,
restated, amended and restated, extended, supplemented or otherwise modified from time to time. 
 “Second Lien Notes”
means the notes issued pursuant to the Second Lien Note Indenture. 
 “Second Lien Note Indenture” means that certain
Indenture dated as of the date hereof among Stone Energy, the Second Lien Guarantors, the Second Lien Notes Trustee and the Second Lien Collateral Agent, as amended, restated, amended and restated, extended, supplemented or otherwise modified from
time to time. 

  
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 “Second Lien Notes Trustee” has the meaning assigned to such term in the
introductory paragraph of this Agreement. 
 “Second Lien Obligations” means all Obligations of the Credit Parties under
the Second Lien Debt Documents. 
 “Second Lien Representative” means (a) in the case of any Second Lien Obligations
or the Second Lien Secured Parties thereunder, the Second Lien Notes Trustee and (b) in the case of any Replacement Second Lien Debt Facility and the Replacement Second Lien Secured Parties thereunder, the trustee, administrative agent or other
similar agent under such Replacement Second Lien Debt Facility that is named as the representative in respect of such Replacement Second Lien Debt Facility in the applicable Joinder Agreement. 

“Second Lien Secured Parties” means the holders of the Second Lien Notes, the Second Lien Notes Trustee, any other Second
Lien Representative, the Second Lien Collateral Agent and any Replacement Second Lien Secured Parties, as the context may require. 

“Second Lien Security Agreement” means that certain Second Lien Security Agreement, dated as of the date hereof, by Stone
Energy and each of the other Guarantors party thereto from time to time in favor of the Second Lien Collateral Agent, as amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time. 

“Second Priority Lien” means the Liens on the Second Lien Collateral in favor of Second Lien Collateral Agent or Second Lien
Secured Parties under Second Lien Collateral Documents. 
 “Secured Debt Documents” means the First Lien Debt Documents
and the Second Lien Debt Documents, as the context may require. 
 “Secured Obligations” means the First Lien Obligations
and the Second Lien Obligations, as the context may require. 
 “Secured Parties” means the First Lien Secured Parties and
the Second Lien Secured Parties, as the context may require. 
 “Standstill Period” means a period of 210 days from the
date of delivery of a written notice to the First Lien Administrative Agent (or replacement First Lien Representative) of any Second Lien Secured Party’s intention to exercise any rights or remedies with respect to any Collateral in respect of
any Second Lien Obligations, which notice may be delivered only following the occurrence of and during the continuation of an Event of Default (as defined in the applicable Second Lien Debt Documents) with respect to the Second Lien Obligations.

 “Stone Energy” has the meaning specified in the preamble. 

  
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 “Uniform Commercial Code” or “UCC” the Uniform Commercial Code
as in effect in the State of New York; provided that if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform
Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such
perfection, effect of perfection or non-perfection or priority. 
 SECTION 1.02. Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word
“shall.” Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other
document, statute or regulation as from time to time amended, supplemented or otherwise modified, (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include
the subsidiaries of such Person unless express reference is made to such subsidiaries, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (e) unless otherwise expressly qualified
herein, the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights
and (f) the term “or” is not exclusive. 
 ARTICLE II 

Priorities and Agreements with Respect to Collateral 

SECTION 2.01. Subordination. 

(a)    Notwithstanding the date, time, manner, method or order of filing or recordation of any document or instrument or
of grant, attachment or perfection of any Liens granted to, or on behalf of, any of the Collateral Agents or any other Secured Party on the Collateral (or any actual or alleged defect, or deficiency or failure to perfect, in any of the foregoing)
and notwithstanding any provision of the UCC, any applicable law, any Secured Debt Document or any other circumstance whatsoever, the Second Lien Collateral Agent and each Second Lien Representative, on behalf of itself and each Second Lien Secured
Party under its Second Lien Debt Facility, hereby agrees that (A) any Lien on the Collateral securing any First Lien Priority Obligations now or hereafter held by or on behalf of the First Lien Administrative Agent, any other First Lien
Representative, any other First Lien Secured Party or any other agent or trustee therefor, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior in all respects and
prior to any Lien on the Collateral securing any Second Lien Obligations or any Excess First Lien Obligations, (B) any Lien on the Collateral securing any Second Lien Obligations now or 

  
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 hereafter held by or on behalf of any Second Lien Secured Party or any other agent or trustee therefor and any
Lien on the Collateral securing any Excess First Lien Obligations, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in right, priority, operation, effect and all other
respects to all Liens on the Collateral securing any First Lien Priority Obligations and (C) after the Discharge of First Lien Priority Obligations, any Lien on the Collateral securing any Excess First Lien Obligations now or hereafter held by
or on behalf of any First Lien Secured Party, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in right, priority, operation, effect and all other respects to all
Liens on the Collateral securing any Second Lien Obligations. 
 (b)    All Liens on the Collateral securing any First
Lien Priority Obligations shall be and remain senior in right, priority, operation, effect and all other respects and prior to all Liens on the Collateral securing any Second Lien Obligations or any Excess First Lien Obligations for all purposes,
whether or not such Liens securing any First Lien Priority Obligations are subordinated in any respect to any Lien securing any other obligation of any Credit Party or any other Person or otherwise subordinated, voided, avoided, invalidated or
lapsed. All Liens on the Collateral securing any Second Lien Obligations shall be and remain senior in right, priority, operation, effect and all other respects and prior to all Liens on the Collateral securing any Excess First Lien Obligations for
all purposes, whether or not such Liens securing any Second Lien Obligations are subordinated in any respect to any Lien securing any other obligation of any Credit Party or any other Person or otherwise subordinated, voided, avoided, invalidated or
lapsed. 
 SECTION 2.02. Nature of Claims. 

(a)    The Second Lien Collateral Agent and each Second Lien Representative, on behalf of itself and each Second Lien
Secured Party under its Second Lien Debt Facility, each acknowledges that, in accordance with the provisions of the First Lien Debt Documents (i) all or a portion of the First Lien Obligations is revolving in nature and that the amount thereof
that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed, (ii) the terms of the First Lien Debt Documents and the First Lien Obligations may be amended, supplemented or otherwise modified,
and the First Lien Obligations, or a portion thereof, may be Refinanced from time to time and (iii) the aggregate amount of the First Lien Obligations may be increased, in each case, without notice to or consent by the Second Lien Collateral
Agent or any other Second Lien Secured Party and without affecting the provisions hereof. 
 (b)    The Lien priorities
provided for in Section 2.01 shall not be altered or otherwise affected by any amendment, supplement or other modification, or any Refinancing, of any of the Secured Obligations or any portion thereof. As between the Credit
Parties and the Secured Parties, the foregoing provisions will not limit or otherwise affect the obligations of the Credit Party contained in any Secured Debt Document with respect to the incurrence of additional Secured Obligations (whether
constituting First Lien Obligations or Second Lien Obligations, as the case may be). 

  
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 SECTION 2.03. Prohibition on Contesting Liens. 

(a)    The Second Lien Collateral Agent and each of the Second Lien Representatives, for itself and on behalf of each
Second Lien Secured Party under its Second Lien Debt Facility, each agrees that it shall not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding),
the validity, extent, perfection, priority or enforceability of any Lien securing any First Lien Obligations up to the First Lien Priority Cap Amount held (or purported to be held) or deemed to be held by virtue of this Agreement by or on behalf of
the First Lien Administrative Agent, any of the other First Lien Secured Parties or any other agent or trustee therefor in any of the First Lien Collateral. 

(b)    The First Lien Administrative Agent and each First Lien Representative, for itself and on behalf of each First
Lien Secured Party under its First Lien Debt Facility, each agrees that it shall not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the
validity, extent, perfection, priority or enforceability of any Lien securing any Second Lien Obligations held (or purported to be held) or deemed to be held by virtue of this Agreement by or on behalf of the Second Lien Collateral Agent, any of the
Second Lien Secured Parties or any other agent or trustee therefor in any of the Second Lien Collateral. 

(c)    Notwithstanding the foregoing, no provision in this Agreement shall be construed to prevent or impair (i) the
rights of the First Lien Administrative Agent or any other First Lien Secured Party to enforce this Agreement (including the priority of the Liens securing the First Lien Obligations as provided in Section 2.01) or any of
the First Lien Debt Documents or (ii) after the Discharge of First Lien Obligations, the rights of the Second Lien Collateral Agent or any other Second Lien Secured Party to enforce this Agreement (including the priority of the Liens securing
the Second Lien Obligations as provided in Section 2.01) or any of the Second Lien Debt Documents. 

SECTION 2.04. No Other Liens, Rights or Remedies. 

(a)    The parties hereto agree that, so long as the Discharge of First Lien Obligations has not occurred, none of the
Credit Parties shall, or shall permit any of its Subsidiaries to, grant or permit any Lien on any asset to secure any Second Lien Obligation and no Second Lien Secured Party shall hold any Lien on any asset to secure any Second Lien Obligation,
unless such Credit Party has granted, or concurrently therewith grants, a senior priority Lien on such asset to secure the First Lien Obligations. To the extent that the provisions of the immediately preceding sentence are not complied with for any
reason, without limiting any other right or remedy available to the First Lien Administrative Agent or any other First Lien Secured Party, the Second Lien Collateral Agent and each Second Lien Representative, for itself and on behalf of the other
Second Lien Secured Parties under its Second Lien Debt Facility, each agrees that (i) the Second Lien Collateral Agent and the other Second Lien Secured Parties shall be deemed to hold and have held such Lien for the benefit of each of the
First Lien Administrative Agent and the other First Lien Secured Parties and (ii) any amounts received by or distributed to any Second Lien Secured Party pursuant to or as a result of any Lien granted in contravention of this
Section 2.04 shall be subject to Section 4.02. 

  
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 (b)    To the extent any of the Credit Parties or any of their respective
Subsidiaries grants or permits the Second Lien Collateral Agent or any other Second Lien Secured Party any right or remedy with respect to any of the Collateral that has not also been granted or permitted to the First Lien Administrative Agent or
any other First Lien Secured Party, the Second Lien Collateral Agent, and each Second Lien Representative, for itself and on behalf of the other Second Lien Secured Parties under its Second Lien Debt Facility each agrees, that until the Discharge of
First Lien Priority Obligations (i) the Second Lien Collateral Agent and each other Second Lien Secured Party shall be required to exercise such right or remedy at the direction of the First Lien Representative and (ii) any exercise of
such right or remedy by the Second Lien Collateral Agent or any other Second Lien Secured Party shall be for the benefit of the First Lien Secured Parties pursuant to and in accordance with the terms of this Agreement. 

(c)    The parties hereto acknowledge and agree that it is their intention that the First Lien Collateral and the Second
Lien Collateral be identical other than any Excluded Assets and any Excluded Equity Interests. In furtherance of the foregoing, the parties hereto agree: 

(i)    to cooperate in good faith in order to determine, upon any reasonable written request by the First
Lien Representative or the Second Lien Collateral Agent (acting at the written direction of the Majority Holders), the specific assets included in the First Lien Collateral and the Second Lien Collateral, the steps taken to perfect the First
Priority Liens and the Second Priority Liens thereon and the identity of the respective parties obligated under the First Lien Debt Documents and the Second Lien Debt Documents; and 

(ii)    that the documents, agreements and instruments creating or evidencing the First Lien Collateral and
the First Priority Liens shall be in all material respects in the same form as the documents, agreements and instruments creating or evidencing the Second Lien Collateral and the Second Priority Liens, other than with respect to the first priority
and second priority nature of the Liens created or evidenced thereunder, the identity of the Secured Parties that are parties thereto or secured thereby and other matters contemplated by this Agreement and other than with respect to Excluded Assets
and Excluded Equity Interests. 
 (d)    Until the Discharge of First Lien Obligations, other than Liens granted to
secure the Secured Obligations, none of the Credit Parties shall grant or issue or permit to exist any Lien on any asset or property other than Permitted Liens. 

SECTION 2.05. Perfection of Liens. Subject to Section 5.05, none of the First Lien Secured Parties
shall be responsible for perfecting and maintaining the perfection of Liens with respect to the Collateral for the benefit of the Second Lien Secured Parties. The provisions of this Agreement are intended solely to govern the respective Lien
priorities as between the First Lien Secured Parties and the Second Lien Secured Parties and shall not impose on the First Lien Secured Parties, the Second Lien Secured Parties, or any agent or trustee therefor any obligations in respect of the
disposition of Proceeds of any Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental authority or any applicable law. To the extent a Secured Party does
not maintain a perfected Lien on any portion of Collateral, any Proceeds received in respect of such portion of Collateral shall be paid over to the extent necessary pursuant to Section 4.01 as if all Secured Parties held
such a perfected Lien. 

  
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 SECTION 2.06. Certain Cash Collateral. Notwithstanding anything in this Agreement or
any other Secured Debt Document to the contrary, collateral consisting of First Lien Cash Collateral Accounts (or amounts on deposit therein or credited thereto), shall be applied as specified in the First Lien Loan Documents and will not constitute
Collateral or Second Lien Collateral hereunder. 
 ARTICLE III 

Enforcement 

SECTION 3.01. Exercise of Remedies. Subject, following the expiration of the Standstill Period, to the Second Lien Collateral
Agent’s rights under clause (f) of this Section 3.01: 
 (a)    So long as the Discharge of First Lien
Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Credit Party, (i) none of the Second Lien Collateral Agent nor any other Second Lien Secured Party will (x) take or
seek to take any Enforcement Actions in respect of any Second Lien Obligations, or institute any action or proceeding with respect to any Enforcement Actions (including any action of foreclosure), (y) contest, protest or object to any
foreclosure proceeding or other Enforcement Action brought with respect to the Collateral or any other First Lien Collateral by the First Lien Administrative Agent or any other First Lien Secured Party in respect of the First Lien Obligations, the
exercise of any right by the First Lien Administrative Agent or any other First Lien Secured Party (or any agent or sub-agent on their behalf) in respect of the First Lien Obligations under any lockbox
agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which the First Lien Administrative Agent or any other First Lien Secured Party either is a party or may have rights as a third party
beneficiary, or any other exercise by any First Lien Secured Party of any rights and remedies relating to the Collateral under the First Lien Debt Documents or otherwise in respect of the First Lien Collateral or the First Lien Obligations or
(z) object to the forbearance by the First Lien Secured Parties from bringing or pursuing any foreclosure proceeding or action, any other Enforcement Action or any other exercise of any rights or remedies relating to the Collateral in respect
of First Lien Obligations and (ii) the First Lien Administrative Agent and the other First Lien Secured Parties shall have the exclusive right to take Enforcement Actions and otherwise enforce rights, exercise remedies (including setoff and the
right to credit bid their debt) and make determinations regarding the release, disposition or restrictions with respect to the Collateral without any consultation with or the consent of the Second Lien Collateral Agent or any other Second Lien
Secured Party; provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against a Credit Party, any Second Lien Representative may file a proof of claim with respect to the Second Lien Obligations
under its Second Lien Debt Facility; provided no such action is, or could reasonably be expected to be, inconsistent with the terms of the Agreement, (B) the Second Lien Collateral Agent may take any action (not adverse to the prior status of
the Liens on the Collateral securing the First Lien Obligations or the rights of the First Lien Administrative Agent or the other First Lien Secured Parties to exercise remedies in 

  
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respect thereof) in order to create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and priority of its Lien on, the Collateral and (C) the Second Lien
Secured Parties may file any responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any person objecting to or otherwise seeking the disallowance of the claims of such Second Lien Secured
Party or the avoidance of any Second Priority Lien, to the extent not inconsistent with the terms of this Agreement. In taking Enforcement Actions and otherwise exercising rights and remedies with respect to the First Lien Collateral, the First Lien
Administrative Agent and the other First Lien Secured Parties may enforce the provisions of the First Lien Debt Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole
discretion and without consultation with the Second Lien Collateral Agent or any other Second Lien Secured Party and regardless of whether any such exercise is adverse to the claims or interest of any Second Lien Secured Party. Such exercise and
enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Collateral upon foreclosure, to incur expenses in connection with such sale or disposition and to exercise all the rights and remedies of a secured
lender under the Uniform Commercial Code of any applicable jurisdiction or under the First Lien Mortgages under any applicable laws of any jurisdiction and of a secured creditor under Bankruptcy Laws or other applicable laws of any applicable
jurisdiction. 
 (b)    So long as the Discharge of First Lien Priority Obligations has not occurred, except as
expressly provided in the proviso in Section 3.01(a)(ii), the Second Lien Collateral Agent and each Second Lien Representative, on behalf of itself and each Second Lien Secured Party under its Second Lien Debt Facility each
agrees that it will not, in the context of its role as creditor, take or receive any Collateral or any Proceeds of Collateral in connection with the exercise of any right or remedy (including setoff) with respect to any Collateral in respect of any
Second Lien Obligation. Without limiting the generality of the foregoing, unless and until the Discharge of First Lien Priority Obligations has occurred, except as expressly provided in the proviso in Section 3.01(a)(ii),
the sole right of the Second Lien Collateral Agent and the other Second Lien Secured Parties with respect to the Collateral is to hold a Lien on the Collateral in respect of Second Lien Obligations pursuant to the Second Lien Debt Documents for the
period and to the extent granted therein and to receive a share of the Proceeds thereof, if any, after the Discharge of First Lien Priority Obligations has occurred. 

(c)    Subject to the proviso in Section 3.01(a)(ii), (i) the Second Lien Collateral Agent
and each Second Lien Representative, for itself and on behalf of each Second Lien Secured Party under its Second Lien Debt Facility each agrees that none of the Second Lien Collateral Agent nor any other Second Lien Secured Party will take any
action that would hinder any Enforcement Action or other exercise of remedies undertaken by the First Lien Administrative Agent or any First Lien Secured Party with respect to the Collateral under the First Lien Debt Documents, including any sale,
lease, exchange, transfer or other disposition of the Collateral, whether by foreclosure or otherwise, and (ii) the Second Lien Collateral Agent and each Second Lien Representative, for itself and on behalf of each Second Lien Secured Party
under its Second Lien Debt Facility each hereby waives any and all rights it or any Second Lien Secured Party may have as a creditor or otherwise to object to the manner in which the First Lien Administrative Agent or the other First Lien Secured
Parties seek to enforce or collect the First Lien Obligations or the Liens granted on any of the First Lien Collateral, regardless of whether any action or failure to act by or on behalf of the First Lien Administrative Agent or any other First Lien
Secured Party is adverse to the interests of the Second Lien Secured Parties. 

  
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 (d)    The Second Lien Collateral Agent and each Second Lien Representative
(for itself and on behalf of each Second Lien Secured Party under its Second Lien Debt Facilities) each hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Second Lien Debt Document shall be deemed to restrict
in any way the rights and remedies of the First Lien Secured Parties with respect to the First Lien Collateral as set forth in this Agreement and the First Lien Debt Documents. 

(e)    Until the Discharge of First Lien Priority Obligations and subject to Section 3.01(f),
the First Lien Administrative Agent shall have the exclusive right to take Enforcement Actions or otherwise exercise any right or remedy with respect to the Collateral and shall have the exclusive right to determine and direct the time, method and
place for exercising such right or remedy or conducting any proceeding with respect thereto. 
 (f)    After the
expiration of the Standstill Period, the Second Lien Collateral Agent may commence Enforcement Actions with respect to the Collateral; provided that in no event shall the Second Lien Collateral Agent or any Second Lien Representative (for itself and
on behalf of each Second Lien Secured Party under its Second Lien Debt Facilities) take or continue to take any Enforcement Actions if, notwithstanding the expiration of the Standstill Period, any First Lien Secured Party shall have commenced and be
diligently pursuing the exercise of rights and remedies with respect to any of the Collateral, or an Insolvency or Liquidation Proceeding shall have been commenced in respect of the Credit Parties; provided, further, that in any Insolvency or
Liquidation Proceeding commenced by or against the Credit Parties, the Second Lien Collateral Agent or any Second Lien Representative (for itself and on behalf of each Second Lien Secured Party under its Second Lien Debt Facilities) may take any
action expressly permitted by the express provisions of this Agreement. 
 (g)    The parties hereto understand and
acknowledge that the provisions of this Section 3.01 do not modify or affect the exercise of the purchase right set forth in Section 5.07. 

SECTION 3.02. Cooperation. Subject to the proviso in Section 3.01(a)(ii), the Second Lien Collateral
Agent and each Second Lien Representative, on behalf of itself and each Second Lien Secured Party under its Second Lien Debt Facility, each agrees that, unless and until the Discharge of First Lien Priority Obligations has occurred, it will not
commence, or join with any Person (other than the First Lien Secured Parties and the First Lien Representatives upon the written request of the First Lien Administrative Agent) in commencing, any Enforcement Action with respect to any Lien held by
it in the Collateral under any of the Second Lien Debt Documents or otherwise in respect of any Second Lien Obligations. 

SECTION 3.03. Actions upon Breach. Should any Second Lien Secured Party, contrary to this Agreement, in any way take, attempt to
take or threaten to take any Enforcement Action with respect to the Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement) or fail to take any action required by this Agreement, this Agreement shall
create a rebuttable presumption and admission by such Second Lien Secured Party that the First Lien Secured Parties (in its or their own name or in the name of any 

  
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Credit Party) or any Credit Party may obtain relief against such Second Lien Secured Party by injunction, specific performance or other appropriate equitable relief. The Second Lien Collateral
Agent and each Second Lien Representative, on behalf of itself and each Second Lien Secured Party under its Second Lien Debt Facility, each hereby (a) agrees that the First Lien Secured Parties’ damages from the actions of the Second Lien
Secured Parties may at that time be difficult to ascertain and may be irreparable and waives any defense that any Credit Party or the First Lien Secured Parties cannot demonstrate damage or be made whole by the awarding of damages and
(b) irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action that may be brought by the First Lien Administrative Agent or any
other First Lien Secured Party. 
 SECTION 3.04. Voting. With respect to any remedies to be taken by the Secured Parties with
respect to the Collateral and all other matters relating to the Collateral or the First Lien Debt Documents, the applicable First Lien Representative shall take direction from the applicable First Lien Secured Parties in accordance with the
applicable First Lien Debt Documents. Except as otherwise provided herein, and to the extent not inconsistent with the provisions of this Agreement, with respect to the Second Lien Collateral, the Second Lien Collateral Agent shall take direction
and comply with the instructions of the applicable Second Lien Secured Parties in accordance with the applicable Second Lien Debt Documents. 

ARTICLE IV 
 Payments 

SECTION 4.01. Application of Proceeds. After an Event of Default has occurred and until such Event of Default is cured or waived,
so long as the Discharge of First Lien Obligations and the Discharge of Second Lien Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Credit Party, the Collateral or Proceeds
thereof or any Proceeds received in connection with the sale or other disposition of, or collection on, such Collateral upon the exercise of remedies, or any distributions (including, and to the extent not considered Proceeds of Collateral, with
respect to any debtor or equity securities distributed pursuant to a chapter 11 plan of reorganization or liquidation, in whole or partial satisfaction (or waiver) of any secured claim of any Second Lien Secured Party) with respect to secured claims
in connection with any Insolvency or Liquidation Proceeding, including in connection with a 363 sale or a chapter 11 plan, shall be applied in accordance with the following waterfall: 

(a)    First, on a pro rata basis, to pay fees, expenses and indemnities (including, but not limited
to, fees, expenses and disbursements of legal counsel) of the First Lien Administrative Agent and each Issuing Bank (other than letter of credit reimbursement obligations) due and payable under the First Lien Credit Agreement Loan Documents; 

(b)    Second, to payment of the First Lien Priority Obligations to be applied in accordance with
the First Lien Debt Documents until Discharge of First Lien Priority Obligations; 

  
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 (c)    Third, on a pro rata basis, to pay fees,
expenses and indemnities (including, but not limited to, fees, expenses and disbursements of legal counsel) of the Second Lien Collateral Agent and the Second Lien Notes Trustee due and payable under the Second Lien Debt Documents; 

(d)    Fourth, to payment of the Second Lien Obligations to be applied in accordance with the Second
Lien Debt Documents until payment in full of the Second Lien Obligations (other than Excess Second Lien Obligations); 

(e)    Fifth, to payment of the Excess First Lien Obligations to be applied in accordance with the
First Lien Debt Documents until Discharge of First Lien Obligations that remain after Discharge of First Lien Priority Obligations in accordance with clause (b); 

(f)    Sixth, to payment of the Excess Second Lien Obligations to be applied in accordance with the
Second Lien Debt Documents until payment in full of the Excess Second Lien Obligations; and 

(g)    Seventh, any remaining proceeds to the applicable Credit Party or as a court of competent
jurisdiction may direct. 
 After an Event of Default (as defined in the First Lien Credit Agreement) or any other event of default (or
equivalent) under any other First Lien Debt Document has occurred and until such event of default is cured or waived, so long as the Discharge of First Lien Priority Obligations has not occurred, whether or not any Insolvency or Liquidation
Proceeding has been commenced by or against the Credit Party, any non-cash Collateral or Proceeds received in connection with the sale or other disposition of, or collection on, Collateral may be held by or on
behalf of the First Lien Administrative Agent or any First Lien Secured Party as Collateral and upon conversion to cash be distributed as set forth in the above waterfall. 

Upon the Discharge of First Lien Priority Obligations, the First Lien Administrative Agent shall deliver promptly to the Second Lien
Collateral Agent any Collateral or Proceeds thereof held by it in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct, to be applied by the Second Lien Collateral Agent to the
Second Lien Obligations in accordance with this Agreement and in such order as specified in the relevant Second Lien Debt Documents. 

