Document:

Exhibit 10.7

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights
Agreement (including all exhibits hereto and as may be amended, supplemented or amended and restated from time to time in accordance
with the terms hereof, this “Agreement”) is made and entered into as of August 1, 2017, by and among Vanguard
Natural Resources, Inc., a Delaware corporation (the “Company”), and the other parties signatory hereto and
any additional parties identified on the signature pages of any joinder agreement executed and delivered pursuant hereto.

 

WHEREAS, Vanguard Natural
Resources LLC, a Delaware limited liability company (“Vanguard”) and certain affiliated debtors (collectively,
the “Debtors”) filed a Modified Second Amended Joint Plan of Reorganization pursuant to Chapter 11 of the United
States Bankruptcy Code, on July 17, 2017 which was confirmed by the United States Bankruptcy Court for the Southern District of
Texas, Houston Division on July 18, 2017 (including all exhibits, schedules and supplements thereto and as amended from time to
time, the “Plan”); and

 

WHEREAS, the Plan provides
that the Company will enter into a registration rights agreement with any recipient of the shares of New Common Stock (as defined
below) of the Company that (i) is party to the Vanguard Backstop Commitment Agreement (including their Affiliates and Related Funds)
or (ii) receives at least ten percent (10%) of the Company’s New Common Stock issued under the Plan and/or the Rights Offering
or cannot sell their New Common Stock under Rule 144 of the Securities Act without volume or manner of sale restrictions, in accordance
with the terms set forth in the Plan; and

 

WHEREAS, the Company
and the Holders (as defined below) are entering into this Agreement in furtherance of the aforesaid provisions of the Plan.

 

NOW, THEREFORE, IN
CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Company and each of the Holders agree as follows:

 

1.          Definitions.
Capitalized terms used and not otherwise defined herein that are defined in the Plan have the meanings given such terms in the
Plan. As used in this Agreement, the following terms shall have the following meanings:

 

“Advice”
has the meaning set forth in Section 16(c).

 

“Affiliate”
means, with respect to any person, any other person which directly or indirectly controls, is controlled by, or is under common
control with, such person. The term “control” (including the terms “controlled by” and “under common
control with”) as used in this definition means the possession, directly or indirectly (including through one or more intermediaries),
of the power or authority to direct or cause the direction of management, whether through the ownership of voting securities, by
contract or otherwise.

 

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

 

    	 	 	 

     

    

 

“Automatic
Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405
promulgated under the Securities Act, as such definition may be amended from time to time.

 

“beneficially
own” (and related terms such as “beneficial ownership” and “beneficial owner”) shall have the
meaning given to such term in Rule 13d-3 under the Exchange Act, and any Person’s beneficial ownership of securities
shall be calculated in accordance with the provisions of such Rule.

 

“Board”
means the Board of Directors of the Company or any authorized committee thereof.

 

“Bought Deal”
has the meaning set forth in Section 8(a).

 

“Business
Day” means any day, other than a Saturday or Sunday or a day on which commercial banks in New York City are authorized
or required by law to be closed.

 

“Commission”
means the Securities and Exchange Commission.

 

“Company”
has the meaning set forth in the Preamble and includes the Company’s successors by merger, acquisition, reorganization or
otherwise.

 

“Counsel to
the Holders” means (i) with respect to any Demand Registration, the counsel selected by the Holders of a majority of
the Registrable Securities initially requesting such Demand Registration and (ii) with respect to any Underwritten Takedown or
Piggyback Registration, the counsel selected by the Majority Holders.

 

“Demand Registration
Request” has the meaning set forth in Section 5(a).

 

“Effective
Date” means the date that a Registration Statement filed pursuant to this Agreement is first declared effective by the
Commission.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Form S-1”
means form S-1 under the Securities Act, or any other form hereafter adopted by the Commission for the general registration of
securities under the Securities Act.

 

“Form S-3”
means form S-3 under the Securities Act, or any other form hereafter adopted by the Commission having substantially the same usage
as Form S-3.

 

“Form S-4”
means form S-4 under the Securities Act, or any other form hereafter adopted by the Commission having substantially the same usage
as Form S-4.

 

“Form S-8”
means form S-8 under the Securities Act, or any other form hereafter adopted by the Commission having substantially the same usage
as Form S-8.

 

“FINRA”
has the meaning set forth in Section 10.

 

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“Grace Period”
has the meaning set forth in Section 7(a)(B).

 

“Holder”
or “Holders” means the parties signatory to this Agreement, other than the Company, and any additional parties
identified on the signature pages of any joinder agreement executed and delivered pursuant to this Agreement. A Person shall cease
to be a Holder hereunder at such time as it ceases to hold any Registrable Securities.

 

“Indemnified
Party” has the meaning set forth in Section 12(c).

 

“Indemnifying
Party” has the meaning set forth in Section 12(c).

 

“Initial Shelf
Expiration Date” has the meaning set forth in Section 2(f).

 

“Initial Shelf
Registration Statement” has the meaning set forth in Section 2(a).

 

“Lockup Period”
has the meaning set forth in Section 11(a).

 

“Losses”
has the meaning set forth in Section 12(a).

 

“Majority
Holders” means, with respect to any Underwritten Offering, the holders of a majority of the Registrable Securities to
be included in such Underwritten Offering held by all Holders that have made the request requiring the Company to conduct such
Underwritten Offering (but not including any Holders that have exercised “piggyback” rights hereunder to be included
in such Underwritten Offering).

