Document:

Exhibit 10.11

 

 

FORM
OF INDEMNITY AGREEMENT

 

THIS
INDEMNITY AGREEMENT (this “Agreement”) is made as of January 26, 2021, by and between CONSTELLATION
ACQUISITION CORP I, a Cayman Islands exempted company (the “Company”), and Charles Stonehill (“Indemnitee”).

 

RECITALS

 

WHEREAS,
highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers or in other capacities
unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims
and actions against them arising out of their service to and activities on behalf of such corporations;

 

WHEREAS,
the board of directors of the Company (the “Board”) has determined that, in order to attract and retain
qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect
persons serving the Company and its subsidiaries, if any, from certain liabilities;

 

WHEREAS,
directors, officers and other persons in service to corporations or business enterprises are being increasingly subjected to expensive
and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against
the Company or business enterprise itself;

 

WHEREAS,
the amended and restated memorandum and articles of association of the Company (the “Charter”) require
indemnification of the officers and directors of the Company, Indemnitee may also be entitled to indemnification pursuant to applicable
Cayman Islands law and the Charter provides that the indemnification provisions set forth therein are not exclusive, and thereby
contemplates that contracts may be entered into between the Company and members of the Board, officers and other persons with
respect to indemnification, hold harmless, exoneration, advancement and reimbursement rights;

 

WHEREAS,
the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining
such persons;

 

WHEREAS,
the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests
of the Company’s shareholders and that the Company should act to assure such persons that there will be increased certainty
of such protection in the future;

 

WHEREAS,
it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, hold harmless, exonerate
and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or
continue to serve the Company free from undue concern that they will not be so protected against liabilities;

 

WHEREAS,
this Agreement is a supplement to and in furtherance of the Charter and any resolutions adopted pursuant thereto, and shall not
be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder; and

 

WHEREAS,
Indemnitee may not be willing to serve as an officer or director, advisor or in another capacity, without adequate protection,
and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that he or she be so indemnified;

 

NOW,
THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant
and agree as follows:

 

TERMS
AND CONDITIONS

 

     

     

    

1.       SERVICES
TO THE COMPANY. Indemnitee will serve or continue to serve as an officer, director, advisor, key employee or in any other
capacity of the Company, as applicable, for so long as Indemnitee is duly elected, appointed or retained or until Indemnitee tenders
his or her resignation or until Indemnitee is removed. The foregoing notwithstanding, this Agreement shall continue in full force
and effect as provided in Section 17. This Agreement, however, shall not impose any obligation on Indemnitee or the Company
to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments
of the parties, if any.

 

2.       DEFINITIONS.
As used in this Agreement:

 

(a)       The
term “agent” shall mean any person who is or was a director, officer or employee of the Company or a
subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in
such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability
company, joint venture, trust or other enterprise at the request of, for the convenience of, or to represent the interests of
the Company or a subsidiary of the Company.

 

(b)       The
terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings
set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

 

(c)       The
term “Cayman Court” shall mean the courts of the Cayman Islands.

 

(d)       The
term “Change in Control” shall mean the occurrence of the earliest to occur after the date of this Agreement
of any of the following events:

 

(i)       Acquisition
of Shares by Third Party. Other than an affiliate of Constellation Sponsor GmbH & Co. KG (the “Sponsor”),
any Person (as defined below) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing
fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities entitled to vote
generally in the election of directors, unless (1) the change in the relative Beneficial Ownership of the Company’s securities
by any Person results solely from a reduction in the aggregate number of outstanding shares entitled to vote generally in the
election of directors, or (2) such acquisition was approved in advance by the Continuing Directors (as defined below) and such
acquisition would not constitute a Change in Control under part (iii) of this definition;

 

(ii)       Change
in Board of Directors. Individuals who, as of the date hereof, constitute the Board, and any new director whose election by
the Board or nomination for election by the Company’s shareholders was approved by a vote of at least two thirds of the
directors then still in office who were directors on the date hereof or whose election for nomination for election was previously
so approved (collectively, the “Continuing Directors”), cease for any reason to constitute at least
a majority of the members of the Board;

 

(iii)       Corporate
Transactions. The effective date of a merger, share exchange, asset acquisition, share purchase, reorganization or similar
business combination involving the Company and one or more businesses (a “Business Combination”), in
each case, unless, following such Business Combination: (1) all or substantially all of the individuals and entities who were
the Beneficial Owners of securities entitled to vote generally in the election of directors immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 51% of the combined voting power of the then outstanding securities
of the Company entitled to vote generally in the election of directors resulting from such Business Combination (including, without
limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more Subsidiaries (as defined below)) in substantially the same proportions as their
ownership immediately prior to such Business Combination, of the securities entitled to vote generally in the election of directors;
(2) other than an affiliate of the Sponsor, no Person (excluding any corporation resulting from such Business Combination) is
the Beneficial Owner, directly or indirectly, of 15% or more of the combined voting power 

 

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of
the then outstanding securities entitled to vote generally in the election of directors of the surviving corporation except to
the extent that such ownership existed prior to the Business Combination; and (3) at least a majority of the Board of Directors
of the corporation resulting from such Business Combination were Continuing Directors at the time of the execution of the initial
agreement, or of the action of the Board of Directors, providing for such Business Combination;

 

(iv)       Liquidation.
The approval by the shareholders of the Company of a complete liquidation of the Company or an agreement or series of agreements
for the sale or disposition by the Company of all or substantially all of the Company’s assets, other than factoring the
Company’s current receivables or escrows due (or, if such approval is not required, the decision by the Board to proceed
with such a liquidation, sale, or disposition in one transaction or a series of related transactions); or

 

(v)       Other
Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule
14A of Regulation 14A (or any successor rule) (or a response to any similar item on any similar schedule or form) promulgated
under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

 

(e)       The
term “Companies Law” shall mean the Companies Law (2018 Revision) of the Cayman Islands, as amended
from time to time.

 

(f)       The
term “Corporate Status” describes the status of a person who is or was a director, officer, trustee,
general partner, managing member, fiduciary, employee or agent of the Company or of any other Enterprise (as defined below) which
such person is or was serving at the request of the Company.

 

(g)       The
term “Disinterested Director” shall mean a director of the Company who is not and was not a party to
the Proceeding (as defined below) in respect of which indemnification is sought by Indemnitee.

 

(h)       The
term “Enterprise” shall mean the Company and any other corporation, constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries)
is a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee
is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary,
employee or agent.

 

(i)       The
term “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 

(j)       The
term “Expenses” shall include all direct and indirect costs, fees and expenses of any type or nature
whatsoever, including, without limitation, all reasonable attorneys’ fees and costs, retainers, court costs, transcript
costs, fees of experts, witness fees, travel expenses, fees of private investigators and professional advisors, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, fax transmission charges, secretarial services
and all other disbursements, obligations or expenses in connection with prosecuting, defending, preparing to prosecute or defend,
investigating, being or preparing to be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding (as
defined below), including reasonable compensation for time spent by Indemnitee for which he or she is not otherwise compensated
by the Company or any third party. Expenses also shall include Expenses incurred in connection with any appeal resulting from
any Proceeding (as defined below), including without limitation the principal, premium, security for, and other costs relating
to any cost bond, supersedeas bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid
in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(k)       The
term “Independent Counsel” shall mean a law firm or a member of a law firm with significant experience
in matters of corporate law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company
or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this
Agreement, or of other indemnitees under similar indemnification agreements); or (ii) any other party to the Proceeding (as defined
below) giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under 

 

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the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company
or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(l)       The
term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act as
in effect on the date hereof; provided, however, that “Person” shall exclude: (i) the Company; (ii) any Subsidiaries
(as defined below) of the Company; (iii) any employment benefit plan of the Company or of a Subsidiary (as defined below) of the
Company or of any corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions
as their ownership of shares of the Company; and (iv) any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or of a Subsidiary (as defined below) of the Company or of a corporation owned directly or indirectly by the
shareholders of the Company in substantially the same proportions as their ownership of shares of the Company.

 

(m)       The
term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, mediation,
alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed
proceeding, whether brought in the right of the Company or otherwise and whether of a civil (including intentional or unintentional
tort claims), criminal, administrative or investigative or related nature, in which Indemnitee was, is, will or might be involved
as a party or otherwise by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any
action (or failure to act) taken by him or her or of any action (or failure to act) on his or her part while acting as a director
or officer of the Company, or by reason of the fact that he or she is or was serving at the request of the Company as a director,
officer, trustee, general partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case whether
or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or
advancement of expenses can be provided under this Agreement.

 

(n)       The
term “Serving at the request of the Company” shall include any service as a director, officer, employee,
agent or fiduciary of the Company which imposes duties on, or involves services by, such director, officer, employee, agent or
fiduciary with respect to an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith and
in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit
plan, Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the Company”
as referred to in this Agreement.

 

(o)       The
term “Subsidiary,” with respect to any Person, shall mean any corporation, limited liability company,
partnership, joint venture, trust or other entity of which a majority of the voting power of the voting equity securities or equity
interest is owned, directly or indirectly, by that Person.

 

3.       INDEMNITY
IN THIRD-PARTY PROCEEDINGS. To the fullest extent permitted by applicable law, the Company shall indemnify, hold harmless
and exonerate Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is threatened to
be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding, other than a Proceeding by or in
the right of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this
Section 3, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses, judgments, liabilities,
fines, penalties and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection
with or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually, and reasonably incurred
by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee
acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company
and, in the case of a criminal Proceeding, had no reasonable cause to believe that his or her conduct was unlawful.

 

4.       INDEMNITY
IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. To the fullest extent permitted by applicable law, the Company shall indemnify,
hold harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee was, is, or is
threatened to be made, a party to or a participant (as a witness, deponent or otherwise) in any Proceeding by or in the right
of the Company to procure a judgment in its favor by reason of Indemnitee’s Corporate Status. Pursuant to this Section
4, Indemnitee shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably incurred by
him or her or on his
or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good

 

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faith and in a manner
he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification, hold harmless
or exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee
shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that any court in which
the Proceeding was brought or the Cayman Court shall determine upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification, to be held harmless
or to exoneration.

 

5.       INDEMNIFICATION
FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any other provisions of this Agreement except
for Section 27, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, a party to (or
a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter
therein, in whole or in part, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and
exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee
is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all
claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify,
hold harmless and exonerate Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf
in connection with each successfully resolved claim, issue or matter. If Indemnitee is not wholly successful in such Proceeding,
the Company also shall, to the fullest extent permitted by applicable law, indemnify, hold harmless and exonerate Indemnitee against
all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which Indemnitee
was successful. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding
by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

6.       INDEMNIFICATION
FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this Agreement except for Section 27, to the extent
that Indemnitee is, by reason of his or her Corporate Status, a witness or deponent in any Proceeding to which Indemnitee is not
a party, he or she shall, to the fullest extent permitted by applicable law, be indemnified, held harmless and exonerated against
all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.

 

7.       ADDITIONAL
INDEMNIFICATION, HOLD HARMLESS AND EXONERATION RIGHTS. Notwithstanding any limitation in Sections 3, 4, or 5
and except for Section 27, the Company shall, to the fullest extent permitted by applicable law, indemnify, hold harmless
and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding
by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines, penalties and amounts
paid in settlement (including all interest, assessments and other charges paid or payable in connection with or in respect of
such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred by Indemnitee in connection
with the Proceeding. No indemnification, hold harmless or exoneration rights shall be available under this Section 7 on
account of Indemnitee’s conduct which constitutes a breach of Indemnitee’s duty of loyalty to the Company or its shareholders
or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law.

 

8.       CONTRIBUTION
IN THE EVENT OF JOINT LIABILITY.

 

(a)       To
the fullest extent permissible under applicable law, if the indemnification, hold harmless and/or exoneration rights provided
for in this Agreement are unavailable to Indemnitee in whole or in part for any reason whatsoever, the Company, in lieu of indemnifying,
holding harmless or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee, whether
for judgments, liabilities, fines, penalties, amounts paid or to be paid in settlement and/or for Expenses, in connection with
any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any
right of contribution it may have at any time against Indemnitee.

 

(b)       The
Company shall not enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would
be if joined in such Proceeding) unless such settlement provides for a full and final release of all claims asserted against Indemnitee.

 

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(c)       The
Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from any claims for contribution which may be
brought by officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee.