SECTION 4.02. Payment Over. Until the Discharge of First Lien Priority Obligations, any Collateral, Proceeds thereof, payments or
other distributions received by a Second Lien Secured Party in respect of claims made against Collateral, to the extent secured by, or otherwise in respect of Collateral (or, subject to the rights of the Second Lien Secured Parties as unsecured
creditors, as a result of lien avoidance or similar action), including, and to the extent not considered proceeds of Collateral, with respect to any debt or equity securities distributed pursuant to a chapter 11 plan of reorganization or
liquidation, in whole or partial satisfaction (or waiver) of any secured claim of any Second Lien Secured Party, whether in connection with any enforcement action, Insolvency or Liquidation Proceeding or otherwise, will be (i) segregated and
held in trust and (ii) promptly turned over or paid over to the First Lien 

  
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Administrative Agent in the form received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. For the avoidance of doubt, no mandatory or voluntary
prepayments of Second Lien Obligations will be permitted prior to the Discharge of First Lien Obligations; provided that nothing in this Agreement will prohibit the scheduled payment of interest with respect to the Second Lien Obligations (so long
as there is not an Event of Default arising from a failure to pay principal or interest under the First Lien Debt Documents or an Event of Default resulting in the acceleration of obligations under the First Lien Debt Documents). 

ARTICLE V 
 Other Agreements

 SECTION 5.01. Releases. 

(a)    The Second Lien Collateral Agent and each Second Lien Representative, for itself and on behalf of each Second Lien
Secured Party under its Second Lien Debt Facility, each agrees that, prior to the Discharge of First Lien Priority Obligations: 

(i)    if in connection with any exercise of any of the First Lien Secured Parties’ rights or remedies
in respect of the Collateral, the First Lien Administrative Agent, for itself or on behalf of any of the First Lien Secured Parties, releases any of its Liens on any part of the Collateral or the First Lien Administrative Agent, for itself or on
behalf of any of the First Lien Secured Parties, releases any Guarantor from its obligations under its Guarantee of the First Lien Obligations; 

(ii)    if in connection with any exercise of any First Lien Secured Parties remedies, the equity interests
of any Person are foreclosed upon or otherwise disposed of and the First Lien Administrative Agent releases its Lien on such equity interests and/or the property or assets of such Person; 

(iii)    if in the event of a sale, transfer or other disposition of any specified item of Collateral
(including all or substantially all of the equity interests of any Subsidiary of Stone Energy), as permitted pursuant to the terms of the First Lien Debt Documents, or otherwise consented to by the First Lien Secured Parties in accordance with the
First Lien Debt Documents, or any other disposition in any Insolvency or Liquidation Proceeding, including pursuant to a 363 sale or chapter 11 plan, the First Lien Administrative Agent, for itself or on behalf of any of the First Lien Secured
Parties, releases any of its Liens on any part of the Collateral or the First Lien Administrative Agent for itself or on behalf of any of the First Lien Secured Parties, releases any Guarantor from its obligations under its Guarantee of the First
Lien Obligations; or 
 (iv)    if, in the event the First Lien Administrative Agent waives the
requirement that a First Priority Lien attach to any Collateral, 
 then, with respect to clauses (i) to (iv) above
(including the preamble), (x) the Liens, if any, of the Second Lien Collateral Agent, for itself or for the benefit of the Second Lien Secured Parties, on such Collateral shall be automatically, unconditionally and

  
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simultaneously waived, released and terminated, as applicable, and any Guarantor released from its obligations under its Guarantee of First Lien Obligations released by the First Lien
Administrative Agent shall be released under its Guarantee of Second Lien Obligations, automatically and without any further action, concurrently with the termination, waiver and release, as applicable, of all Liens granted upon such Collateral to
secure First Lien Obligations and the Second Lien Collateral Agent shall take such reasonable steps as are necessary (including at the request of the First Lien Administrative Agent) to effectuate the foregoing termination and release at Stone
Energy’s sole cost and expense, in each case so long as all First Priority Liens and Second Priority Liens attach to the proceeds of the sale for application in accordance with the distribution provisions of Section 4.01 (it being
understood and agreed that such proceeds may not be sufficient to effect the Discharge of First Lien Priority Obligations, or the Discharge of Second Lien Obligations, as the case may be) and (y) the Second Lien Secured Parties will not object
to and will be deemed to have consented to such waiver, release and terminations. Promptly upon delivery to the Second Lien Collateral Agent of a certificate from the First Lien Administrative Agent or any Credit Party stating that any such
termination and release of Liens securing the First Lien Obligations will occur, the Second Lien Collateral Agent, for itself and on behalf of the Second Lien Secured Parties, shall execute and deliver, at Stone Energy’s or the other
Guarantor’s sole cost and expense, to the First Lien Administrative Agent or such Credit Party such termination statements, releases and other documents (including documents which are corresponding junior lien versions of termination
statements, releases and other documents that the First Lien Administrative Agent delivers under the First Lien Debt Facility to the extent applicable) so as to confirm the foregoing releases referred to in clauses (i) to
(iv) of the first sentence of this clause (a) when such First Lien Administrative Agent’s releases occur. 

(b)    The Second Lien Collateral Agent and each Second Lien Representative, for itself and on behalf of each Second Lien
Secured Party under its Second Lien Debt Facility, each hereby irrevocably constitutes and appoints the First Lien Administrative Agent and any officer, employee or agent of the First Lien Administrative Agent, with full power of substitution, as
its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of the Second Lien Collateral Agent, such Second Lien
Representative or any other Second Lien Secured Party and in the First Lien Administrative Agent’s own name, from time to time in the First Lien Administrative Agent’s discretion, for the purpose of carrying out the terms of
Section 5.01(a), to take any and all appropriate action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of Section 5.01(a),
including any termination statements, endorsements or other instruments of transfer or release. 
 (c)    Unless and
until the Discharge of First Lien Priority Obligations has occurred, the Second Lien Collateral Agent and each Second Lien Representative, for itself and on behalf of each Second Lien Secured Party under its Second Lien Debt Facility, each hereby
consents to the application, whether prior to or after an event of default under any First Lien Debt Document of Proceeds, including any Proceeds resulting from a mandatory or optional prepayment under the Second Lien Debt Facilities, of Collateral
to the repayment of First Lien Priority Obligations pursuant to the First Lien Debt Documents. 

  
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 (d)    Notwithstanding anything to the contrary in any Second Lien Debt
Document, in the event the terms of a First Lien Collateral Document, on the one hand, and a Second Lien Collateral Document, on the other hand, each require any Credit Party (i) to make payment in respect of any item of Collateral,
(ii) to deliver or afford control over any item of Collateral to, or deposit any item of Collateral with, (iii) to register ownership of any item of Collateral in the name of or make an assignment of ownership of any Collateral or the
rights thereunder to, (iv) to cause any securities intermediary, commodity intermediary or other Person acting in a similar capacity to agree to comply, in respect of any item of Collateral, with instructions or orders from, or to treat, in
respect of any item of Collateral, as the entitlement holder, (v) to hold any item of Collateral in trust for (to the extent such item of Collateral cannot be held in trust for multiple parties under applicable law), (vi) to obtain the
agreement of a bailee or other third party to hold any item of Collateral for the benefit of or subject to the control of or, in respect of any item of Collateral, (vii) to follow the instructions of or to obtain the agreement of a landlord
with respect to access to leased premises where any item of Collateral is located or waivers or subordination of rights with respect to any item of Collateral in favor of, in any case, the First Lien Administrative Agent or First Lien Secured Party,
on the one hand, and any other Secured Party, on the other hand, such Credit Party may, until the Discharge of First Lien Priority Obligations has occurred, comply with such requirement under the Second Lien Collateral Documents as it relates to
such Collateral by taking any of the actions set forth above only with respect to, or in favor of, the First Lien Administrative Agent. Until the Discharge of First Lien Priority Obligations occurs, to the extent that the First Lien Administrative
Agent or First Lien Secured Parties (i) have released any Lien on Collateral or any Guarantor from its Obligation under its guaranty and any such Liens or guaranty are later reinstated or (ii) obtain any new Liens or additional Guarantees
from any Guarantor, then the Second Lien Collateral Agent, for itself and the Second Lien Secured Parties, shall be granted a Lien on any such Collateral, subject to the lien subordination provisions of this Agreement, and each Second Lien
Representative, for itself and for the Second Lien Secured Parties represented by it, shall be granted an additional guaranty, as the case may be. 

(e)    If, in the event any of the Liens granted to the Second Lien Collateral Agent or any other Second Lien Secured
Party extends to any Excluded Assets or Excluded Equity Interests, then the Liens, if any, of the Second Lien Collateral Agent, for itself or for the benefit of the Second Lien Secured Parties on such Excluded Assets or Excluded Equity Interests
shall be automatically, unconditionally and immediately released and terminated and the Second Lien Collateral Agent and any applicable other Second Lien Secured Party shall take any steps reasonably required to effectuate the foregoing termination
and release at Stone Energy’s sole cost and expense. Pending such release and termination, the Second Lien Collateral Agent shall automatically without any further action be deemed to hold such Lien for the benefit of the First Lien Secured
Parties, subject to the priorities and other provisions of this Agreement. 
 SECTION 5.02. Insurance and Condemnation Awards.
(x) Except as otherwise agreed in the First Lien Debt Documents, unless and until the Discharge of First Lien Obligations has occurred, the First Lien Administrative Agent and the First Lien Secured Parties and (y) from and after the
Discharge of First Lien Obligations unless and until the Discharge of Second Lien Obligations has occurred, the Second Lien Collateral Agent and the Second Lien Secured Parties, shall have the sole and exclusive right, subject to the rights of the
Credit Parties under, and to the extent required by, and subject to any limitations in, the applicable First Lien 

  
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Debt Documents and Second Lien Debt Documents, (a) to be named as additional insured and loss payee under any insurance policies maintained from time to time by any Credit Parties,
(b) adjust settlement for any insurance policy covering the Collateral in the event of any loss thereunder and (c) to approve any award granted in any condemnation or similar proceeding affecting the Collateral. Unless and until the
Discharge of First Lien Obligations and the Discharge of Second Lien Obligations has occurred, all proceeds of any such policy and any such award, if in respect of the Collateral, shall, if no Event of Default shall have occurred and be continuing,
be applied (i) first, prior to the occurrence of the Discharge of First Lien Priority Obligations, to the First Lien Administrative Agent for the benefit of the First Lien Secured Parties pursuant to the terms of the First Lien Debt
Documents, (ii) second, after the occurrence of the Discharge of First Lien Priority Obligations, to the Second Lien Collateral Agent for the benefit of the Second Lien Secured Parties pursuant to the terms of the applicable Second Lien
Debt Documents and (iii) third, if no Second Lien Obligations are outstanding, be paid to the owners of the subject property, or such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct.
If the Second Lien Collateral Agent or any other Second Lien Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention of this Agreement, it shall pay such proceeds over to the First Lien
Administrative Agent for further application in accordance with the terms of Section 4.01 or this Section 5.02, as applicable. 

SECTION 5.03. Amendments to Debt Documents. 

(a)    Without the prior written consent of the Second Lien Collateral Agent (to be given or withheld at the written
direction of the Majority Holders) on at least ten (10) Business Days’ prior notice to the Second Lien Representatives, or unless permitted under the Second Lien Debt Documents, unless and until the Discharge of Second Lien Obligations has
occurred, notwithstanding anything herein to the contrary, (x) no First Lien Debt Document may be entered into, amended, restated, supplemented, replaced or otherwise modified and no Debt under the First Lien Debt Documents may be Refinanced,
to the extent such amendment, restatement, supplement, replacement or modification or Refinancing, or the terms of such new First Lien Debt Document, would (i) contravene the provisions of this Agreement or any of the Second Lien Debt
Documents, (ii) reduce the capacity to incur Obligations constituting Second Lien Obligations, in each case, under the Second Lien Debt Documents on the day of any such amendment, restatement, supplement, modification or Refinancing;
(iii) increase the principal amount of the First Lien Credit Agreement or any Replacement First Lien Debt in respect thereof in excess of the First Lien Priority Cap Amount, or (iv) impose additional restrictions on the ability of the
obligor thereunder to pay or repay any Second Lien Obligations then outstanding; and (y) no First Lien Debt Document may be entered into, amended, restated, supplemented, replaced or otherwise modified to the extent such amendment, supplement
or modification, or the terms of any new First Lien Debt Document, would be prohibited by, or would require any Credit Party to act or refrain from acting in a manner that would violate, any of the terms of this Agreement. In connection with any
Refinancing of any Debt under any First Lien Debt Document (x) Stone Energy will deliver an Officer’s Certificate to the Second Lien Collateral Agent certifying that such Refinancing is permitted by the Second Lien Debt Documents and
(y) the holders (and their representatives) of any such Refinancing Debt shall execute a Joinder Agreement or otherwise bind themselves in writing to the terms of this Agreement. 

  
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 (b)    Without the prior written consent of the First Lien Representative on
at least fifteen (15) Business Days’ prior notice to the First Lien Representatives, or unless permitted under the First Lien Debt Documents, unless and until the Discharge of First Lien Obligations has occurred, notwithstanding anything
herein to the contrary, (x) no Second Lien Debt Document may be entered into, amended, restated, supplemented, replaced or otherwise modified and no Debt under the Second Lien Debt Documents may be Refinanced, to the extent such amendment,
restatement, supplement, replacement or modification or Refinancing, or the terms of such new Second Lien Debt Document, would (i) contravene the provisions of this Agreement or any of the First Lien Debt Documents, (ii) change to earlier
dates any scheduled dates for payment of principal (including the final maturity date) under such Second Lien Debt Document or of interest on Debt under such Second Lien Debt Document, (iii) modify (or have the effect of a modification of) the
mandatory prepayment provisions of the applicable Second Lien Debt Document for such Second Lien Debt Facility in a manner that would result in the weighted average life to maturity being less than the weighted average life to maturity of the Second
Lien Obligations under such Second Lien Debt Document prior to giving effect thereto, (iv) reduce the capacity to incur Obligations constituting First Lien Obligations to an amount below the First Lien Priority Cap Amount or add new
restrictions (other than as to amount) applicable to the incurrence of First Lien Obligations, (v) increase the principal amount of the Second Lien Notes or any Replacement Second Lien Debt in respect thereof in excess of the amount permitted
under the First Lien Debt Documents, (vi) increase the interest rate or yield applicable to any Obligations in respect of Second Lien Indenture Documents and any Replacement Second Lien Debt Document with respect thereto by more than 3% per
annum (excluding increases resulting from the accrual of interest at the default rate), (vii) change any default or Event or Default thereunder in a manner adverse to the Credit Parties thereunder (other than to eliminate any such Event of Default
or increase any grace period related thereto or otherwise make such Event of Default or condition less restrictive or burdensome on any Credit Parties), (viii) increase materially the obligations of the obligor thereunder or to confer any additional
material rights on the lenders under the Second Lien Facilities (or a representative on their behalf) which would be adverse to any Credit Party or First Lien Secured Parties; and (y) no Second Lien Debt Document may be entered into, amended,
restated, supplemented, replaced or otherwise modified to the extent such amendment, supplement or modification, or the terms of any new Second Lien Debt Document, would be prohibited by, or would require any Credit Party to act or refrain from
acting in a manner that would violate, any of the terms of this Agreement. In connection with any Refinancing of any Debt under any Second Lien Debt Document (x) Stone Energy will deliver an Officer’s Certificate to the First Lien
Representative certifying that such Refinancing is permitted by the First Lien Debt Documents and (y) the holders (and their representatives) of any such Refinancing Debt shall execute a Joinder Agreement or otherwise bind themselves in writing
to the terms of this Agreement. 
 (c)    The Second Lien Collateral Agent and each Second Lien Representative, for
itself and on behalf of each Second Lien Secured Party under its Second Lien Debt Facility, each agrees that each Second Lien Collateral Document shall include the following language (or language to similar effect reasonably approved by the First
Lien Administrative Agent): 
 “Notwithstanding anything herein to the contrary, (i) the liens and security
interests granted to the Second Lien Collateral Agent pursuant to this Agreement are expressly subject and, to the extent set forth in the 

  
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Intercreditor Agreement referred to below, subordinate to the liens and security interests granted in favor of the First Lien Secured Parties (as defined in such Intercreditor Agreement),
including liens and security interests granted to Bank of America, N.A., as administrative agent, pursuant to or in connection with the Fifth Amended and Restated Credit Agreement, dated on or about the date hereof, among Stone Energy Corporation,
the lenders from time to time party thereto, Bank of America, N.A., as administrative agent, and the other parties thereto, as further amended, restated, amended and restated, extended, supplemented or otherwise modified from time to time and
(ii) the exercise of any right or remedy by the Second Lien Collateral Agent hereunder is subject to the limitations and provisions of the Intercreditor Agreement dated on or about the date hereof (as amended, restated, supplemented or
otherwise modified from time to time, the “Intercreditor Agreement”), among Stone Energy Corporation, Bank of America, N.A., as first lien administrative agent, The Bank of New York Mellon Trust Company, N.A., as second lien
collateral agent and the other parties thereto. In the event of any conflict between the terms of the Intercreditor Agreement and the terms of this Agreement, the terms of the Intercreditor Agreement shall govern.” 

In addition, each Second Lien Mortgage covering any Collateral shall contain such other language as the First Lien Administrative Agent may reasonably request
to reflect the lien subordination of such Second Lien Mortgage to the First Lien Collateral Document covering such Collateral. 

(d)    In the event that the First Lien Administrative Agent and/or the First Lien Secured Parties enter into any
amendment, waiver or consent in respect of any of the First Lien Collateral Documents for the purpose of adding to or deleting from, or waiving or consenting to any departures from any provisions of, any First Lien Collateral Document or changing in
any manner the rights of the First Lien Administrative Agent, the First Lien Secured Parties, or any Credit Party thereunder (including the release of any Liens in First Lien Collateral or any Guarantees in favor of the First Lien Secured Parties)
in a manner that is applicable to all First Lien Debt Facilities, then such amendment, waiver or consent shall apply automatically to any comparable provision of each comparable Second Lien Collateral Document without the consent of the Second Lien
Collateral Agent or any Second Lien Secured Party and without any action by the Second Lien Collateral Agent, any other Second Lien Secured Party or any other Credit Party; provided, however, that (i) no such amendment, waiver or
consent shall (A) remove assets subject to the Second Priority Liens or release any such Liens, except to the extent that such release is permitted or required by Section 5.01(a) and provided that there is a
concurrent release of the corresponding First Priority Liens, (B) amend, modify or otherwise affect the rights or duties of the Second Lien Collateral Agent or any Second Lien Representative in its role as Collateral Agent or Representative
without its prior written consent, (C) impose duties on any of the Second Lien Secured Parties without their consent, (D) permit Liens on the Collateral not permitted under the Second Lien Debt Documents, or (E) be prejudicial to the
interests of Second Lien Secured Parties to a greater extent than the interests of the First Lien Secured Parties (other than by virtue of their relative priorities and rights and obligations under this Agreement) and (ii) written notice of
such amendment, waiver or consent shall have been given to the Second Lien Collateral Agent promptly after the effectiveness of such amendment, waiver or consent. 

  
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 (e)    Stone Energy agrees to deliver to each Collateral Agent copies of
(i) any amendments, supplements or other modifications to the Secured Debt Documents and (ii) any new Secured Debt Documents promptly after effectiveness thereof. 

SECTION 5.04. Rights as Unsecured Creditors. The First Lien Secured Parties may exercise rights and remedies as unsecured
creditors against any Credit Party in accordance with the terms of the First Lien Debt Documents and applicable law; provided that the First Lien Secured Parties will not exercise such rights and remedies in a manner inconsistent with this
Agreement. The Second Lien Collateral Agent and each Second Lien Representative, on behalf of itself and all applicable Second Lien Secured Parties, each may exercise rights and remedies as unsecured creditors against any Credit Party in accordance
with the terms of the Second Lien Debt Documents and applicable law; provided that the Second Lien Collateral Agent and each Second Lien Representative, on behalf of itself and all applicable Second Lien Parties, will not exercise such rights and
remedies in a manner inconsistent with this Agreement. Nothing in this Agreement shall prohibit the receipt by any First Lien Secured Party of the required payments of principal, premium, interest, fees and other amounts due under the First Lien
Debt Documents. In the event any Second Lien Secured Party becomes a judgment lien creditor in respect of Collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Second Lien Obligations, such judgment lien
shall be subordinated to the Liens securing First Lien Priority Obligations on the same basis as the other Liens securing the Second Lien Obligations are so subordinated to such Liens securing First Lien Priority Obligations under this Agreement.
Nothing in this Agreement shall impair or otherwise adversely affect any rights or remedies the First Lien Secured Parties may have with respect to the First Lien Collateral. 

SECTION 5.05. Gratuitous Bailee for Perfection. 

(a)    The First Lien Administrative Agent acknowledges and agrees that if it shall at any time possess or control any
Collateral that also secures any Second Lien Obligations that can be perfected by the possession or control of such Collateral or of any account in which such Collateral is held, and if such Collateral or any such account is in fact in the
possession or under the control of the First Lien Administrative Agent, or of agents or bailees of such Person (such Collateral being referred to herein as the “Pledged or Controlled Collateral”), or if it shall any time obtain any
landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Collateral, the First Lien Administrative Agent shall also hold such Pledged or Controlled Collateral, or take such actions with respect
to such landlord waiver, bailee’s letter or similar agreement or arrangement, as sub-agent or gratuitous bailee for the other Collateral Agents, in each case solely for the purpose of perfecting the Liens
granted under the relevant Second Lien Collateral Documents. 
 (b)    Except as otherwise specifically provided
herein, until the Discharge of First Lien Priority Obligations has occurred, the First Lien Administrative Agent and the First Lien Secured Parties shall be entitled to deal with and administer the Pledged or Controlled Collateral in accordance with
the terms of the First Lien Debt Documents without notice to the Second Lien Collateral Agent or any other Second Lien Secured Party as if the Liens under the 

  
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Second Lien Collateral Documents did not exist. The rights of the Second Lien Collateral Agent and the Second Lien Secured Parties with respect to the Pledged or Controlled Collateral shall at
all times be subject to the terms of this Agreement. 
 (c)    No First Lien Secured Parties shall have any obligation
whatsoever to any Second Lien Secured Party to assure that any of the Pledged or Controlled Collateral is genuine or owned by the Credit Parties or to protect or preserve rights or benefits of any Person or any rights pertaining to the Collateral,
except as expressly set forth in this Section 5.05. The duties or responsibilities of the First Lien Administrative Agent under this Section 5.05 shall be limited solely to holding or controlling
the Collateral and the related Liens referred to in paragraphs (a) and (b) of this Section 5.05 as sub-agent and gratuitous bailee for the other
Collateral Agent(s) for purposes of perfecting the Lien held by the other Collateral Agent(s). 
 (d)    The First Lien
Administrative Agent shall not have by reason of the Second Lien Debt Documents or this Agreement, or any other document, a fiduciary relationship in respect of any Second Lien Secured Party, and the Second Lien Collateral Agent and each Second Lien
Representative, for itself and on behalf of each Second Lien Secured Party under its Second Lien Debt Facility, each hereby waives and releases the First Lien Administrative Agent from all claims and liabilities arising pursuant to the First Lien
Administrative Agent’s roles under this Section 5.05 as sub-agents and gratuitous bailees with respect to the Collateral. 

(e)    Upon the Discharge of First Lien Priority Obligations, the First Lien Administrative Agent shall, at Stone
Energy’s sole cost and expense, (i) (A) deliver to the Second Lien Collateral Agent, all Collateral, including all proceeds thereof, held or controlled by the First Lien Administrative Agent or any of its agents or bailees, including
the transfer of possession and control, as applicable, of the Pledged or Controlled Collateral, together with any necessary endorsements and notices to depositary banks, securities intermediaries and commodities intermediaries, and assign its rights
under any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Collateral, or (B) direct and deliver such Collateral as a court of competent jurisdiction may otherwise direct, and
(ii) at the request of the Second Lien Collateral Agent, (A) notify any applicable insurance carrier that it is no longer entitled to be a loss payee or additional insured under the insurance policies of any Credit Party issued by such
insurance carrier and (B) notify any governmental authority involved in any condemnation or similar proceeding involving any Credit Party that the Second Lien Collateral Agent is entitled to approve any awards granted in such proceeding. The
Credit Parties shall take such further action as is required to effectuate the transfer contemplated hereby and shall indemnify each of the Collateral Agents and each Representative for loss or damage suffered by it as a result of such transfer,
except for loss or damage suffered by any such Person as a result of its own willful misconduct or gross negligence. Neither the First Lien Administrative Agent nor any other First Lien Secured Party shall have any obligation to follow instructions
from the Second Lien Collateral Agent or any other Second Lien Secured Party in contravention of this Agreement. 