 

“New Common
Stock” means the new shares of common stock of the Company, par value $0.001 per share, and any securities into which
such shares of common stock may hereinafter be reclassified.

 

“Other Holder”
has the meaning set forth in Section 8(b).

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Piggyback
Notice” has the meaning set forth in Section 8(a).

 

“Piggyback
Offering” has the meaning set forth in Section 8(a).

 

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

 

“Plan Effective
Date” shall mean the date on which the Plan becomes effective.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

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“Prospectus”
means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information
previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated
under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference
in such Prospectus.

 

“Registrable
Securities” means, collectively, (a) as of the Plan Effective Date, all shares of New Common Stock issued to any Holder
or to any Affiliate or Related Fund of any Holder, either directly or pursuant to a joinder or assignment and any additional shares
of New Common Stock acquired by any Holder, Affiliate or Related Fund of any Holder in open market or other purchases and issued
or issuable to any Holder, Affiliate or Related Fund of any Holder upon the exercise of warrants or otherwise, after the Plan Effective
Date and (b) any additional shares of New Common Stock paid, issued or distributed in respect of any such shares by way of a stock
dividend, stock split or distribution, or in connection with a combination of shares, and any security into which such New Common
Stock shall have been converted or exchanged in connection with a recapitalization, reorganization, reclassification, merger, consolidation,
exchange, distribution or otherwise; provided, however, that as to any Registrable Securities, such securities shall cease
to constitute Registrable Securities upon the earliest to occur of: (i) the date on which such securities are disposed of
pursuant to an effective Registration Statement; (ii) the date on which such securities are disposed of pursuant to Rule 144
(or any similar provision then in effect) promulgated under the Securities Act; (iii) the date on which (A) the entire amount of
the Registrable Securities owned by the relevant Holder may be sold in a single sale, in the opinion of counsel satisfactory to
the Company and such Holder, each in their reasonable judgment, pursuant to Rule 144 (or any similar provision then in effect)
promulgated under the Securities Act and without any limitation as to volume or manner of sale restrictions and (B) such Holder
owning such Registrable Securities owns less than 1% of the outstanding shares of New Common Stock on a fully diluted basis, (iv)
the date on which such Registrable Securities cease to be outstanding; and (v) when such New Common Stock is held by the Company
or one of its direct or indirect subsidiaries.

 

“Registration
Statement” means any one or more registration statements of the Company filed under the Securities Act that covers the
resale of any of the Registrable Securities pursuant to the provisions of this Agreement (including without limitation any Shelf
Registration Statement), amendments and supplements to such Registration Statements, including post-effective amendments, all exhibits
and all material incorporated by reference or deemed to be incorporated by reference in such Registration Statements.

 

“Related Fund”
means, with respect to any Person, any fund, account or investment vehicle that is controlled or managed by such Person, by any
Affiliate of such Person, or, if applicable, such Person’s investment manager.

 

“Rights Offering”
means, the offering of the rights conducted pursuant to the Plan in reliance upon the exemptions from registration under the Securities
Act provided in Section 1145 of title 11 of the United States Code, as amended, and Section 4(a)(2) of the Securities Act and the
purchase of New Common Stock pursuant to the 4(a)(2) Backstop Commitment (as defined in the Plan).

 

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“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“Rule 158”
means Rule 158 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“Rule 415”
means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Selling Stockholder
Questionnaire” means a questionnaire reasonably adopted by the Company from time to time.

 

“Shelf Registration
Statement” means a Registration Statement filed with the Commission in accordance with the Securities Act for the offer
and sale of Registrable Securities by Holders on a continuous or delayed basis pursuant to Rule 415.

 

“Trading Day”
means a day during which trading in the New Common Stock occurs in the Trading Market, or if the New Common Stock is not listed
on a Trading Market, a Business Day.

 

“Trading Market”
means whichever of the New York Stock Exchange, the NYSE Amex, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ
Capital Market, OTC Bulletin Board, or OTC Markets Group marketplace on which the New Common Stock is listed or quoted for trading
on the date in question.

 

“Transfer”
has the meaning set forth in Section 14.

 

“Underwritten
Offering” means an offering Registrable Securities under a Registration Statement in which the Registrable Securities
are sold to an underwriter for reoffering to the public.

 

“Underwritten
Takedown” has the meaning set forth in Section 2(h).

 

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

 

“Vanguard
Backstop Commitment Agreement” means that certain Backstop Commitment Agreement, dated as of May 23, 2017, by and among
Vanguard and the backstop commitment parties that are parties thereto as may be amended, restated or supplemented from time to
time.

 

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2.          Initial
Shelf Registration.

 

(a)          The
Company shall prepare a Shelf Registration Statement (as may be amended from time to time, the “Initial Shelf Registration
Statement”), and shall include in the Initial Shelf Registration Statement the Registrable Securities of each Holder
who shall request inclusion therein of some or all of their Registrable Securities by checking the appropriate box on the signature
page of such Holder hereto or by written notice to the Company no later than 45 days after the Plan Effective Date. The Company
shall file the Initial Shelf Registration Statement with the Commission on or prior to the 90th day following the Plan Effective
Date; provided, however, that the Company shall not be required to file or cause to be declared effective the Initial Shelf
Registration Statement unless Holders request (and have not by the 90th day after the Plan Effective Date revoked such request
by written notice to the Company) the inclusion in the Initial Shelf Registration Statement of Registrable Securities constituting
at least twenty percent (20%) of all Registrable Securities, and such Holders otherwise timely comply with the requirements of
this Agreement with respect to the inclusion of such Registrable Securities in the Initial Shelf Registration Statement.