 

9.       EXCLUSIONS.
Notwithstanding any provision in this Agreement except for Section 27, the Company shall not be obligated under this Agreement
to make any indemnification, advance expenses, hold harmless or exoneration payment in connection with any claim made against
Indemnitee:

 

(a)       for
which payment has actually been received by or on behalf of Indemnitee under any insurance policy or other indemnity or advancement
provision or otherwise, except with respect to any excess beyond the amount actually received under any insurance policy, contract,
agreement, other indemnity or advancement provision or otherwise;

 

(b)       for
an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act (or any successor rule) or similar provisions of state statutory law or common
law; or

 

(c)       except
as otherwise provided in Sections 14(e)-(f) hereof, prior to a Change in Control, in connection with any Proceeding (or
any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee
against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding
(or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, hold harmless or exoneration
payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law. Indemnitee shall seek payments
or advances from the Company only to the extent that such payments or advances are unavailable from any insurance policy of the
Company covering Indemnitee.

 

10.       ADVANCES
OF EXPENSES; DEFENSE OF CLAIM.

 

(a)       Notwithstanding
any provision of this Agreement to the contrary except for Section 27, and to the fullest extent not prohibited by applicable
law, the Company shall pay the Expenses incurred by Indemnitee (or reasonably expected by Indemnitee to be incurred by Indemnitee
within three months) in connection with any Proceeding within ten (10) days after the receipt by the Company of a statement or
statements requesting such advances from time to time, prior to the final disposition of any Proceeding. Advances shall, to the
fullest extent permitted by law, be unsecured and interest free. Advances shall, to the fullest extent permitted by law, be made
without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement
to be indemnified, held harmless or exonerated under the other provisions of this Agreement. Advances shall include any and all
reasonable Expenses incurred pursuing a Proceeding to enforce this right of advancement, including Expenses incurred preparing
and forwarding statements to the Company to support the advances claimed. To the fullest extent required by applicable law, such
payments of Expenses in advance of the final disposition of the Proceeding shall be made only upon the Company’s receipt
of an undertaking, by or on behalf of Indemnitee, to repay the advanced amounts to the extent that it is ultimately determined
that Indemnitee is not entitled to be indemnified, held harmless or exonerated by the Company under the provisions of this Agreement,
the Charter, applicable law or otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee for which
an indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.

 

(b)       The
Company will be entitled to participate in the Proceeding at its own expense.

 

(c)       The
Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine,
penalty or limitation on Indemnitee without Indemnitee’s prior written consent.

 

11.       PROCEDURE
FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

 

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(a)       Indemnitee
agrees to notify promptly the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,
information or other document relating to any Proceeding or matter which may be subject to indemnification, hold harmless or exoneration
rights, or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the
Company of any obligation which it may have to Indemnitee under this Agreement, or otherwise.

 

(b)       Indemnitee
may deliver to the Company a written application to indemnify, hold harmless or exonerate Indemnitee in accordance with this Agreement.
Such application(s) may be delivered from time to time and at such time(s) as Indemnitee deems appropriate in his or her sole
discretion. Following such a written application for indemnification by Indemnitee, Indemnitee’s entitlement to indemnification
shall be determined according to Section 12(a) of this Agreement.

 

12.       PROCEDURE
UPON APPLICATION FOR INDEMNIFICATION.

 

(a)       A
determination, if required by applicable law, with respect to Indemnitee’s entitlement to indemnification shall be made
in the specific case by one of the following methods: (i) if no Change in Control has occurred, (x) by a majority vote of the
Disinterested Directors, even though less than a quorum of the Board, (y) by a committee of Disinterested Directors, even though
less than a quorum of the Board, or (z) if there are no Disinterested Directors, or if such Disinterested Directors so direct,
by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change
in Control has occurred, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee.
The Company promptly will advise Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled
to indemnification, including a description of any reason or basis for which indemnification has been denied. If it is so determined
that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.
Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s
entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation
or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee
and reasonably necessary to such determination. Any costs or Expenses (including reasonable attorneys’ fees and disbursements)
incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company
(irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies
and agrees to hold Indemnitee harmless therefrom.

 

(b)       In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a)
hereof, the Independent Counsel shall be selected as provided in this Section 12(b). The Independent Counsel shall
be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give
written notice to the Company advising it of the identity of the Independent Counsel so selected and certifying that the Independent
Counsel so selected meets the requirements of “Independent Counsel” as defined in Section 2 of this Agreement.
If the Independent Counsel is selected by the Board, the Company shall give written notice to Indemnitee advising him or her of
the identity of the Independent Counsel so selected and certifying that the Independent Counsel so selected meets the requirements
of “Independent Counsel” as defined in Section 2 of this Agreement. In either event, Indemnitee or the Company,
as the case may be, may, within ten (10) days after such written notice of selection shall have been received, deliver to the
Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may
be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such
assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection
is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection
is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. If, within twenty (20)
days after submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof, no Independent
Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Cayman Court for resolution
of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel
and/or for the appointment as Independent Counsel of a person selected by the Cayman Court, and the person with respect to whom
all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a) hereof.
Upon the due 

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commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of
professional conduct then prevailing).

 

(c)       The
Company agrees to pay the reasonable fees and expenses of Independent Counsel and to fully indemnify and hold harmless such Independent
Counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

 

13.       PRESUMPTIONS
AND EFFECT OF CERTAIN PROCEEDINGS.

 

(a)       In
making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to overcome that presumption
in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the
failure of the Company (including by the Disinterested Directors or Independent Counsel) to have made a determination prior to
the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee
has met the applicable standard of conduct, nor an actual determination by the Company (including by the Disinterested Directors
or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create
a presumption that Indemnitee has not met the applicable standard of conduct.

 

(b)       If
the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee
is entitled to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the
request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent permitted by law,
be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) a final judicial determination that any or all such indemnification
is expressly prohibited under applicable law; provided, however, that such 30-day period may be extended for a reasonable time,
not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement
to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information
relating thereto.

 

(c)       The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon
a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner
which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful.

 

(d)       For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action
is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee
by the directors, trustees, general partners, managers or managing members of the Enterprise in the course of their duties, or
on the advice of legal counsel for the Enterprise, its Board, any committee of the Board or any director, trustee, general partner,
manager or managing member of the Enterprise, or on information or records given or reports made to the Enterprise, its Board,
any committee of the Board or any director, trustee, general partner, manager or managing member of the Enterprise, by an independent
certified public accountant or by an appraiser or other expert selected by the Enterprise, its Board, any committee of the Board
or any director, trustee, general partner, manager or managing member. The provisions of this Section 13(d) shall not be
deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the
applicable standard of conduct set forth in this Agreement.

 

    8 

     

    

(e)       The
knowledge and/or actions, or failure to act, of any other director, officer, trustee, partner, manager, managing member, fiduciary,
agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement.

 

14.       REMEDIES
OF INDEMNITEE.

 

(a)       In
the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses, to the fullest extent permitted by applicable law, is not
timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have
been made pursuant to Section 12(a) of this Agreement within thirty (30) days after receipt by the Company of the request
for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6, 7 or the last
sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor,
(v) a contribution payment is not made in a timely manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification
pursuant to Section 3 or 4 of this Agreement is not made within ten (10) days after a determination has been made
that Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold harmless or exoneration rights
under this Agreement or otherwise is not made within ten (10) days after receipt by the Company of a written request therefor,
Indemnitee shall be entitled to an adjudication by the Cayman Court to such indemnification, hold harmless, exoneration, contribution
or advancement rights. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a
single arbitrator pursuant to the Commercial Arbitration Rules and Mediation Procedures of the American Arbitration Association.
Except as set forth herein, the provisions of Cayman Islands law (without regard to its conflict of laws rules) shall apply to
any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)       In
the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not
entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse
determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed
to be entitled to be indemnified, held harmless, exonerated to receive advances of Expenses under this Agreement and the Company
shall have the burden of proving Indemnitee is not entitled to be indemnified, held harmless, exonerated and to receive advances
of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section
12(a) of this Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration
pursuant to this Section 14, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section
10 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all
rights of appeal have been exhausted or lapsed).

 

(c)       If
a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section
14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d)       The
Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such
court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.

 

(e)       The
Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted by law against all Expenses and, if requested
by Indemnitee, shall (within ten (10) days after the Company’s receipt of such written request) pay to Indemnitee, to the
fullest extent permitted by applicable law, such Expenses which are incurred by Indemnitee in connection with any judicial proceeding
or arbitration brought by Indemnitee (i) to enforce his or her rights under, or to recover damages for breach of, this Agreement
or any other indemnification, hold harmless, exoneration, advancement or contribution agreement or provision of the Charter now
or hereafter in effect; 

    9 

     

    

or (ii) for recovery or advances under any insurance policy maintained by any person for the benefit of
Indemnitee, regardless of the outcome and whether Indemnitee ultimately is determined to be entitled to such indemnification,
hold harmless or exoneration right, advancement, contribution or insurance recovery, as the case may be (unless such judicial
proceeding or arbitration was not brought by Indemnitee in good faith).

 

(f)       Interest
shall be paid by the Company to Indemnitee at the legal rate under New York law for amounts which the Company indemnifies, holds
harmless or exonerates, or is obliged to indemnify, hold harmless or exonerate for the period commencing with the date on which
Indemnitee requests indemnification, to be held harmless, exonerated, contribution, reimbursement or advancement of any Expenses
and ending with the date on which such payment is made to Indemnitee by the Company.

 

15.       SECURITY.
Notwithstanding anything herein to the contrary, to the extent requested by Indemnitee and approved by the Board, the Company
may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an
irrevocable bank line of credit, funded trust or other collateral. Any such security, once provided to Indemnitee, may not be
revoked or released without the prior written consent of Indemnitee.

 

16.       NON-EXCLUSIVITY;
SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

 

(a)       The
rights of Indemnitee as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at
any time be entitled under applicable law, the Charter, any agreement, a vote of shareholders or a resolution of directors, or
otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of
Indemnitee under this Agreement in respect of any Proceeding (regardless of when such Proceeding is first threatened, commenced
or completed) arising out of, or related to, any action taken or omitted by such Indemnitee in his or her Corporate Status prior
to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision,
permits greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would be afforded currently
under the Charter or this Agreement, then this Agreement (without any further action by the parties hereto) shall automatically
be deemed to be amended to require that the Company indemnify Indemnitee to the fullest extent permitted by law. No right or remedy
herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative
and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other right or remedy.

 

(b)       The
Companies Law and the Charter permit the Company to purchase and maintain insurance or furnish similar protection or make other
arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond (“Indemnification
Arrangements”) on behalf of Indemnitee against any liability asserted against him or her or incurred by or on behalf
of him or her or in such capacity as a director, officer, employee or agent of the Company, or arising out of his or her status
as such, whether or not the Company would have the power to indemnify him or her against such liability under the provisions of
this Agreement or under the Companies Law, as it may then be in effect. The purchase, establishment, and maintenance of any such
Indemnification Arrangement shall not in any way limit or affect the rights and obligations of the Company or of Indemnitee under
this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee
shall not in any way limit or affect the rights and obligations of the Company or the other party or parties thereto under any
such Indemnification Arrangement.

 

(c)       To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, trustees,
partners, managing members, fiduciaries, employees, or agents of the Company or of any other Enterprise which such person
serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms
to the maximum extent of the coverage available for any such director, officer, trustee, partner, managing member, fiduciary,
employee or agent under such policy or policies. If, at the time the Company receives notice from any source of a Proceeding as
to which Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability insurance
in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth
in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers 

    10 

     

    

to pay,
on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

(d)       In
the event of any payment under this Agreement, the Company, to the fullest extent permitted by law, shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action
necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to
enforce such rights.

 

(e)       The
Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other
Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration payments
or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary except
for Section 27, (i) Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification,
hold harmless, exoneration, advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee
prior to the Company’s satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall
perform fully its obligations under this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification,
advancement, hold harmless, exoneration, contribution or insurance coverage rights against any person or entity other than the
Company.

 

(f)       To
the extent Indemnitee has rights to indemnification, advancement of expenses and/or insurance provided by the Sponsor or its affiliates
(other than the Company) as applicable, (i) the Company shall be the indemnitor of first resort (i.e., that its obligations
to Indemnitee are primary and any obligation of the Sponsor or its respective affiliates, as applicable, to advance expenses or
to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) the Company shall
be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all claims,
liabilities, damages, losses, costs and expenses (including amounts paid in satisfaction of judgments, in compromises and settlements,
as fines and penalties and legal or other costs and reasonable expenses of investigating or defending against any claim or alleged
claim) to the extent legally permitted and as required by the terms of this Agreement, the Company’s organizational documents
or other agreement, without regard to any rights Indemnitee may have against the Sponsor or its affiliates, as applicable, and
(iii) the Company irrevocably waives, relinquishes and releases the Sponsor and its affiliates, as applicable, from any and all
claims against them for contribution, subrogation or any other recovery of any kind in respect thereof. No advancement or payment
by the Sponsor or its affiliates, as applicable, on behalf of Indemnitee with respect to any claim for which Indemnitee has sought
indemnification from the Company shall affect the foregoing, and the Sponsor and its affiliates, as applicable, shall have a right
of contribution and be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee
against the Company.