(f)    Neither the First Lien Administrative Agent nor any of the other First Lien Secured Parties shall be required to
marshal any present or future collateral security for any obligations of any Credit Party to the First Lien Administrative Agent or any First Lien Secured Party under the First Lien Debt Documents or any assurance of payment in respect thereof, or
to 

  
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resort to such collateral security or other assurances of payment in any particular order, and all of their rights in respect of such collateral security or any assurance of payment in respect
thereof shall be cumulative and in addition to all other rights, however existing or arising. 
 SECTION 5.06. When Discharge of
Obligations Deemed To Not Have Occurred. If, at any time any Credit Party consummates any Refinancing in accordance with Section 5.03 and Section 8.10 of any First Lien Obligations or Second
Lien Obligations, as applicable, then a Discharge of First Lien Obligations or Discharge of Second Lien Obligations, as the case may be, shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect
to any actions taken prior to the date of such designation as a result of the occurrence of a Discharge of First Lien Obligations, Discharge of First Lien Priority Obligations or Discharge of Second Lien Obligations, as the case may be), and the
applicable agreement governing such First Lien Obligations or Second Lien Obligations, as applicable, shall automatically be treated as a First Lien Debt Document or Second Lien Debt Document, as applicable for all purposes of this Agreement,
including for purposes of the Lien priorities and rights in respect of Collateral set forth herein and the collateral agent, for the holders of such First Lien Obligations or Second Lien Obligations as the case may be, shall be the First Lien
Administrative Agent or the Second Lien Collateral Agent, as applicable for all purposes of this Agreement. Upon receipt of notice of such incurrence (including the identity of the new First Lien Administrative Agent or the Second Lien Collateral
Agent, as applicable), each Person party hereto shall promptly (a) enter into such documents and agreements, including amendments or supplements to this Agreement, as Stone Energy or such new Collateral Agent shall reasonably request in writing
in order to provide the new First Lien Administrative Agent or the Second Lien Collateral Agent, as applicable the rights of a First Lien Administrative Agent or Second Lien Collateral Agent, as applicable contemplated hereby, (b) to the extent
that such Refinancing is in respect of the First Lien Obligations, deliver to such First Lien Administrative Agent or, to the extent that the Discharge of First Lien Obligations has occurred and such Refinancing is in respect of the Second Lien
Obligations, such Second Lien Collateral Agent, to the extent that it is legally permitted to do so, all Collateral, including all proceeds thereof, held or controlled by the Second Lien Collateral Agent or any of their respective agents or bailees
(to the extent applicable), including the transfer of possession and control, as applicable, of the Pledged or Controlled Collateral, together with any necessary endorsements and notices to depositary banks, securities intermediaries and commodities
intermediaries, and assign its rights under any landlord waiver or bailee’s letter or any similar agreement or arrangement granting it rights or access to Collateral, (c) notify any applicable insurance carrier that it is no longer
entitled to be a loss payee or additional insured under the insurance policies of any Guarantor issued by such insurance carrier and (d) notify any governmental authority involved in any condemnation or similar proceeding involving any Credit
Party that the new First Lien Administrative Agent or Second Lien Collateral Agent, as applicable is entitled to approve any awards granted in such proceeding; provided that any reasonable costs or other expenses incurred in connection with
clauses (a) to (d) above shall be the exclusive responsibility of the Credit Parties. 
 SECTION 5.07.
Purchase Right. Without prejudice to the enforcement of the First Lien Secured Parties’ remedies, the First Lien Secured Parties agree that (a) within five Business Days after Stone Energy or any Credit Party obtains actual
knowledge of the occurrence of a continuing Event of Default (as defined in the First Lien Credit Agreement) 

  
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under any First Lien Debt Document or (b) the commencement of an Insolvency or Liquidation Proceeding (each, a “Purchase Event”), Stone Energy shall notify the Second Lien
Collateral Agent and the First Lien Representative of the occurrence of such Purchase Event and the right to purchase First Lien Obligations as set forth in this Section 5.07 (a “Notice of Purchase Event”).
Within ten (10) days of receipt of the Notice of Purchase Event by the Second Lien Collateral Agent, one or more of the Second Lien Secured Parties may request by delivery of a notice to the First Lien Representative, and the First Lien Secured
Parties hereby offer the Second Lien Secured Parties the option, to purchase all, but not less than all, of the aggregate amount of outstanding First Lien Obligations (including unfunded commitments under any First Lien Debt Document) outstanding at
the time of purchase at par, plus any premium that would be applicable upon prepayment of the First Lien Obligations and accrued and unpaid interest and fees (including breakage costs and, in the case of any First Lien Obligations under any
Specified Swap Contract, the amount that would be payable by the relevant Credit Party thereunder if such Credit Party were to terminate such Specified Swap Contract on the date of the purchase or, if not terminated an amount determined by the
relevant First Lien Secured Party to be necessary to collateralize its credit risk arising out of such agreement and, if applicable, the Cash Collateral to be furnished to the First Lien Secured Parties providing Letters of Credit under the First
Lien Debt Documents in such amounts (not to exceed 103% thereof) as such First Lien Secured Party determines is reasonably necessary to secure such First Lien Secured Party in connection with any such outstanding and undrawn letters of credit),
without warranty or representation or recourse (except for representations and warranties required to be made by assigning lenders pursuant to the Assignment and Acceptance (as such term is defined in the First Lien Credit Agreement)). If such right
is exercised, the parties shall endeavor to close promptly thereafter but in any event within ten (10) days of the request. If one or more of the Second Lien Secured Parties exercise such purchase right, it shall be exercised pursuant to
documentation mutually acceptable to each of the First Lien Representatives and the purchasing Second Lien Secured Parties. If none of the Second Lien Secured Parties exercise such right, or any attempted exercise is not closed within the required ten-day period, the First Lien Secured Parties shall have no further obligations pursuant to this Section 5.07 for such Purchase Event and may take any further actions in their sole
discretion in accordance with the First Lien Debt Documents and this Agreement. Each First Lien Secured Party will retain all rights to indemnification provided in the relevant First Lien Debt Document for all claims and other amounts relating to
period prior to the purchase of the First Lien Obligations pursuant to this Section 5.07. 
 SECTION 5.08.
No Interference. The Second Lien Collateral Agent and each Second Lien Representative, for itself and on behalf of each Second Lien Secured Party under its Second Lien Debt Facility, each hereby agrees that it and each of the other
Second Lien Secured Parties: 
 (a)    will not support, take or cause to be taken any action to make any Second
Priority Lien pari passu with, or to give any Second Lien Secured Party any preference or priority relative to, any First Priority Lien securing First Lien Obligations up to the First Lien Priority Cap Amount with respect to the Collateral or
any part thereof; 
 (b)    will not challenge or question in any proceeding (x) the validity or enforceability of
any First Lien Obligations or First Lien Debt Document, or (y) the validity, attachment, perfection or priority of any First Priority Lien securing First Lien Obligations up to the First Lien Priority Cap Amount, or (z) the validity or
enforceability of the priorities, rights or duties established by the provisions of this Agreement; 

  
 32 

 (c)    will not support, take or cause to be taken any action to interfere,
hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Collateral by prior to the Discharge of First Lien Priority Obligation, any First Lien Secured Party or the First Lien
Administrative Agent in any enforcement action; 
 (d)    prior to the Discharge of First Lien Priority Obligations,
shall have no right to (i) direct the First Lien Administrative Agent or any other First Lien Secured Party to exercise any right, remedy or power with respect to any Collateral, (ii) consent to the exercise by the First Lien
Administrative Agent or any other First Lien Secured Party of any right, remedy or power with respect to any Collateral or (iii) object to the forbearance by the First Lien Administrative Agent or any other First Lien Secured Party from
commencing or pursuing any foreclosure action or proceeding or failing to act by or on behalf of the First Lien Administrative Agent or any other First Lien Secured Party even if such action or inaction is, or could be, adverse to the interests of
the Second Lien Secured Parties and further (it being understood that the absence of such objection shall not be deemed to toll any Standstill Period then continuing), will not assert and hereby waives, to the fullest extent permitted by law, any
right to demand, request, plead or otherwise assert or claim the benefit of any marshalling, appraisal, valuation or other similar right that may be available under applicable law with respect to the Collateral; 

(e)    will not institute any suit or assert in any suit or Insolvency or Liquidation Proceeding any claim against the
First Lien Administrative Agent or other First Lien Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to, and neither the First Lien Administrative Agent nor any other First
Lien Secured Party shall be liable for, any action taken or omitted to be taken by the First Lien Administrative Agent or other First Lien Secured Party with respect to any Collateral securing First Lien Obligations up to the First Lien Priority Cap
Amount; 
 (f)    will not seek, and hereby waives any right, to have any Collateral or any part thereof marshaled upon
any foreclosure or other disposition of such Collateral; and 
 (g)    will not, directly or indirectly, whether by
judicial proceedings or otherwise, challenge the enforceability of any provision of this Agreement. 
 ARTICLE VI 

Insolvency or Liquidation Proceedings. 

SECTION 6.01. Use of Cash Collateral and DIP Financing. 
  

	 	(a)	Until the Discharge of First Lien Priority Obligations, if an Insolvency or Liquidation Proceeding has commenced, the Second Lien Collateral Agent and each Second Lien Representative, for itself and on behalf of each
Second Lien Secured Party under its Second Lien Debt Facility, each will not contest, protest, or object to, and will be deemed to have consented to, 

  
 33 

	 	(1)	any use, sale, or lease of “cash collateral” (as defined in section 363(a) of the Bankruptcy Code), and 

  

	 	(2)	Stone Energy or any other Credit Party obtaining DIP Financing 

 if the First Lien
Administrative Agent consents in writing to such use, sale, or lease, or DIP Financing, provided that 

(A)    the Second Lien Collateral Agent otherwise retains its Lien on the Collateral, and 

(B)    after taking into account the principal amount of any DIP Financing (after giving effect to any Refinancing of
First Lien Obligations) on any date, the sum of the then outstanding principal amount of any First Lien Obligations and any DIP Financing does not exceed the DIP Cap on such date, 

(b)    Any customary “carve-out” or other similar administrative
priority expense or claim consented to in writing by the First Lien Administrative Agent to be paid prior to the Discharge of First Lien Obligations will be deemed for purposes of Section 6.01(a) to be a use of cash collateral. 

To the extent the Liens securing any First Lien Priority Obligations are subordinated or pari passu with such DIP Financing, the Second Lien
Secured Parties will subordinate (and will be deemed hereunder to have subordinated) its Liens in the Collateral to (A) such DIP Financing (and all obligations relating thereto), subject to the DIP Cap, on the same basis as the Liens securing
the Second Lien Obligations, are so subordinated to Liens securing First Lien Priority Obligations under this Agreement, to the extent the principal amount of such DIP Financing does not exceed the DIP Cap. 

Until the Discharge of First Lien Priority Obligations, no Second Lien Secured Party may provide DIP Financing to Stone Energy or other
Credit Party secured by Liens equal or senior in priority to the Liens securing any First Lien Priority Obligations, provided that if no First Lien Secured Party offers to provide DIP Financing to the extent permitted under
Section 6.01(a) on or before the date of the hearing to approve DIP Financing, or otherwise permits such DIP Financing, then a Second Lien Secured Party may seek to provide such DIP Financing secured by Liens junior in priority to the Liens
securing any First Lien Obligations, and First Lien Secured Parties may object thereto. 
 SECTION 6.02. Sale of Assets. The
Second Lien Collateral Agent and each Second Lien Representative, for itself and on behalf of each Second Lien Secured Party under its Second Lien Debt Facility, each will not contest, protest, or object, and will be deemed to have consented
pursuant to section 363(f) of the Bankruptcy Code, to a Disposition of Collateral free and clear of its Liens or other interests under section 363 of the Bankruptcy Code if the First Lien Administrative Agent consents in writing to the
Disposition, provided that 
  

	 	(a)	 either (i) pursuant to court order, all First Priority Liens and Second Priority Liens attach to the
proceeds of the sale for application in accordance with the distribution provisions of Section 4.01 (it being understood and agreed that such proceeds may not 

  
 34 

	 	
be sufficient to effect the Discharge of First Lien Priority Obligations or the Discharge of Second Lien Obligations, as the case may be), or (ii) the Proceeds of a Disposition of Collateral
received by First Lien Administrative Agent in excess of those necessary to achieve the Discharge of First Lien Priority Obligations, are distributed in accordance with this Agreement, the UCC and applicable law, and 

 

	 	(b)	Second Lien Secured Parties are not deemed to have waived any rights to credit bid on the Collateral in any such Disposition in accordance with section 363(k) of the Bankruptcy Code; provided that any such credit
bid must contemplate the Discharge of First Lien Priority Obligations upon the consummation of any resulting Disposition. 

Upon the First Lien Administrative Agent’s request, the Second Lien Collateral Agent, solely in its capacity as holder of a Lien on
Collateral, will join any objection asserted by the First Lien Administrative Agent to any Disposition of Collateral during an Insolvency or Liquidation Proceeding. 

SECTION 6.03. Relief From the Automatic Stay. 

Until the Discharge of First Lien Priority Obligations, no Second Lien Secured Party may seek relief from the automatic stay or any other stay
in an Insolvency or Liquidation Proceeding in respect of the Collateral without the First Lien Administrative Agent’s prior written consent or oppose any request by First Lien Administrative Agent for relief from such stay. 

SECTION 6.04. Adequate Protection. (a) Until the Discharge of First Lien Priority Obligations, no Second Lien Secured Party will
contest, protest, or object to 
  

	 	(1)	a request by a First Lien Secured Party for “adequate protection” under any Bankruptcy Law, or 

  

	 	(2)	an objection, based on a First Lien Secured Party claiming a lack of adequate protection, by a First Lien Secured Party to a motion, relief, action, or proceeding. 

 

	 	(b)	Notwithstanding the preceding Section 6.04(a), until the Discharge of First Lien Priority Obligations, in an Insolvency or Liquidation Proceeding: 

 

	 	(1)	Except as permitted in this Section 6.04, no Second Lien Secured Parties may seek or request adequate protection or relief from the automatic stay imposed by section 362 of the Bankruptcy Code or other relief.

  

	 	(2)	If a First Lien Secured Party is granted adequate protection in the form of additional or replacement Collateral in connection with a motion described in Section 6.01, then the Second Lien Collateral Agent may seek
or request adequate protection in the form of a Lien on such additional or replacement Collateral, which Lien will be subordinated to the Liens securing the First Lien Priority Obligations and any DIP Financing (subject to the DIP Cap), and all
related Obligations, on the same basis as the other Liens securing the Second Lien Obligations are subordinated to the Liens securing First Lien Priority Obligations under this Agreement. 

  
 35 

	 	(3)	Any claim by a Second Lien Secured Party under section 507(b) of the Bankruptcy Code will be subordinate in right of payment to any claim of First Lien Secured Parties in respect of First Lien Priority Obligations under
section 507(b) of the Bankruptcy Code and any payment thereof will be deemed to be Proceeds of Collateral, provided that, subject to Section 6.06(a), Second Lien Secured Parties will be deemed to have agreed pursuant to
section 1129(a)(9) of the Bankruptcy Code that such section 507(b) claims may be paid under a plan of reorganization in any form having a value on the effective date of such plan equal to the allowed amount of such claims.

  

	 	(4)	So long as First Lien Administrative Agent is receiving payment in cash of all Post-Petition Interest, Second Lien Collateral Agent may seek and, subject to the terms hereof, retain payments of Post-Petition Interest
consisting of interest at the non-default rate under the Second Lien Loan Documents (“Second Lien Adequate Protection Payments”). If a Second Lien Secured Party receives Second Lien Adequate
Protection Payments before the Discharge of First Lien Priority Obligations, then upon the effective date of any plan or the conclusion or dismissal of any Insolvency or Liquidation Proceeding, the Second Lien Secured Party will pay over to the
First Lien Administrative Agent pursuant to Section 4.01, an amount equal to the lesser of (i) the Second Lien Adequate Protection Payments received by the Second Lien Secured Party and (ii) the amount necessary to effect the
Discharge of First Lien Priority Obligations. Notwithstanding anything herein to the contrary, First Lien Secured Parties will not be deemed to have consented to, and expressly retain their rights to object to, the payment of Second Lien Adequate
Protection Payments. 

 SECTION 6.05. First Lien Objections to Second Lien Actions. Until the Discharge of First
Lien Priority Obligations, subject to Section 3.01, nothing in this Article VI limits a First Lien Secured Party from objecting in an Insolvency or Liquidation Proceeding or otherwise to any action taken by a Second Lien Secured Party,
including the Second Lien Secured Party’s seeking adequate protection or asserting any of its rights and remedies under the Second Lien Debt Documents or otherwise. 

SECTION 6.06. Avoidance; Reinstatement of Obligations. 
  

	 	(a)	 If a First Lien Secured Party receives payment or property on account of a First Lien Priority Obligation, and
the payment is subsequently invalidated, avoided, declared to be fraudulent or preferential, set aside, or otherwise required to be transferred to a trustee, receiver, or the estate of any Credit Party (a “Recovery”), then, to the
extent of the Recovery, the First Lien Priority Obligations intended to have been satisfied by the payment will be reinstated as First Lien Priority Obligations on the date of the Recovery, and no Discharge of the First Lien Priority Obligations
will be deemed to have occurred for all purposes under this Agreement. If this Agreement is terminated prior to a Recovery, this Agreement will be 

  
 36 

	 	
reinstated in full force and effect, and such prior termination will not diminish, release, discharge, impair, or otherwise affect the obligations of the parties thereto from the date of
reinstatement. No Second Lien Secured Party may benefit from a Recovery, and any distribution made to a Second Lien Secured Party as a result of a Recovery will be paid over to the First Lien Administrative Agent for application in accordance with
Section 4.01. 

  

	 	(b)	Until the Discharge of First Lien Priority Obligations, if any Second Lien Secured Party obtains knowledge of or is notified by the First Lien Administrative Agent that a payment or distribution made to a First Lien
Secured Party in respect of First Lien Priority Obligations is rescinded for any reason whatsoever, such Second Lien Secured Party shall promptly pay or remit to the First Lien Administrative Agent any payment or distribution received by it in
respect of any Collateral subject to any First Priority Liens securing such First Lien Priority Obligations, and the provisions set forth in this Agreement shall be reinstated as if such payment or distribution had not been made. 

SECTION 6.07. Reorganization Securities. Nothing in this Agreement prohibits or limits the right of a Second Lien Secured Party
to receive and retain any debt or equity securities that are issued by a reorganized debtor pursuant to a plan of reorganization or similar dispositive restructuring plan in connection with an Insolvency or Liquidation Proceeding, provided
that any debt securities received by a Second Lien Secured Party on account of a Second Lien Obligation that constitutes a “secured claim” within the meaning of section 506(b) of the Bankruptcy Code will be paid over or otherwise
transferred to the First Lien Administrative Agent for application in accordance with Section 4.01, unless such distribution is made under a plan that is consented to by the affirmative vote of all classes composed of the secured claims of
First Lien Secured Parties. 
 If, in an Insolvency or Liquidation Proceeding, debt Obligations of the reorganized debtor secured by Liens
upon any property of the reorganized debtor are distributed pursuant to a plan of reorganization or similar dispositive restructuring plan, both on account of First Lien Obligations and on account of Second Lien Obligations, then, to the extent the
debt Obligations distributed on account of the First Lien Obligations and on account of the Second Lien Obligations are secured by Liens upon the same property, the provisions of this Agreement will survive the distribution of such debt Obligations
pursuant to such plan and will apply with like effect to the Liens securing such debt Obligations. 
 SECTION 6.08. Other
Matters. Notwithstanding the provisions of section 1129(b)(1) of the Bankruptcy Code, the Second Lien Collateral Agent, and each Second Lien Representative, for itself and on behalf of each Second Lien Secured Party under its Second Lien Debt
Facility, each agree that they will not directly or indirectly propose, sponsor, support, agree to or vote in favor of any plan of reorganization or liquidation of Stone Energy that (i) is pursuant to section 1129(b) of the Bankruptcy Code with
respect to the treatment of all or any portion of the First Lien Obligations or the First Lien Secured Parties; (ii) is inconsistent with this Agreement; or (iii) without the consent of the First Lien Administrative Agent, does not provide
for the Discharge of First Lien Obligations on the effective date of such plan. 

  
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 SECTION 6.09. Post-Petition Interest. 

 

	 	(a)	No Second Lien Secured Party may oppose or seek to challenge any claim by a First Lien Secured Party for allowance or payment in any Insolvency or Liquidation Proceeding of First Lien Obligations consisting of
Post-Petition Interest. 

  

	 	(b)	No First Lien Secured Party may oppose or seek to challenge in an Insolvency or Liquidation Proceeding a claim by a Second Lien Secured Party for allowance of or, to the extent permitted under Section 6.04(b)(4),
payment of, Second Lien Obligations consisting of Post-Petition Interest. 

 SECTION 6.10. Waivers. 

The Second Lien Collateral Agent waives: 

(a)    any claim it may hereafter have against any First Lien Secured Party arising out of any cash collateral or
financing arrangement or out of any grant of a security interest in connection with the Collateral in an Insolvency or Liquidation Proceeding, so long as such actions are not in express contravention of the terms of this Agreement; 

(b)    any right to assert or enforce any claim under section 506(c) or 552 of the Bankruptcy Code as against First Lien
Secured Parties or any of the Collateral to the extent securing the First Lien Priority Obligations; and 

(c)    solely in its capacity as a holder of a Lien on Collateral, any claim or cause of action that any Credit Party may
have against any First Lien Secured Party, except to the extent arising from a breach by such First Lien Secured Party of the provisions of this Agreement. 

SECTION 6.11. Separate Grants of Security and Separate Classification. The grants of Liens pursuant to the First Lien Collateral
Documents and the Second Lien Collateral Documents constitute two separate and distinct grants. Because of, among other things, their differing rights in the Collateral, the Second Lien Obligations, to the extent deemed to be “secured
claims” within the meaning of section 506(b) of the Bankruptcy Code, are fundamentally different from the First Lien Obligations and must be separately classified in any plan of reorganization in an Insolvency or Liquidation Proceeding. Second
Lien Secured Parties will not seek in an Insolvency or Liquidation Proceeding to be treated as part of the same class of creditors as First Lien Secured Parties and will not oppose or contest any pleading by First Lien Secured Parties seeking
separate classification of their respective secured claims. 

  
 38 

 SECTION 6.12. Effectiveness In Insolvency or Liquidation Proceeding. The parties
hereto acknowledge that this Agreement is a “subordination agreement” under section 510(a) of the Bankruptcy Code, which will be effective before, during, and after the commencement of an Insolvency or Liquidation Proceeding. All
references in this Agreement to any Credit Party will include such Person as a debtor-in-possession and any receiver or trustee for such Person in an Insolvency or
Liquidation Proceeding. 
 ARTICLE VII 

Reliance; Etc. 

SECTION 7.01. Reliance. All loans and other extensions of credit made or deemed made on and after the date hereof by the First
Lien Secured Parties to any Credit Party shall be deemed to have been given and made in reliance upon this Agreement. 
 SECTION 7.02.
No Warranties or Liability. The Second Lien Collateral Agent and each Second Lien Representative, on behalf of itself and each Second Lien Secured Party under its Second Lien Debt Facility, each acknowledge that neither the First Lien
Administrative Agent nor any other First Lien Secured Party has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or enforceability of any of the First
Lien Debt Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. The First Lien Secured Parties will be entitled to manage and supervise their respective loans and extensions of credit under the First Lien
Debt Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the First Lien Secured Parties may manage their loans and extensions of credit without regard to any rights or interests that the Second
Lien Collateral Agent or any other Second Lien Secured Party has in the Collateral or otherwise, except as otherwise provided in this Agreement. Neither the First Lien Administrative Agent nor any other First Lien Secured Party shall have any
express or implied duty to the Second Lien Collateral Agent or any other Second Lien Secured Party to act or refrain from acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any
agreement with any Credit Party or Subsidiary (including the Second Lien Debt Documents), regardless of any knowledge thereof that they may have or be charged with. Except as expressly set forth in this Agreement, none of the Secured Parties have
otherwise made to each other, nor do they hereby make to each other, any warranties, express or implied, nor do they assume any liability to each other with respect to (a) the enforceability, validity, value or collectability of any of the
Secured Obligations, any Guarantee or security which may have been granted to any of them in connection therewith, (b) the Credit Parties’ title to or right to transfer any of the Collateral or (c) any other matter except as expressly
set forth in this Agreement. 
 SECTION 7.03. Obligations Unconditional. All rights, interests, agreements and obligations of
the Secured Parties hereunder shall remain in full force and effect irrespective of: 
 (a)    any lack
of validity or enforceability of any Secured Debt Document; 
 (b)    any change in the time, manner or
place of payment of, or in any other terms of, all or any of the Secured Obligations or any amendment or waiver or other 

  
 39 

 
modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any Secured Debt Document made in accordance with
Section 5.03 and Section 8.10; 
 (c)    any exchange
of any security interest in any Collateral or any other collateral or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Secured Obligations or any Guarantee in respect thereof;

 (d)    the commencement of any Insolvency or Liquidation Proceeding in respect of any Credit Party; or

 (e)    any other circumstances that otherwise might constitute a defense available to (i) any
Credit Party in respect of the Secured Obligations (other than the Discharge of First Lien Obligations or the Discharge of Second Lien Obligations subject to Section 5.06 and Section 6.04) or
(ii) any Second Lien Secured Party in respect of its obligations under this Agreement. 
 SECTION 7.04. No Waiver of Lien
Priorities. 
 (a)    No right of any of the Secured Parties (including any Collateral Agent) to enforce any
provision of this Agreement or any other Secured Debt Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Credit Party or by any act or failure to act by any Secured Party, or by any
noncompliance by any Person with the terms, provisions and covenants of this Agreement or any of the other Secured Debt Documents, regardless of any knowledge thereof which any Secured Party may have or be otherwise charged with. 

(b)    Without in any way limiting the generality of the foregoing paragraph (but subject to the rights of the Credit
Parties under the First Lien Debt Documents and subject to the provisions of Section 3.01(f) and Section 5.03(a)), the First Lien Secured Parties, the First Lien Administrative Agent, and any of them may, at any time
and from time to time in accordance with the First Lien Debt Documents and/or applicable law, without the consent of, or notice to, any Second Lien Secured Party, without incurring any liabilities to any Second Lien Secured Party (except to the
extent arising from a breach by such First Lien Secured Party of the provisions of this Agreement) and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or other right
or remedy of any Second Lien Secured Party is affected, impaired or extinguished thereby) do any one or more of the following: 

(i)    subject to compliance with Section 5.03 and
Section 8.03, change the manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the First Lien Obligations or any Lien on any
Collateral or guaranty of any of the First Lien Obligations or any liability of any Credit Party, or any liability incurred directly or indirectly in respect thereof (including any increase in or extension of the First Lien Obligations, without any
restriction as to the tenor or terms of any such increase or extension) or otherwise amend, 

  
 40 

 
renew, exchange, extend, modify or supplement in any manner any Liens held by the First Lien Administrative Agent, or any of the other First Lien Secured Parties, the First Lien Obligations or
any of the First Lien Debt Documents; 
 (ii)    sell, exchange, release, surrender, realize upon,
enforce or otherwise deal with in any manner and in any order any part of the Collateral or any liability of any Credit Party to any of the First Lien Secured Parties, or any liability incurred directly or indirectly in respect thereof; 

(iii)    settle or compromise any First Lien Priority Obligation or any other liability of any Credit Party
or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability (including the First Lien Priority Obligations) in any manner or order; and 

(iv)    exercise or delay in or refrain from exercising any right or remedy against any Credit Party or any
other Person or any security, and elect any remedy and otherwise deal freely with any Credit Party or any Collateral and any security and any Guarantor or any liability of any Credit Party to the First Lien Secured Parties or any liability incurred
directly or indirectly in respect thereof. 
 (c)    Except (x) to the extent arising from a breach by any First
Lien Secured Party of the provisions of this Agreement or (y) as otherwise expressly provided herein, the Second Lien Collateral Agent and each Second Lien Representative, on behalf of itself and the Second Lien Secured Parties represented by
it, each also agrees that the First Lien Secured Parties shall have no liability to such Person, or any of the Second Lien Secured Parties. 