 

(b)          The
Company shall include in the Initial Shelf Registration Statement all Registrable Securities whose inclusion has been timely requested
as aforesaid; provided, however, that the Company shall not be required to include an amount of Registrable Securities
in excess of the amount as may be permitted to be included in such Registration Statement under the rules and regulations of the
Commission and the applicable interpretations thereof by the staff of the Commission.

 

(c)          Upon
the request of any Holder whose Registrable Securities are not included in the Initial Shelf Registration Statement at the time
of such request, the Company shall amend the Initial Shelf Registration Statement to include the Registrable Securities of such
Holder; provided that the Company shall not be required to amend the Initial Shelf Registration Statement more than once
every fiscal quarter of the Company.

 

(d)          Within
ten (10) days after receiving a request pursuant to Section 2(c), the Company shall give written notice of such request
to all other Holders of Registrable Securities and shall include in such amendment all such Registrable Securities with respect
to which the Company has received written requests for inclusion therein within fifteen (15) days after the Company’s giving
of such notice, provided that such Registrable Securities are not already covered by an existing and effective Registration
Statement that may be utilized for the offer and sale of the Registrable Securities requested to be registered in the manner so
requested.

 

(e)          The
Initial Shelf Registration Statement shall be on Form S-1; provided, however, that, if the Company becomes eligible to register
the Registrable Securities for resale by the Holders on Form S-3 (including without limitation a Form S-3 filed as an Automatic
Shelf Registration Statement), the Company shall be entitled to amend the Initial Shelf Registration Statement to a Shelf Registration
Statement on Form S-3 or file a Shelf Registration Statement on Form S-3 in substitution of the Initial Shelf Registration Statement
as initially filed and the Holders shall reasonably cooperate with the Company in any such amendment of the Initial Registration
Statement.

 

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(f)          The
Company shall use its commercially reasonable efforts to cause the Initial Shelf Registration Statement to be declared effective
by the Commission as promptly as practicable, and shall use its commercially reasonable efforts to keep such Initial Shelf Registration
Statement continuously effective, and not subject to any stop order, injunction or other similar order or requirement of the Commission,
until the earlier of (i) the date the Company (A) is eligible to register the Registrable Securities for resale by Holders on Form
S-3 and (B) has filed such Registration Statement with the Commission and which is effective and (ii) the date that all Registrable
Securities covered by the Initial Shelf Registration Statement shall cease to be Registrable Securities (such earlier date, the
“Initial Shelf Expiration Date”). In the event of any stop order, injunction or other similar order or requirement
of the Commission relating to the Initial Shelf Registration Statement, if any Registrable Securities covered by the Initial Shelf
Registration Statement remain unsold, the period during which the Initial Shelf Registration Statement shall be required to remain
effective will be extended by the number of days during which such stop order, injunction or similar order or requirement is in
effect.

 

(g)          If
the Initial Shelf Registration Statement is on Form S-1, then for so long as any Registrable Securities covered by the Initial
Shelf Registration Statement remain unsold, the Company will file any supplements to the Prospectus or post-effective amendments
required to be filed by applicable law in order to incorporate into such Prospectus any Current Reports on Form 8-K necessary or
required to be filed by applicable law, any Quarterly Reports on Form 10-Q or any Annual Reports on Form 10-K filed by the Company
with the Commission, or any other information necessary so that (i) the Initial Shelf Registration Statement shall not include
any untrue statement of material fact or omit to state any material fact necessary in order to make the statements therein not
misleading, and (ii) the Company complies with its obligations under Item 512(a)(1) of Regulation S-K; provided, however,
that these obligations remain subject to the Company’s rights under Section 7 of this Agreement.

 

(h)          Upon
the demand of one or more Holders, the Company shall facilitate a “takedown” of Registrable Securities in the form
of an Underwritten Offering (each, an “Underwritten Takedown”), in the manner and subject to the conditions
described in Section 6 of this Agreement, provided that (i) the number of shares included in such “takedown”
shall equal at least twenty percent (20%) of all Registrable Securities at such time or (ii) the Registrable Securities requested
to be sold by the Holders in such “takedown” shall have an anticipated aggregate gross offering price (before deducting
underwriting discounts and commission) of at least $25 million.

 

3.          Subsequent
Shelf Registration Statements

 

(a)          After
(i) the Effective Date of the Initial Shelf Registration Statement and prior to the Initial Shelf Expiration Date and (ii) for
so long as any Registrable Securities remain outstanding, the Company shall use its best efforts to (A) ensure that it will be
eligible to register the Registrable Securities on Form S-3 after the Initial Shelf Expiration Date, and (B) meet the requirements
of General Instruction VII of Form S-1 after the Initial Shelf Expiration Date.

 

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(b)          After
the Initial Shelf Expiration Date and for so long as any Registrable Securities remain outstanding, the Company shall use its best
efforts to (A) be eligible and/or to maintain its eligibility to register the Registrable Securities on Form S-3, and (B) meet
the requirements of General Instruction VII of Form S-1.