 

17.       DURATION
OF AGREEMENT. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee serves
as a director or officer of the Company or as a director, officer, trustee, partner, managing member, fiduciary, employee or agent
of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which Indemnitee serves
at the request of the Company and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding
(including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement)
by reason of his or her Corporate Status, whether or not he is acting in any such capacity at the time any liability or expense
is incurred for which indemnification or advancement can be provided under this Agreement.

 

18.       SEVERABILITY.
If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each
portion of any Section, paragraph or 

    11 

     

    

sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable
to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible,
the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby.

 

19.       ENFORCEMENT
AND BINDING EFFECT.

 

(a)       The
Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that
Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

 

(b)       Without
limiting any of the rights of Indemnitee under the Charter as they may be amended from time to time, this Agreement constitutes
the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements
and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof.

 

(c)       The
indemnification, hold harmless, exoneration and advancement of expenses rights provided by or granted pursuant to this Agreement
shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct
or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of
the Company), shall continue as to an Indemnitee who has ceased to be a director, officer, employee or agent of the Company or
director or officer of any other Enterprise at the Company’s request, and shall inure to the benefit of Indemnitee and his
or her spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

 

(d)       The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to
all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform if no such succession had taken place.

 

(e)       The
Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, may be inadequate,
impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the
parties hereto agree that Indemnitee may, to the fullest extent permitted by law, enforce this Agreement by seeking, among other
things, injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm
and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining
any other relief to which he may be entitled. The Company and Indemnitee further agree that Indemnitee shall, to the fullest extent
permitted by law, be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary
injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking in connection therewith. The
Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court of competent
jurisdiction, and the Company hereby waives any such requirement of such a bond or undertaking to the fullest extent permitted
by law.

 

20.       MODIFICATION
AND WAIVER. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the
parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions of this Agreement nor shall any waiver constitute a continuing waiver.

 

21.       NOTICES.
All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been
duly given (i) if delivered by hand and receipted for by the party to whom said notice or other communication shall have been
directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third (3rd) business day after the date
on which it is so mailed:

 

(a)       If
to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide
in writing to the Company.

 

    12 

     

    

(b)       If
to the Company, to:

 

Constellation Acquisition
Corp I

 181 Westchester
Avenue

Suite 407A

Port Chester, NY 10573

 

With a copy, which
shall not constitute notice, to

 

Davis Polk & Wardwell
LLP

450 Lexington Avenue

New York, NY 10017

 

Attn: Derek J. Dostal,
Esq.

Fax No.: (212) 701-5322

 

or to any
other address as may have been furnished to Indemnitee in writing by the Company.

 

22.       APPLICABLE
LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of New York, without regard to its conflict of laws rules. Except with
respect to any arbitration commenced by Indemnitee pursuant to Section 14(a) of this Agreement, to the fullest extent permitted
by law, the Company and Indemnitee hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out
of or in connection with this Agreement shall be brought only in the Cayman Court and not in any state or federal court in the
United States of America or any court in any other country; (b) consent to submit to the exclusive jurisdiction of the Cayman
Court for purposes of any action or proceeding arising out of or in connection with this Agreement; (c) waive any objection to
the laying of venue of any such action or proceeding in the Cayman Court; and (d) waive, and agree not to plead or to make, any
claim that any such action or proceeding brought in the Cayman Court has been brought in an improper or inconvenient forum, or
is subject (in whole or in part) to a jury trial.

 

23.       IDENTICAL
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to
be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the
party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

 

24.       MISCELLANEOUS.
Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of the paragraphs
of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect
the construction thereof.

 

25.       PERIOD
OF LIMITATIONS. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company
against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two
years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished
and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that
if any shorter period of limitations is otherwise applicable to any such cause of action such shorter period shall govern.

 

26.       ADDITIONAL
ACTS. If for the validation of any of the provisions in this Agreement any act, resolution, approval or other procedure is
required to the fullest extent permitted by law, the Company undertakes to cause such act, resolution, approval or other procedure
to be affected or adopted in a manner that will enable the Company to fulfill its obligations under this Agreement.

 

27.       WAIVER
OF CLAIMS TO TRUST ACCOUNT. Notwithstanding anything contained herein to the contrary, Indemnitee hereby agrees that it does
not have any right, title, interest or claim of any kind (each, a 

 

    13 

     

    

“Claim”)
in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit
of the Company and holders of shares issued in such offering (the “Trust Account”), and hereby waives
any Claim it may have in the future as a result of, or arising out of, any services provided to the Company and will not seek
recourse against such Trust Account for any reason whatsoever. Accordingly, Indemnitee acknowledges and agrees that any indemnification
provided hereto will only be able to be satisfied by the Company if (i) the Company has sufficient funds outside of the Trust
Account to satisfy its obligations hereunder or (ii) the Company consummates an initial business combination.

 

28.       MAINTENANCE
OF INSURANCE. The Company shall use commercially reasonable efforts to obtain and maintain in effect during the entire period
for which the Company is obligated to indemnify the Indemnitee under this Agreement, one or more policies of insurance with reputable
insurance companies to provide the officers/directors of the Company with coverage for losses from wrongful acts and omissions
and to ensure the Company’s performance of its indemnification obligations under this Agreement. The Indemnitee shall be
covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any
such director or officer under such policy or policies. In all such insurance policies, the Indemnitee shall be named as an insured
in such a manner as to provide the Indemnitee with the same rights and benefits as are accorded to the most favorably insured
of the Company’s directors and officers.

 

[Signature
Page Follows]

 

    14 

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of the day and year first above written.

 

 

	 	 	 	CONSTELLATION ACQUISITION CORP I	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	/s/
    Klaus Kleinfeld 	 
	 	 	 	 	Name:	Klaus
    Kleinfeld	 
	 	 	 	 	Title:	Chief
    Executive Officer	 
	 	 	 	 	 	 	 

 

 

	 	 	 	INDEMNITEE	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	By:	/s/
    Charles Stonehill 	 
	 	 	 	 	Name:	Charles Stonehill	 
	 	 	 	 	Address:	285
    Central Park West	 
	 	 	 	 	 	Apt 75	 
	 	 	 	 	 	New York, NY 10024	 

 

 

 

 

[Signature Page to Indemnity Agreement]EX-4.1

 Exhibit 4.1 

Execution Version 

FOURTH SUPPLEMENTAL INDENTURE 
 by
and among 
 PIONEER NATURAL RESOURCES COMPANY 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION 
 as Trustee 

Dated as of January 29, 2021 

Supplement to Indenture for Debt Securities 

Dated as of June 26, 2012 

0.750% Senior Notes due 2024 

1.125% Senior Notes due 2026 

2.150% Senior Notes due 2031 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 1.
	 	 Notes
	  	 	2	 
			
	 Section 2.
	 	 Optional Redemption of Notes
	  	 	4	 
			
	 Section 3.
	 	 Offer to Repurchase Upon a Change of Control Repurchase Event
	  	 	6	 
			
	 Section 4.
	 	 Additional Covenants of the Company
	  	 	8	 
			
	 Section 5.
	 	 Amendments to Sections 1.01, 6.01, 6.04 and Article XIII of the Indenture.
	  	 	9	 
			
	 Section 6.
	 	 Ratification
	  	 	18	 
			
	 Section 7.
	 	 No Security Interest Created
	  	 	18	 
			
	 Section 8.
	 	 Table of Contents, Headings, Etc
	  	 	18	 
			
	 Section 9.
	 	 Severability
	  	 	18	 
			
	 Section 10.
	 	 Counterparts
	  	 	18	 
			
	 Section 11.
	 	 Governing Law
	  	 	18	 
			
	 Section 12.
	 	 Trustee Not Responsible for Recitals or Issuance of Notes
	  	 	19	 

  

			
	Exhibit A -	 	Form of 2024 Global Note
		
	Exhibit B -	 	Form of 2026 Global Note
		
	Exhibit C -	 	Form of 2031 Global Note

  
 -i- 

 FOURTH SUPPLEMENTAL INDENTURE 

THIS FOURTH SUPPLEMENTAL INDENTURE dated as of January 29, 2021 (this “Supplemental Indenture”), by and between Pioneer
Natural Resources Company, a Delaware corporation (the “Company”), and Wells Fargo Bank, National Association, a national banking association organized under the laws of the United States of America, as trustee (the
“Trustee”). Capitalized terms used herein and not otherwise defined have the meanings set forth in the Indenture (as defined below). 

RECITALS 
 A. The Company
and the Trustee, entered into that certain Indenture, dated as of June 26, 2012 (the “Indenture”), pursuant to which the Company may from time to time issue its debentures, notes, bonds or other evidences of indebtedness in one
or more series (collectively, the “Debt Securities”). 
 B. Section 9.01 of the Indenture provides that the Company,
when authorized by a resolution of the Board of Directors of the Company, and the Trustee may, without the consent of the Holders of the Debt Securities, enter into a supplemental indenture to establish the form or terms of Debt Securities of any
series as permitted by Sections 2.01 and 2.03 of the Indenture. 
 C. The Company desires to issue (i) $750,000,000 aggregate principal
amount of 0.750% Senior Notes due 2024 (the “2024 Notes”), (ii) $750,000,000 aggregate principal amount of 1.125% Senior Notes due 2026 (the “2026 Notes”) and (iii) $1,000,000,000 aggregate principal amount of
2.150% Senior Notes due 2031 (the “2031 Notes” and, together with the 2024 Notes and the 2026 Notes, the “Notes”) each as a separate series of Debt Securities under the Indenture, and in connection therewith, the
Company has duly determined to make, execute and deliver this Supplemental Indenture to set forth the terms and provisions of each of the three series of Notes as required by the Indenture. 

D. The Company has determined that this Supplemental Indenture is authorized or permitted by Section 9.01 of the Indenture and has
delivered to the Trustee an Opinion of Counsel and Officers’ Certificate to the effect that all conditions precedent provided for in the Indenture to the execution and delivery of this Supplemental Indenture have been complied with. 

E. All things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a duly authorized
authenticating agent, as provided in the Indenture, the valid and legally binding obligations of the Company have been done. 
 F. All things
necessary to make this Supplemental Indenture a valid and legally binding indenture and agreement according to its terms, and a valid and legally binding amendment of, and supplement to, the Indenture have been done. 

NOW, THEREFORE, in consideration of the mutual agreements and covenants set forth herein, the parties hereto agree, subject to the terms and
conditions hereinafter set forth, as follows for the benefit of the Trustee and the Holders of the Notes: 

  
 -1- 

 AGREEMENT 

Section 1. Notes. Pursuant to Section 2.03 of the Indenture, the terms and provisions of the Notes are
as follows: 
 (a) The 2024 Notes, the 2026 Notes and the 2031 Notes shall each be a separate series of Debt Securities under the Indenture.
The title of the 2024 Notes shall be designated as the “0.750% Senior Notes due 2024”, the title of the 2026 Notes shall be designated as the “1.125% Senior Notes due 2026”, and the title of the 2031 Notes shall be designated as
the “2.150% Senior Notes due 2031”. 
 (b) The 2024 Notes shall be initially limited to $750,000,000 aggregate principal amount,
the 2026 Notes shall be initially limited to $750,000,000 aggregate principal amount, and the 2031 Notes shall be initially limited to $1,000,000,000 aggregate principal amount. The Company may, without the consent of the Holders of the Notes,
increase such aggregate principal amounts in the future, on the same terms and conditions and with the same CUSIP numbers as the applicable series of Notes. The Company shall not issue any such additional Notes unless the additional Notes are
fungible with the applicable series of Notes for United States federal income tax purposes. 
 (c) The 2024 Notes shall mature on
January 15, 2024 (the “2024 Notes Maturity Date”), the 2026 Notes shall mature on January 15, 2026 (the “2026 Notes Maturity Date”) and the 2031 Notes shall mature on January 15, 2031 (the “2031 Notes Maturity
Date”). Except as provided in Section 3 of this Supplemental Indenture, the 2024 Notes shall not require any principal or premium payments prior to the 2024 Notes Maturity Date, the 2026 Notes shall not require any
principal or premium payments prior to the 2026 Notes Maturity Date, and the 2031 Notes shall not require any principal or premium payments prior to the 2031 Notes Maturity Date. 