(d)    Except to the extent arising from a breach by such First Lien Secured Party of the provisions of this Agreement,
the Second Lien Collateral Agent and each Second Lien Representative, on behalf of itself and the Second Lien Secured Parties represented by it, each hereby waives any claim against any First Lien Secured Party arising out of any and all actions
which the First Lien Secured Parties may take or permit or omit to take with respect to: 
 (i)    the
First Lien Debt Documents (other than this Agreement); 
 (ii)    the collection of the First Lien
Obligations; or 
 (iii)    the foreclosure upon, or sale, liquidation or other disposition of, any
Collateral. 
 (e)    Except as expressly otherwise provided herein, the Second Lien Collateral Agent and each Second
Lien Representative, on behalf of itself and the Second Lien Secured Parties represented by it, each agrees that the First Lien Secured Parties have no duty to them in respect of the maintenance or preservation of the Collateral, the First Lien
Obligations or otherwise. 

  
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 SECTION 7.05. Other Permitted Actions. Notwithstanding anything to the contrary
herein, a Second Lien Secured Party may: 
 (a)    vote on any plan of reorganization subject to
Section 6.08, make other filings and make any arguments and motions that, in each case, do not contravene this Agreement; 

(b)    join (but not control) any foreclosure or other judicial lien enforcement proceeding with respect to the
Collateral initiated by the First Lien Administrative Agent; 
 (c)    subject to
Section 5.06, receive any Collateral or proceeds of Collateral on account of its Second Lien Obligations after the Discharge of the First Lien Priority Obligations has occurred; and 

(d)    accelerate the maturity of, or demand as immediately due and payable, all or any part of the Second Lien
Obligations. 
 ARTICLE VIII 

Miscellaneous 

SECTION 8.01. Conflicts. 

(a)    In the event of any conflict between the provisions of this Agreement and the provisions of any other Secured Debt
Document, the provisions of this Agreement shall govern. Notwithstanding the foregoing, the relative rights and obligations of the First Lien Administrative Agent, the First Lien Representatives and the First Lien Secured Parties (as amongst
themselves) with respect to any First Lien Collateral shall be governed by terms of any intercreditor agreement agreed to among the First Lien Secured Parties and in the event of any conflict between such intercreditor agreement and this Agreement
as to such relative rights and obligations, the provisions of such intercreditor agreement shall control. 
 (b)    The
parties hereto acknowledge that the secured creditor relationship between different classes of Second Lien Obligations may be governed separately from this Agreement, including by a second lien intercreditor agreement. Notwithstanding the foregoing,
the parties hereto acknowledge and agree that this Agreement shall govern the secured creditor relationship between the First Lien Obligations and the Second Lien Obligations, and that in the event of any conflict between the terms of this Agreement
and that of an intercreditor agreement governing the rights among different classes of Second Lien Debt Facilities, this Agreement shall control. 

SECTION 8.02. Continuing Nature of this Agreement; Severability. This is a continuing agreement of Lien subordination, and the
First Lien Secured Parties may continue, at any time and without notice to the Second Lien Collateral Agent or any other Second Lien Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of any
Credit Party constituting First Lien Obligations in reliance hereon. The terms of this Agreement shall survive and continue in full force and effect in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The
parties shall endeavor in good-faith negotiations to replace the 

  
 42 

 
invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. The terms
of this Agreement shall govern even if part or all of the Secured Obligations or the Liens securing payment and performance thereof are not perfected or are avoided, disallowed, set aside or otherwise invalidated in any judicial proceeding or
otherwise. All references to any Credit Party shall include such Credit Party as debtor and debtor in possession and any receiver, trustee or similar person for any Credit Parties (as the case may be) in any Insolvency or Liquidation Proceeding.
This Agreement shall terminate and be of no further force and effect: 
 (a)    with respect to any First Lien
Representative, the First Lien Secured Parties represented by it and their First Lien Obligations, on the date on which no First Lien Obligations of such First Lien Secured Parties are any longer secured by, and no longer required to be secured by,
any of Collateral pursuant to the terms of the applicable First Lien Debt Documents, subject to the rights of the First Lien Secured Parties under Section 6.06; and 

(b)    with respect to any Second Lien Representative, the Second Lien Secured Parties represented by it and their Second
Lien Obligations, on the date on which no Second Lien Obligations of such Second Lien Secured Parties are any longer secured by, and no longer required to be secured by, any of the Collateral pursuant to the terms of the applicable Second Lien Debt
Documents. 
 SECTION 8.03. Amendments; Waivers. 

(a)    No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any party therefrom shall
in any event be effective unless the same shall be permitted by paragraph (b) of this Section 8.03, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. This Agreement constitutes the entire agreement between the parties hereto (or bound
hereby) and supersedes all prior agreements, oral or written, relating to its subject matter. 
 (b)    This Agreement
may be amended in writing signed by each Collateral Agent party to this Agreement at the time of such amendment, each Representative that is a party to this Agreement at the time of such amendment (in each case, acting in accordance with the
documents governing the applicable Debt Facility) and each other Secured Party that is a direct party hereto at the time of such amendment; provided that any such amendment, supplement or waiver which by the terms of this Agreement requires
Stone Energy’s consent or which materially increases the obligations or materially reduces the rights of, or otherwise materially adversely affects, any Credit Party (which for avoidance of doubt includes Sections 5.01, 5.03,
5.05, 6.01, 8.03, 8.07 and 8.10 hereof but excludes any other provision of Article VIII), shall require the consent of Stone Energy. Any such amendment, supplement or waiver shall be in writing and shall be
binding upon all of the Secured Parties and their respective successors and assigns. 

  
 43 

 (c)    Notwithstanding the foregoing, without the consent of any Secured
Party (and with respect to any amendment or modification which by the terms of this Agreement requires Stone Energy’s consent or which increases the obligations or reduces the rights of any Credit Party, with the consent of Stone Energy), any
Collateral Agent or Representative may become a party hereto by execution and delivery of a Joinder Agreement in accordance with Section 8.10 of this Agreement and upon such execution and delivery, such Collateral Agent or
Representative and the Secured Parties and Secured Obligations of the Debt Facility for which such Representative is acting shall be subject to the terms hereof. 

(d)    Notwithstanding anything in this Agreement to the contrary, it is understood and agreed that the Collateral Agents
and the Representatives then party to this Agreement, without the consent of any other First Lien Secured Party or any other Second Lien Secured Party, may enter into a supplemental agreement (which may take the form of an amendment and restatement
of this Agreement) to give effect to any amendments in connection with a Refinancing of any of the Secured Obligations or to effectuate the subordination of Liens as required by this Agreement; provided, that any such supplemental agreement
is not prohibited by any of the Secured Debt Documents then in effect in accordance with the terms thereof and a certificate of a Responsible Officer delivered to the Collateral Agents and applicable Representatives certifying such compliance shall
be conclusive and the Collateral Agents and such Representatives may rely thereon without further inquiry and shall be fully protected in doing so; and provided, further, that the Representatives shall execute and deliver such
supplemental agreement at the other’s request and such supplemental agreement may contain additional intercreditor terms applicable solely to the holders of such Replacement First Lien Debt or Replacement Second Lien Debt vis-à-vis the holders of the relevant obligations hereunder. 

SECTION 8.04. Information Concerning Financial Condition of Stone Energy and the Subsidiaries. None of the Collateral Agents,
Representatives or other Secured Parties shall have any duty to inform the other parties of (a) the financial condition of Stone Energy and the Subsidiaries and all endorsers or guarantors of the Secured Obligations and (b) all other
circumstances bearing upon the risk of nonpayment of the Secured Obligations. No Secured Parties shall have any duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances or
otherwise. In the event that any Secured Party, in its sole discretion, undertakes at any time or from time to time to provide any such information to any other party, it shall be under no obligation to (i) make, and no Secured Party shall be
deemed to have made, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (ii) provide any additional information or to provide
any such information on any subsequent occasion, (iii) undertake any investigation or (iv) disclose any information that, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is
otherwise required to maintain confidential. 
 SECTION 8.05. Subrogation. Each Second Lien Representative, on behalf of itself
and each Second Lien Secured Party under its Second Lien Debt Facility, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of First Lien Priority Obligations has occurred. 

  
 44 

 SECTION 8.06. Application of Payments. Except as otherwise provided herein, all
payments received by the First Lien Secured Parties may be applied, reversed and reapplied, in whole or in part, to such part of the First Lien Priority Obligations as the First Lien Secured Parties, in their sole discretion, deem appropriate,
consistent with the terms of the First Lien Debt Documents. 
 SECTION 8.07. Additional Guarantors. Stone Energy agrees that,
if any Subsidiary or direct or indirect parent of Stone Energy shall, in accordance with any of the Secured Debt Documents, become a First Lien Guarantor or Second Lien Guarantor after the date hereof, it will promptly cause such Subsidiary or
parent to become party hereto by executing and delivering an instrument in the form of Annex I. Upon such execution and delivery, such Subsidiary or parent will become a First Lien Guarantor and Second Lien Guarantor hereunder with the same
force and effect as if originally named as a First Lien Guarantor and Second Lien Guarantor herein. The execution and delivery of such instrument shall not require the consent of any other party hereunder, and will be acknowledged by each of the
Collateral Agents. The rights and obligations of each Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor as a party to this Agreement. 

SECTION 8.08. Dealings with Guarantors. Upon any application or demand by any Credit Party to any Collateral Agent or
Representative to take or permit any action under any of the provisions of this Agreement or under any Collateral Document (if such action is subject to the provisions hereof), at the request of such Collateral Agent or Representative, such Credit
Party, as appropriate, shall furnish to such Representative a certificate of a Responsible Officer (an “Officer’s Certificate”) stating that all conditions precedent, if any, provided for in this Agreement or such Collateral
Document, as the case may be, relating to the proposed action have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents is specifically required by any provision of this Agreement
or any Collateral Document relating to such particular application or demand, no additional certificate or opinion need be furnished. 

SECTION 8.09. Interpretation. Any determinations as to whether the Discharge of First Lien Obligations or the Discharge of Second
Lien Obligation has occurred shall be made without taking into account any limitations on any such obligations imposed by the Bankruptcy Court or other applicable Bankruptcy Law. 

SECTION 8.10. Refinancings, Etc. 

(a)    Subject to Section 5.03 and the execution of Joinders by any replacement First Lien
Administrative Agent, First Lien Representative, Second Lien Collateral Agent or Second Lien Representative, the Secured Obligations may be Refinanced without affecting the Lien priorities provided for herein or the other provisions hereof (it is
understood that the foregoing shall in no way be interpreted to limit the ability of any Credit Party to undertake any refinancing or replacement transaction otherwise permitted by the Secured Debt Documents; provided that (i) except as
otherwise consented to by the First Lien Secured Parties in accordance 

  
 45 

 
with the First Lien Credit Agreement, the First Lien Credit Agreement may only be Refinanced in full and (ii) on or before the date of such incurrence, the Debt incurred to effect such
Refinancing shall be designated as a “First Lien Debt Facility” or “Second Lien Debt Facility”, as applicable and (iii) the amount of the Second Lien Obligations shall not exceed the Second Lien Cap. Upon the consummation of
such Refinancing and satisfaction of the requirements set forth in this Section 8.10, the holders, lenders and agents of such Replacement First Lien Debt or Replacement Second Lien Debt shall be entitled to the benefits,
rights and obligations of this Agreement as (x) in the case of any Replacement First Lien Debt, as First Lien Secured Parties and (y) in the case of any Replacement Second Lien Debt, as Second Lien Secured Parties. 

(b)    Stone Energy and the Guarantors may enter into Specified Swap Contracts and Specified Cash Management Agreements
without notice to or the consent (except to the extent a consent is otherwise required under any Secured Debt Document) of any Collateral Agent, Representative or any other Secured Party, all without affecting the Lien priorities provided for herein
or the other provisions hereof. 
 SECTION 8.11. [Reserved] 

SECTION 8.12. [Reserved] 

SECTION 8.13. Notices; Effectiveness; Electronic Communications. 

(a)    Notices Generally. Except in the case of notices and other communications expressly permitted to be given
by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, if to any Credit Party or any Secured
Party, to the address, telecopier number, electronic mail address or telephone number specified for such Person on Schedule 8.13. Notices sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of
business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in subsection (b) below shall be effective as provided in such
subsection (b). 
 (b)    Electronic Communications. (i) Notices and other
communications sent to any Secured Party to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the
recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed
received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor. 

  
 46 

 (c)    Reliance. The Secured Parties shall be entitled to rely and
act upon any notices purportedly given by or on behalf of any Credit Party even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or
(ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. All telephonic notices to and other telephonic communications with any Secured Party may be recorded by such Secured Party, and each of the parties
hereto hereby consents to such recording. 
 SECTION 8.14. Transfers. The Second Lien Collateral Agent and each Second Lien
Representative, on behalf of itself and each Second Lien Secured Party under its Second Lien Debt Facility, each agrees that the Second Lien Debt Documents will not permit the assignment, transfer, pledge or grant of a security interest in all or
any part of the Second Lien Obligations unless (a) such assignment, transfer, pledge or grant is made subject to the terms of this Agreement and (b) the applicable assignee, transferee, pledgee or grantee is bound by this Agreement. The
First Lien Administrative Agent, on behalf of itself and each First Lien Secured Party, each agrees that the First Lien Debt Documents will not permit the assignment, transfer, pledge or grant of a security interest in all or any part of the First
Lien Obligations unless (a) such assignment, transfer, pledge or grant is made subject to the terms of this Agreement and (b) the applicable assignee, transferee, pledgee or grantee is bound by this Agreement. 

SECTION 8.15. Further Assurances. The First Lien Administrative Agent, each First Lien Representative, on behalf of itself and
each First Lien Secured Party under the First Lien Debt Facility for which it is acting, the Second Lien Collateral Agent and each Second Lien Representative, on behalf of itself, and each Second Lien Secured Party under its Second Lien Debt
Facility, each agrees that it will, at Stone Energy’s sole cost and expense, take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the other parties hereto may
reasonably request to effectuate the terms of, and the Lien priorities contemplated by, this Agreement. 
 SECTION 8.16.
GOVERNING LAW; JURISDICTION; ETC. 
 (a)    GOVERNING LAW. THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b)    SUBMISSION TO
JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE
SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER SECURED DEBT DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST 

  
 47 

 
EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN
OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER SECURED DEBT DOCUMENT SHALL AFFECT ANY RIGHT TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER
SECURED DEBT DOCUMENT AGAINST STONE ENERGY OR ANY OTHER CREDIT PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c)    WAIVER OF VENUE. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER SECURED DEBT DOCUMENT IN ANY COURT REFERRED TO IN
PARAGRAPH (B) OF THIS SECTION 8.16. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION
OR PROCEEDING IN ANY SUCH COURT. 
 (d)    SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO
SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 8.13. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

SECTION 8.17. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER SECURED DEBT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION
8.17. 
 SECTION 8.18. Binding on Successors and Assigns. This Agreement shall be binding upon each of the Secured Parties,
each of the Credit Parties hereto and their respective successors and assigns. 

  
 48 

 SECTION 8.19. Section Titles. The section titles contained in this Agreement are and
shall be without substantive meaning or content of any kind whatsoever and are not a part of this Agreement. 
 SECTION 8.20.
Counterparts. This Agreement may be executed in one or more counterparts, including by means of facsimile or other electronic method, each of which shall be an original and all of which shall together constitute one and the same document.
Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

SECTION 8.21. Authorization; Specific Performance. 

(a)     By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the
other parties hereto that it is duly authorized to execute this Agreement. The First Lien Secured Parties have appointed the First Lien Administrative Agent as collateral agent pursuant to the First Lien Credit Agreement on behalf of the First Lien
Secured Parties and the First Lien Administrative Agent represents and warrants that it has duly accepted such appointment. Each of the Second Lien Representatives has appointed the Second Lien Collateral Agent as collateral agent pursuant to the
terms of the Second Lien Debt Documents on behalf of the Second Lien Secured Parties and the Second Lien Collateral Agent represents and warrants that it has duly accepted such appointment. 

(b)    Each Secured Party may demand specific performance of this Agreement. The First Lien Administrative Agent, the
Second Lien Collateral Agent and each Representative, on behalf of itself and the Secured Parties under its Debt Facility, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to
bar the remedy of specific performance in any action that may be brought by any Secured Party against any other Secured Party in respect of this Agreement. 

SECTION 8.22. No Third Party Beneficiaries; Successors and Assigns. The lien priorities set forth in this Agreement and the
rights and benefits hereunder in respect of such lien priorities shall inure solely to the benefit of the First Lien Administrative Agent, First Lien Representatives, the other First Lien Secured Parties, the Second Lien Collateral Agent, the Second
Lien Representatives, the other Second Lien Secured Parties, and their respective permitted successors and assigns, and no other Person (including the Credit Parties, or any trustee, receiver, debtor in possession or bankruptcy estate in a
bankruptcy or like proceeding) shall have or be entitled to assert such rights. Nothing in this Agreement is intended to or shall impair the obligations of any Credit Party, which are absolute and unconditional, to pay the Secured Obligations as and
when the same shall become due and payable in accordance with their terms. Except for Sections 5.01, 5.03, 5.05, 6.01 and Article VIII hereof, neither Stone Energy nor any other Credit Party shall have any rights
hereunder. 
 SECTION 8.23. Effectiveness. This Agreement shall become effective as of the date hereof when (i) executed
and delivered by the parties hereto and (ii) the Bankruptcy Court (as defined in the First Lien Credit Agreement) shall have entered the final Confirmation Order (as defined in the First Lien Credit Agreement) and all conditions to the
Effective Date (as defined in the Plan of Reorganization (as defined in the First Lien Credit Agreement)) shall have 

  
 49 

 
been satisfied or waived. Upon the occurrence of the foregoing, each of the Secured Parties shall recognize the existence and permissibility of the other Secured Parties and their respective
Debt, Liens and/or Obligations pursuant to the terms of this Agreement. 
 SECTION 8.24. Collateral Agent and Representative.
It is understood and agreed that (a) the First Lien Administrative Agent is entering into this Agreement in its capacity as administrative agent, as applicable, under the First Lien Credit Agreement and the provisions of Article VIII of the
First Lien Credit Agreement applicable to the Administrative Agent (as defined therein) thereunder shall also apply to the First Lien Administrative Agent hereunder and (b) the Second Lien Collateral Agent is entering into this Agreement in its
capacity as collateral agent under the Second Lien Indenture Documents and the provisions of Article 7 and Article 13 of the Second Lien Note Indenture applicable to the Collateral Agent (as defined therein) thereunder shall also apply
to the Second Lien Collateral Agent hereunder. 
 SECTION 8.25. Survival of Agreement. All covenants, agreements,
representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 

SECTION 8.26. Certain Notices. Stone Energy agrees to give the Second Lien Collateral Agent reasonable notice of the occurrence
of the Discharge of First Lien Obligations or the Discharge of First Lien Priority Obligations. 
 SECTION 8.27. Indirect
Action. Unless otherwise expressly stated, if a party may not take an action under this Agreement, then it may not take that action indirectly, or take any action assisting or supporting any other Person in taking that action directly or
indirectly. “Taking an action indirectly” means taking an action that is not expressly prohibited for the party but is intended to have substantially the same effect as the prohibited action. 

  
 50 

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

			
	STONE ENERGY CORPORATION
		
	By:	 	 /s/ David H. Welch

	Name:	 	 David H. Welch

	Title:	 	 Chief Executive Officer and President

  
 [Signature Page to
Intercreditor Agreement] 

 
			
	GUARANTOR:
	
	STONE ENERGY OFFSHORE, L.L.C.
		
	By:	 	 /s/ David H. Welch

	Name:	 	 David H. Welch

	Title:	 	 Chief Executive Officer and President

  
 [Signature Page to
Intercreditor Agreement] 

			
	FIRST LIEN ADMINISTRATIVE AGENT:
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Mark Hedrick

	Name:	 	 Mark Hedrick

	Title:	 	 Managing Director

  
 [Signature Page to
Intercreditor Agreement] 

 
			
	SECOND LIEN COLLATERAL AGENT:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS COLLATERAL AGENT
		
	By:	 	 /s/ R. Tarnas

	Name:	 	 R. Tarnas

	Title:	 	 Vice President

  
 [Signature Page to
Intercreditor Agreement] 

 
			
	SECOND LIEN NOTES TRUSTEE:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE
		
	By:	 	 /s/ R. Tarnas

	Name:	 	 R. Tarnas

	Title:	 	 Vice President

  
 [Signature Page to
Intercreditor Agreement] 

 ANNEX I 

GUARANTOR JOINDER AGREEMENT 

Reference is made to that certain Intercreditor Agreement, dated as of February 28, 2017 (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Intercreditor Agreement”), among BANK OF AMERICA, N.A., as First Lien Administrative Agent for the First Lien Credit Agreement Secured Parties (in such capacity and together with its
successors in such capacity, the “First Lien Administrative Agent”); THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as Second Lien Collateral Agent for the Second Lien Secured Parties (in such capacity and together
with its successors in such capacity, the “Second Lien Collateral Agent”); THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., in its capacity as the Second Lien Notes Trustee (in such capacity and together with its successors in such
capacity, the “Second Lien Notes Trustee”); STONE ENERGY CORPORATION, a Delaware corporation (the “Company”), each of the GUARANTORS from time to time party thereto and each additional Representative from time to
time party thereto. Capitalized terms used herein and not defined herein have the meaning ascribed thereto in the Intercreditor Agreement. 