 

(c)          After
the Initial Shelf Expiration Date and for so long as any Registrable Securities remain outstanding, if there is not an effective
Registration Statement which includes the Registrable Securities that are currently outstanding, the Company shall (i) if the Company
is eligible to register the Registrable Securities on Form S-3, promptly file a Shelf Registration Statement on Form S-3 and use
its commercially reasonable efforts to cause such Registration Statement to be declared effective or (ii) promptly file a Shelf
Registration Statement on Form S-1 and use its commercially reasonable efforts to cause such Registration Statement to be declared
effective and for so long as any Registrable Securities covered by such Shelf Registration on Form S-1 remain unsold, the Company
will file any supplements to the Prospectus or post-effective amendments required to be filed by applicable law in order to incorporate
into such Prospectus any Current Reports on Form 8-K necessary or required to be filed by applicable law, any Quarterly Reports
on Form 10-Q or any Annual Reports on Form 10-K filed by the Company with the Commission, or any other information necessary so
that (x) such Shelf Registration shall not include any untrue statement of material fact or omit to state any material fact necessary
in order to make the statements therein not misleading, and (y) the Company complies with its obligations under Item 512(a)(1)
of Regulation S-K; provided, however, that these obligations remain subject to the Company’s rights under Section
7 of this Agreement.

 

4.          Quotation
on OTC Market

 

(a)          Until
and unless (x) the New Common Stock is listed on a “national securities exchange” as defined in Rule 600(b)(45) of
Regulation National Market System promulgated by the Commission, as amended or (y) the New Common Stock may be sold by any and
all Holders without restriction by the Commission pursuant to a Registration Statement in an at-the-market offering, the Company
shall use its commercially reasonable efforts to cause the New Common Stock to be quoted on any of the OTCBB, OTCQX or OTCQB markets
as promptly as practicable after the Plan Effective Date and shall thereafter use its commercially reasonable efforts to maintain
such quotation.

 

5.          Demand
Registration

 

(a)          At
any time and from time to time beginning one hundred eighty (180) days after the Plan Effective Date, any Holder or group of Holders
may request in writing (“Demand Registration Request”) that the Company effect the registration of all or part
of such Holder’s or Holders’ Registrable Securities with the Commission under and in accordance with the provisions
of the Securities Act. The Company will file a Registration Statement covering such Holder’s or Holders’ Registrable
Securities requested to be registered, and shall use its commercially reasonable efforts to cause such Registration Statement to
be declared effective, as promptly as practicable after receipt of such request; provided, however, that the Company
will not be required to file a Registration Statement pursuant to this Section 5(a):

 

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(A)         unless
(i) the number of Registrable Securities requested to be registered on such Registration Statement equals at least twenty percent
(20%) of all Registrable Securities at such time or (ii) the Registrable Securities requested to be sold by the Holders pursuant
to such Registration Statement have an anticipated aggregate gross offering price (before deducting underwriting discounts and
commission) of at least $25 million;

 

(B)         if
the Registrable Securities requested to be registered are already covered by an existing and effective Registration Statement and
such Registration Statement may be utilized for the offer and sale of the Registrable Securities requested to be registered;

 

(C)         if
a registration statement filed by the Company shall have previously been initially declared effective by the Commission within
the one hundred eighty (180) days preceding the date such Demand Registration Request is made; and

 

(D)         if
the number of Demand Registration Requests previously made pursuant to this Section 5(a) shall equal or exceed five (5);
provided, however that a Demand Registration Request shall not be considered made for purposes of this clause (D) unless
the requested Registration Statement has been declared effective by the Commission for more than 75% of the full amount of Registrable
Securities for which registration has been requested.

 

(b)          A
Demand Registration Request shall specify (i) the then-current name and address of such Holder or Holders, (ii) the aggregate number
of Registrable Securities requested to be registered, (iii) the total number of Registrable Securities then beneficially owned
by such Holder or Holders, and (iv) the intended means of distribution. If at the time the Demand Registration Request is made
the Company appears, based on public information available to such Holder or Holders, eligible to use Form S-3 for the offer and
sale of the Registrable Securities, the Holder or Holders making such request may request that the registration be in the form
of a Shelf Registration Statement (for the avoidance of doubt, the Company shall not be under the obligation to file a Shelf Registration
on Form S-3 if, upon the advice of its counsel, it is not eligible to make such a filing).

 

(c)          The
Company may satisfy its obligations under Section 5(a) hereof by amending (to the extent permitted by applicable law) any
registration statement previously filed by the Company under the Securities Act, so that such amended registration statement will
permit the disposition (in accordance with the intended methods of disposition specified as aforesaid) of all of the Registrable
Securities for which a Demand Registration Request has been properly made under Section 5(b) hereof. If the Company so amends
a previously filed registration statement, it will be deemed to have effected a registration for purposes of Section 5(a)
hereof; provided, however that the Effective Date of the amended registration statement, as amended pursuant to this Section
5(c) shall be the “the first day of effectiveness” of such Registration Statement for purposes of determining the
period during which the Registration Statement is required to be maintained effective in accordance with Section 5(e) hereof.

 

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(d)          Within
ten (10) days after receiving a Demand Registration Request, the Company shall give written notice of such request to all other
Holders of Registrable Securities and shall, subject to the provisions of Section 6(c) in the case of an Underwritten Offering,
include in such registration all such Registrable Securities with respect to which the Company has received written requests for
inclusion therein within fifteen (15) days after the Company’s giving of such notice, provided that such Registrable
Securities are not already covered by an existing and effective Registration Statement that may be utilized for the offer and sale
of the Registrable Securities requested to be registered in the manner so requested.