(d) The rate at which the 2024 Notes shall bear interest shall be 0.750% per annum, the rate at which the 2026 Notes shall bear interest shall
be 1.125% per annum, and the rate at which the 2031 Notes shall bear interest shall be 2.150% per annum. Interest on the Notes issued on the date hereof shall accrue from January 29, 2021, for the first interest payment and from the most recent
interest payment date thereafter; the interest payment dates on which such interest shall be payable shall be January 15 and July 15, beginning July 15, 2021(each an “Interest Payment Date”); and the record dates for
the determination of the Holders of the Notes to whom such interest is payable shall be the close of business on the immediately preceding January 1 (for January 15 Interest Payment Dates) and July 1 (for July 15 Interest Payment
Dates) (each an “Interest Record Date”). 
 (e) Payments with respect to the principal of, and premium, if any, and interest
on, the Notes represented by one or more Global Securities (“Global Senior Notes”) registered in the name of The Depository Trust Company (the “Depositary”) or its nominee on the applicable Interest Record Date
shall be made by the Company through the Trustee in immediately available funds to the Depositary or its nominee, as the case may be. 

  
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 (f) The Notes shall be redeemable at any time, at the option of the Company, in whole or
from time to time in part, at the price, and otherwise in accordance with the terms and provisions, set forth in Section 2 of this Supplemental Indenture and (to the extent they do not conflict with
Section 2 of this Supplemental Indenture) the terms and provisions of Sections 3.03 and 3.04 of the Indenture. 

(g) The 2024 Notes, the 2026 Notes and the 2031 Notes shall each be represented by one or more Global Senior Notes deposited with the
Depositary and registered in the name of the nominee of the Depositary. The 2024 Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto, the 2026 Notes and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit B hereto, and the 2031 Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit C hereto. The terms of each of
such exhibits are incorporated in and made a part of this Supplemental Indenture. 
 (h) There shall be no mandatory sinking fund for the
payments of any series of the Notes. 
 (i) As long as the Depositary or its nominee, or a successor Depositary or its nominee, is the
registered owner of the Global Senior Notes relating to a series of the Notes, owners of the beneficial interests in such Global Senior Notes: 

(i) shall not be entitled to have the Notes of such series registered in their names; 

(ii) shall not receive or be entitled to receive physical delivery of the Notes of such series in definitive form, except (A) as provided
in Section 2.15(c) of the Indenture or (B) if an Event of Default with respect to such series of Notes has occurred and is continuing; and 

(iii) shall not be considered the owners or Holders of the Notes of such series under the Indenture for any purpose, including with respect to
the giving of any direction, instruction, or approval to the trustee under the Indenture. 
 (j) Wells Fargo Bank, National Association shall
be the trustee for each series of the Notes under the Indenture. 
 (k) Article X and Article XI of the Indenture shall apply to each series
of the Notes. 
 (l) The Notes shall not be subordinated pursuant to the provisions of Article XII of the Indenture. The Notes shall be
senior obligations of the Company ranking equal with other existing and future senior unsecured indebtedness of the Company. 
 (m) The
Company shall be subject to all the covenants set forth in Article IV of the Indenture with respect to each series of the Notes. 
 (n) To
the extent not set forth herein, the provisions of Section 2.03 of the Indenture are not applicable. 

  
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 (o) Initially, the Trustee shall act as Paying Agent and Registrar. Interest shall be
payable at the office or agency of the Company maintained by the Company for such purposes in the United States, which shall initially be the office of the Paying Agent at 600 South 4th Street, 7th Floor, Minneapolis, Minnesota 55479. The Company
shall pay interest on any Notes in certificated form by check mailed to the address of the Person entitled thereto as it appears in the Debt Security Register (or upon written application by such Person to the Trustee and Paying Agent (if different
from the Trustee) not later than the relevant Interest Record Date, by wire transfer of immediately available funds to such Person’s account within the United States, if such Person is entitled to interest on an aggregate principal in excess of
$1,000,000, which application shall remain in effect until the Holder notifies the Trustee and Paying Agent to the contrary). 

Section 2. Optional Redemption of Notes. The Notes of each series shall be redeemable at any time, at the
option of the Company, in whole or from time to time in part, upon not less than 10 and not more than 60 days’ notice, on any date prior to the applicable maturity (the “Redemption Date”), notwithstanding any contrary
provisions in Section 3.03 of the Indenture. If the 2024 Notes are redeemed before January 15, 2022 (the “2024 Notes Par Call Date”), the 2026 Notes are redeemed before December 15, 2025 (the “2026 Notes Par
Call Date”), or the 2031 Notes are redeemed before October 15, 2030 (the “2031 Notes Par Call Date” and, together with the 2024 Notes Par Call Date and the 2026 Notes Par Call Date, the “Par Call
Dates” and each, a “Par Call Date”), such Notes will be redeemed at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of
Holders of record on the relevant record date to receive interest due on any Interest Payment Date that is on or prior to the Redemption Date) plus the applicable Make-Whole Premium described below, if any (the “Redemption Price”).
In the event that the Notes are so redeemed, the Redemption Price will never be less than 100% of the principal amount of such Notes plus accrued and unpaid interest, if any, to the Redemption Date. If the 2024 Notes are redeemed on or after the
2024 Notes Par Call Date, the 2026 Notes are redeemed on or after the 2026 Notes Par Call Date or the 2031 Notes are redeemed on or after the 2031 Notes Par Call Date, such Notes will be redeemed at a redemption price equal to 100% of the principal
amount of such Notes to be redeemed plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on any Interest Payment Date that is on or prior to
the Redemption Date). 
 The amount of the Make-Whole Premium with respect to any Note (or portion thereof) to be redeemed before the
applicable Par Call Date will be equal to the excess, if any, of: 
 (a) the sum of the present values of: 

(i) each interest payment that, but for such redemption, would have been payable on such Note (or portion thereof) being redeemed on each
Interest Payment Date occurring after the Redemption Date (excluding any accrued interest for the period prior to the Redemption Date), assuming such Note matured on the applicable Par Call Date; and 

(ii) the principal amount that, but for such redemption, would have been payable at the final maturity of such Note (or portion thereof) being
redeemed, assuming such Note matured on the applicable Par Call Date; over 

  
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 (b) the principal amount of such Note (or portion thereof) being redeemed. 

The present values of interest and principal payments referred to in clause (a) above will be determined in accordance with generally
accepted principles of financial analysis. Such present values will be calculated by discounting the amount of each payment of interest or principal from the date that each such payment would have been payable (calculated as if the Notes being
redeemed matured on the applicable Par Call Date), but for the redemption, to the Redemption Date at a discount rate equal to the applicable Treasury Yield (as defined below) plus 10 basis points in the case of the 2024 Notes, 10 basis points in the
case of the 2026 Notes and 20 basis points in the case of the 2031 Notes. 
 The present values of interest and principal payments referred
to above and Make-Whole Premium will be calculated by an independent investment banking institution of national standing appointed by the Company. 

For purposes of determining the Make-Whole Premium, “Treasury Yield” means a rate of interest per annum equal to the weekly
average yield to maturity of United States Treasury Notes that have a constant maturity that corresponds to the remaining term to maturity of the applicable series of Notes to be redeemed, determined as if such Notes matured on the applicable Par
Call Date, calculated to the nearest 1/12th of a year (the “Remaining Term”). The Make-Whole Premium and Treasury Yield will be determined as of the third business day immediately preceding the applicable Redemption Date. 

The weekly average yields (being, if not reported as a weekly average yield, the average of the five most recent daily reported yields) of
United States Treasury Notes will be determined by reference to the most recent statistical release published by the Federal Reserve Bank of New York and designated “H.15 Selected Interest Rates” or any successor release (the
“H.15 Statistical Release”). If the H.15 Statistical Release sets forth a weekly average yield for United States Treasury Notes having a constant maturity that is the same as the Remaining Term, then the Treasury Yield will be equal
to such weekly average yield. In all other cases, the Treasury Yield will be calculated by interpolation, on a straight-line basis, between the weekly average yields on the United States Treasury Notes that have a constant maturity closest to and
greater than the Remaining Term and the United States Treasury Notes that have a constant maturity closest to and less than the Remaining Term (in each case as set forth in the H.15 Statistical Release). Any weekly average yields so calculated by
interpolation will be rounded to the nearest 1/100th of 1%, with any figure of 1/200th of 1% or above being rounded upward. If weekly average yields for United States Treasury Notes are not available in the H.15 Statistical Release or otherwise,
then the Treasury Yield will be calculated by interpolation of comparable rates selected by the independent investment banking institution. 

In the case of any partial redemption of Notes of any series, selection of the Notes of such series for redemption will be made by the Trustee
on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate (or, in the case of the Global Senior Notes, the Notes represented thereby shall be selected in accordance with the
prescribed method of the Depositary or its nominee), although no such Note of $1,000 in original principal amount or less shall be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption relating to such Note shall
state the portion of the principal amount thereof to be redeemed. A new Note of the applicable series in principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of the original
Note. 

  
 -5- 

 Any such redemption may, at the Company’s discretion, be conditioned upon (i) the
occurrence of a Change of Control Repurchase Event or (ii) the closing of another transaction, including a sale of securities or other financing, in each case as specified in the notice in reasonable detail. Notwithstanding Section 3.04 of
the Indenture, a notice of conditional redemption shall be of no effect unless all conditions to the redemption have occurred on or before the Redemption Date or have been waived by the Company on or before the Redemption Date. The Company shall
provide written notice of failure to meet such conditions to the holders and the Trustee no later than the Redemption Date. 

Section 3. Offer to Repurchase Upon a Change of Control Repurchase Event. 

(a) If a Change of Control Repurchase Event occurs with respect to the Notes of any series (a “Change of Control Repurchase
Event”), unless the Company has otherwise exercised its right to redeem the Notes of such series, the Company will make an offer to each Holder of Notes of such series to repurchase all or any portion (equal to $1,000 or an integral
multiple of $1,000) of such Holder’s Notes at a price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased to the date of repurchase (the “Change
of Control Repurchase Event Payment”). Within 30 days following any Change of Control Repurchase Event, the Company will send a written notice (the “Change of Control Repurchase Event Offer”) to each such Holder of such
series of Notes (with a copy to the Trustee) describing the transaction or transactions that constitute the Change of Control Repurchase Event and stating: 

(i) that the Change of Control Repurchase Event Offer is being made pursuant to the Change of Control Repurchase Event provisions of the Notes
of such series and that all Notes of such series tendered will be accepted for payment; 
 (ii) the purchase price and the purchase date,
which shall be no earlier than 20 days and no later than 60 days from the date such notice is sent (the “Change of Control Repurchase Event Payment Date”); 

(iii) that any Note of such series not tendered will continue to accrue interest; 

(iv) that, unless the Company defaults in the payment of the Change of Control Repurchase Event Payment, all Notes of such series accepted for
payment pursuant to the Change of Control Repurchase Event Offer will cease to accrue interest on and after the Change of Control Repurchase Event Payment Date; 

(v) that Holders electing to have any Notes of such series purchased pursuant to a Change of Control Repurchase Event Offer will be required to
surrender such Notes to the Paying Agent at the address specified in the notice prior to the close of business on the third business day preceding the Change of Control Repurchase Event Payment Date; 

  
 -6- 

 (vi) that Holders will be entitled to withdraw their election if the Paying Agent receives,
not later than the close of business on the second business day preceding the Change of Control Repurchase Event Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes of such series
delivered for purchase, and a statement that such Holder is withdrawing its election to have the Notes of such series purchased; and 
 (vii)
that Holders whose Notes of such series are being purchased only in part will be issued new Notes of such series equal in principal amount to the unpurchased portion of the Notes of such series surrendered, which unpurchased portion must be equal to
$1,000 in principal amount or an integral multiple thereof. 
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes of any series as a result
of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes of any series, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes of such series by virtue of such conflict. 

(b) On the Change of Control Repurchase Event Payment Date, the Company will, to the extent lawful: 

(i) accept for payment all Notes of the applicable series or portions of such Notes properly tendered and not withdrawn pursuant to the
Company’s offer; 
 (ii) deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all such Notes or
portions of such Notes properly accepted; and 
 (iii) deliver or cause to be delivered to the Trustee for cancellation the Notes properly
accepted, together with an Officers’ Certificate stating the aggregate principal amount of such Notes or portions of such Notes being purchased by the Company. 

The Paying Agent will promptly send to each holder of the Notes properly accepted the purchase price for such Notes, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book entry) to each holder a new Note equal to the principal amount of any unpurchased portion of the Notes surrendered, if any; provided, that each new Note will be issued in
denominations of $1,000 or integral multiples of $1,000. 
 (c) Except as described above with respect to a Change of Control Repurchase
Event, the Indenture and this Supplemental Indenture do not contain any other provisions that permit the holders of the Notes to require the Company to repurchase or redeem the Notes in the event of a takeover, recapitalization or similar
transaction. 
 (d) The Company will not be required to make a Change of Control Repurchase Event Offer with respect to a series of Notes if
a third party makes an offer for Notes of such series in the manner applicable to an offer made by the Company, at the times and otherwise in compliance with the requirements set forth in this Supplemental Indenture, and such third party purchases
all Notes of such series properly tendered and not withdrawn under its offer. 