Pursuant to the terms of Section 8.07 of the Intercreditor Agreement,
[                    ], a [    ] [    ] (the “Additional Obligor”), hereby agrees to be
bound by the Intercreditor Agreement as a Guarantor thereunder. The Additional Obligor represents and warrants to each Secured Party that this Joinder Agreement has been duly authorized, executed and delivered by the Additional Obligor and
constitutes the legal, valid and binding obligation, enforceable against it in accordance with its terms. 
 THIS JOINDER AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Dated:
[            ], 20[    ] 
  

			
	[                    ]
		
	By:	 	  

	Name:	 	[                     ]
	Title:	 	[                    ]

  
 Signature Page to
Guarantor Joinder Agreement 

 ANNEX II 

JOINDER AGREEMENT 
 Reference is
made to that certain Intercreditor Agreement, dated as of February 28, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among BANK OF AMERICA, N.A.,
as First Lien Administrative Agent for the First Lien Credit Agreement Secured Parties (in such capacity and together with its successors in such capacity, the “First Lien Administrative Agent”); THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., in its capacity as Second Lien Collateral Agent for the Second Lien Secured Parties (in such capacity and together with its successors in such capacity, the “Second Lien Collateral Agent”); THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., in its capacity as the Second Lien Notes Trustee (in such capacity and together with its successors in such capacity, the “Second Lien Notes Trustee”); STONE ENERGY CORPORATION, a Delaware corporation (the
“Company”), each of the GUARANTORS from time to time party thereto and each additional Representative from time to time party thereto. Capitalized terms used herein and not defined herein have the meaning ascribed thereto in the
Intercreditor Agreement. 
 Pursuant to the terms of [Section [5.03][8.10] of] the Intercreditor Agreement,
[                    ], a [    ] [    ] (the “Replacement [Agent] [Representative]”), hereby
agrees to be bound by the Intercreditor Agreement as a [First Lien Administrative Agent] [First Lien Representative] [Second Lien Collateral Agent] [Second Lien Representative] thereunder. The Replacement [Agent] [Representative] represents
and warrants to each other Secured Party, the Company and the Guarantors that this Joinder Agreement has been duly authorized, executed and delivered by the Replacement [Agent] [Representative] and constitutes the legal, valid and binding
obligation, enforceable against it in accordance with its terms. 
 THIS JOINDER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. 
 Dated: [            ], 20[    ]

  

			
	[                    ]
		
	By:	 	  

	Name:	 	[                    ]
	Title:	 	[                    ]

  
 Signature Page to
Joinder AgreementEX-10.4

 Exhibit 10.4 

Execution Version 

WARRANT AGREEMENT 

dated as of February 28, 2017 

among 
 STONE ENERGY
CORPORATION 
 (AS REORGANIZED), 

COMPUTERSHARE INC. 
 and

 COMPUTERSHARE TRUST COMPANY, N.A., 

as Warrant Agent 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 Article 1 Definitions
	  	 	1	 
	 Section 1.01
	  	 Certain Definitions
	  	 	1	 
		
	 Article 2 Issuance, Execution and Transfer of Warrants
	  	 	6	 
	 Section 2.01
	  	 Issuance of Warrants
	  	 	6	 
	 Section 2.02
	  	 Execution and Authentication of Warrants
	  	 	7	 
	 Section 2.03
	  	 Registration, Transfer, Exchange and Substitution
	  	 	8	 
	 Section 2.04
	  	 Form of Global Warrant Certificate
	  	 	9	 
	 Section 2.05
	  	 Cancellation of Global Warrant Certificate
	  	 	9	 
	 Section 2.06
	  	 Restrictions on Transfer
	  	 	9	 
		
	 Article 3 Exercise and Settlement of Warrants
	  	 	10	 
	 Section 3.01
	  	 Exercise of Warrants
	  	 	10	 
	 Section 3.02
	  	 Procedure for Exercise
	  	 	10	 
	 Section 3.03
	  	 Settlement of Warrants
	  	 	11	 
	 Section 3.04
	  	 Delivery of Common Stock
	  	 	12	 
	 Section 3.05
	  	 No Fractional Shares to Be Issued
	  	 	13	 
	 Section 3.06
	  	 Obligations of the Warrant Agent
	  	 	13	 
	 Section 3.07
	  	 Validity of Exercise
	  	 	14	 
	 Section 3.08
	  	 Direction of Warrant Agent
	  	 	14	 
		
	 Article 4 Adjustments
	  	 	15	 
	 Section 4.01
	  	 Adjustments to Exercise Price
	  	 	15	 
	 Section 4.02
	  	 Adjustments to Number of Warrants
	  	 	18	 
	 Section 4.03
	  	 Certain Distributions of Rights and Warrants
	  	 	19	 
	 Section 4.04
	  	 Stockholder Rights Plans
	  	 	19	 
	 Section 4.05
	  	 Restrictions on Adjustments
	  	 	20	 
	 Section 4.06
	  	 Successor upon Consolidation, Merger and Sale of Assets
	  	 	21	 
	 Section 4.07
	  	 Adjustment upon Reorganization Event
	  	 	22	 
	 Section 4.08
	  	 Common Stock Outstanding; Shares Reserved for Issuance on Exercise
	  	 	24	 
	 Section 4.09
	  	 Calculations
	  	 	24	 
	 Section 4.10
	  	 Notice of Adjustments
	  	 	25	 
	 Section 4.11
	  	 Warrant Agent Not Responsible for Adjustments or Validity
	  	 	25	 
	 Section 4.12
	  	 Statements on Warrants
	  	 	25	 
	 Section 4.13
	  	 Effect of Adjustment
	  	 	26	 
		
	 Article 5 Other Provisions Relating to Rights of Global Warrant Holder
	  	 	26	 
	 Section 5.01
	  	 No Rights as Stockholders
	  	 	26	 
	 Section 5.02
	  	 Mutilated or Missing Warrant Certificates
	  	 	26	 
	 Section 5.03
	  	 No Impairment
	  	 	27	 
	 Section 5.04
	  	 Modification, Waiver and Meetings
	  	 	27	 
	 Section 5.05
	  	 Notices of Record Date, etc.
	  	 	28	 
		
	 Article 6 Concerning the Warrant Agent and Other Matters
	  	 	29	 
	 Section 6.01
	  	 Payment of Certain Taxes
	  	 	29	 

  
 i 

							
	 Section 6.02
	  	 Certain Tax Filings
	  	 	29	 
	 Section 6.03
	  	 Change of Warrant Agent
	  	 	30	 
	 Section 6.04
	  	 Compensation; Further Assurances
	  	 	31	 
	 Section 6.05
	  	 Reliance on Counsel
	  	 	31	 
	 Section 6.06
	  	 Proof of Actions Taken
	  	 	32	 
	 Section 6.07
	  	 Correctness of Statements
	  	 	32	 
	 Section 6.08
	  	 Validity of Agreement
	  	 	32	 
	 Section 6.09
	  	 Use of Agents
	  	 	32	 
	 Section 6.10
	  	 Liability of Warrant Agent
	  	 	33	 
	 Section 6.11
	  	 Legal Proceedings
	  	 	33	 
	 Section 6.12
	  	 Actions as Agent
	  	 	34	 
	 Section 6.13
	  	 Appointment and Acceptance of Agency
	  	 	34	 
	 Section 6.14
	  	 Successors and Assigns
	  	 	34	 
	 Section 6.15
	  	 Notices
	  	 	34	 
	 Section 6.16
	  	 Applicable Law; Jurisdiction
	  	 	35	 
	 Section 6.17
	  	 Waiver of Jury Trial
	  	 	36	 
	 Section 6.18
	  	 Benefit of this Warrant Agreement
	  	 	36	 
	 Section 6.19
	  	 Registered Global Warrant Holder
	  	 	36	 
	 Section 6.20
	  	 Headings
	  	 	36	 
	 Section 6.21
	  	 Counterparts
	  	 	36	 
	 Section 6.22
	  	 Entire Agreement
	  	 	37	 
	 Section 6.23
	  	 Severability
	  	 	37	 
	 Section 6.24
	  	 Damages
	  	 	37	 
	 Section 6.25
	  	 Survival
	  	 	37	 
	 Section 6.26
	  	 Confidential Information
	  	 	37	 
	 Section 6.27
	  	 Force Majeure
	  	 	37	 

  

			
	 SCHEDULE A
	  	 SCHEDULE OF INCREASES OR DECREASES IN WARRANTS

		
	 EXHIBIT A
	  	 FORM OF GLOBAL WARRANT CERTIFICATE

		
	 EXHIBIT B
	  	 FORM OF EXERCISE NOTICE

		
	 EXHIBIT C
	  	 WARRANT AGENT FEE SCHEDULE

  
 ii 

 WARRANT AGREEMENT 

This Warrant Agreement (“Warrant Agreement”) dated as of February 28, 2017 is among Stone Energy Corporation, a Delaware
corporation (the “Company”), Computershare Inc., a Delaware corporation (“Computershare”), and its wholly owned subsidiary Computershare Trust Company, N.A., a federally chartered trust company (collectively, with
Computershare, the “Warrant Agent”). 
 WITNESSETH THAT: 

WHEREAS, pursuant to the terms and conditions of the Second Amended Joint Prepackaged Plan of Reorganization of the Company and its debtor
affiliates, dated December 28, 2016, as the same may be amended, modified or restated from time to time (the “Plan”) relating to the reorganization under Chapter 11 of title 11 of the United States Code (the “Bankruptcy
Code”) of the Company and certain of its direct and indirect Subsidiaries (as defined below), the holders of Common Stock (as defined below) to be cancelled on the date the Plan becomes effective (such parties, the “Initial Warrant
Holders”) are to be issued Warrants (as defined below) exercisable until the Expiration Date (as defined below), to purchase up to an aggregate of 3,529,412 shares of Common Stock at an exercise price of $42.04 per share, as the same may be
adjusted pursuant to Article 4 hereof (the “Exercise Price”); 
 WHEREAS, the Warrants and the underlying shares of
Common Stock are being issued in an offering in reliance on the exemption from the registration requirements of the Securities Act (as defined below) afforded by Section 1145 of the Bankruptcy Code, and of any applicable state securities or
“blue sky” laws; and 
 WHEREAS, the Company desires that the Warrant Agent act on behalf of the Company, and the Warrant Agent is
willing to act, in connection with the issuance, exchange, Transfer (as defined below), substitution and exercise of Warrants. 
 NOW
THEREFORE in consideration of the mutual agreements herein contained, the Company and the Warrant Agent agree as follows: 
 Article 1

 Definitions 

Section 1.01    Certain Definitions. As used in this Warrant Agreement, the following terms shall have their
respective meanings set forth below: 
 “Appropriate Officer” means the Chief Executive Officer, President, the Chief
Financial Officer, any Executive Vice President, any Senior Vice President or any Vice President, any Treasurer or Secretary of the Company. 

“Authentication Order” means a Company Order for authentication and delivery of Warrants. 

  
 1 

 “Affiliate” shall mean, with respect to any specified Person, any other Person
that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such first specified Person. 

“Authorized Share Failure” has the meaning set forth in Section 4.08(c). 

“Bankruptcy Code” has the meaning set forth in the Recitals. 

“Beneficial Owner” means any Person beneficially owning an interest in a Global Warrant, which interest is credited to the
account of a direct participant in the Depository for the benefit of such Person through the book-entry system maintained by the Depository (or its agent)). For the avoidance of doubt, a Participant may also be a Beneficial Owner. 

“Board” means the board of directors of the Company or any committee of such board duly authorized to exercise the power of
such board with respect to the matters provided for in this Warrant Agreement as to which the board is authorized or required to act. 

“Business Day” means any day other than a Saturday or Sunday or other day on which the New York Stock Exchange or banking
institutions in the state of New York are authorized or obligated by law or executive order to close. 
 “Capital Stock”
means any and all shares, interests, participations or other equivalents (however designated) of capital stock of the Company and all warrants or options to acquire such capital stock. 

“Cash” means such coin or currency of the United States as at any time of payment is legal tender for the payment of public
and private debts. 
 “Charter” means the certificate of incorporation of the Company, as amended. 

“Close of Business” means 5:00 p.m., New York City time. 

“Closing Date” means the effective date of the Plan. 

“Common Stock” means the common stock, par value $0.01 per share, of the Company. 

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

“Company Order” means a written order signed in the name of the Company by any two officers, at least one of whom must be
Chief Executive Officer, Chief Financial Officer, Treasurer, Assistant Treasurer or Controller, and delivered to the Warrant Agent. 

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

“Confidential Fees” has the meaning set forth in Section 6.26. 

“Confidential Information” has the meaning set forth in Section 6.26. 

  
 2 

 “Convertible Securities” means options, rights, warrants or other securities
convertible into or exchangeable or exercisable for shares of Common Stock. 
 “Depository” means The Depository Trust
Company, its nominees, and their respective successors. 
 “Ex-Date” means with
respect to an issuance or distribution, the first date on which the Common Stock can be traded without the right to receive an issuance or distribution. 

“Exempt Transaction” shall mean a merger, reorganization or consolidation that results in the voting securities of the
Company outstanding immediately prior thereto continuing to represent immediately following such merger, reorganization or consolidation (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than
50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation (or the ultimate parent company of the Company or such surviving entity). 

“Excepted Combination” means a Fundamental Equity Change where (i) the acquirer is a true third party and not an
Affiliate of the Company or any of its or its Affiliates’ officers, directors, employees or stockholders and (ii) all of the equity held by equity holders of the Company (other than existing management) is extinguished or replaced by
equity in a different Person (other than a Fundamental Equity Change in which the equity interests in the Company are replaced in a merger or other corporate combination with equity in the surviving Person that represents more than 50% of the total
equity in the surviving Person). 
 “Exercise Date” has the meaning set forth in Section 3.02(b). 

“Exercise Notice” means, for any Warrant, the exercise notice set forth on the reverse of the Warrant Certificate,
substantially in the form set forth in Exhibit B hereto. 
 “Exercise Price” has the meaning set forth in the
Recitals. 
 “Expiration Date” means, for any Warrant, the earlier of (i) February 28, 2021 and (ii) the
date of consummation of (A) any Qualified Asset Sale, (B) the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the Company and its Subsidiaries in one transaction or a series of related
transactions to any Person that is not a Qualified Asset Buyer or (C) any Excepted Combination. 
 “Fair Value” means
the price per share of the Common Stock as of a specified date or the fair market value of distributed property as of a specified date, per share, determined as follows: 

(i)    if the shares of Common Stock or other security are listed on the New York Stock Exchange, the
closing sale price per share of Common Stock or other security (or if no closing sale price is reported, the last reported sale price) on such date on the New York Stock Exchange; 

(ii)    if the shares of Common Stock or other security are not listed on the New York Stock Exchange, the
closing sale price per share of Common Stock or other security 

  
 3 

 
(or if no closing sale price is reported, the last reported sale price) on such date in composite trading for the principal U.S. national or regional securities exchange on which the shares of
Common Stock or other security are then listed; 
 (iii)    if the shares of Common Stock or other
security are not listed on a U.S. national or regional securities exchange, the last quoted bid price per share of Common Stock or other security in the over-the-counter
market on the relevant date as reported by Pink OTC Markets Inc. or a similar organization; or 

(iv)    if the shares of Common Stock or other security are not listed on a U.S. national or regional
securities exchange or quoted as described in clause (iii) above or in the case of other distributed property, the price per share of the Common Stock as of a specified date or the fair market value of distributed property as of a specified
date, per share, as applicable, on the relevant date as determined in good faith by the Board and, if the Board elects to engage the same, upon the advice of an independent appraiser selected by the Board. 

“Full Physical Settlement” means the settlement method pursuant to which an exercising Beneficial Owner shall be entitled to
receive from the Company, for each Warrant exercised, a number of shares of Common Stock equal to the Full Physical Share Amount in exchange for payment by the Beneficial Owner of the Exercise Price. 

“Full Physical Share Amount” has the meaning set forth in Section 3.03(b). 

“Fundamental Equity Change” has the meaning set forth in Section 4.06(a). 

“Funds” has the meaning set forth in Section 3.02(d). 

“Funds Account” has the meaning set forth in Section 3.02(d). 

“Global Warrant” means a Warrant in the form of a Global Warrant Certificate. 

“Global Warrant Certificate” means any certificate representing the Warrants satisfying the requirements set forth in
Section 2.04. 
 “Global Warrant Holder” means Cede & Co. or such other entity
designated by the Depository. 
 “Initial Warrant Holders” has the meaning set forth in the Recitals. 

“Management Stock Option Plan” has the meaning set forth in the Plan. 

“Net Share Amount” has the meaning set forth in Section 3.03(c). 

“Net Share Settlement” means the settlement method pursuant to which an exercising Beneficial Owner shall be entitled to
receive from the Company, for each Warrant exercised, a number of shares of Common Stock equal to the Net Share Amount without any payment therefor. 

  
 4 

 “Non-Public Information” has the meaning
set forth in Section 6.26. 
 “Non-Qualified Asset Sale”
has the meaning set forth in Section 4.06(d). 
 “Number of Warrants” means the “Number of Warrants”
specified on the face of the Global Warrant Certificate, subject to adjustment pursuant to Article 4. 
 “Offer Expiration
Date” has the meaning set forth in Section 4.01(c). 
 “Officer’s Certificate” means a certificate
signed by any two officers of the Company, at least one of whom must be its Chief Executive Officer, its Chief Financial Officer, its Treasurer, an Assistant Treasurer, or its Controller. 

“Open of Business” means 9:00 a.m., New York City time. 

“Participant” means any direct participant of the Depository, the account of which is credited with a beneficial interest in
the Global Warrant for the benefit of a Beneficial Owner through the book-entry system maintained by the Depository (or its agent). 

“Person” means an individual, partnership, firm, corporation, limited liability company, business trust, joint stock company,
trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature. 
 “Plan” has
the meaning set forth in the Recitals. 
 “Qualified Asset Buyer” means any Person (i) who is not a true third party
or is an Affiliate of the Company or any of its or its Affiliates’ officers, directors, employees or stockholders or (ii) a majority of which Person’s total outstanding equity upon consummation of a Qualified Asset Sale shall be held
by Persons who are equityholders in the Company immediately prior to the consummation of such Qualified Asset Sale. 
 “Qualified
Asset Sale” has the meaning set forth in Section 4.06(c). 
 “Record Date” means, with respect to any
dividend, distribution or other transaction or event in which the holders of Common Stock have the right to receive any Cash, securities or other property or in which Common Stock (or other applicable security) is exchanged for or converted into any
combination of Cash, securities or other property, the date fixed for determination of holders of Common Stock entitled to receive such Cash, securities or other property (whether such date is fixed by the Board or by statute, contract or
otherwise). 
 “Redemption Price” has the meaning set forth in Section 4.06(d). 

“Reference Property” has the meaning set forth in Section 4.07(a). 

“Reorganization Event” has the meaning set forth in Section 4.07(a). 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

  
 5 

 “Settlement Date” means, in respect of a Warrant that is exercised hereunder,
the third Business Day immediately following the Exercise Date for such Warrant. 
 “Subsidiary” means, as to any Person,
any corporation, partnership, limited liability company or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or other interests having by their terms voting power to elect a majority of the
Board or others performing similar functions with respect to such corporation or other organization is directly or indirectly beneficially owned or controlled by such party or by any one or more of its subsidiaries, or by such party and one or more
of its subsidiaries. 
 “Transfer” means, with respect to any Warrant, to directly or indirectly (whether by act, omission
or operation of law), sell, exchange, transfer, hypothecate, negotiate, gift, convey in trust, pledge, assign, encumber, or otherwise dispose of, or by adjudication of a Person as bankrupt, by assignment for the benefit of creditors, by attachment,
levy or other seizure by any creditor (whether or not pursuant to judicial process), or by passage or distribution of Warrants under judicial order or legal process, carry out or permit the transfer or other disposition of, all or any portion of
such Warrant. 
 “Transferee” means a Person to whom any Warrant (or interest in the Global Warrant) is Transferred. 

“Trigger Event” has the meaning set forth in Section 4.03(a). 

“Unit of Reference Property” has the meaning set forth in Section 4.07(a). 

“Warrant” means a warrant of the Company exercisable for one share of Common Stock as provided herein, and issued pursuant to
this Warrant Agreement with the terms, conditions and rights set forth in this Warrant Agreement. 
 “Warrant Agent” has
the meaning set forth in the preamble. 
 “Warrant Agreement” has the meaning set forth in the preamble. 

“Warrant Register” has the meaning set forth in Section 2.03(a). 

Article 2 
 Issuance,
Execution and Transfer of Warrants 
 Section 2.01    Issuance of Warrants. 

(a)    On the Closing Date, the Company shall initially issue and execute the Global Warrant (in accordance with
Section 2.02) evidencing an initial aggregate Number of Warrants equal to 3,529,412 (such Number of Warrants to be subject to adjustment from time to time as described herein) in accordance with the terms of this Warrant
Agreement and the Plan and deliver such Global Warrant to the Warrant Agent, for authentication, along with a duly executed Authentication Order. The Warrant Agent shall then Transfer such Global Warrant to the Global Warrant Holder for crediting to
the accounts of the applicable Participants for the 

  
 6 

 
benefit of the applicable Initial Warrant Holders pursuant to the procedures of the Depository and in accordance with the Plan on or after the Closing Date. The Global Warrant shall evidence one
or more Warrants. Each Warrant evidenced thereby shall be exercisable (upon payment of the Exercise Price (in the case of a Full Physical Settlement) or pursuant to Net Share Settlement and compliance with the procedures set forth in this Warrant
Agreement) for one share of Common Stock. 
 (b)    All Warrants issued under this Warrant Agreement shall in all
respects be equally and ratably entitled to the benefits hereof, without preference, priority, or distinction on account of the actual time of the issuance and authentication or any other terms thereof. Each Warrant shall be, and shall remain,
subject to the provisions of this Warrant Agreement until such time as all of the Warrants evidenced thereby shall have been duly exercised or shall have expired or been canceled in accordance with the terms hereof. The Global Warrant Holder shall
be bound by all of the terms and provisions of this Warrant Agreement as fully and effectively as if the Global Warrant Holder had signed the same. 

(c)    Any Warrant that is forfeited by a Beneficial Owner, cancelled as a result of being unclaimed in accordance with
Section E of Article VII of the Plan, or repurchased by the Company shall be deemed to be no longer outstanding for all purposes of this Warrant Agreement. 

Section 2.02    Execution and Authentication of Warrants. 

(a)    The Global Warrant Certificate shall be executed on behalf of the Company by the Chief Executive Officer, any
Executive Vice President, any Senior Vice President or any Vice President of the Company and attested by its Secretary or any one of its Assistant Secretaries. The signature of any of these officers on the Global Warrant Certificate may be manual or
in the form of a facsimile or other electronically transmitted signature (including, without limitation, electronic transmission in portable document format (.pdf)). 

(b)    A Global Warrant Certificate bearing the manual or facsimile signatures of individuals, each of whom was, at the
time he or she signed the Global Warrant Certificate or his or her facsimile signature was affixed to the Global Warrant Certificate, as the case may be, a proper officer of the Company, shall bind the Company, notwithstanding that such individuals
or any of them have ceased to hold such offices prior to the authentication and delivery of such Global Warrant by the Warrant Agent or did not hold such offices at the date of such Global Warrant. 

(c)    The Global Warrant shall not be entitled to any benefit under this Warrant Agreement or be valid or obligatory for
any purpose unless there appears on the Global Warrant Certificate a certificate of authentication substantially in the form provided for herein executed by the Warrant Agent, and such signature upon the Global Warrant Certificate shall be
conclusive evidence, and the only evidence, that such Global Warrant has been duly authenticated and delivered hereunder. The Global Warrant shall not be entitled to any benefit under this Warrant Agreement or be valid or obligatory for any purpose
unless there appears on such Warrant the countersignature of the Global Warrant Holder. The signature of the Warrant Agent on the Global Warrant Certificate may be in the form of a facsimile or other electronically transmitted signature (including,
without limitation, electronic transmission in portable document format (.pdf)). 

  
 7 

 Section 2.03    Registration, Transfer, Exchange and
Substitution. 
 (a)    The Warrant Agent shall, upon receipt of such Global Warrant and Authentication Order,
authenticate the Global Warrant in accordance with Section 2.02 and register such Global Warrant in the Warrant Register. The Global Warrant shall be dated as of the Closing Date and, subject to the terms hereof, shall
evidence the only Warrants issued or outstanding under this Warrant Agreement. The Global Warrant shall be deposited with the Warrant Agent as custodian for the Depository. The Company shall cause to be kept at the office of the Warrant Agent, and
the Warrant Agent shall maintain, a register (the “Warrant Register”) in which the Company shall provide for the registration of the Global Warrant and Transfers, exchanges or substitutions of the Global Warrant as provided herein.
Any Global Warrant issued upon any registration of Transfer or exchange of or substitution for the Global Warrant shall be a valid obligation of the Company, evidencing the same obligations, and entitled to the same benefits under this Warrant
Agreement, as the Global Warrant surrendered for such registration of Transfer, exchange or substitution. 

(b)    Transfers of a Global Warrant shall be limited to Transfers in whole, and not in part, to the Company, the
Depository, their successors, and their respective nominees. A Global Warrant may be Transferred to such parties upon the delivery of a written instruction of Transfer in form reasonably satisfactory to the Warrant Agent and the Company, duly
executed by the Global Warrant Holder or by such Global Warrant Holder’s attorney, duly authorized in writing. No such Transfer shall be effected until, and the Transferee shall succeed to the rights of the Global Warrant Holder only upon,
final acceptance and registration of the Transfer in the Warrant Register by the Warrant Agent. Prior to the registration of any Transfer of the Global Warrant by the Global Warrant Holder as provided herein, the Company, the Warrant Agent, and any
agent of the Company or the Warrant Agent may treat the Person in whose name such Global Warrant is registered as the owner thereof for all purposes, notwithstanding any notice to the contrary. To permit a registration of a Transfer of a Global
Warrant, the Company shall execute the Global Warrant Certificate at the Warrant Agent’s request and the Warrant Agent shall authenticate such Global Warrant Certificate. The Global Warrant Certificate shall be deposited on or after the date
hereof with the Warrant Agent. No service charge shall be made for any such registration of Transfer. A party requesting transfer of the Global Warrant must provide any evidence of authority that may be required by the Warrant Agent, including but
not limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, Inc. 

(c)    Interests of Beneficial Owners in a Global Warrant registered in the name of the Depository or its nominee shall
only be Transferred in accordance with the procedures of the Depository, the applicable Participant and applicable Law. 

(d)    So long as any Global Warrant is registered in the name of the Depository or its nominee, the Beneficial Owners
shall have no rights under this Warrant Agreement with respect to such Global Warrant held on their behalf by the Depository, and the Depository may be treated by the Company, the Warrant Agent and any agent of the Company or the Warrant

  
 8 

 
Agent as the absolute owner of such Global Warrant for all purposes. Accordingly, any such Beneficial Owner’s interest in such Global Warrant will be shown only on, and the Transfer of such
interest shall be effected only through, records maintained by the Depository or its nominee or the applicable Participant, and neither the Company nor the Warrant Agent shall have any responsibility or liability with respect to such records
maintained by the Depository or its nominee or the applicable Participant. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written
certification, proxy or other authorization furnished by the Depository or impair the operation of customary practices of the Depository or Participants governing the exercise of the rights of a Beneficial Owner. 

Section 2.04    Form of Global Warrant Certificate. The Global Warrant Certificate shall be in substantially
the form set forth in Exhibit A hereto and shall have such insertions as are appropriate or required by this Warrant Agreement and may have such letters, numbers or other marks of identification and such legends and endorsements, stamped,
printed, lithographed or engraved thereon, as the Company may deem appropriate and as are not inconsistent with the provisions of this Warrant Agreement, such as may be required to comply with this Warrant Agreement, any law or any rule of any
securities exchange on which Warrants may be listed, and such as may be necessary to conform to customary usage. 

Section 2.05    Cancellation of Global Warrant Certificate. The Global Warrant Certificate shall be promptly
cancelled by the Warrant Agent upon the earlier of (i) the Expiration Date, (ii) the replacement of the Global Warrant Certificate as described in Section 5.02, or (iii) registration of Transfer or exercise
of all Warrants represented thereby and, except as provided in this Article 2 in case of a Transfer or Section 5.02 in case the Global Warrant Certificate is mutilated, defaced, lost, destroyed or stolen, no Global
Warrant Certificate shall be issued hereunder in lieu thereof. 
 Section 2.06    Restrictions on Transfer.
Notwithstanding any other provision of this Warrant Agreement, the Warrants are being offered and sold, and the shares of Common Stock issuable upon exercise thereof are being offered and sold, pursuant to an exemption from the registration
requirement of Section 5 of the Securities Act provided by Section 1145 of the Bankruptcy Code, and to the extent that any Beneficial Owner is an “underwriter” as defined in Section 1145(b)(1) of the Bankruptcy Code, such
Beneficial Owner may not be able to sell or transfer any Warrants in the absence of an effective registration statement under the Securities Act or an exemption from registration thereunder. Notwithstanding anything contained in this Warrant
Agreement (but without limiting or modifying any express obligation of the Warrant Agent hereunder), the Warrant Agent shall not be under any duty or responsibility to ensure compliance by the Company, the Global Warrant Holder, any Beneficial Owner
or any other Person with any applicable federal or state securities or bankruptcy Laws. By accepting a Transfer of a Warrant, (i) the applicable Participant agrees to inform the Beneficial Owner of the limitations on Transfer set forth in this
Section 2.06, and shall instruct and direct such Beneficial Owner to conform to the restrictions set forth herein and shall maintain any applicable legends in its books and records and (ii) the Beneficial Owner
acknowledges the foregoing. 