 

(e)          The
Company will use its reasonable efforts to keep a Registration Statement that has become effective as contemplated by this Section
5 continuously effective, and not subject to any stop order, injunction or other similar order or requirement of the Commission:

 

(A)         in
the case of a Registration Statement other than a Shelf Registration Statement, until all Registrable Securities registered thereunder
have been sold pursuant to such Registration Statement, but in no event later than two hundred seventy (270) days from the Effective
Date of such Registration Statement; and

 

(B)         in
the case of a Shelf Registration Statement, until the earlier of: (x) three (3) years following the Effective Date of such Shelf
Registration Statement; and (y) the date that all Registrable Securities covered by such Shelf Registration Statement shall cease
to be Registrable Securities;

 

provided, however,
that in the event of any stop order, injunction or other similar order or requirement of the Commission relating to any Shelf
Registration Statement, if any Registrable Securities covered by such Shelf Registration Statement remain unsold, the period during
which such Shelf Registration Statement shall be required to remain effective will be extended by the number of days during which
such stop order, injunction or similar order or requirement is in effect; provided further, however, that if any Shelf Registration
Statement was initially declared effective on Form S-3 and, prior to the date determined pursuant to Section 5(e)(B), the
Company becomes ineligible to use Form S-3, the period during which such Shelf Registration Statement shall be required to remain
effective will be extended by the number of days during which the Company did not have an effective Registration Statement covering
unsold Registrable Securities initially registered on such Shelf Registration Statement.

 

(f)          The
Holder or Holders making a Demand Registration Request may, at any time prior to the Effective Date of the Registration Statement
relating to such registration, revoke their request for the Company to effect the registration of all or part of such Holder’s
or Holders’ Registrable Securities by providing a written notice to the Company. If, pursuant to the preceding sentence,
the entire Demand Registration Request is revoked, then, at the option of the Holder or Holders who revoke such request, either
(i) such Holder or Holders shall reimburse the Company for all of its reasonable and documented out-of-pocket expenses incurred
in the preparation, filing and processing of the Registration Statement, which out-of-pocket expenses, for the avoidance of doubt,
shall not include overhead expenses and which requested registration shall not count as one of the permitted Demand Registration
Requests hereunder or (ii) the requested registration that has been revoked will be deemed to have been effected for purposes of
Section 5(a).

 

    	 	 10	 

     

    

 

(g)          If
a Registration Statement filed pursuant to this Section 5 is a Shelf Registration Statement, then upon the demand of one
or more Holders, the Company shall facilitate a “takedown” of Registrable Securities in the form of an Underwritten
Offering, in the manner and subject to the conditions described in Section 6 of this Agreement, provided that (i)
the number of shares included in such “takedown” shall equal at least twenty percent (20%) of all Registrable Securities
at such time or (ii) the Registrable Securities requested to be sold by the Holders in such “takedown” shall have an
anticipated aggregate offering price (before deducting underwriting discounts and commission) of at least $25 million.

 

6.          Procedures
for Underwritten Offerings. The following procedures shall govern Underwritten Offerings pursuant to Section 2(h) or
Section 5(g), whether in the case of an Underwritten Takedown or otherwise.

 

(a)          (i)
The Majority Holders shall select one or more investment banking firm(s) of national standing to be the managing underwriter or
underwriters for any Underwritten Offering pursuant to a Demand Registration Request or an Underwritten Takedown with the consent
of the Company, which consent shall not be unreasonably withheld, conditioned or delayed and (ii) the Company shall select one
or more investment banking firms of national standing to be the managing underwriter or underwriters for any other Underwritten
Offering with the consent of the Majority Holders, which consent shall not be unreasonably withheld, conditioned or delayed.

 

(b)          All
Holders proposing to distribute their securities through an Underwritten Offering, as a condition for inclusion of their Registrable
Securities therein, shall agree to enter into an underwriting agreement with the underwriters; provided, however that the
underwriting agreement is in customary form and reasonably acceptable to the Majority Holders and provided, further,
that no Holder of Registrable Securities included in any Underwritten Offering shall be required to make any representations
or warranties to the Company or the underwriters (other than representations and warranties regarding (i) such Holder’s
ownership of its Registrable Securities to be sold or transferred, (ii) such Holder’s power and authority to effect
such transfer and (iii) such matters pertaining to compliance with securities laws as may be reasonably requested).

 

(c)          If
the managing underwriter or underwriters for an Underwritten Offering pursuant to a Demand Registration or an Underwritten Takedown
advises the Holders that the total amount of Registrable Securities or other shares of New Common Stock permitted to be registered
is such as to materially adversely affect the success of such Underwritten Offering, the number of Registrable Securities or other
shares of New Common Stock to be registered on such Registration Statement will be reduced as follows: first, the Company
shall reduce or eliminate the securities of the Company to be included by any Person other than a Holder or the Company; second,
the Company shall reduce or eliminate any securities of the Company to be included by the Company; and third, the
Company shall reduce the number of Registrable Securities to be included by Holders on a pro rata basis based on the total number
of Registrable Securities requested by the Holders to be included in the Underwritten Offering.