  
 -7- 

 (e) The provisions of this Section 3 applicable to the 2024 Notes
may be waived or modified with the consent of the holders of a majority in aggregate principal amount of the 2024 Notes, the provisions of this Section 3 applicable to the 2026 Notes may be waived or modified with the
consent of the holders of a majority in aggregate principal amount of the 2026 Notes, and the provisions of this Section 3 applicable to the 2031 Notes may be waived or modified with the consent of the holders of a majority
in aggregate principal amount of the 2031 Notes. 
 Section 4. Additional Covenants of the Company. 

(a) Limitation on Liens. The Company shall not, and shall not permit any of its Subsidiaries to, create or permit to exist any Lien on
any Principal Property or shares of capital stock or Indebtedness of a Subsidiary of the Company that owns or leases Principal Property securing any obligation, whether such Principal Property, shares of capital stock or Indebtedness are owned on
the date on which the Notes were originally issued or thereafter acquired, securing any obligation unless the Company contemporaneously secures the Notes equally and ratably with (or prior to) such obligation until such time as such obligations are
no longer secured by a Lien. The preceding sentence shall not require the Company to secure the Notes if the Lien consists of either of the following: 

(i) Permitted Liens; or 
 (ii)
Liens securing Indebtedness if, after giving pro forma effect to the Incurrence of such Indebtedness (and the receipt and application of the proceeds thereof) or the securing of outstanding Indebtedness, the sum of (without duplication) (x) all
Indebtedness of the Company and its Subsidiaries secured by Liens on Principal Property (other than Permitted Liens) and (y) all Attributable Indebtedness in respect of Sale and Leaseback Transactions with respect to any Principal Property, at
the time of determination does not exceed 15% of Adjusted Consolidated Net Tangible Assets. 
 (b) Limitation on Sale and Leaseback
Transactions. The Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, enter into any Sale and Leaseback Transaction with respect to any Principal Property unless: (i) the Company or such Subsidiary
would be entitled to create a Lien on such Principal Property securing Indebtedness in an amount equal to the Attributable Indebtedness with respect to such Sale and Leaseback Transaction without securing the Notes pursuant to
Section 4(a) of this Supplemental Indenture, (ii) the Company, within six months after the effective date of such Sale and Leaseback Transaction, applies to the voluntary defeasance or retirement of Notes or other
Indebtedness an amount equal to the Attributable Indebtedness in respect of such Sale and Leaseback Transaction, or (iii) after giving pro forma effect to the Attributable Indebtedness with respect to such Sale and Leaseback Transaction, the
sum of (without duplication) (x) all Indebtedness of the Company and its Subsidiaries secured by Liens on Principal Property (other than Permitted Liens) and (y) all Attributable Indebtedness in respect of Sale and Leaseback Transactions
with respect to any Principal Property, at the time of determination does not at the time of determination exceed 15% of Adjusted Consolidated Net Tangible Assets. 

  
 -8- 

 (c) Stay, Extension and Usury Laws. The Company covenants (to the extent that it may
lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company from paying all or any
portion of the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of the Indenture; and the Company (to the extent it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit
the execution of every such power as though no such law had been enacted. 
 Section 5. Amendments to Sections 1.01, 6.01, 6.04 and
Article XIII of the Indenture. 
 (a) Section 1.01. Section 1.01 of the Indenture is hereby amended,
solely with respect to the Notes, by: 
 (i) adding a definition of “Adjusted Consolidated Net Tangible Assets” as follows:

 “Adjusted Consolidated Net Tangible Assets” means (without duplication), as of the date of determination, the remainder
of: 
 a) the sum of (i) discounted future net revenues from proved oil and gas reserves of the Company and its Subsidiaries calculated
in accordance with SEC guidelines before any provincial, territorial, state, federal or foreign income taxes, as estimated by the Company in a reserve report prepared as of the end of the Company’s most recently completed fiscal year for which
audited financial statements are available, as increased by, as of the date of determination, the estimated discounted future net revenues from (A) estimated proved oil and gas reserves acquired since such year end, which reserves were not
reflected in such year-end reserve report, and (B) estimated oil and gas reserves attributable to upward revisions of estimates of proved oil and gas reserves since such
year-end due to exploration, development or exploitation activities, in each case calculated in accordance with SEC guidelines (utilizing the prices utilized in such
year-end reserve report), and decreased by, as of the date of determination, the estimated discounted future net revenues from (C) estimated proved oil and gas reserves produced or disposed of since such
year end, and (D) estimated oil and gas reserves attributable to downward revisions of estimates of proved oil and gas reserves since such year-end due to changes in geological conditions or other factors
which would, in accordance with standard industry practice, cause such revisions, in each case calculated on a pre-tax basis and substantially in accordance with SEC guidelines (utilizing the prices utilized
in such year-end reserve report), in each case as estimated by the Company’s petroleum engineers or any independent petroleum engineers engaged by the Company for that purpose; (ii) the capitalized
costs that are attributable to oil and gas properties of the Company and its Subsidiaries to which no proved oil and gas reserves are attributable, based on the Company’s books and records as of a date no earlier than the date of the
Company’s latest available annual or quarterly financial statements; (iii) the Net Working Capital on a date no earlier than the date of the Company’s latest annual or quarterly financial statements; and (iv) the greater of the
net book value of other 

  
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tangible assets of the Company and its Subsidiaries, as of a date no earlier than the date of the Company’s latest annual or quarterly financial statements, and (B) the appraised value,
as estimated by independent appraisers, of other tangible assets of the Company and its Subsidiaries, as of a date no earlier than the date of the Company’s latest audited financial statements; minus 

b) the sum of (i) noncontrolling interests in consolidating subsidiaries; (ii) any net gas balancing liabilities of the Company and
its Subsidiaries reflected in the Company’s latest audited financial statements; (iii) to the extent included in (a)(i) above, the discounted future net revenues, calculated in accordance with SEC guidelines (utilizing the prices utilized
in the Company’s year-end reserve report), attributable to reserves which are required to be delivered to third parties to fully satisfy the obligations of the Company and its Subsidiaries with respect to
Volumetric Production Payments (determined, if applicable, using the schedules specified with respect thereto); and (iv) the discounted future net revenues, calculated in accordance with SEC guidelines, attributable to reserves subject to
Dollar-Denominated Production Payments which, based on the estimates of production and price assumptions included in determining the discounted future net revenues specified in (a)(i) above, would be necessary to fully satisfy the payment
obligations of the Company and its Subsidiaries with respect to Dollar-Denominated Production Payments (determined, if applicable, using the schedules specified with respect thereto). 

If the Company changes its method of accounting from the successful efforts method to the full cost or a similar method of accounting,
“Adjusted Consolidated Net Tangible Assets” will continue to be calculated as if the Company were still using the successful efforts method of accounting. 

(ii) adding a definition of “Attributable Indebtedness” as follows: 

“Attributable Indebtedness” in respect of a Sale and Leaseback Transaction means, as of the time of determination, (a) if
the obligation in respect of such Sale and Leaseback Transaction is a finance lease obligation, the amount equal to the capitalized amount of such obligation determined in accordance with GAAP and included in the financial statements of the lessee
or (b) if the obligation in respect of such Sale and Leaseback Transaction is not a finance lease obligation, the amount equal to the total Net Amount of Rent required to be paid by the lessee under such lease during the remaining term thereof
(including any period for which the lease has been extended), discounted from the respective due dates thereof to such determination date at the applicable rate per annum borne by the applicable series of Notes compounded semiannually. 

(iii) adding a definition of “Change of Control” as follows: 

“Change of Control” means the occurrence of any of the following events: 

a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act or any
successor provisions to either of the foregoing) of persons become the “beneficial owners” (as defined in Rule 13d-3 under the Exchange Act, except that a person will be deemed to have
“beneficial ownership” of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the
Voting Stock of the Company, whether as a result of the issuance of securities of the Company, any merger, consolidation, liquidation or dissolution of the Company or otherwise; or 

  
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 b) the sale, transfer, assignment, lease, conveyance or other disposition, directly or
indirectly, of all or substantially all the assets of the Company and its Subsidiaries, considered as a whole (other than a disposition of such assets as an entirety or virtually as an entirety to a wholly-owned subsidiary) shall have occurred, or
the Company merges, consolidates or amalgamates with or into any other person or any other person merges, consolidates or amalgamates with or into the Company, in any such event pursuant to a transaction in which the outstanding Voting Stock of the
Company is reclassified into or exchanged for cash, securities or other property, other than any such transaction where: 
 i) the
outstanding Voting Stock of the Company is reclassified into or exchanged for other Voting Stock of the Company or for Voting Stock of the surviving corporation, and 

ii) the holders of the Voting Stock of the Company immediately prior to such transaction own, directly or indirectly, not less than a majority
of the Voting Stock of the Company or the surviving corporation immediately after such transaction and in substantially the same proportion as before the transaction; or 

c) the stockholders of the Company shall have approved any plan of liquidation or dissolution of the Company. 

(iv) adding a definition of “Change of Control Repurchase Event” as follows: 

“Change of Control Repurchase Event” means, with respect to a series of Notes, the occurrence of both a Change of Control and
a Rating Decline with respect to such series of Notes. 
 (v) adding a definition of “Consolidated Net Worth” as follows:

 “Consolidated Net Worth” of any Person means the stockholders’ equity of such Person and its Subsidiaries, as
determined on a consolidated basis in accordance with GAAP, less (to the extent included in stockholders’ equity) amounts attributable to Redeemable Stock of such Person or its Subsidiaries. 

(vi) adding a definition of “Dollar-Denominated Production Payments” as follows: 

“Dollar-Denominated Production Payments” means production payment obligations recorded as liabilities in accordance with GAAP,
together with all undertakings and obligations in connection therewith. 

  
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 (vii) adding a definition of “Government Contract Lien” as follows: 

“Government Contract Lien” means any Lien required by any contract, statute, regulation or order in order to permit the
Company or any of its Subsidiaries to perform any contract or subcontract made by the Company or its Subsidiaries with or at the request of the United States or any State thereof or any department, agency or instrumentality of either or to secure
partial, progress, advance or other payments by the Company or any of its Subsidiaries to the United States or any State thereof or any department, agency or instrumentality of either pursuant to the provisions of any contract, statute, regulation
or order. 
 (viii) adding a definition of “Investment Grade” as follows: 

“Investment Grade” means BBB- or higher by S&P and Baa3 or higher by Moody’s,
or the equivalent of such ratings by S&P or Moody’s, or, if either S&P and Moody’s shall not make a rating on a series of Notes publicly available, then, with respect to such Notes, another Rating Agency. 

(ix) adding a definition of “Lien” as follows: 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien, charge or adverse claim affecting title or resulting
in an encumbrance against real or personal property or a security interest of any kind (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof or any filing or agreement to file a
financing statement as debtor under the Uniform Commercial Code or any similar statute other than to reflect ownership by a third party of property leased to the Company or any of its Subsidiaries under a lease that is not in the nature of a
conditional sale or title retention agreement). 
 (x) adding a definition of “Moody’s” as follows: 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 

(xi) adding a definition of “Net Amount of Rent” as follows: 

“Net Amount of Rent” as to any lease for any period means the aggregate amount of rent payable by the lessee with respect to
such period after excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water rates and similar charges. In the case of any lease that is terminable by the lessee upon the payment of a penalty,
such net amount shall also include the amount of such penalty, but no rent shall be considered as payable under such lease subsequent to the first date upon which it may be so terminated. 

(xii) adding a definition of “Net Working Capital” as follows: 

“Net Working Capital” means (a) all current assets of the Company and its Subsidiaries, less (b) all current
liabilities of the Company and its Subsidiaries, except current liabilities included in Indebtedness, in each case as set forth in the consolidated financial statements of the Company prepared in accordance with GAAP. 

  
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 (xiii) adding a definition of “Non-Recourse
Indebtedness” as follows: 
 “Non-Recourse Indebtedness” means Indebtedness
or that portion of Indebtedness of the Company incurred in connection with the acquisition by the Company of any property and as to which: 

a) the holders of such Indebtedness agree in writing that they will look solely to the property so acquired and securing such Indebtedness for
payment on or in respect of such Indebtedness; and 
 b) no default with respect to such Indebtedness would permit (after notice or passage
of time or both), according to the terms of any other Indebtedness of the Company or a Subsidiary, any holder of such other Indebtedness to declare a default under such other Indebtedness or cause the payment of such other Indebtedness to be
accelerated or payable prior to its stated maturity. 
 (xiv) adding a definition of “Oil and Gas Business” as follows: 

“Oil and Gas Business” means the business of exploiting, exploring for, developing, acquiring, operating, producing,
processing, gathering, marketing, storing, selling, hedging, treating, swapping, refinancing and transporting hydrocarbons and other related energy businesses. 