  
 9 

 Article 3 

Exercise and Settlement of Warrants 

Section 3.01    Exercise of Warrants. At any time prior to Close of Business on the Expiration Date, each
Warrant (which may include fractional Warrants) may be exercised in accordance with this Article 3. Any Warrants not exercised prior to such time shall expire unexercised and all rights thereunder and all rights in respect thereof under this
Warrant Agreement shall cease as of the Close of Business on the Expiration Date. 
 Section 3.02    Procedure
for Exercise. 
 (a)    To exercise each Warrant, a Beneficial Owner must arrange for (i) the delivery of the
Exercise Notice properly completed and duly executed by its applicable Participant to the office of the Warrant Agent designated for such purpose and the Company, (ii) if Full Physical Settlement is elected, payment to the Warrant Agent in an
amount equal to the respective Exercise Price for each Warrant to be exercised together with all applicable taxes and charges thereto, (iii) delivery of each Warrant to be exercised through the facilities of the Depository and
(iv) compliance with all other procedures established by the Depository, the applicable Participant and the Warrant Agent for the exercise of Warrants. 

(b)    The date on which all requirements for exercise set forth in this Section 3.02 in respect
of a Warrant are satisfied is the “Exercise Date” for such Warrant. 
 (c)    Subject to Section
3.02(f), any exercise of a Warrant pursuant to the terms of this Warrant Agreement shall be irrevocable and enforceable in accordance with its terms. 

(d)    All funds received by the Warrant Agent under this Warrant Agreement that are to be distributed or applied by the
Warrant Agent in the performance of services in accordance with this Warrant Agreement (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by
Computershare in its name as agent for the Company (the “Funds Account”). Until paid pursuant to the terms of this Warrant Agreement, Computershare will hold the Funds through the Funds Account in: deposit accounts of commercial
banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating), each as reported by
Bloomberg Finance L.P. Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by the Warrant Agent in accordance with this paragraph, including any losses resulting from a
default by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits. The Warrant Agent shall not be obligated to pay such interest,
dividends or earnings to the Company, any Beneficial Owner or any other party. 
 (e)    The Company shall assist and
cooperate with any Beneficial Owner required to make any governmental filings or obtain any governmental approvals prior to or in connection with any exercise of a Warrant (including, without limitation, making any filings required to be made by the
Company), and any exercise of a Warrant may be made contingent upon the making of any such filing and the receipt of such approval. 

  
 10 

 (f)    Notwithstanding any other provision of this Warrant Agreement, if the
exercise of a Warrant is to be made in connection with a registered public offering, a Fundamental Equity Change, any Qualified Asset Sale, the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the
Company and its Subsidiaries in one transaction or a series of related transactions to any Person that is not a Qualified Asset Buyer, any Excepted Combination or any other transaction or event, such exercise may, at the election of the Beneficial
Owner, be conditioned upon consummation of such transaction or event in which case such exercise shall not be deemed effective until the consummation of such transaction or event. 

(g)    The Warrant Agent shall forward funds deposited in the Funds Account in a given month by the fifth Business Day of
the following month by wire transfer to an account designated by the Company. 
 (h)    The Company hereby instructs the
Warrant Agent to record tax basis for newly issued shares of Common Stock as follows: the tax basis of each newly issued share of Common Stock equals the tax basis of the exercised Warrant plus the applicable Exercise Price. The Company shall
provide to the Warrant Agent a completed Internal Revenue Service Form 8937 no later than 90 days after the Closing Date.1 

(i)    Payment of the Exercise Price by or on behalf of a Beneficial Owner upon exercise of Warrants, in the case of Full
Physical Settlement, shall be by federal wire or other immediately available funds payable to the order of the Company to the account maintained by the Warrant Agent in its name as agent for the Company. The Warrant Agent shall provide an exercising
Beneficial Owner, upon request, with the appropriate payment instructions. 
 Section 3.03    Settlement of
Warrants. 
 (a)    Full Physical Settlement shall apply to each Warrant unless the Beneficial Owner elects Net Share
Settlement to apply upon exercise of such Warrant. Such election shall be made in the Exercise Notice for such Warrant. 

(b)    If Full Physical Settlement is applicable with respect to the exercise of a Warrant, then, for each Warrant
exercised by a Beneficial Owner, on the Settlement Date for such Warrant, the Company shall cause to be delivered to the Beneficial Owner one share of Common Stock (the “Full Physical Share Amount”), together with Cash in respect of
any fractional Warrant as provided in Section 3.05. 
 (c)    If Net Share Settlement is
applicable with respect to the exercise of a Warrant, then, for each Warrant exercised by a Beneficial Owner, on the Settlement Date for such Warrant, the Company shall cause to be delivered to the Beneficial Owner a number of 

 
  

	1 	 NTD: Parties to discuss method of obtaining tax basis information with respect to Warrants.

  
 11 

 
shares of Common Stock (which in no event will be less than zero) (the “Net Share Amount”) equal to (i) the Fair Value as of the relevant Exercise Date, minus the Exercise
Price (determined as of such Exercise Date), divided by (ii) such Fair Value, together with Cash in respect of any fractional shares of Common Stock or fractional Warrants as provided in Section 3.05. 

(d)    In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the shares
of Common Stock to be delivered to a Beneficial Owner, the Company shall promptly issue to the applicable Beneficial Owner the number of shares of Common Stock that are not disputed. 

Section 3.04    Delivery of Common Stock. 

(a)    In connection with the delivery of shares of Common Stock to a Beneficial Owner pursuant to Section 3.03(b)
or Section 3.03(c), as the case may be, the Warrant Agent shall: 
 (1)    promptly deposit in the
Funds Account all Funds received in payment of the applicable Exercise Price in connection with Full Physical Settlement of Warrants; 

(2)    provided that the Company has delivered sufficient cash to the Warrant Agent pursuant to Section
3.08(b), on the Settlement Date deliver Cash to such Beneficial Owner in respect of any fractional shares of Common Stock or fractional Warrants, as provided in Section 3.05; 

(3)    promptly cancel and destroy the applicable Global Warrant Certificate if all Warrants represented
thereby have been exercised in full and deliver a certificate of destruction to the Company, unless the Company shall otherwise direct in writing; and 

(4)    if all Warrants represented by a Global Warrant Certificate shall not have been exercised in full,
note and authenticate such decrease in the Number of Warrants on Schedule A of such Global Warrant Certificate. 

(b)    With respect to each properly exercised Warrant in accordance with this Warrant Agreement, the Company shall cause
its transfer agent to issue, in book-entry form at the transfer agent or through the Depository, the shares of Common Stock due in connection with such exercise for the benefit and in the name of the Person designated by the Beneficial Owner
submitting the applicable Exercise Notice. The Person on whose behalf and in whose name any shares of Common Stock are registered shall for all purposes be deemed to have become the holder of record of such shares of Common Stock as of the Close of
Business on the applicable Exercise Date. 
 (c)    Each Person in whose name any shares of Common Stock are issued
shall for all purposes be deemed to have become the holder of record of such shares as of the Exercise Date or, in the case of a Warrant subject to Full Physical Settlement only, the date of payment by the Beneficial Owner of the Exercise Price in
accordance with Section 3.03(b), if later. The Company shall not close its books against the Transfer of a Warrant or any share of Common Stock issued or issuable upon the exercise of a Warrant in any manner which interferes with the timely
exercise of a Warrant. 

  
 12 

 (d)    Promptly after the Warrant Agent shall have taken the action required
by this Section 3.04 (or at such later time as may be mutually agreeable to the Company and the Warrant Agent), the Warrant Agent shall account to the Company with respect to any Warrants exercised (including, without
limitation, with respect to any Exercise Price paid to the Warrant Agent). The Company shall reimburse the Warrant Agent for any amounts paid by the Warrant Agent in respect of a fractional share of Common Stock or fractional Warrant upon such
exercise in accordance with Section 3.05 hereof. 
 (e)    All shares of Common Stock issuable
upon exercise of a Warrant will be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer, other than restrictions on transfer under the Charter or any agreement between a Beneficial Owner and the Company
and under applicable state and federal securities laws, and will be free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously or otherwise specified herein). The
Company shall take all such actions as may be necessary to ensure that all such shares of Common Stock may be so issued without violation of any applicable law or governmental regulation or any requirements of any domestic stock exchange upon which
shares of Common Stock may be listed (except for official notice of issuance which shall be immediately delivered by the Company upon each such issuance). 

Section 3.05    No Fractional Shares to Be Issued. 

(a)    Notwithstanding anything to the contrary in this Warrant Agreement, the Company shall not be required to issue any
fraction of a Warrant or of a share of Common Stock upon exercise of any Warrants. 
 (b)    If any fraction of a
Warrant shall be exercised hereunder, the Company shall pay the relevant Beneficial Owner Cash in lieu of the corresponding fraction of a share of Common Stock valued at the Fair Value on the Exercise Date in excess of the corresponding fraction of
the Exercise Price. However, if more than one Warrant shall be exercised hereunder at one time by the Warrant Holder, the number of full shares that shall be issuable upon exercise thereof shall be computed on the basis of all Warrants (including
any fractional Warrants) so exercised. If any fraction of a share of Common Stock would, except for the provisions of this Section 3.05, be issuable on the exercise of any Warrant or Warrants (including any fractional
Warrants), the Company shall pay Cash in lieu of such fractional shares valued at the Fair Value on the Exercise Date. 

(c)    Each Beneficial Owner, by its acceptance of an interest in a Warrant, expressly waives its right to receive any
fraction of a share of Common Stock or a stock certificate representing a fraction of a share of Common Stock upon its exercise of such Warrant. 

  
 13 

 Section 3.06    Obligations of the Warrant Agent. The Warrant
Agent shall: 
 (a)    examine all Exercise Notices and all other documents delivered to it by or on behalf of a
Beneficial Owner to ascertain whether, on their face, such Exercise Notices and any such other documents have been executed and completed in accordance with their terms; 

(b)    where an Exercise Notice or other document appears on its face to have been improperly completed or executed or
some other irregularity in connection with the exercise of the Warrant exists, the Warrant Agent shall endeavor to inform the appropriate parties (including the Person submitting such instrument) of the need for fulfillment of all requirements,
specifying those requirements which appear to be unfulfilled; 
 (c)    inform the Company of and cooperate with and
assist the Company in resolving any reconciliation problems between the Exercise Notices received and delivery of Warrants to the Warrant Agent’s account; 

(d)    advise the Company with respect to an exercise, as promptly as practicable following the satisfaction of each of
the applicable procedures for exercise set forth in Section 3.02(a), of (i) the receipt of such Exercise Notice and the number of Warrants exercised in accordance with the terms and conditions of this Warrant Agreement, (ii) the
instructions with respect to issuance of the shares of Common Stock, subject to the timely receipt from the Depository of the necessary information, (iii) the number of Persons who will become holders of record of the Company (who were not
previously holders of record) as a result of receiving shares of Common Stock upon exercise of the Warrants and (iv) such other information as the Company shall reasonably require; and 

(e)    provide to the Company, upon the Company’s request, the number of Warrants previously exercised, the number of
shares of Common Stock issued in connection with such exercises and the number of remaining Warrants. 

Section 3.07    Validity of Exercise. All questions as to the validity, form and sufficiency (including time
of receipt) of a Warrant exercise shall be determined by the Company, which determination shall be final and binding with respect to the Warrant Agent. The Warrant Agent shall incur no liability for or in respect of and, except to the extent such
liability arises from the Warrant Agent’s gross negligence, willful misconduct or bad faith (each as determined in a final non-appealable judgment by a court of competent jurisdiction), shall be
indemnified and held harmless by the Company for acting or refraining from acting upon, or as a result of such determination by the Company. The Company reserves the absolute right to waive any of the conditions to the exercise of Warrants or
defects in Exercise Notices with regard to any particular exercise of Warrants. 
 Section 3.08    Direction of
Warrant Agent. 
 (a)    The Company shall be responsible for performing all calculations required in connection with
the exercise and settlement of the Warrants and the payment or delivery, as the case may be, of Cash and/or Common Stock as described in this Article 3. In connection therewith, the Company shall provide prompt written notice to the Warrant
Agent of the amount of Cash and the number of shares of Common Stock payable or deliverable, as the case may be, upon exercise and settlement of the Warrants, including, without limitation, the Net Share Amount or the Full Physical Share Amount, as
applicable. 

  
 14 

 (b)    Any Cash to be paid, or shares of Common Stock to be delivered, to a
Beneficial Owner shall be delivered to the Warrant Agent by the Company (or, in the case of Common Stock, by the transfer agent) no later than the Business Day immediately preceding the date such consideration is required to be delivered to such
Beneficial Owner. 
 (c)    The Warrant Agent shall have no liability for any failure or delay in performing its duties
hereunder caused by any failure or delay of the Company in providing such calculations or items to the Warrant Agent. The Warrant Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common
Stock or Units of Reference Property that may at any time be issued or delivered upon the exercise of any Warrant, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible, to the extent not arising from the
Warrant Agent’s gross negligence, willful misconduct or bad faith (each as determined in a final non-appealable judgment by a court of competent jurisdiction), for any failure of the Company to make any
Cash payment or to issue, transfer or deliver any shares of Common Stock or stock certificates or Units of Reference Property, or to comply with any of the covenants of the Company contained in this Article 3. 

Article 4 

Adjustments 

Section 4.01    Adjustments to Exercise Price. After the date on which the Warrants are first issued and while
any Warrants remain outstanding and unexpired, the Exercise Price for the Warrants shall be subject to adjustment (without duplication) upon the occurrence of any of the following events: 

(a)    The issuance of Common Stock as a dividend or distribution to all holders of Common Stock, or a subdivision,
combination, split, reverse split or reclassification of the outstanding shares of Common Stock into a greater or smaller number of shares, in which event the Exercise Price shall be adjusted based on the following formula: 

 

					
	 E1 = E0 ×
	 	N0	 	
	 	  
 N1
	 	

 where: 
  

					
	E1	 	=	  	the Exercise Price in effect immediately after (i) the Open of Business on the Ex-Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split, reverse
split or reclassification;
			
	E0	 	=	  	the Exercise Price in effect immediately prior to (i) the Open of Business on the Ex-Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split,
reverse split or reclassification;

  
 15 

					
	N0	 	=	  	the number of shares of Common Stock outstanding immediately prior to (i) the Open of Business on the Record Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision,
combination, split, reverse split or reclassification; and
			
	N1	 	=	  	the number of shares of Common Stock equal to (i) in the case of a dividend or distribution, the sum of the number of shares outstanding immediately prior to the Open of Business on the Record Date for such dividend or distribution
plus the total number of shares issued pursuant to such dividend or distribution or (ii) in the case of a subdivision, combination, split, reverse split or reclassification, the number of shares outstanding immediately after such subdivision,
combination, split, reverse split or reclassification.

 Such adjustment shall become effective immediately after (i) the Open of Business on the
Ex-Date in the case of a dividend or distribution or (ii) the consummation of the transaction in the case of a subdivision, combination, split, reverse split or reclassification. If any dividend or
distribution or subdivision, combination, split, reverse split or reclassification of the type described in this Section 4.01(a) is declared or announced but not so paid or made, the Exercise Price shall again be adjusted to the Exercise
Price that would then be in effect if such dividend or distribution or subdivision, combination, split, reverse split or reclassification had not been declared or announced, as the case may be. 

(b)    The issuance as a dividend or distribution to all holders of Common Stock of evidences of indebtedness, shares of
capital stock or other securities (other than Common Stock), Cash or other property (excluding any dividend or distribution covered by Section 4.01(a)), in which event the Exercise Price will be adjusted based on the following formula: 

 

					
	 E1 = E0 ×
	 	P - FMV	 	
	 	  
 P
	 	

 where: 
  

					
	E1	 	=	  	the Exercise Price in effect immediately after the Open of Business on the Ex-Date for such dividend or distribution;
			
	E0	 	=	  	the Exercise Price in effect immediately prior to the Open of Business on the Ex-Date for such dividend or distribution;
			
	P	 	=	  	the Fair Value of a share of Common Stock immediately prior to the Open of Business on the second business day preceding the Ex-Date for such dividend or distribution; and
			
	FMV	 	=	  	the Fair Value of the portion of such dividend or distribution applicable to one share of Common Stock on the Open of Business on the date of such dividend or distribution.

  
 16 

 Such decrease shall become effective immediately after the Open of Business on the
Ex-Date for such dividend or distribution. In the event that such dividend or distribution is declared or announced but not so paid or made, the Exercise Price shall again be adjusted to be the Exercise Price
which would then be in effect if such distribution had not been declared or announced. 
 (c)    The payment in respect
of any tender offer or exchange offer by the Company for Common Stock, where the Cash and Fair Value of any other consideration included in the payment per share of the Common Stock exceeds the Fair Value of a share of Common Stock as of the Open of
Business on the second Business Day preceding the expiration date of the tender or exchange offer (the “Offer Expiration Date”), in which event the Exercise Price will be adjusted based on the following formula: 

 

					
	 E1 = E0 ×
	 	(N0 x P) - A	 	
	 	  
 (P x N1)
	 	

 where: 
  

					
	E1	 	=	  	the Exercise Price in effect immediately after the Close of Business on the Offer Expiration Date;
			
	E0	 	=	  	the Exercise Price in effect immediately prior to the Close of Business on the Offer Expiration Date;
			
	N0	 	=	  	the number of shares of Common Stock outstanding immediately prior to the expiration of the tender or exchange offer (prior to giving effect to the purchase or exchange of shares);
			
	N1	 	=	  	the number of shares of Common Stock outstanding immediately after the expiration of the tender or exchange offer (after giving effect to the purchase or exchange of shares);
			
	A	 	=	  	the aggregate Cash and Fair Value of any other consideration payable for shares of Common Stock purchased in such tender offer or exchange offer; and
			
	P	 	=	  	the Fair Value of a share of Common Stock as of the Open of Business on the second Business Day preceding the Offer Expiration Date.

 An adjustment, if any, to the Exercise Price pursuant to this clause (c) shall become effective immediately after the
Close of Business on the Offer Expiration Date. In the event that the Company or a Subsidiary of the Company is obligated to purchase shares of Common Stock pursuant to any such tender offer or exchange offer, but the Company or such Subsidiary is
permanently prevented by applicable law from effecting any such purchases, or all such 

  
 17 

 
purchases are rescinded, then the Exercise Price shall again be adjusted to be the Exercise Price that would then be in effect if such tender offer or exchange offer had not been made. Except as
set forth in the preceding sentence, if the application of this clause (c) to any tender offer or exchange offer would result in an increase in the Exercise Price, no adjustment shall be made for such tender offer or exchange offer under this
clause (c). 
 (d)    If any single action would require adjustment of the Exercise Price pursuant to more than one
subsection of this Section 4.01, only one adjustment shall be made and such adjustment shall be the amount of adjustment that has the highest, relative to the rights and interests of the registered holders of the Warrants
then outstanding, absolute value. For the purpose of calculations pursuant to Section 4.01, the number of shares of Common Stock outstanding shall be equal to the sum of (i) the number of shares of Common Stock issued
and outstanding and (ii) the number of shares of Common Stock issuable pursuant to the conversion or exercise of Convertible Securities that are outstanding, in each case on the applicable date of determination. 

(e)    The Company may from time to time, to the extent permitted by law, decrease the Exercise Price and/or increase the
Number of Warrants for the Global Warrant Certificate by any amount for any period of at least twenty days. In that case, the Company shall give the Global Warrant Holder and the Warrant Agent at least ten days’ prior written notice of such
increase or decrease, and such notice shall state the decreased Exercise Price and/or increased Number of Warrants for the Global Warrant Certificate and the period during which the decrease and/or increase will be in effect. The Company may make
such decreases in the Exercise Price and/or increases in the Number of Warrants for the Global Warrant Certificate, in addition to those set forth in this Article 4, as the Board deems advisable, including to avoid or diminish any income tax to
holders of the Common Stock resulting from any dividend or distribution of stock (or rights to acquire stock) or from any event treated as such for income tax purposes. 

(f)    Notwithstanding this Section 4.01 or any other provision of this Warrant Agreement or the
Warrants, if an Exercise Price adjustment becomes effective on any Ex-Date, and a Warrant has been exercised on or after such Ex-Date and on or prior to the related
Record Date resulting in the Person issued shares of Common Stock being treated as the record holder of the Common Stock on or prior to the Record Date, then, notwithstanding the Exercise Price adjustment provisions in this
Section 4.01, the Exercise Price adjustment relating to such Ex-Date will not be made with respect to such Warrant. Instead, such Person will be treated as if it were the record owner
of shares of Common Stock on an un-adjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. 

Section 4.02    Adjustments to Number of Warrants. Concurrently with any adjustment to the Exercise Price
under Section 4.01, the Number of Warrants for the Global Warrant Certificate will be adjusted such that the Number of Warrants for the Global Warrant Certificate in effect immediately following the effectiveness of such
adjustment will be equal to the Number of Warrants for the Global Warrant Certificate in effect immediately prior to such adjustment, multiplied by a fraction, (i) the numerator of which is the Exercise Price in effect immediately prior to such
adjustment and (ii) the denominator of which is the Exercise Price in effect immediately following such adjustment. 

  
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 Section 4.03    Certain Distributions of Rights and Warrants.

 (a)    Rights or warrants distributed by the Company to all holders of Common Stock entitling the holders thereof to
subscribe for or purchase shares of the Company’s Capital Stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a specified event or events (a “Trigger Event”): 

(1)    are deemed to be transferred with such shares of Common Stock; 

(2)    are not exercisable; and 

(3)    are also issued in respect of future issuances of Common Stock, 

shall be deemed not to have been distributed for purposes of Article 4 (and no adjustment to the Exercise Price or the Number of Warrants under this
Article 4 will be made) until the occurrence of the earliest Trigger Event, whereupon such rights and warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Exercise Price and the Number of
Warrants shall be made under this Article 4 (subject in all respects to Section 4.04). 

(b)    If any such right or warrant is subject to events, upon the occurrence of which such rights or warrants become
exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Record Date with respect to new rights or warrants
with such rights (subject in all respects to Section 4.04). 
 (c)    In addition, except as
set forth in Section 4.04, in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event (of the type described in Section 4.03(b)) with respect thereto that was
counted for purposes of calculating a distribution amount for which an adjustment to the Exercise Price and the Number of Warrants under Article 4 was made (including any adjustment contemplated in Section 4.04):

 (1)    in the case of any such rights or warrants that shall all have been redeemed or repurchased
without exercise by the holders thereof, the Exercise Price and the Number of Warrants shall be readjusted upon such final redemption or repurchase to give effect to such distribution or Trigger Event, as the case may be, as though it were a
distribution under Section 4.01(b), equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such rights or warrants (assuming such holder had retained such rights or warrants),
made to all holders of Common Stock as of the date of such redemption or repurchase; and 
 (2)    in the
case of such rights or warrants that shall have expired or been terminated without exercise by the holders thereof, the Exercise Price and the Number of Warrants shall be readjusted as if such rights and warrants had not been issued or distributed.

 Section 4.04    Stockholder Rights Plans. If the Company has a stockholder rights plan in effect with
respect to the Common Stock, upon exercise of a Warrant the applicable Beneficial Owner shall be entitled to receive, in addition to the share of Common Stock, the rights under 

  
 19 

 
such stockholder rights plan, unless, prior to such exercise, such rights have separated from the Common Stock, in which case the Exercise Price and the Number of Warrants shall be adjusted at
the time of separation as if the Company had made a distribution to all holders of Common Stock as described in the first paragraph of Section 4.01(b), subject to readjustment in the event of the expiration, termination or redemption of such
rights. 
 Section 4.05    Restrictions on Adjustments. 

(a)    Except in accordance with Section 4.01, the Exercise Price and the Number of Warrants will
not be adjusted for the issuance of shares of Common stock or other securities of the Company. 
 (b)    For the
avoidance of doubt, neither the Exercise Price nor the Number of Warrants will be adjusted: 

(1)    upon the issuance of any securities by the Company on or after the Closing Date pursuant to the Plan
or upon the issuance of shares of Common Stock upon the exercise of such securities; 
 (2)    upon the
issuance of any shares of Common Stock (or Convertible Securities) pursuant to the Management Stock Option Plan; 

(3)    upon any issuance of any shares of Common Stock (or Convertible Securities) pursuant to the exercise
of the Warrants; or 
 (4)    for a change in the par value of the Common Stock. 

(c)    No adjustment shall be made to the Exercise Price or the Number of Warrants for any of the transactions described
in Section 4.01 if the Company makes provisions for participation in any such transaction with respect to Warrants without exercise of such Warrants on the same basis as with respect to Common Stock with notice that the
Board determines in good faith to be fair and appropriate. 
 (d)    No adjustment shall be made to the Exercise Price,
nor will any corresponding adjustment be made to the Number of Warrants, unless the adjustment would result in a change of at least 1% of the Exercise Price; provided, however, that any adjustment of less than 1% that was not made by reason of this
Section 4.05(d) shall be carried forward and made as soon as such adjustment, together with any other adjustments not previously made by reason of this Section 4.05(d), would result in a change of at least 1% in the aggregate. All
calculations under this Article 4 shall be made to the nearest cent or to the nearest 1/100th of a share of Common Stock, as the case may be. 