 

    	 	 11	 

     

    

 

(d)          Within
five (5) days after receiving a request for an Underwritten Offering constituting a “takedown” from a Shelf Registration
Statement, the Company shall give written notice of such request to all other Holders, and subject to the provisions of Section
6(c) hereof, include in such Underwritten Offering all such Registrable Securities with respect to which the Company has received
written requests for inclusion therein within five (5) days after the Company’s giving of such notice; provided, however
that such Registrable Securities are covered by an existing and effective Shelf Registration Statement that may be utilized for
the offering and sale of the Registrable Securities requested to be registered.

 

(e)          The
Company will not be required to undertake an Underwritten Offering pursuant to Section 2(h) or Section 5(g):

 

(A)         If
the Company has undertaken an Underwritten Offering, whether for its own account or pursuant to this Agreement, within the one
hundred eighty (180) days preceding the date of the request for such Underwritten Offering is given to the Company; and

 

(B)         if
the number of Underwritten Offerings previously made pursuant to Section 2(h) or Section 5(g) in the immediately
preceding twelve (12)-month period shall exceed three (3); provided that an Underwritten Offering shall not be considered
made for purposes of this clause (B) unless the offering has resulted in the disposition by the Holders of at least 75% of the
amount of Registrable Securities requested to be included.

 

7.          Grace
Periods.

 

(a)          Notwithstanding
anything to the contrary herein—

 

(A)         the
Company shall be entitled to postpone the filing or effectiveness of, or, at any time after a Registration Statement has been declared
effective by the Commission suspend the use of, a Registration Statement (including the Prospectus included therein) if in the
good faith judgment of the Board, such registration, offering or use would reasonably be expected to materially affect in an adverse
manner or materially interfere with any bona fide material financing of the Company or any material transaction under consideration
by the Company or would require the disclosure of information that has not been, and is not otherwise required to be, disclosed
to the public and the premature disclosure of which would materially affect the Company in an adverse manner; provided however,
that in the event such Registration Statement relates to a Demand Registration Request or an Underwritten Offering pursuant to
Section 2(h) or Section 5(g), then the Holders initiating such Demand Registration Request or such Underwritten Offering
shall be entitled to withdraw the Demand Registration Request or request for the Underwritten Offering and, if such request is
withdrawn, it shall not count against the limits imposed pursuant to Section 5(a)(D) or Section 6(e)(B) and the Company
shall pay all registration expenses in connection with such registration; and

 

(B)         at
any time after a Registration Statement has been declared effective by the Commission and there is no duty to disclose under applicable
law, the Company may delay the disclosure of material non-public information concerning the Company if the disclosure of such information
at the time would, in the good faith judgment of the Board, adversely affect the Company (the period of a postponement or suspension
as described in clause (A) and/or a delay described in this clause (B), a “Grace Period”).

 

    	 	 12	 

     

    

 

(b)          The
Company shall promptly (i) notify the Holders in writing of the existence of the event or material non-public information giving
rise to a Grace Period (provided that the Company shall not disclose the content of such material non-public information
to any Holder, without the express consent of such Holder) or the need to file a post-effective amendment, as applicable, and the
date on which such Grace Period will begin, (ii) use commercially reasonable efforts to terminate a Grace Period as promptly as
practicable and (iii) notify the Holders in writing of the date on which the Grace Period ends.

 

(c)          The
duration of any one Grace Period shall not exceed forty-five (45) days, and the aggregate of all Grace Periods in total during
any three hundred sixty-five (365) day period shall not exceed ninety (90) days. For purposes of determining the length of a Grace
Period, the Grace Period shall be deemed to begin on and include the date the Holders receive the notice referred to in clause
(i) of Section 7(b) and shall end on and include the later of the date the Holders receive the notice referred to in clause
(iii) of Section 7(b) and the date referred to in such notice. In the event the Company declares a Grace Period, the period
during which the Company is required to maintain the effectiveness of an Initial Shelf Registration Statement or a Registration
Statement filed pursuant to a Demand Registration Request shall be extended by the number of days during which such Grace Period
is in effect.

 

8.          Piggyback
Registration

 

(a)          If
at any time, and from time to time, the Company proposes to—

 

(A)         file
a registration statement under the Securities Act with respect to an underwritten offering of New Common Stock of the Company or
any securities convertible or exercisable into New Common Stock of the Company (other than with respect to a registration statement
(i) on Form S-8 or any successor form thereto, (ii) on Form S-4 or any successor form thereto or (iii) another form not available
for registering the Registrable Securities for sale to the public), whether or not for its own account; or

 

(B)         conduct
an underwritten offering constituting a “takedown” of a class of New Common Stock or any securities convertible or
exercisable into New Common Stock registered under a shelf registration statement previously filed by the Company;

 

    	 	 13	 

     

    