(xv) adding a definition of “Permitted Liens” as follows: 

“Permitted Liens” means, with respect to any Person, (a) pledges or deposits by such Person under worker’s
compensation laws, unemployment insurance laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure
public or statutory obligations of such Person or deposits of cash or United States government bonds to secure performance, surety or appeal bonds to which such Person is a party or which are otherwise required of such Person, or deposits as
security for contested taxes or import duties or for the payment of rent or other obligations of like nature, in each case Incurred in the ordinary course of business; (b) Liens imposed by law, such as carriers’, warehousemen’s,
laborers’, materialmen’s, landlords’, vendors’, workmen’s, operators’, producers’ (including those arising pursuant to Article 9.343 of the Texas Uniform Commercial Code or other similar statutory provisions of
other states with respect to production purchased from others) and mechanics’ Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings; (c) Liens for property taxes, assessments and other
governmental charges or levies not yet delinquent or subject to penalties for non-payment or which are being contested in good faith by appropriate proceedings; (d) minor survey exceptions, minor
encumbrances, easements or reservations of or with respect to, or rights of others for or with respect to, licenses, rights-of-way, sewers, electric and other utility
lines and usages, telegraph and telephone lines, pipelines, surface use, operation of equipment, permits, servitudes and other similar matters, or zoning or other restrictions as to the use of real property or Liens incidental to the conduct of the
business of such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the
operation of the business of such Person; (e) Liens existing on or provided for under the terms of agreements existing on the date on which the 

  
 -13- 

 
Notes were originally issued; (f) Liens on property or assets of, or any shares of stock of or secured debt of, any Person at the time the Company or any of its Subsidiaries acquired the
property or the Person owning such property, including any acquisition by means of a merger or consolidation with or into the Company or any of its Subsidiaries; (g) Liens securing a hedging obligation so long as such hedging obligation is of
the type customarily entered into in connection with, and is entered into for the purpose of, limiting risk; (h) Liens upon specific properties of the Company or any of its Subsidiaries securing Indebtedness Incurred in the ordinary course of
business to provide all or part of the funds for the exploration, drilling or development of those properties; (i) Purchase Money Liens and Liens securing Non-Recourse Indebtedness; provided, however,
that the related purchase money Indebtedness and Non-Recourse Indebtedness, as applicable, shall not be secured by any property or assets of the Company or any Subsidiary other than the property acquired by
the Company with the proceeds of such purchase money Indebtedness or Non-Recourse Indebtedness, as applicable; (j) Liens securing only Indebtedness of a wholly owned Subsidiary of the Company to the
Company or to one or more wholly owned Subsidiaries of the Company; (k) Liens on any property to secure bonds for the construction, installation or financing of pollution control or abatement facilities or other forms of industrial revenue bond
financing or Indebtedness issued or Guaranteed by the United States, any state or any department, agency or instrumentality thereof; (l) Government Contract Liens; (m) Liens in respect of Production Payments and Reserve Sales;
(n) Liens resulting from the deposit of funds or evidences of Indebtedness in trust for the purpose of defeasing Indebtedness of the Company or any of its Subsidiaries; (o) legal or equitable encumbrances deemed to exist by reason of
negative pledges or the existence of any litigation or other legal proceeding and any related lis pendens filing (excluding any attachment prior to judgment, judgment lien or attachment lien in aid of execution on a judgment); (p) rights of a common
owner of any interest in property held by such Person; (q) farmout, carried working interest, joint operating, unitization, royalty, overriding royalty, sales and similar agreements relating to the exploration or development of, or production
from, oil and gas properties entered into in the ordinary course of business; (r) any defects, irregularities or deficiencies in title to easements, rights-of-way
or other properties which do not in the aggregate materially adversely affect the value of such properties or materially impair their use in the operation of the business of such Person; and (s) Liens to secure any refinancing, refunding,
extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals or replacements), as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (e) through (m); provided,
however, that (i) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property) and (ii) the Indebtedness secured by such Lien at such time is not increased to any
amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (e) through (m) at the time the original Lien became a Permitted Lien under the Indenture and
(B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement. 

(xvi) adding a definition of “Principal Property” as follows: 

“Principal Property” means any property owned or leased by the Company or any Subsidiary, the gross book value of which
exceeds one percent of the Company’s Consolidated Net Worth. 

  
 -14- 

 (xvii) adding a definition of “Production Payments and Reserve Sales” as
follows: 
 “Production Payments and Reserve Sales” means the grant or transfer by the Company or a Subsidiary of the
Company to any Person of a royalty, overriding royalty, net profits interest, production payment (whether volumetric or dollar denominated), partnership or other interest in oil and gas properties, reserves or the right to receive all or a portion
of the production or the proceeds from the sale of production attributable to such properties, including any such grants or transfers pursuant to incentive compensation programs on terms that are reasonably customary in the Oil and Gas Business for
geologists, geophysicists and other providers of technical services to the Company or a Subsidiary of the Company. 
 (xviii) adding a
definition of “Purchase Money Lien” as follows: 
 “Purchase Money Lien” means a Lien on property securing
Indebtedness Incurred by the Company or any of its Subsidiaries to provide funds for all or any portion of the cost of (i) acquiring such property incurred before, at the time of, or within six months after the acquisition of such property or
(ii) constructing, developing, altering, expanding, improving or repairing such property or assets used in connection with such property. 

(xix) adding a definition of “Rating Agency” as follows: 

“Rating Agency” means each of S&P and Moody’s, or if S&P or Moody’s or both shall not make a rating on a
series of Notes publicly available, then, with respect to such Notes, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by a resolution of the Company’s board of directors)
which shall be substituted for S&P or Moody’s, or both, as the case may be. 
 (xx) adding a definition of “Rating
Decline” as follows: 
 “Rating Decline” means the rating of the Notes of a series shall be decreased by one or
more gradations (including gradations within categories as well as between rating categories) by each of the Rating Agencies, provided, however, if the rating of the Notes of such series by each of the Rating Agencies is Investment Grade, then
“Rating Decline” will mean the rating of the Notes of such series shall be decreased by one or more gradations (including gradations within categories as well as between rating categories) by each Rating Agency so that the rating of the
Notes of such series by each of the Rating Agencies falls below Investment Grade, on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the
30-day period following public notice of the occurrence of the Change of Control (which 30-day period shall be extended so long as the rating of the Notes of such series
is under publicly announced consideration for possible downgrade by either of the Rating Agencies; provided, that the other Rating Agency has either downgraded, or publicly announced that it is considering downgrading, the Notes of such series).

  
 -15- 

 (xxi) adding a definition of “Redeemable Stock” as follows: 

“Redeemable Stock” of any Person means any equity security of such Person that by its terms (or by the terms of any security
into which it is convertible or for which it is exchangeable), or otherwise (including on the happening of an event), is or could become required to be redeemed for cash or other property or is or could become redeemable for cash or other property
at the option of the holder thereof, in whole or in part, on or prior to the first anniversary of the stated maturity of the applicable series of Notes; or is or could become exchangeable at the option of the holder thereof for Indebtedness at any
time in whole or in part, on or prior to the first anniversary of the stated maturity of the applicable series of Debt Securities; provided, however, that Redeemable Stock shall not include any security that may be exchanged or converted at the
option of the holder for Capital Stock of the Company having no preference as to dividends or liquidation over any other Capital Stock of the Company. 

(xxii) adding a definition of “S&P” as follows: 

“S&P” means S&P Global Ratings, a division of S&P Global, Inc., or any successor to the rating agency business
thereof. 
 (xxiii) adding a definition of “Sale and Leaseback Transaction” as follows: 

“Sale and Leaseback Transaction” means any arrangement with any Person pursuant to which the Company or any of its
Subsidiaries leases any Principal Property that has been or is to be sold or transferred by the Company or the Subsidiary to such Person, other than (i) temporary leases for a term, including renewals at the option of the lessee, of not more
than five years, (ii) leases between the Company and a Subsidiary or between Subsidiaries of the Company, (iii) leases of Principal Property executed by the time of, or within 12 months after the latest of, the acquisition, the completion
of construction or improvement, or the commencement of commercial operation of the Principal Property, and (iv) arrangements pursuant to any provision of law with an effect similar to the former Section 168(f)(8) of the Internal Revenue
Code of 1954. 
 (xxiv) deleting the definition of “Subsidiary” in its entirety and replacing it with the following: 

“Subsidiary” of any Person means (i) any Person of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the Subsidiaries of
that Person or a combination thereof, and (ii) any partnership, joint venture or other Person in which that Person or one or more of the Subsidiaries of that Person or a combination thereof has the power to control by contract or otherwise the
board of directors or equivalent governing body or otherwise controls such entity; provided, however, that notwithstanding the foregoing, with respect to the Company and its Subsidiaries, the definition of Subsidiary shall not include any Person
(other than a guarantor of the applicable series of Notes) that has securities that are listed for trading on a national securities exchange or that is subject to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act. 

  
 -16- 

 (xxv) adding a definition of “Volumetric Production Payments” as follows:

 “Volumetric Production Payments” means production payment obligations recorded as deferred revenue in accordance with
GAAP, together with all undertakings and obligations in connection therewith. 
 (xxvi) adding a definition of “Voting
Stock” as follows: 
 “Voting Stock” of any person means all classes of capital stock or other interests (including
partnership interests) of such person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 

(b) Section 6.01. Section 6.01(f) of the Indenture is hereby amended and restated in its entirety, solely with
respect to the Notes, as follows: 
 “Indebtedness of the Company is not paid within any applicable grace period after final maturity or
is accelerated by the holders thereof because of a default, the total amount of such Indebtedness unpaid or accelerated exceeds $150,000,000 or its Dollar Equivalent at the time and such default remains uncured or such acceleration is not rescinded
for 10 days after the date on which written notice specifying such failure and requiring the Company to remedy the same shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in aggregate principal amount of the Notes at the time Outstanding; or” 
 (c)
Section 6.04. The first paragraph of Section 6.04 of the Indenture is hereby amended and restated in its entirety, solely with respect to the Notes, as follows: 

“Section 6.04 Limitation on Suits by Holders. No Holder of any Debt Security or Coupon of any series shall have any
right by virtue or by availing of any provision of this Indenture to institute any action or proceeding at law or in equity or in bankruptcy or otherwise, upon or under or with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of an Event of Default with respect to Debt Securities of that same series and of the continuance thereof and unless the Holders
of not less than 25% in aggregate principal amount of the Outstanding Debt Securities of that series shall have made written request upon the Trustee to institute such action or proceedings in respect of such Event of Default in its own name as
Trustee hereunder and shall have offered to the Trustee such indemnity or security satisfactory to the Trustee against the costs, expenses and liabilities to be Incurred therein or thereby, and the Trustee, for 90 days after its receipt of such
notice, request and offer of indemnity or security shall have failed to institute any such action or proceedings and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 6.06; it being
understood and intended, and being expressly covenanted by the Holder of every Debt Security or Coupon with every other Holder and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of any Holders, or to obtain or seek to obtain priority over or preference to any other such 

  
 -17- 

 
Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all such Holders (it being understood that the Trustee
does not have an affirmative duty to ascertain whether or not any use by a Holder affects, disturbs or prejudices the rights of any other Holders or obtains or seeks to obtain priority or preference over such other Holders). For the protection and
enforcement of the provisions of this Section 6.04, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.” 

(d) Article XIII. Article XIII of the Indenture is hereby amended to add the following section, solely with respect to the Notes: 

“Section 13.17. USA PATRIOT Act. The parties to this Supplemental Indenture acknowledge that in accordance with
Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or
legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of
the USA PATRIOT Act.” 
 Section 6. Ratification. This Supplemental Indenture is executed and shall be
construed as an indenture supplemental to the Indenture and, as provided in the Indenture, this Supplemental Indenture forms a part of the Indenture. Except to the extent amended by or supplemented by this Supplemental Indenture, the Company and the
Trustee hereby ratify, confirm and reaffirm the Indenture in all respects. 
 Section 7. No Security Interest
Created. Nothing in this Supplemental Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in
any jurisdiction. 
 Section 8. Table of Contents, Headings, Etc. The table of contents and the titles and
headings of the sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 9. Severability. In the event any provision of this Supplemental Indenture or in the Notes shall be
invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

Section 10. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of
which so executed shall be an original, but all such counterparts shall together constitute but one and the same instrument. This Supplemental Indenture may be executed by facsimile or PDF transmission. 

Section 11. Governing Law. The laws of the State of New York shall govern the construction and interpretation
of this Supplemental Indenture. 

  
 -18- 

 Section 12. Trustee Not Responsible for Recitals or Issuance of
Notes. The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes
no representations as to the validity or sufficiency of this Supplemental Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of Notes or the proceeds thereof. 