(e)    If the Company takes a record of the holders of Common Stock for the purpose of entitling them to receive a
dividend or other distribution, and thereafter (and before the dividend or distribution has been paid or delivered to stockholders) legally abandons its plan to pay or deliver such dividend or distribution, then thereafter no adjustment to the
Exercise Price or the Number of Warrants then in effect shall be required by reason of the taking of such record. 

  
 20 

 Section 4.06    Successor upon Consolidation, Merger and Sale of
Assets; Mandatory Redemption. 
 (a)    Other than with respect to an Excepted Combination, the Company may only
consolidate or merge with any other Person (a “Fundamental Equity Change”), so long as the Company is the surviving Person, or, in the event that the Company is not the surviving Person: 

(1)    the successor to the Company assumes all of the Company’s obligations under this Warrant
Agreement and the Warrants in form and substance reasonably satisfactory to Warrant Holders representing a majority of the aggregate Number of Warrants at the time outstanding; and 

(2)    the successor to the Company provides written notice of such assumption to the Warrant Agent. 

(b)    In the case of any Fundamental Equity Change other than an Excepted Combination, the successor entity shall succeed
to and be substituted for the Company with the same effect as if it had been named herein as the Company; provided, however, such successor entity shall provide the Warrant Agent with any such identifying corporate information as reasonably required
by the Warrant Agent. Such successor entity thereupon may cause to be signed, and may issue any or all of the Global Warrants issuable pursuant to this Warrant Agreement which theretofore shall not have been signed by the Company; and, upon the
order of such successor entity, instead of the Company, and subject to all the terms, conditions and limitations in this Warrant Agreement prescribed, the Warrant Agent shall authenticate and deliver, as applicable, any Global Warrants that
previously shall have been signed and delivered by the officers of the Company to the Warrant Agent for authentication, and any Global Warrants which such successor entity thereafter shall cause to be signed and delivered to the Warrant Agent for
such purpose. 
 (c)    In the event that the Company desires to sell, lease, convey or otherwise transfer in one
transaction or a series of related transactions all or substantially all of the consolidated assets of the Company and its Subsidiaries to any Qualified Asset Buyer (a “Qualified Asset Sale”), the Company may only consummate such
Qualified Asset Sale if such Qualified Asset Buyer agrees (i) to enter into a warrant agreement on terms and conditions substantially similar to this Warrant Agreement, and (ii) issue warrants for the equity in such Qualified Asset Buyer
to the Warrant Holders on terms and conditions substantially similar to the Warrants, in each case, in form and substance reasonably satisfactory to Warrant Holders representing a majority of the aggregate Number of Warrants at the time outstanding.

 (d)    In the event that the Company consummates an Excepted Combination or sells, conveys or otherwise transfers in
one transaction or a series of related transactions all or substantially all of the consolidated assets of the Company and its Subsidiaries to any Person that is not a Qualified Asset Buyer (a
“Non-Qualified Asset Sale”) on or prior to April 29, 2017 the Company shall mandatorily redeem all outstanding Warrants at a purchase price equal to 10% of the Black-Scholes valuation of
such Warrants (the “Redemption Price”), assuming (i) an expiration date equal to the date set forth in clause (i) of the definition of Expiration Date, (ii) a 

  
 21 

 
volatility of 40%, (iii) the assumed risk-free rate will equal the yield on the U.S. Treasury security with a maturity closest to the fourth anniversary of the Closing Date, as the yield on that
security exists as of the date of the consummation of the Excepted Combination or Non-Qualified Asset Sale, provided, however, that if the period from the redemption date to the fourth anniversary of the
Closing Date is not equal to the constant maturity of a U.S. Treasury security for which a weekly average yield is given, the risk-free rate shall be obtained by linear interpolation (calculated to the nearest
one-twelfth of a year) from the weekly average yields of U.S. Treasury securities for which such yields are given and (iv) a stock price equal to the Fair Value of the Common Stock underlying such
Warrant, in each case as determined based on the thirty-day volume-weighted average price from the period beginning thirty-one calendar days before the announcement of
an Excepted Combination or Non-Qualified Asset Sale that is expected to be consummated on or prior to April 29, 2017 and ending one calendar day prior to such announcement, provided, however, that if the
announcement of an Expected Combination or Non-Qualified Asset Sale occurs less than thirty days from the Closing Date, then the volume-weighted average price shall be determined from the Closing Date to the
date prior to such announcement; provided further that any such mandatory redemption effected pursuant to this Section 4.06(d) shall only be effected if the price per share of Common Stock is less than the Exercise Price. Notwithstanding anything
herein to the contrary, (1) the obligation of the Company to pay the amounts due pursuant to this Section 4.06(d), if any, shall survive the termination of the Warrants and this Agreement and (2) the Company shall use commercially
reasonable efforts to effect the mandatory redemption on or promptly following the consummation of the Excepted Combination, and in any event within 30 days thereafter. 

Section 4.07    Adjustment upon Reorganization Event. 

(a)    If there occurs any Fundamental Equity Change (other than an Excepted Combination) or any recapitalization,
reorganization, consolidation, reclassification, change in the outstanding shares of Common Stock (other than changes resulting from a subdivision or combination to which Section 4.07(a). applies), statutory share exchange or other
transaction (each such event a “Reorganization Event”), in each case as a result of which the Common Stock would be converted into, changed into or exchanged for, stock, other securities, other property or assets (including Cash or
any combination thereof) (the “Reference Property”), then following the effective time of the Reorganization Event, the right to receive shares of Common Stock upon exercise of a Warrant shall be changed to a right to receive, upon
exercise of such Warrant, the kind and amount of shares of stock, other securities or other property or assets (including Cash or any combination thereof) that a holder of one share of Common Stock would have owned or been entitled to receive in
connection with such Reorganization Event (such kind and amount of Reference Property per share of Common Stock, a “Unit of Reference Property”). In the event holders of Common Stock have the opportunity to elect the form of
consideration to be received in a Reorganization Event, the type and amount of consideration into which the Warrants shall be exercisable from and after the effective time of such Reorganization Event shall be deemed to be the weighted average of
the types and amounts of consideration received by the holders of Common Stock in such Reorganization Event. The Company hereby agrees not to become a party to any Reorganization Event unless its terms are consistent with this
Section 4.07. 

  
 22 

 (b)    At any time from, and including, the effective time of a
Reorganization Event: 
 (1)    if Full Physical Settlement applies upon exercise of a Warrant, the Full
Physical Share Amount per Warrant shall be equal to a single Unit of Reference Property; 
 (2)    if Net
Share Settlement applies upon exercise of a Warrant, the Net Share Amount per Warrant shall be a number of Units of Reference Property in accordance with Section 3.03(c); 

(3)    the Company shall pay Cash in lieu of delivering any fraction of a Unit of Reference Property or any
fractional Warrant in accordance with Section 3.05 based on the Fair Value of the Unit of Reference Property as of the Exercise Date; and 

(4)    the Fair Value shall be calculated with respect to a Unit of Reference Property. 

(c)    On or prior to the effective time of any Reorganization Event (other than an Excepted Combination), the Company or
the successor or purchasing Person, as the case may be, shall execute an amendment to this Warrant Agreement providing that the Warrants shall be exercisable for Units of Reference Property in accordance with the terms of this
Section 4.07. If the Reference Property in connection with any Reorganization Event includes shares of stock or other securities and assets of a Person other than the successor or purchasing Person, as the case may be, in
such Reorganization Event, then the Company shall cause such amendment to this Warrant Agreement to be executed by such other Person and such amendment shall contain such additional provisions to protect the interests of the Global Warrant Holder
(for the benefit of the Beneficial Owners under this Warrant Agreement) as the Board and Warrant Holders representing a majority of the aggregate Number of Warrants at the time outstanding shall reasonably consider necessary by reason of the
foregoing. Any such amendment to this Warrant Agreement shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 4. In the event the Company shall execute an
amendment to this Warrant Agreement pursuant to this Section 4.07, the Company shall promptly file with the Warrant Agent an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of Cash,
securities or property or assets that will comprise a Unit of Reference Property after the relevant Reorganization Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with. The Company shall
cause notice of the execution of the amendment to be mailed to the Global Warrant Holder, at its address appearing on the Warrant Register, within 20 Business Days after execution thereof. 

(d)    The above provisions of this Section 4.07 shall similarly apply to successive
Reorganization Events. 
 (e)    If this Section 4.07 applies to any event or occurrence, no
other provision of this Article 4 shall apply to such event or occurrence (other than Section 4.06). 

  
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 Section 4.08    Common Stock Outstanding; Shares Reserved for
Issuance on Exercise. 
 (a)    For the purposes of this Article 4, the number of shares of Common Stock at
any time outstanding shall not include shares held, directly or indirectly, by the Company or any of its Subsidiaries. 

(b)    The Board has authorized and reserved for issuance such number of shares of Common Stock as will be issuable upon
the exercise of all outstanding Warrants for shares of Common Stock (assuming, for purposes of this covenant, that Full Physical Settlement applies to all Warrants exercised hereunder). The Company covenants that all shares of Common Stock that
shall be so issuable shall be duly and validly issued, fully paid and non-assessable. 

(c)    The Company agrees to authorize and direct its current and future transfer agents for the Common Stock to reserve
for issuance the number of shares of Common Stock specified in this Section 4.08 and shall take all action required to increase the authorized number of shares of Common Stock if at any time there shall be insufficient
authorized but unissued shares of Common Stock to permit such reservation or to permit the exercise of a Warrant (an “Authorized Share Failure”). Without limiting the generality of the foregoing sentence, as soon as practicable
after the date of the occurrence of an Authorized Share Failure, but in no event later than 180 days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the
number of authorized shares of Common Stock. In connection with such meeting, the Company shall use its best efforts to solicit its stockholders’ approval of such increase in authorized shares of Common Stock and to cause its Board to recommend
to the stockholders that they approve such proposal. The Company shall instruct the transfer agent to deliver to the Warrant Agent, upon written request from the Warrant Agent, stock certificates (or beneficial interests therein) required to honor
outstanding Warrants upon exercise thereof in accordance with the terms of this Warrant Agreement. The Company shall pay to the Warrant Agent, as agent for the Global Warrant Holder, any Cash that may be payable as provided in this Article 4.
Promptly after the date of expiration of any Warrants, the Warrant Agent shall certify to the Company the aggregate Number of Warrants then outstanding, and thereafter no shares shall be required to be reserved in respect of such Warrants. 

Section 4.09    Calculations. 

(a)    Subject to Section 4.09(b), the Company shall be responsible for making all calculations called for under
this Warrant Agreement, including the Exercise Date, the Fair Value, the Exercise Price, the Number of Warrants and the number of shares of Common Stock or Units of Reference Property, if any, to be issued upon exercise of any Warrants. The Company
shall make the foregoing calculations in good faith. Such calculations and determinations shall be final and binding on the Global Warrant Holder and all Beneficial Owners absent manifest error. The Company shall provide a schedule of the
Company’s calculations to the Warrant Agent, and the Warrant Agent is entitled to rely upon the accuracy of the Company’s calculations without independent verification. 

(b)    In the event the Board engages an independent appraiser to advise it with respect to the determination of Fair
Value, the Board shall be entitled to rely upon the determination of such independent appraiser. The Company shall pay the fees and expenses of such independent appraiser. The Global Warrant Holder shall be notified promptly of any
consideration other than Cash to be received or paid by the Company and furnished with a description of the consideration and the Fair Value thereof, as determined in accordance with the foregoing provisions. 

  
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 Section 4.10    Notice of Adjustments. The Company shall mail, or
cause to be mailed, to the Global Warrant Holder and the Warrant Agent, in accordance with Section 6.15, a notice of any adjustment or readjustment to the Exercise Prices or the Number of Warrants no less than three
Business Days prior to the effective date of such adjustment or readjustment. The Company shall file with the Warrant Agent such notice and an Officer’s Certificate setting forth such adjustment or readjustment and kind and amount of
securities, Cash or other property for which a Warrant shall thereafter be exercisable and the applicable Exercise Price, showing in reasonable detail the facts upon which such adjustment or readjustment is based. The Officer’s Certificate
shall be conclusive evidence that the adjustment or readjustment is correct, and the Warrant Agent shall not be deemed to have any knowledge of any adjustments or readjustments unless and until it has received such Officer’s Certificate. The
Warrant Agent shall not be under any duty or responsibility with respect to any such Officer’s Certificate except to exhibit the same to the Global Warrant Holder. 

Section 4.11    Warrant Agent Not Responsible for Adjustments or Validity. The Warrant Agent shall at no time
be under any duty or responsibility to determine whether any facts exist that may require an adjustment or readjustment of the Exercise Price and the Number of Warrants, or with respect to the nature or extent of any such adjustment or readjustment
when made, or with respect to the method employed, herein or in any supplemental agreement provided to be employed, in making the same. The Warrant Agent shall have no duty to verify or confirm any calculation called for hereunder. The Warrant Agent
shall have no liability for any failure or delay in performing its duties hereunder caused by any failure or delay of the Company in providing such calculations to the Warrant Agent. The Warrant Agent shall not be accountable with respect to the
validity or value (or the kind or amount) of any shares of Common Stock or of any securities or property which may at any time be issued or delivered upon the exercise of any Warrant or upon any adjustment or readjustment pursuant to this Article
4, and it makes no representation with respect thereto. The Warrant Agent shall not be responsible for any failure of the Company to make any Cash payment or to issue, transfer or deliver any shares of Common Stock or stock certificates or other
securities or property or scrip upon the surrender of any Warrant for the purpose of exercise or upon any adjustment pursuant to this Article 4, or to comply with any of the covenants of the Company contained in this Article 4. The
Warrant Agent shall have no implied duties or obligations and shall not be charged with knowledge or notice of any fact or circumstance not specifically set forth herein or in any notice from the Company. The Warrant Agent may rely conclusively, and
shall be protected in acting, upon any notice, instruction, request, order, judgment, certification, opinion or advice of counsel, statement, demand or other instrument or document, not only as to its due execution, validity (including the authority
of the person signing or presenting the same) and effectiveness, but also as to the truth and accuracy of any information contained therein, which the Warrant Agent shall believe to be genuine and to have been signed or presented by the person or
parties purporting to sign the same. 
 Section 4.12    Statements on Warrants. Other than notation of any
applicable increase or decrease in the Number of Warrants on Schedule A of the Global Warrant Certificate, the form of 

  
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the Global Warrant Certificate need not be changed because of any adjustment or readjustment made pursuant to this Article 4, and the Global Warrant Certificate issued after such
adjustment or readjustment may state the same information (other than the applicable adjusted Exercise Price and the adjusted Number of Warrants) as is stated in the Global Warrant Certificate initially issued pursuant to this Warrant Agreement.

 Section 4.13    Effect of Adjustment. The Depository and applicable Participants shall effect any
applicable adjustments, changes or payments to the Beneficial Owners with respect to beneficial interests in the Global Warrants resulting from any adjustments or readjustments, changes or payments effected pursuant to this Article 4 in
accordance with the procedures of the Depository and the applicable Participants. 
 Article 5 

Other Provisions Relating to Rights of Global Warrant Holder 

Section 5.01    No Rights as Stockholders. Nothing contained in this Warrant Agreement or in the Global
Warrant Certificate shall be construed as conferring upon any Person, by virtue of holding or having a beneficial interest in a Global Warrant, the right to vote, to consent, to receive any Cash dividends, stock dividends, allotments or rights or
other distributions paid, allotted or distributed or distributable to the holders of Common Stock, or to exercise any rights whatsoever as the Company’s stockholders unless, until and only to the extent such Beneficial Owners become holders of
record of shares of Common Stock issued upon settlement of the Warrants; provided however, the Global Warrant Holder shall be entitled to notice of all stockholder meetings as required to be made to all stockholders in accordance with the
Company’s bylaws. Notwithstanding the foregoing, in the event (a) the Company effects a split of the Common Stock by means of a stock dividend and the Exercise Price of and the number of Warrants are adjusted as of the date of the
distribution of the dividend, and (b) a Beneficial Owner exercises a Warrant between the Record Date and the distribution date for such stock dividend, the Beneficial Owner shall be entitled to receive, on the distribution date, the stock
dividend with respect to the shares of Common Stock acquired upon such exercise, notwithstanding the fact that such shares were not outstanding as of the Close of Business on the Record Date for such stock dividend. 

Section 5.02    Mutilated or Missing Warrant Certificates. If a Global Warrant Certificate held by the Warrant
Agent as custodian for the Depository at any time is mutilated, defaced, lost, destroyed or stolen, then on the terms set forth in this Warrant Agreement, such Global Warrant Certificate may be replaced with a new Global Warrant Certificate, of like
date and tenor and representing the same number of Warrants, at the cost of the Company at the office of the Warrant Agent subject to the replacement procedures of the Warrant Agent which shall include obtaining an open penalty surety bond
satisfactory to the Warrant Agent holding the Company and the Warrant Agent harmless. Any such new Global Warrant Certificate shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or
destroyed Global Warrant Certificate shall be at any time enforceable by anyone. All Global Warrant Certificates shall be issued upon the express condition that the foregoing provisions are exclusive with respect to the substitution for lost,
stolen, mutilated or destroyed Global Warrant Certificates, and shall preclude any and all other rights or remedies notwithstanding any Law or statute existing or hereafter enacted to the contrary with respect to the substitution for and replacement
of negotiable instruments or other securities without their surrender. 

  
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 Section 5.03    No Impairment. 

(a)    The Company will not, by amendment of the Charter or through reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of a Warrant or this Warrant Agreement, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Global Warrant Holder and the Beneficial Owners under this Warrant Agreement against impairment. 

(b)    Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any
shares of Common Stock obtainable upon the exercise of this Warrant and (b) take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of Common Stock
upon the exercise of a Warrant. 
 (c)    Before taking any action that would cause an adjustment reducing the Exercise
Price below the then par value of the Common Stock, the Company will take any corporate action that may be necessary in order that the Company may validly and legally issue paid and non-assessable shares of
Common Stock at such adjusted Exercise Price. 
 Section 5.04    Modification, Waiver and Meetings. 

(a)    This Warrant Agreement may be modified or amended by the Company and the Warrant Agent, without the consent of the
Global Warrant Holder, any Beneficial Owner of any Warrant, or any applicable Participant with respect to any Warrant, for the purposes of curing any ambiguity or correcting or supplementing any defective provision contained in this Warrant
Agreement or to make any other provisions in regard to matters or questions arising in this Warrant Agreement which the Company and the Warrant Agent may deem necessary or desirable; provided that such modification or amendment does not adversely
affect the interests of the Global Warrant Holder or any of the Beneficial Owners under this Agreement in any material respect. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant
Agent a certificate from an Appropriate Officer that states that the proposed amendment is in compliance with the terms of this Section 5.04. 

(b)    Modifications and amendments to this Warrant Agreement or to the terms and conditions of Warrants not contemplated
by Section 5.04(a) may also be made by the Company and the Warrant Agent, and noncompliance with any provision of the Warrant Agreement or Warrants may be waived by the Global Warrant Holder (pursuant to a proper vote or consent of the
Beneficial Owners holding a majority of the aggregate Number of Warrants at the time outstanding). Notwithstanding anything to the contrary herein, the Company may amend Schedule A from time to time to accurately reflect the name and address
of the Global Warrant Holder after the Closing Date without any further consent or agreement from any other Person. 

  
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 (c)    However, no such modification, amendment or waiver may, without the
written consent of: 
 (1)    The Global Warrant Holder (pursuant to a proper vote or consent of each
Beneficial Owner of Warrants under this Warrant Agreement): 
 (A)    change the Expiration Date; or 

(B)    increase the Exercise Price or decrease the Number of Warrants (except as set forth in Article
4); 
 (2)    the Global Warrant Holder (pursuant to a proper vote or consent of the Beneficial
Owners of two-thirds of the Warrants affected under this Warrant Agreement): 

(A)    impair the right to institute suit for the enforcement of any payment or delivery with respect to
the exercise and settlement of any Warrant; 
 (B)    except as otherwise expressly permitted by
provisions of this Warrant Agreement concerning specified reclassifications or corporate reorganizations, impair or adversely affect the exercise rights of Beneficial Owners, including any change to the calculation or payment of the Full Physical
Share Amount or the Net Share Amount, as applicable; 
 (C)    reduce the percentage of Warrants
outstanding necessary to modify or amend this Warrant Agreement or to waive any past default; or 

(D)    reduce the percentage in Warrants outstanding required for any other waiver under this Warrant
Agreement. 
 Section 5.05    Notices of Record Date, etc. In the event (i) the Company commences any
tender offer (including any exchange offer) as announced from time to time for all or a portion of the outstanding shares of Common Stock; (ii) the Company shall take a record of the holders of its Common Stock (or other stock or securities at
the time deliverable upon the exercise of a Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of stock of any class or any other
securities, or to receive any other right; (iii) of any Reorganization Event; (iv) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company; (v) any Qualified Asset
Sale, (vi) the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the Company and its Subsidiaries in one transaction or a series of related transactions to any Person that is not a Qualified
Asset Buyer or (vii) any Excepted Combination, then, and in each such case, the Company will mail or cause to be mailed to the Global Warrant Holder (with a copy to the Warrant Agent) at least 15 days (35 days in the case of an Excepted
Combination or a Non-Qualified Asset Sale) prior to the Record Date or the effective date, as applicable a notice specifying, as the case may be, (A) the Record Date for such dividend, distribution or
right, and the amount and character of such dividend, distribution or right, or (B) the effective date on which such other event is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such
other stock or Securities 

  
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at the time deliverable upon the exercise of a Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock or Securities) for Securities or other property deliverable
upon such other event. Nothing herein shall prohibit the Global Warrant Holder from exercising its Warrant during the 15 day period (35 days in the case of an Excepted Combination or a Non-Qualified Asset
Sale) commencing on the date of such notice. 
 Article 6 

Concerning the Warrant Agent and Other Matters 

Section 6.01    Payment of Certain Taxes. 

(a)    The Company shall pay any and all documentary, stamp or similar issue or transfer taxes that may be payable upon the
initial issuance of the Global Warrants hereunder and delivery to the Global Warrant Holder. 
 (b)    The Company shall
pay any and all documentary, stamp or similar issue or transfer taxes that may be payable upon the issuance of Common Stock upon the exercise of Warrants hereunder and the issuance of stock certificates in respect thereof in the respective names of,
or in such names as may be directed by, the exercising Beneficial Owners. 
 (c)    The Warrant Agent shall not register
any Transfer or issue or deliver any Global Warrant Certificate or shares of Common Stock unless or until the persons requesting the registration or issuance has either (i) paid to the Warrant Agent for the account of the Company the amount of
the taxes described in Section 6.01(a) or Section 6.01(b) payable with respect to such Transfer, if any, or (ii) established to the reasonable satisfaction of the Warrant Agent that such tax, if any, has been paid by the Company.

 (d)    Nothing herein shall prejudice the applicability of Section 1146 of the Bankruptcy Code and the rights of
the Company and other interested parties thereunder. 
 (e)    Notwithstanding anything to the contrary, if the Company
pays or is obligated to pay withholding taxes or backup withholding on or with respect to any deemed (or constructive) distribution on behalf of a Beneficial Owner as a result of an adjustment to the Exercise Price or the lack thereof, or for any
other adjustment or other reason, the Company may, at its option, set off such payments against payments of cash or other deliveries on the Warrant to such Beneficial Owner. If the Company is required to remit an amount of tax in respect of any such
withholding taxes or backup withholding, then, without duplication for any amount that the Company has set off pursuant to the foregoing sentence, the amount so required to be remitted shall be payable by the Beneficial Owner within 10 business days
of written demand by the Company. 
 Section 6.02    Certain Tax Filings. The Warrant Agent shall prepare
and file with the appropriate governmental agency all appropriate tax information forms in respect of any payments made by the Warrant Agent hereunder (including, without limitation, Internal Revenue Service Form
1099-B) during each calendar year, or any portion thereof, during which the Warrant Agent performs services hereunder. 

  
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 Section 6.03    Change of Warrant Agent. 

(a)    The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all
further duties and liabilities hereunder (except for liability arising as a result of the Warrant Agent’s own gross negligence, willful misconduct or bad faith (each as determined in a final
non-appealable judgment by a court of competent jurisdiction)) after giving sixty days’ notice in writing to the Company, except that such shorter notice may be given as the Company shall, in writing,
accept as sufficient. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor warrant agent in place of the Warrant Agent. If the Company shall fail to make
such appointment within a period of thirty days after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated warrant agent or by the Global Warrant Holder (who shall, with such notice, submit his Global
Warrant Certificate for inspection by the Company), then the Global Warrant Holder may apply to any court of competent jurisdiction for the appointment of a successor warrant agent. 

(b)    The Warrant Agent may be removed by the Company at any time upon thirty days’ written notice to the Warrant
Agent; provided, however, that the Company shall not remove the Warrant Agent until a successor warrant agent meeting the qualifications hereof shall have been appointed. 

(c)    Any successor warrant agent, whether appointed by the Company or by such a court, shall be a corporation or banking
association organized, in good standing and doing business under the laws of the United States of America or any state thereof or the District of Columbia, and authorized under such laws to exercise corporate trust powers and subject to supervision
or examination by federal or state authority and having a combined capital and surplus (together with its affiliates) of not less than $50,000,000. The combined capital and surplus of any such successor warrant agent shall be deemed to be the
combined capital and surplus as set forth in the most recent report of its condition published prior to its appointment; provided that such reports are published at least annually pursuant to law or to the requirements of a federal or state
supervising or examining authority. After acceptance in writing of such appointment by the successor warrant agent, such successor warrant agent shall be vested with all the authority, powers, rights, immunities, duties and obligations of its
predecessor warrant agent with like effect as if originally named as warrant agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor warrant agent shall execute and deliver, at the
expense of the Company, an instrument transferring to such successor warrant agent all the authority, powers and rights of such predecessor warrant agent hereunder; and upon request of any successor warrant agent, the Company shall make, execute,
acknowledge and deliver any and all instruments in writing to more fully and effectually vest in and conform to such successor warrant agent all such authority, powers, rights, immunities, duties and obligations. Upon assumption by a successor
warrant agent of the duties and responsibilities hereunder, the predecessor warrant agent shall deliver and transfer, at the expense of the Company, to the successor warrant agent any property at the time held by it hereunder. As soon as practicable
after such appointment, the Company shall give notice thereof to the predecessor warrant agent, the Global Warrant Holder and each transfer agent for the shares of its Common Stock. Failure to give such notice, or any defect therein, shall not
affect the validity of the appointment of the successor warrant agent. 