 

the Company shall give
written notice (the “Piggyback Notice”) of such proposed filing or underwritten offering to the Holders at least
ten (10) Business Days before the anticipated filing date (provided that in the case of a “bought deal,” “registered
direct offering” or “overnight transaction” (a “Bought Deal”), such Piggyback Notice shall
be given not less than two (2) Business Days prior to the expected date of commencement of marketing efforts). Such notice shall
include the number and class of securities proposed to be registered or offered, the proposed date of filing of such registration
statement or the conduct of such underwritten offering, any proposed means of distribution of such securities, any proposed managing
underwriter of such securities and a good faith estimate by the Company of the proposed maximum offering price of such securities
as such price is proposed to appear on the front cover page of such registration statement (or, in the case of an Underwritten
Offering, would appear on the front cover page of a registration statement), and shall offer the Holders the opportunity to register
such amount of Registrable Securities as each Holder may request on the same terms and conditions as the registration of the Company’s
and/or the holders of other securities of the Company securities, as the case may be (a “Piggyback Offering”).
Subject to Section 8(b), the Company will include in each Piggyback Offering all Registrable Securities for which the Company
has received written requests for inclusion within five (5) Business Days after the date the Piggyback Notice is given (provided
that in the case of a Bought Deal, such written requests for inclusion must be received within two (2) Business Days after the
date the Piggyback Notice is given); provided, however, that in the case of the filing of a registration statement, such
Registrable Securities are not otherwise registered pursuant to an existing and effective Shelf Registration Statement under this
Agreement, but in such case, the Company shall include such Registrable Securities in such underwritten offering if the Shelf Registration
Statement may be utilized for the offering and sale of the Registrable Securities requested to be offered; provided further,
however that, in the case of an underwritten offering in the form of a “takedown” under a shelf registration statement,
such Registrable Securities are covered by an existing and effective Shelf Registration Statement that may be utilized for the
offering and sale of the Registrable Securities requested to be offered.

 

(b)          The
Company will cause the managing underwriter or underwriters of the proposed offering to permit the Holders that have requested
Registrable Securities to be included in the Piggyback Offering to include all such Registrable Securities on the same terms and
conditions as any similar securities, if any, of the Company. Notwithstanding the foregoing, if the managing underwriter or underwriters
of such underwritten offering advises the Company and the selling Holders in writing that, in its view, the total amount of securities
that the Company, such Holders and any other holders entitled to participate in such offering (“Other Holders”)
propose to include in such offering is such as to materially adversely affect the success of such underwritten offering, then:

 

(A)         if
such Piggyback Offering is an underwritten primary offering by the Company for its own account, the Company will include in such
Piggyback Offering: (i) first, all securities to be offered by the Company; (ii) second, up to the full amount of
securities requested to be included in such Piggyback Offering by the Holders; and (iii) third, up to the full amount of
securities requested to be included in such Piggyback Offering by all Other Holders;

 

(B)         if
such Piggyback Offering is an underwritten secondary offering for the account of Other Holders exercising “demand”
rights (including pursuant to a Demand Registration Request), the Company will include in such registration: (i) first,
all securities of the Other Holder exercising “demand” rights (including pursuant to a Demand Registration Request)
requested to be included therein; (ii) second, up to the full amount of securities requested to be included in such Piggyback
Offering by the Holders entitled to participate therein, allocated pro rata among such Holders on the basis of the amount of securities
requested to be included therein by each such Holder; (C) third, up to the full amount of securities proposed to be included
in the registration by the Company; and (D) fourth, up to the full amount of securities requested to be included in such
Piggyback Offering by the Other Holders entitled to participate therein, allocated pro rata among such Other Holders on the basis
of the amount of securities requested to be included therein by each such Other Holder;

 

    	 	 14	 

     

    

 

such that, in each case, the total amount of securities to be
included in such Piggyback Offering is the full amount that, in the view of such managing underwriter, can be sold without materially
adversely affecting the success of such Piggyback Offering.

 

(c)          If
at any time after giving the Piggyback Notice and prior to the time sales of securities are confirmed pursuant to the Piggyback
Offering, the Company determines for any reason to not register or delay the registration of the Piggyback Offering, the Company
may, at its election, give notice of its determination to all Holders, and in the case of such a determination, will be relieved
of its obligation to register any Registrable Securities in connection with the abandoned or delayed Piggyback Offering, without
prejudice.

 

(d)          Except
with respect to a Bought Deal, any Holder of Registrable Securities requesting to be included in a Piggyback Offering may withdraw
its request for inclusion by giving written notice to the Company, at least three (3) Business Days prior to the anticipated Effective
Date of the Registration Statement filed in connection with such Piggyback Offering, or in the case of a Piggyback Offering constituting
a “takedown” off of a shelf registration statement, at least three (3) Business Days prior to the anticipated date
of the filing by the Company under Rule 424 of a supplemental prospectus (which shall be the preliminary supplemental prospectus,
if one is used in the “takedown”) with respect to such offering, of its intention to withdraw from that registration;
provided, however, that (i) the Holder’s request be made in writing and (ii) the withdrawal will be irrevocable
and, after making the withdrawal, a Holder will no longer have any right to include its Registrable Securities in that Piggyback
Offering.

 

9.          Registration
Procedures. If and when the Company is required to effect any registration under the Securities Act as provided in Sections
2(a), 3(c), 5(a), 6 or 8 of this Agreement, the Company shall use its commercially reasonable efforts
to:

 

(a)          prepare
and file with the Commission the requisite Registration Statement to effect such registration and thereafter use its commercially
reasonable efforts to cause such Registration Statement to become and remain effective, subject to the limitations contained herein;

 

(b)          prepare
and file with the Commission such amendments and supplements to such Registration Statement and the Prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities
Act and the Exchange Act with respect to the disposition of all Registrable Securities covered by such Registration Statement until
such time as all of such Registrable Securities have been disposed of in accordance with the method of disposition set forth in
such Registration Statement, subject to the limitations contained herein;

 

    	 	 15	 

     

    

 