[Signature Page Follows] 

  
 -19- 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be signed
on their behalf by their duly authorized representatives as of the date first above written: 
  

			
	Pioneer Natural Resources Company
		
	By:	 	 /s/ Richard P. Dealy

	Name:	 	Richard P. Dealy
	Title:	 	President and
		 	Chief Operating Officer

  
 [Signature Page to Fourth
Supplemental Indenture] 

 
			
	Wells Fargo Bank, National Association,
	as Trustee
		
	By:	 	 /s/ Patrick Giordano

	Name:	 	Patrick Giordano
	Title:	 	Vice President

  
 [Signature Page to Fourth
Supplemental Indenture] 

 EXHIBIT A 

FORM OF 2024 GLOBAL NOTE 
 (See
attached.) 

 Exhibit A 

[THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]1 
  

	1 	 Include for Global Notes. 

 [FACE OF SECURITY] 
  

			
	CUSIP NO.	  	723787 AS6
	ISIN NO.	  	US723787AS61

  

			
	No.	 	$                

 0.750% Senior Notes due 2024 

Pioneer Natural Resources Company, a Delaware corporation, promises to pay
to                , or registered assigns, the principal sum of                DOLLARS
($                ) on January 15, 2024. 
  

					
		 	Interest Payment Dates:	  	January 15 and July 15
		 	Record Dates:	  	January 1 and July 1

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

							
	Dated:	 		 	PIONEER NATURAL RESOURCES
		 		 	COMPANY
				
		 		 	By:	 	  

		 		 		 	Richard P. Dealy
		 		 		 	President and
		 		 		 	Chief Operating Officer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Wells Fargo Bank, National Association, as Trustee, certifies that this is one of the Debt Securities, designated 0.750% Senior Notes due
2024, referred to in the Indenture. 
  

			
	By:	 	  

		 	Authorized Signatory

 [REVERSE OF SECURITY] 

0.750% Senior Notes due 2024 
 1. Interest

 Pioneer Natural Resources Company, a Delaware corporation (such corporation, and its successors and assigns under the Indenture
hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Company shall pay interest semiannually on January 15 and
July 15 of each year commencing on July 15, 2021. Interest on the Securities shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from January 29, 2021. Interest shall be computed on
the basis of a 360-day year of twelve 30-day months. 
 2. Method of
Payment 
 The Company shall pay interest on the Securities (except defaulted interest) to the Persons who are registered holders of
Securities at the close of business on the January 1 or July 1 next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment date. Holders must surrender Securities to
a Paying Agent to collect principal payments. The Company shall pay principal and interest in immediately available (same day) funds in money of the United States of America that at the time of payment is legal tender for payment of public and
private debts. However, the Company may pay principal and interest by check or wire transfer payable in immediately available (same day) funds in such money. 

3. Paying Agent and Registrar 
 Initially,
Wells Fargo Bank, National Association, a United States banking association (“Trustee”), shall act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or
co-registrar without notice. The Company or any of its domestically incorporated wholly owned Subsidiaries may act as paying agent, Registrar or co-registrar. 

4. Indenture 
 The Company issued the
Securities under an indenture dated as of June 26, 2012, by and between the Company and the Trustee, as supplemented by the fourth supplemental indenture dated as of January 29, 2021 (the “Fourth Supplemental Indenture,” and,
collectively with the aforementioned indenture, the “Indenture”), by and between the Company and the Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities
are subject to all such terms, and Holders are referred to the Indenture and the Act for a statement of those terms. 
 This Security is one
of a duly authorized issue of general unsecured obligations of the Company all issued or to be issued under the Indenture. Debt Securities issued under the Indenture may be issued in one or more series, which different series may be issued in
various aggregate principal amounts, may mature at different times, may bear interest at different rates, may have different conversion prices (if any), may be subject to different redemption provisions, may be subject to different sinking, purchase
or analogous funds, may be subject to different 

 
covenants, Events of Default and subordination provisions and may otherwise vary as the Indenture provides. This Security is one of a series designated as 0.750% Senior Notes due 2024 (the
“Securities”) issued under the Indenture, initially limited to $750,000,000 aggregate principal amount. The Company may, without the consent of the Holders of the Securities, increase such aggregate principal amount in the future, on the
same terms and conditions and with the same CUSIP numbers as the Securities. The Company shall not issue any such additional Securities unless the additional Securities are fungible with the Securities for United States federal income tax purposes.
The Indenture imposes certain limitations (with significant exceptions) on the ability of the Company and its Subsidiaries to create Liens on assets and engage in sale and leaseback transactions. This Indenture also imposes limitations on the
ability of the Company to consolidate, merge or transfer all or substantially all of its assets. 
 5. Optional Redemption 

The Securities will be redeemable at any time, at the option of the Company, in whole or from time to time in part, upon not less than 10 and
not more than 60 days’ notice, on any date prior to their maturity (the “Redemption Date”). If the Securities are redeemed prior to January 15, 2022 (the “Par Call Date”), the Securities will be redeemed at a redemption
price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is
on or prior to the Redemption Date) plus a Make-Whole Premium, if any, calculated as provided in Section 2 of the Fourth Supplemental Indenture (the “Redemption Price”). In the event that the Securities are so redeemed, the Redemption
Price will never be less than 100% of the principal amount of the Securities plus accrued and unpaid interest, if any, to the Redemption Date. If the Securities are redeemed on or after the Par Call Date, the Securities will be redeemed at a
redemption price equal to 100% of the principal amount of the Securities then outstanding to be redeemed plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to
receive interest due on any interest payment date that is on or prior to the Redemption Date). 
 Any such redemption may, at the
Company’s discretion, be conditioned upon the occurrence of certain events, as provided in Section 2 of the Fourth Supplemental Indenture. 
 6.
Denominations; Transfer; Exchange 
 The Securities are in registered form without coupons in denominations of $1,000 and whole
multiples of $1,000. A Holder may transfer or exchange Securities only in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. 
 7. Persons Deemed Owners 

The registered Holder of this Security may be treated as the owner of it for all purposes. 

8. Unclaimed Money 
 If money for the
payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled
to the money must look only to the Company and not to the Trustee for payment. 

 9. Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some or all its obligations under the Securities and the Indenture if the
Company deposits or causes to be deposited with the Trustee cash or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or final maturity, as the case may be. 

10. Amendment, Waiver 
 Subject to certain
exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Securities and (ii) any acceleration of
principal and interest on the Securities resulting from a default or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount outstanding of the Securities. Subject to certain
exceptions set forth in Article IX of the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Securities to cure, among other things, any ambiguity, omission, defect or inconsistency, or to
evidence the succession of another Person to the Company pursuant to Article X of the Indenture, or to add guarantees with respect to the Securities or to secure the Securities, or to add additional covenants or surrender rights and powers conferred
on the Company, or to limit the applicability of or consequences of breach of any covenant, or to permit the qualification of the Indenture under the Act, or to make any change that does not adversely affect the rights of any Holder, or to provide
for the acceptance of a successor or separate Trustee. 
 11. Defaults and Remedies 

Under the Indenture, Events of Default include (i) default for 30 days in payment of interest on the Securities; (ii) default in
payment of principal or premium on the Securities at maturity, upon acceleration or otherwise; (iii) failure by the Company to comply with other agreements in the Indenture or the Securities, in certain cases subject to notice by Holders and
lapse of time; (iv) certain accelerations (including failure to pay within any grace period after final maturity) of other Indebtedness of the Company if the amount accelerated (or so unpaid) exceeds $150,000,000 and continues for 10 days after
the required notice to the Company; and (v) certain events of bankruptcy or insolvency with respect to the Company and any Significant Subsidiary. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the Securities may declare all the Securities to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default that will result in the Securities being due and payable immediately upon the
occurrence of such Events of Default without any action by the Trustee or any Holders. 
 Holders may not enforce the Indenture or the
Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount
of the Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is
in the interest of the Holders. 
 12. Trustee Dealings with the Company 

Subject to certain limitations imposed by the Act, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

 13. No Recourse Against Others 

An incorporator and any past, present or future director, officer, employee or stockholder, as such, of the Company shall not have any
liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such
liability. The waiver and release are part of the consideration for the issue of the Securities. 
 14. Authentication 

This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of
authentication on the other side of this Security. 
 15. Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

16. Governing Law 
 THIS SECURITY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 17. CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained
in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company shall furnish
to any Holder upon written request and without charge to the Holder a copy of the Indenture that has in it the text of this Security. Requests may be made to: 

Corporate Secretary 
 Pioneer
Natural Resources Company 
 777 Hidden Ridge 

Irving, TX 75038 

 ASSIGNMENT FORM 
  

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

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

	 (Insert assignee’s soc. sec. or tax I.D. No.)
  

and irrevocably appoint
                                        
agent to transfer this Security on the books of the Company. The agent may substitute another to act for him.

  

					
	Date:                                     
           	  	Your Signature:	  	  

		  		  	(Sign exactly as your name appears on the
		  		  	other side of this Security)
			
	Date:                                     
           	  	Your Signature:	  	  

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

  

			
	Signature Guarantee:	  	  

		  	(Signature must be guaranteed by a member firm of the New York Stock
		  	Exchange or a commercial bank or trust company)

 EXHIBIT B 

FORM OF 2026 GLOBAL NOTE 
 (See
attached.) 

 Exhibit B 

[THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]2 
  

	2 	 Include for Global Notes. 

 [FACE OF SECURITY] 
  

			
	CUSIP NO.	  	723787AT4
	ISIN NO.	  	US723787AT45

  

			
	No.	 	$            

 1.125% Senior Notes due 2026 

Pioneer Natural Resources Company, a Delaware corporation, promises to pay
to                , or registered assigns, the principal sum of                DOLLARS
($                ) on January 15, 2026. 
  

					
		 	Interest Payment Dates:	  	January 15 and July 15
		 	Record Dates:	  	January 1 and July 1

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

 Dated: 
  

			
	 PIONEER NATURAL RESOURCES

COMPANY

		
	By:	 	  

		 	Richard P. Dealy
		 	President and
		 	Chief Operating Officer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Wells Fargo Bank, National Association, as Trustee, certifies that this is one of the Debt Securities, designated 1.125% Senior Notes due
2026, referred to in the Indenture. 
  

			
	By:	 	  

		 	Authorized Signatory

 [REVERSE OF SECURITY] 

1.125% Senior Notes due 2026 
 18.
Interest 
 Pioneer Natural Resources Company, a Delaware corporation (such corporation, and its successors and assigns under the
Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Company shall pay interest semiannually on January 15 and
July 15 of each year commencing on July 15, 2021. Interest on the Securities shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from January 29, 2021. Interest shall be computed on
the basis of a 360-day year of twelve 30-day months. 
 19. Method of
Payment 
 The Company shall pay interest on the Securities (except defaulted interest) to the Persons who are registered holders of
Securities at the close of business on the January 1 or July 1 next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment date. Holders must surrender Securities to
a Paying Agent to collect principal payments. The Company shall pay principal and interest in immediately available (same day) funds in money of the United States of America that at the time of payment is legal tender for payment of public and
private debts. However, the Company may pay principal and interest by check or wire transfer payable in immediately available (same day) funds in such money. 

20. Paying Agent and Registrar 

Initially, Wells Fargo Bank, National Association, a United States banking association (“Trustee”), shall act as Paying Agent and
Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any of its domestically incorporated wholly owned Subsidiaries may act as paying agent,
Registrar or co-registrar. 
 21. Indenture 

The Company issued the Securities under an indenture dated as of June 26, 2012, by and between the Company and the Trustee, as
supplemented by the fourth supplemental indenture dated as of January 29, 2021 (the “Fourth Supplemental Indenture,” and, collectively with the aforementioned indenture, the “Indenture”), by and between the Company and the
Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the
“Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture and the Act for a statement of those
terms. 
 This Security is one of a duly authorized issue of general unsecured obligations of the Company all issued or to be issued under
the Indenture. Debt Securities issued under the Indenture may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest at different rates, may have
different conversion prices (if any), may be subject to different redemption provisions, may be subject to different sinking, purchase or analogous funds, may be subject to different 

 
covenants, Events of Default and subordination provisions and may otherwise vary as the Indenture provides. This Security is one of a series designated as 1.125% Senior Notes due 2026 (the
“Securities”) issued under the Indenture, initially limited to $750,000,000 aggregate principal amount. The Company may, without the consent of the Holders of the Securities, increase such aggregate principal amount in the future, on the
same terms and conditions and with the same CUSIP numbers as the Securities. The Company shall not issue any such additional Securities unless the additional Securities are fungible with the Securities for United States federal income tax purposes.
The Indenture imposes certain limitations (with significant exceptions) on the ability of the Company and its Subsidiaries to create Liens on assets and engage in sale and leaseback transactions. This Indenture also imposes limitations on the
ability of the Company to consolidate, merge or transfer all or substantially all of its assets. 
 22. Optional Redemption 

The Securities will be redeemable at any time, at the option of the Company, in whole or from time to time in part, upon not less than 10 and
not more than 60 days’ notice, on any date prior to their maturity (the “Redemption Date”). If the Securities are redeemed prior to December 15, 2025 (the “Par Call Date”), the Securities will be redeemed at a
redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment
date that is on or prior to the Redemption Date) plus a Make-Whole Premium, if any, calculated as provided in Section 2 of the Fourth Supplemental Indenture (the “Redemption Price”). In the event that the Securities are so redeemed,
the Redemption Price will never be less than 100% of the principal amount of the Securities plus accrued and unpaid interest, if any, to the Redemption Date. If the Securities are redeemed on or after the Par Call Date, the Securities will be
redeemed at a redemption price equal to 100% of the principal amount of the Securities then outstanding to be redeemed plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record
date to receive interest due on any interest payment date that is on or prior to the Redemption Date). 
 Any such redemption may, at the
Company’s discretion, be conditioned upon the occurrence of certain events, as provided in Section 2 of the Fourth Supplemental Indenture. 
 23.
Denominations; Transfer; Exchange 
 The Securities are in registered form without coupons in denominations of $1,000 and whole
multiples of $1,000. A Holder may transfer or exchange Securities only in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. 
 24. Persons Deemed Owners 

The registered Holder of this Security may be treated as the owner of it for all purposes. 