  
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 (d)    Any entity into which the Warrant Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any Person succeeding to all or substantially all of the corporate trust or agency business
of the Warrant Agent, shall be the successor warrant agent under this Warrant Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that such entity would be eligible for
appointment as a successor warrant agent under Section 6.03(c). In case at the time such successor to the Warrant Agent shall succeed to the agency created by this Warrant Agreement, the Global Warrant Certificate shall have been
countersigned but not delivered, any such successor to the Warrant Agent may adopt the countersignature of the original Warrant Agent and deliver such Global Warrant Certificate so countersigned, and in case at that time the Global Warrant
Certificate shall not have been countersigned, any successor to the Warrant Agent may countersign such Global Warrant Certificate either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such
cases the Global Warrant Certificate shall have the full force provided in the Global Warrant Certificate and in this Warrant Agreement. 

(e)    In case at any time the name of the Warrant Agent shall be changed and at such time the Global Warrant Certificate
shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignatures under its prior name and deliver such Global Warrant Certificate so countersigned; and in case at that time the Global Warrant Certificate shall not
have been countersigned, the Warrant Agent may countersign such Global Warrant Certificate either in its prior name or in its changed name; and in all such cases such Global Warrant Certificate shall have the full force provided in the Global
Warrant Certificate and in this Warrant Agreement. 
 Section 6.04    Compensation; Further Assurances. The
Company agrees that it will (a) pay the Warrant Agent reasonable compensation for its services as Warrant Agent in accordance with Exhibit C attached hereto and, except as otherwise expressly provided, will pay or reimburse the Warrant
Agent upon written demand for all reasonable and documented expenses, disbursements and advances incurred or made by the Warrant Agent in accordance with any of the provisions of this Warrant Agreement (including the reasonable compensation,
expenses and disbursements of its agents and counsel incurred in connection with the execution and administration of this Warrant Agreement), except any such expense, disbursement or advance as may arise from its or any of their gross negligence,
willful misconduct or bad faith (each as determined in a final non-appealable judgment by a court of competent jurisdiction), and (b) perform, execute, acknowledge and deliver or cause to be performed,
executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Warrant Agreement. 

Section 6.05    Reliance on Counsel. The Warrant Agent may consult with legal counsel (who may be legal
counsel for the Company), and the written opinion of such counsel or any advice of legal counsel subsequently confirmed by a written opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any
action taken or omitted by it in the absence of bad faith and in accordance with such written opinion or advice. 

  
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 Section 6.06    Proof of Actions Taken. Whenever in the
performance of its duties under this Warrant Agreement the Warrant Agent shall deem it necessary or desirable that any matter be proved or established by the Company prior to taking or suffering or omitting any action hereunder, such matter (unless
other evidence in respect thereof be herein specifically prescribed) may, in the absence of bad faith on the part of the Warrant Agent, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Warrant
Agent; and such Officer’s Certificate shall, in the absence of bad faith on the part of the Warrant Agent, be full warrant to the Warrant Agent for any action taken, suffered or omitted in the absence of bad faith by it under the provisions of
this Warrant Agreement in reliance upon such Officer’s Certificate; but in its discretion the Warrant Agent may in lieu thereof accept other evidence of such fact or matter or may require such further or additional evidence as to it may seem
reasonable. In the event the Warrant Agent reasonably believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Warrant Agent hereunder, the
Warrant Agent shall promptly notify the Company of any such ambiguity or uncertainty, and it may, in its sole discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to the Company, a Global
Warrant Holder or any other person or entity for refraining from taking such action, except for its own gross negligence, willful misconduct or bad faith (each as determined by a final non-appealable judgment
of a court of competent jurisdiction). unless the Warrant Agent receives written instructions signed by the Company which eliminates such ambiguity or uncertainty to the satisfaction of Warrant Agent. 

Section 6.07    Correctness of Statements. The Warrant Agent shall not be liable for or by reason of any of
the statements of fact or recitals contained in this Warrant Agreement or in the Global Warrant Certificate (except its countersignature thereof) or be required to verify the same, and all such statements and recitals are and shall be deemed to have
been made by the Company only. 
 Section 6.08    Validity of Agreement. From time to time, the Warrant
Agent may apply to any officer of the Company for instruction and the Company shall provide the Warrant Agent with such instructions concerning the services to be provided hereunder. The Warrant Agent shall not be held to have notice of any change
of authority of any Person, until receipt of notice thereof from the Company. The Warrant Agent shall not be under any responsibility in respect of the validity of this Warrant Agreement or the execution and delivery hereof or in respect of the
validity or execution of the Global Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in the Global Warrant
Certificate; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Warrant Agreement or any Warrants or as to whether any
shares of Common Stock will, when issued, be validly issued and fully paid and nonassessable. The Warrant Agent and its agents shall not be liable and shall be indemnified by the Company for any action taken or omitted, in the absence of bad faith,
by the Warrant Agent in reliance upon any instructions from the Company. 
 Section 6.09    Use of Agents.
The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents provided that the Warrant Agent shall remain responsible for the
activities or omissions of any such agent or attorney and reasonable care has been exercised in the selection and in the continued employment of such attorney or agent. 

  
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 Section 6.10    Liability of Warrant Agent. The Warrant Agent
shall incur no liability or responsibility to the Company or to the Global Warrant Holder for any action taken, suffered or omitted to be taken in reliance on any notice, resolution, waiver, consent, order, certificate, or other paper, document or
instrument believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all costs, losses, expenses, liabilities and
damages that the Warrant Agent has paid, incurred or suffered (or which it becomes obligated to pay, incur or suffer) by or to which it becomes subject, including judgments, costs and reasonable counsel fees, for any action taken, suffered or
omitted to be taken by the Warrant Agent in the execution or performance of this Warrant Agreement or otherwise arising in connection with this Warrant Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct or
bad faith (each as determined by a final non- appealable judgment of a court of competent jurisdiction). For the avoidance of doubt, nothing herein shall obligate the Company to advance any amounts to the
Warrant Agent in respect of contingent liabilities until such liabilities actually are or become paid or payable. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate liability during any term of this Warrant
Agreement with respect to, arising from, or arising in connection with this Warrant Agreement, or from all services provided or omitted to be provided under this Warrant Agreement, whether in contract, or in tort, or otherwise, is limited to, and
shall not exceed, the amounts paid hereunder by the Company to the Warrant Agent as fees and charges, but not including reimbursable expenses, during the twelve (12) months immediately preceding the event for which recovery from Warrant Agent
is being sought. Neither party to this Warrant Agreement shall be liable to the other party for any consequential, indirect, punitive, special or incidental damages under any provisions of this Warrant Agreement or for any consequential, indirect,
punitive, special or incidental damages arising out of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages. 

Section 6.11    Legal Proceedings. The Warrant Agent shall be under no obligation to institute any action,
suit or legal proceeding or to take any other action likely to involve expense or that it reasonably believes would subject it to expense or liability or risk of incurring expense or liability, unless the Company, the Global Warrant Holder or any
applicable Participant on behalf of a Beneficial Owner shall furnish the Warrant Agent with indemnity or other assurances for payment reasonably satisfactory to the Warrant Agent for any costs and expenses which may be incurred, but this provision
shall not affect the power of the Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without any such security or indemnity. The Warrant Agent shall promptly notify the Company and the Global Warrant Holder
in writing of any claim made or action, suit or proceeding instituted against it arising out of or in connection with this Warrant Agreement. The Warrant Agent shall not have any duty or responsibility in the case of the receipt of any written
demand from any Beneficial Owner with respect to any action or default by the Company, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or
to make any demand upon the Company. 

  
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 Section 6.12    Actions as Agent. The Warrant Agent shall act
hereunder solely as agent and not in a ministerial or fiduciary capacity. The duties and obligations of the Warrant Agent shall be determined solely by the express provisions of the Warrant Agreement, and the Warrant Agent shall not be liable except
for the performance of such duties and obligations as are specifically set forth in the Warrant Agreement. No implied covenants or obligations shall be read into the Warrant Agreement against the Warrant Agent. Subject to Section 6.26 below and
applicable securities laws, the Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction
in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Warrant Agreement. Notwithstanding anything to the contrary herein, none of the
Warrant Agent or its officers, directors, managers, employees, agents or other representatives shall use Confidential Information (as defined in Section 6.26) (a) for any purpose other than carrying out the transactions contemplated by this
Warrant Agreement, and (b) in contravention of applicable securities laws (including, without limitation, laws prohibiting insider trading). The Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken in
connection with this Warrant Agreement except for its own gross negligence, willful misconduct or bad faith (each as determined by a final non-appealable judgement of a court of competent jurisdiction). 

Section 6.13    Appointment and Acceptance of Agency. The Company hereby appoints the Warrant Agent to act as
agent for the Company in accordance with the instructions set forth in this Warrant Agreement, and the Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the same upon the terms and conditions herein
set forth or as the Company and the Warrant Agent may hereafter agree. 
 Section 6.14    Successors and
Assigns. All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 

Section 6.15    Notices. Any notice or demand authorized by this Warrant Agreement to be given or made by the
Warrant Agent or by the Global Warrant Holder to or on the Company shall be sufficiently given or made if in writing and sent by mail first-class, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant
Agent), as follows: 
 Stone Energy Corporation 

625 E. Kaliste Saloom Road 

Lafayette, Louisiana 70508 
 Attn:
Lisa S. Jaubert 
 via Email to: jaubertls@stoneenergy.com 

  
 34 

 with a copy to: 

Latham & Watkins LLP 

811 Main Street, Suite 3700 

Houston, Texas 77002 
 Attn:
Michael E. Dillard 
 Facsimile: 713-546-5401 

via Email to: michael.dillard@lw.com 

Any notice or demand authorized by this Warrant Agreement to be given or made by the Global Warrant Holder or by the Company to or on the
Warrant Agent shall be sufficiently given or made if sent by mail first-class, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 

Computershare 
 8742
Lucent Boulevard, Suite 225 
 Highlands Ranch, CO 80129 

Attention: Relationship Manager 

Fax: 303-262-0610 

With a copy to: 

Computershare Inc. 

Computershare Trust Company, N.A. 

250 Royall Street 
 Canton, MA
02021 
 Attention: Legal Department 

Any notice or demand authorized by this Warrant Agreement to be given or made to the Global Warrant Holder shall be sufficiently given or made
if sent by first-class mail, postage prepaid to the last address of the Global Warrant Holder as it shall appear on the Warrant Register. 

Section 6.16    Applicable Law; Jurisdiction. The validity, interpretation and performance of this Warrant
Agreement and the Global Warrant Certificate shall be governed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of laws thereof that would result in the application of law of another
jurisdiction. The parties hereto irrevocably consent to the jurisdiction of the courts of the State of New York and any federal court located in such state in connection with any action, suit or proceeding arising out of or relating to this Warrant
Agreement. The Company hereby acknowledges and agrees that its failure to perform its agreements and covenants hereunder will cause irreparable injury to the Global Warrant Holder for which damages, even if available, will not be an adequate remedy.
Accordingly, the Company hereby consents to the issuance of injunctive relief by courts of the State of New York and any federal court located in such state to compel performance of the Company’s obligations and to the granting by courts of the
State of New York and any federal court located in such state of the remedy of specific performance of the Company’s obligations hereunder. 

  
 35 

 Section 6.17    Waiver of Jury Trial. EACH OF THE COMPANY AND THE
WARRANT AGENT ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS WARRANT AGREEMENT OR A WARRANT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PERSON HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
ANY RIGHT SUCH PERSON MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS WARRANT AGREEMENT OR A WARRANT. EACH OF THE COMPANY AND THE WARRANT AGENT CERTIFIES AND ACKNOWLEDGES THAT
(a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (b) SUCH PERSON UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (c) SUCH PERSON MAKES THIS WAIVER VOLUNTARILY, AND (d) SUCH PERSON HAS BEEN INDUCED TO ENTER INTO THIS WARRANT AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION. 
 Section 6.18    Benefit of this Warrant Agreement. Nothing in this Warrant Agreement expressed
and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any Person or corporation other than the parties hereto and the Global Warrant Holder any right, remedy or claim under
or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this Warrant Agreement contained shall be for the sole and
exclusive benefit of the parties hereto and their successors and of the Global Warrant Holder. 

Section 6.19    Registered Global Warrant Holder. Prior to due presentment for registration of Transfer, the
Company and the Warrant Agent may deem and treat the Person in whose name any Warrants are registered in the Warrant Register as the absolute owner thereof for all purposes whatever (notwithstanding any notation of ownership or other writing thereon
made by anyone other than the Company or the Warrant Agent) and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary or be bound to recognize any equitable or other claim to or interest in any Warrants on the
part of any other Person and shall not be liable for any registration of Transfer of Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary unless made with actual knowledge that a fiduciary or
nominee is committing a breach of trust in requesting such registration of Transfer or with such knowledge of such facts that its participation therein amounts to bad faith. 

Section 6.20    Headings. The Article and Section headings herein are for convenience only and are not a part
of this Warrant Agreement and shall not affect the interpretation thereof. 
 Section 6.21    Counterparts.
This Warrant Agreement may be executed in any number of counterparts on separate counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. A signature
to this Warrant Agreement transmitted/executed electronically or by facsimile shall have the same authority, effect and enforceability as an original signature. 

  
 36 

 Section 6.22    Entire Agreement. This Warrant Agreement and the
Global Warrant Certificate constitute the entire agreement of the Company, the Warrant Agent and the Global Warrant Holder with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among
the Company, the Warrant Agent and the Global Warrant Holder with respect to the subject matter hereof. 

Section 6.23    Severability. Wherever possible, each provision of this Warrant Agreement shall be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Warrant Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Warrant Agreement. 

Section 6.24    Damages. Without limiting any other provision of this Warrant Agreement, if the Company
willfully and knowingly fails to comply with any provision of this Warrant Agreement or a Warrant, which failure results in any material damages to the Global Warrant Holder, the Company shall pay to the Global Warrant Holder such amounts as shall
be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Global Warrant Holder in collecting any amounts due pursuant hereto or in
otherwise enforcing any of its rights, powers or remedies hereunder. 
 Section 6.25    Survival. All
provisions regarding indemnification, warranty, liability and limits thereon shall survive the termination or expiration of this Warrant Agreement. 

Section 6.26    Confidential Information. The Warrant Agent and the Company agree that (a) inter alia,
personal, non-public holder information (“Non-Public Information”) which is exchanged or received pursuant to the negotiation or the carrying out of
this Warrant Agreement and (b) the fees for services set forth in the attached schedule (“Confidential Fees,” together with Non-Public Information, “Confidential
Information”) shall remain confidential, and shall not be voluntarily disclosed to any other person, except disclosures pursuant to bankruptcy proceedings, applicable securities laws or otherwise as may be required by law, including,
without limitation, pursuant to subpoenas from state or federal government authorities. 
 Section 6.27    Force
Majeure. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God,
terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties,
war, or civil unrest. 
 [signature pages follow] 

  
 37 

 IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the
day and year first above written. 
  

			
	STONE ENERGY CORPORATION
		
	By:	 	 /s/ Kenneth H. Beer

	Name:	 	Kenneth H. Beer
	Title:	 	Executive Vice President and Chief Financial Officer

  
 [Signature Page to
Warrant Agreement] 

 
			
	COMPUTERSHARE INC. and
	COMPUTERSHARE TRUST COMPANY, N.A.,
	collectively as Warrant Agent:
		
	By:	 	 /s/ Daniel Deweever

	Name:	 	 Daniel Deweever

	Title:	 	 Product Director

  
 [Signature Page to
Warrant Agreement] 

 SCHEDULE A 

SCHEDULE OF INCREASES OR DECREASES IN WARRANTS 

The initial Number of Warrants is 3,529,412. In accordance with the Warrant Agreement dated as of February 28, 2017 among the Company and
Computershare Inc., a Delaware corporation, and its wholly owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company, collectively as the Warrant Agent, the following increases or decreases in the Number of Warrants
have been made: 
  

																	
	 Date
	  	Amount of increase
in Number of
Warrants
Evidenced by this
Global Warrant	 	  	Amount of
decrease in
Number of
Warrants
Evidenced by this
Global Warrant	 	  	Number of
Warrants
evidenced by this
Global Warrant
following such
increase
or
decrease	 	  	Signature of
authorized signatory	 
		  				  				  				  			

 EXHIBIT A 

FORM OF GLOBAL WARRANT CERTIFICATE 

[FACE] 
  

	 No. [                    ]

	 CUSIP No. 861642114 

UNLESS THIS GLOBAL WARRANT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO STONE
ENERGY CORPORATION (THE “COMPANY”), THE CUSTODIAN OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFER OF THIS GLOBAL WARRANT SHALL BE LIMITED TO
TRANSFERS IN WHOLE, AND NOT IN PART, TO THE COMPANY, DTC, THEIR SUCCESSORS AND THEIR RESPECTIVE NOMINEES. 

  
 A-1 

 
STONE ENERGY CORPORATION 
 February 28, 2017 

NUMBER OF WARRANTS: Initially, 3,529,412 Warrants, subject to adjustment as described in the Warrant Agreement dated as of February 28, 2017 between
Stone Energy Corporation and Computershare Inc. (“Computershare”), a Delaware corporation, and its wholly owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company, collectively, with Computershare, as
the Warrant Agent (the “Warrant Agreement”), each of which is exercisable for one share of Common Stock. 
 EXERCISE PRICE: Initially,
$42.04 per Warrant, subject to adjustment as described in the Warrant Agreement. 
 FORM OF PAYMENT OF EXERCISE PRICE: Cash, if Full Physical Settlement is
applicable, or Net Share Settlement. 
 FORM OF SETTLEMENT: Upon exercise of any Warrants represented hereby, the Beneficial Owner shall be entitled to
receive, at the Beneficial Owner’s election, either (a) upon payment to the Warrant Agent of the Exercise Price (determined as of the relevant Exercise Date), one share of Common Stock per Warrant exercised, together with Cash in lieu of
any fractional Warrants, or (b) without any payment therefor, a number of shares of Common Stock equal to the Net Share Amount, together with Cash in lieu of any fractional shares or fractional Warrants, in each case, as described in the
Warrant Agreement. 
 DATES OF EXERCISE: At any time, and from time to time, prior to 5:00 p.m., New York City time, on the Expiration Date, each Beneficial
Owner shall be entitled to exercise all Warrants then represented hereby and outstanding (which may include fractional Warrants) or any portion thereof (which shall not include any fractional Warrants). 

PROCEDURE FOR EXERCISE: Warrants may be exercised by surrendering the Warrant Certificate evidencing such Warrant at the principal office of the Warrant Agent
(or successor warrant agent), with the Exercise Notice set forth on the reverse of the Warrant Certificate duly completed and executed. 
 EXPIRATION DATE:
The earlier of (i) February 28, 2021 and (ii) the date of consummation of (A) any Qualified Asset Sale, (B) the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the Company
and its Subsidiaries in one transaction or a series of related transactions to any Person that is not a Qualified Asset Buyer or (C) any Excepted Combination. 

This Global Warrant Certificate certifies that: 

Cede & Co., or its registered assigns, is the Global Warrant Holder of the Number of Warrants (the “Warrants”)
specified above (such number subject to adjustment from time to time as described in the Warrant Agreement). 

  
 A-2 

 In connection with the exercise of any Warrants, (a) the Company shall determine the Full
Physical Share Amount or Net Share Amount, as applicable, for each Warrant, and (b) the Company shall, or shall cause the Warrant Agent to, deliver to the exercising Beneficial Owner, on the applicable Settlement Date, for each Warrant
exercised, a number of shares of Common Stock equal to the relevant Full Physical Share Amount or Net Share Amount, as applicable, together with Cash in lieu of any fractional shares or fractional Warrants as described in the Warrant Agreement. 

Prior to the relevant Exercise Date as described more fully in the Warrant Agreement, subject to Section 5.01 of the
Warrant Agreement, Warrants will not entitle the Global Warrant Holder to any of the rights of the holders of shares of Common Stock. 

Reference is hereby made to the further provisions of this Global Warrant Certificate set forth on the reverse hereof, and such further
provisions shall for all purposes have the same effect as though fully set forth in this place. 
 This Global Warrant Certificate shall not
be valid unless countersigned by the Warrant Agent. 
 In the event of any inconsistency between the Warrant Agreement and this Global
Warrant Certificate, the Warrant Agreement shall govern. 

  
 A-3 

 IN WITNESS WHEREOF, Stone Energy Corporation has caused this instrument to be duly executed. 

Dated: February 28, 2017 
  

			
	STONE ENERGY CORPORATION
		
	By:	 	  

	Name:	 	Kenneth H. Beer
	Title:	 	Executive Vice President and Chief Financial Officer

  
 A-4 

 Certificate of Authentication 

These are the Warrants referred to in the above-mentioned Warrant Agreement. 

Countersigned as of the date above written: 
 Computershare Inc.
and Computershare Trust Company, N.A., collectively, as Warrant Agent 
  

			
	By:	 	  

		 	Authorized Officer

  
 A-5 

 [FORM OF REVERSE OF GLOBAL WARRANT CERTIFICATE] 

Stone Energy Corporation 
 The
Warrants evidenced by this Global Warrant Certificate are part of a duly authorized issue of Warrants issued by the Company pursuant to the Warrant Agreement, dated as of February 28, 2017 (the “Warrant Agreement”), between the
Company and Computershare Inc., a Delaware corporation and its wholly owned subsidiary, Computershare Trust Company, N.A., a federally chartered trust company, collectively, with Computershare, as the “Warrant Agent”, and are
subject to the terms and provisions contained in the Warrant Agreement, to all of which terms and provisions the Global Warrant Holder consents by acceptance of this Global Warrant Certificate. Without limiting the foregoing, all capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent’s Office. 

The Warrant Agreement and the terms of the Warrants are subject to amendment as provided in the Warrant Agreement. 

This Global Warrant Certificate shall be governed by, and interpreted in accordance with, the laws of the State of New York without regard to
the conflicts of laws principles thereof. 

  
 A-6 

 FORM OF ASSIGNMENT 

FOR VALUE RECEIVED, the undersigned assigns and Transfers the Warrant(s) represented by this Certificate to: 

 

			
	  

	Name, Address and Zip Code of Assignee 
		
	and irrevocably appoints	 	  

		 	Name of Agent

 as its agent to Transfer this Warrant Certificate on the books of the Warrant Agent. 

[Signature page follows] 

  
 A-7 

 Date:
[                    ] 
  

			
	  

	Name of Transferee
		
	By:	 	  

	Name:	 	
	Title:	 	

 (Sign exactly as your name appears on the other side of this Certificate) 

NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and
credit unions with membership in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15. 

  
 A-8 

 EXHIBIT B 

FORM OF EXERCISE NOTICE 
 Computershare
Trust Company, NA 
 Address 
 Attention: Transfer Department

 Re:    Stone Energy Corporation Warrant Agreement, dated as of February 28, 2017 (the “Warrant Agreement”) 

The undersigned (the “Registered Warrant Holder”) hereby irrevocably exercises the right represented by the Global Warrant
Certificate No. [    ] held for its benefit through the book-entry facilities of The Depository Trust Company (the “Depository”), to exercise warrants and receive the consideration deliverable in exchange
therefor pursuant to the following settlement method (check one): 
 ☐    elects for Full Physical Settlement to
apply to the Exercised Warrants pursuant to Section 3.03(b) of the Warrant Agreement and confirms that it will, prior to 11:00 a.m., New York City time, on the Settlement Date, pay an amount equal to the Exercise Price (determined as of the
relevant Exercise Date), multiplied by the number of Exercised Warrants, by federal wire or other immediately available funds payable to the order of the Company to the account maintained by the Warrant Agent; or 

☐    elects for Net Share Settlement to apply to the Exercised Warrants pursuant to Section 3.03(c) of the
Warrant Agreement. 
 Please check below if this exercise is contingent upon a registered public offering, Fundamental Equity Change, any
Qualified Asset Sale, the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the Company and its Subsidiaries in one transaction or a series of related transactions to any Person that is not a
Qualified Asset Buyer, any Excepted Combination or any other transaction or event in accordance with Section 3.02(f) of the Warrant Agreement. 

☐    This exercise is being made in connection with a registered public offering, Fundamental Equity Change, any
Qualified Asset Sale, the sale, lease, conveyance or other transfer of all or substantially all of the consolidated assets of the Company and its Subsidiaries in one transaction or a series of related transactions to any Person that is not a
Qualified Asset Buyer, any Excepted Combination or any other transaction or event; provided, that in the event that such transaction shall not be consummated, then this exercise shall be deemed revoked. 

THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO CLOSE OF BUSINESS ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY
YOU OF THE ADDRESS AND PHONE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. 

  
 B-1 

 ALL CAPITALIZED TERMS USED HEREIN AND NOT OTHERWISE DEFINED SHALL HAVE THE MEANINGS SET FORTH IN
THE WARRANT AGREEMENT. 

  
 B-2 

			
	By:	 	  

		 	Authorized Signature
		 	Address:
		 	Telephone:

  
 B-3 

 EXHIBIT C 

FEE SCHEDULE 
 The Company shall pay the
Warrant Agent for performance of its services under this Warrant Agreement such compensation as shall be agreed in writing between the Company and the Warrant Agent. 

  
 C-1

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