25. Unclaimed Money 
 If money for the
payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled
to the money must look only to the Company and not to the Trustee for payment. 

 26. Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some or all its obligations under the Securities and the Indenture if the
Company deposits or causes to be deposited with the Trustee cash or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or final maturity, as the case may be. 

27. Amendment, Waiver 
 Subject to certain
exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Securities and (ii) any acceleration of
principal and interest on the Securities resulting from a default or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount outstanding of the Securities. Subject to certain
exceptions set forth in Article IX of the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Securities to cure, among other things, any ambiguity, omission, defect or inconsistency, or to
evidence the succession of another Person to the Company pursuant to Article X of the Indenture, or to add guarantees with respect to the Securities or to secure the Securities, or to add additional covenants or surrender rights and powers conferred
on the Company, or to limit the applicability of or consequences of breach of any covenant, or to permit the qualification of the Indenture under the Act, or to make any change that does not adversely affect the rights of any Holder, or to provide
for the acceptance of a successor or separate Trustee. 
 28. Defaults and Remedies 

Under the Indenture, Events of Default include (i) default for 30 days in payment of interest on the Securities; (ii) default in
payment of principal or premium on the Securities at maturity, upon acceleration or otherwise; (iii) failure by the Company to comply with other agreements in the Indenture or the Securities, in certain cases subject to notice by Holders and
lapse of time; (iv) certain accelerations (including failure to pay within any grace period after final maturity) of other Indebtedness of the Company if the amount accelerated (or so unpaid) exceeds $150,000,000 and continues for 10 days after
the required notice to the Company; and (v) certain events of bankruptcy or insolvency with respect to the Company and any Significant Subsidiary. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the Securities may declare all the Securities to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default that will result in the Securities being due and payable immediately upon the
occurrence of such Events of Default without any action by the Trustee or any Holders. 
 Holders may not enforce the Indenture or the
Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount
of the Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is
in the interest of the Holders. 

 29. Trustee Dealings with the Company 

Subject to certain limitations imposed by the Act, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

30. No Recourse Against Others 
 An
incorporator and any past, present or future director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

31. Authentication 
 This Security shall
not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 

32. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 33. Governing Law 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

34. CUSIP Numbers 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 The Company shall furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture that has in it the
text of this Security. Requests may be made to: 
 Corporate Secretary 

Pioneer Natural Resources Company 

777 Hidden Ridge 
 Irving, TX 75038

 ASSIGNMENT FORM 
  

	
	 To assign this Security, fill in the form below:

	
	 I or we assign and transfer this Security to

	
	  

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

	
	  

	 (Insert assignee’s soc. sec. or tax I.D. No.)

 
 and irrevocably appoint __________________ agent to transfer this Security on the books
of the Company. The agent may substitute another to act for him.

  

							
	Date: ______________________	 		 	Your Signature:	 	  

		 	        	 		 	(Sign exactly as your name appears on the
		 		 		 	other side of this Security)
				
	Date: ______________________	 		 	Your Signature:	 	  

		 	        	 		 	(Sign exactly as your name appears on the
		 		 		 	other side of the Security)
	
	Signature Guarantee:
                                         
                                         
                                         
                                         
            
	
                          
        (Signature must be guaranteed by a member firm of the New York Stock

                          
        Exchange or a commercial bank or trust company)

 EXHIBIT C 

FORM OF 2031 GLOBAL NOTE 
 (See
attached.) 

 Exhibit C 

[THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A
NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS THE OWNER AND HOLDER OF THIS NOTE FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]3 
  

	3 	 Include for Global Notes. 

 [FACE OF SECURITY] 
  

			
	CUSIP NO.	  	723787 AR8
	ISIN NO.	  	US723787AR88

  

			
	No.	 	$            

 2.150% Senior Notes due 2031 

Pioneer Natural Resources Company, a Delaware corporation, promises to pay
to                , or registered assigns, the principal sum of                DOLLARS
($                ) on January 15, 2031. 
  

					
		 	Interest Payment Dates:	  	January 15 and July 15
		 	Record Dates:	  	January 1 and July 1

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

 Dated: 
  

			
	 PIONEER NATURAL RESOURCES

COMPANY

		
	By:	 	  

		 	Richard P. Dealy
		 	President and
		 	Chief Operating Officer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Wells Fargo Bank, National Association, as Trustee, certifies that this is one of the Debt Securities, designated 2.150% Senior Notes due
2031, referred to in the Indenture. 
  

			
	By:	 	  

		 	Authorized Signatory

 [REVERSE OF SECURITY] 

2.150% Senior Notes due 2031 
 35.
Interest 
 Pioneer Natural Resources Company, a Delaware corporation (such corporation, and its successors and assigns under the
Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Company shall pay interest semiannually on January 15 and
July 15 of each year commencing on July 15, 2021. Interest on the Securities shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from January 29, 2021. Interest shall be computed on
the basis of a 360-day year of twelve 30-day months. 
 36. Method of
Payment 
 The Company shall pay interest on the Securities (except defaulted interest) to the Persons who are registered holders of
Securities at the close of business on the January 1 or July 1 next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment date. Holders must surrender Securities to
a Paying Agent to collect principal payments. The Company shall pay principal and interest in immediately available (same day) funds in money of the United States of America that at the time of payment is legal tender for payment of public and
private debts. However, the Company may pay principal and interest by check or wire transfer payable in immediately available (same day) funds in such money. 

37. Paying Agent and Registrar 

Initially, Wells Fargo Bank, National Association, a United States banking association (“Trustee”), shall act as Paying Agent and
Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any of its domestically incorporated wholly owned Subsidiaries may act as paying agent,
Registrar or co-registrar. 
 38. Indenture 

The Company issued the Securities under an indenture dated as of June 26, 2012, by and between the Company and the Trustee, as
supplemented by the fourth supplemental indenture dated as of January 29, 2021 (the “Fourth Supplemental Indenture,” and, collectively with the aforementioned indenture, the “Indenture”), by and between the Company and the
Trustee. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the
“Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture and the Act for a statement of those
terms. 
 This Security is one of a duly authorized issue of general unsecured obligations of the Company all issued or to be issued under
the Indenture. Debt Securities issued under the Indenture may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest at different rates, may have
different conversion prices (if any), may be subject to different redemption provisions, may be subject to different sinking, purchase or analogous funds, may be subject to different 

 
covenants, Events of Default and subordination provisions and may otherwise vary as the Indenture provides. This Security is one of a series designated as 2.150% Senior Notes due 2031 (the
“Securities”) issued under the Indenture, initially limited to $1,000,000,000 aggregate principal amount. The Company may, without the consent of the Holders of the Securities, increase such aggregate principal amount in the future, on the
same terms and conditions and with the same CUSIP numbers as the Securities. The Company shall not issue any such additional Securities unless the additional Securities are fungible with the Securities for United States federal income tax purposes.
The Indenture imposes certain limitations (with significant exceptions) on the ability of the Company and its Subsidiaries to create Liens on assets and engage in sale and leaseback transactions. This Indenture also imposes limitations on the
ability of the Company to consolidate, merge or transfer all or substantially all of its assets. 
 39. Optional Redemption 

The Securities will be redeemable at any time, at the option of the Company, in whole or from time to time in part, upon not less than 10 and
not more than 60 days’ notice, on any date prior to their maturity (the “Redemption Date”). If the Securities are redeemed prior to October 15, 2030 (the “Par Call Date”), the Securities will be redeemed at a redemption
price equal to 100% of the principal amount thereof plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is
on or prior to the Redemption Date) plus a Make-Whole Premium, if any, calculated as provided in Section 2 of the Fourth Supplemental Indenture (the “Redemption Price”). In the event that the Securities are so redeemed, the Redemption
Price will never be less than 100% of the principal amount of the Securities plus accrued and unpaid interest, if any, to the Redemption Date. If the Securities are redeemed on or after the Par Call Date, the Securities will be redeemed at a
redemption price equal to 100% of the principal amount of the Securities then outstanding to be redeemed plus accrued and unpaid interest, if any, to the Redemption Date (subject to the right of Holders of record on the relevant record date to
receive interest due on any interest payment date that is on or prior to the Redemption Date). 
 Any such redemption may, at the
Company’s discretion, be conditioned upon the occurrence of certain events, as provided in Section 2 of the Fourth Supplemental Indenture. 
 40.
Denominations; Transfer; Exchange 
 The Securities are in registered form without coupons in denominations of $1,000 and whole
multiples of $1,000. A Holder may transfer or exchange Securities only in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. 
 41. Persons Deemed Owners 

The registered Holder of this Security may be treated as the owner of it for all purposes. 

42. Unclaimed Money 
 If money for the
payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled
to the money must look only to the Company and not to the Trustee for payment. 

 43. Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some or all its obligations under the Securities and the Indenture if the
Company deposits or causes to be deposited with the Trustee cash or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or final maturity, as the case may be. 

44. Amendment, Waiver 
 Subject to certain
exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Securities and (ii) any acceleration of
principal and interest on the Securities resulting from a default or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount outstanding of the Securities. Subject to certain
exceptions set forth in Article IX of the Indenture, without the consent of any Holder, the Company and the Trustee may amend the Indenture or the Securities to cure, among other things, any ambiguity, omission, defect or inconsistency, or to
evidence the succession of another Person to the Company pursuant to Article X of the Indenture, or to add guarantees with respect to the Securities or to secure the Securities, or to add additional covenants or surrender rights and powers conferred
on the Company, or to limit the applicability of or consequences of breach of any covenant, or to permit the qualification of the Indenture under the Act, or to make any change that does not adversely affect the rights of any Holder, or to provide
for the acceptance of a successor or separate Trustee. 
 45. Defaults and Remedies 

Under the Indenture, Events of Default include (i) default for 30 days in payment of interest on the Securities; (ii) default in
payment of principal or premium on the Securities at maturity, upon acceleration or otherwise; (iii) failure by the Company to comply with other agreements in the Indenture or the Securities, in certain cases subject to notice by Holders and
lapse of time; (iv) certain accelerations (including failure to pay within any grace period after final maturity) of other Indebtedness of the Company if the amount accelerated (or so unpaid) exceeds $150,000,000 and continues for 10 days after
the required notice to the Company; and (v) certain events of bankruptcy or insolvency with respect to the Company and any Significant Subsidiary. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the Securities may declare all the Securities to be due and payable immediately. Certain events of bankruptcy or insolvency are Events of Default that will result in the Securities being due and payable immediately upon the
occurrence of such Events of Default without any action by the Trustee or any Holders. 
 Holders may not enforce the Indenture or the
Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount
of the Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is
in the interest of the Holders. 

 46. Trustee Dealings with the Company 

Subject to certain limitations imposed by the Act, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

47. No Recourse Against Others 
 An
incorporator and any past, present or future director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

48. Authentication 
 This Security shall
not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 

49. Abbreviations 
 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
 50. Governing Law 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

51. CUSIP Numbers 
 Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities and has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 The Company shall furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture that has in it the
text of this Security. Requests may be made to: 
 Corporate Secretary 

Pioneer Natural Resources Company 

777 Hidden Ridge 
 Irving, TX 75038

 ASSIGNMENT FORM 

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

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

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

							
	Date: ______________________	 	        	 	Your Signature:	 	  

		 		 		 	(Sign exactly as your name appears on the
		 		 		 	other side of this Security)
				
	Date: ______________________	 		 	Your Signature:	 	  

		 		 		 	(Sign exactly as your name appears on the
		 		 		 	other side of the Security)
	
	Signature Guarantee:
                                         
                                         
                                         
                                         
                
	                                    
(Signature must be guaranteed by a member firm of the New York Stock
	                                    
Exchange or a commercial bank or trust company)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]