(c)          (i)
before filing a Registration Statement or Prospectus or any amendments or supplements thereto, at the Company’s expense,
furnish to the Holders whose securities are covered by the Registration Statement copies of all such documents, other than documents
that are incorporated by reference into such Registration Statement or Prospectus, proposed to be filed and such other documents
reasonably requested by such Holders (which may be furnished by email), and afford Counsel to the Holders a reasonable opportunity
to review and comment on such documents; and (ii) in connection with the preparation and filing of each such Registration Statement
pursuant to this Agreement, (A) upon reasonable advance notice to the Company, give each of the foregoing such reasonable access
to all financial and other records, corporate documents and properties of the Company as shall be necessary, in the reasonable
opinion of Counsel to the Holders and such underwriters, to conduct a reasonable due diligence investigation for purposes of the
Securities Act and Exchange Act, and (B) upon reasonable advance notice to the Company and during normal business hours, provide
such reasonable opportunities to discuss the business of the Company with its officers, directors, employees and the independent
public accountants who have certified its financial statements as shall be necessary, in the reasonable opinion of Counsel to the
Holders and such underwriters, to conduct a reasonable due diligence investigation for purposes of the Securities Act and the Exchange
Act; provided that the Company shall not provide any due diligence information to a Holder unless such Holder explicitly
requests such due diligence information in writing and such Holder has entered into a customary confidentiality agreement with
the Company with respect to material, non-public information;

 

(d)          notify
each selling Holder of Registrable Securities, promptly after the Company receives notice thereof, of the time when such Registration
Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement has been
filed;

 

(e)          with
respect to any offering of Registrable Securities, furnish to each selling Holder of Registrable Securities, and the managing underwriters
for such Underwritten Offering, if any, without charge, such number of copies of the applicable Registration Statement, each amendment
and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus, final
Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424, Rule 430A or Rule 430B promulgated
under the Securities Act and any “issuer free writing prospectus” as such term is defined under Rule 433 promulgated
under the Securities Act)), all exhibits and other documents filed therewith and such other documents as such seller or such managing
underwriters may reasonably request including in order to facilitate the disposition of the Registrable Securities owned by such
seller and, upon request, a copy of any and all transmittal letters or other correspondence to, or received from, the Commission
or any other governmental authority relating to such offer;

 

(f)          (i)
register or qualify all Registrable Securities covered by such Registration Statement under such other securities or blue sky laws
of such states or other jurisdictions of the United States of America as the Holders covered by such Registration Statement shall
reasonably request in writing, (ii) keep such registration or qualification in effect for so long as such Registration Statement
remains in effect and (iii) take any other action that may be necessary or reasonably advisable to enable such Holders to consummate
the disposition in such jurisdictions of the securities to be sold by such Holders, except that the Company shall not for any such
purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for
the requirements of this subsection (f) be obligated to be so qualified, to subject itself to taxation in such jurisdiction or
to consent to general service of process in any such jurisdiction;

 

    	 	 16	 

     

    

 

(g)          cause
all Registrable Securities included in such Registration Statement to be registered with or approved by such other federal or state
governmental agencies or authorities as is necessary upon the opinion of counsel to the Company or Counsel to the Holders of Registrable
Securities included in such Registration Statement to enable such Holder or Holders thereof to consummate the disposition of such
Registrable Securities in accordance with their intended method of distribution thereof;

 

(h)          with
respect to any Underwritten Offering, obtain and, if obtained, furnish to each Holder that is named as an underwriter in such Underwritten
Offering and each other underwriter thereof, a signed

 

(A)         opinion
of outside counsel for the Company (including a customary 10b-5 statement), dated the date of the closing under the underwriting
agreement and addressed to the underwriters, reasonably satisfactory (based on the customary form and substance of opinions of
issuers’ counsel customarily given in such an offering) in form and substance to such underwriters, if any, and

 

(B)         “comfort”
letter, dated the date of the Underwriting Agreement and another dated the date of the closing under the underwriting agreement
and addressed to the underwriters and signed by the independent public accountants who have certified the Company’s financial
statements included or incorporated by reference in such registration statement, reasonably satisfactory (based on the customary
form and substance of “cold comfort” letters of issuers’ independent public accountant customarily given in such
an offering) in form and substance to such Holder and such underwriters, if any,

 

in each case,
covering substantially the same matters with respect to such Registration Statement (and the Prospectus included therein) and,
in the case of the accountants’ comfort letter, with respect to events subsequent to the date of such financial statements,
as are customarily covered in opinions of issuer’s counsel and in accountants’ comfort letters delivered to underwriters
in such types of offerings of securities;

 

(i)          notify
each Holder of Registrable Securities included in such Registration Statement at any time when a Prospectus relating thereto is
required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which,
the Prospectus included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits
to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light
of the circumstances under which they were made and for which the Company chooses to suspend the use of the Registration Statement
and Prospectus in accordance with the terms of this Agreement, and, at the written request of any such Holder, promptly prepare
and furnish to it a reasonable number of copies of a supplement to or an amendment of such Prospectus as may be necessary so that,
as thereafter delivered to the purchasers of such securities, such Prospectus, as supplemented or amended, shall not include an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances under which they were made;

 

    	 	 17	 

     

    

 

(j)          notify
the Holders of Registrable Securities included in such Registration Statement promptly of any request by the Commission for the
amending or supplementing of such Registration Statement or Prospectus or for additional information;

 

(k)          advise
the Holders of Registrable Securities included in such Registration Statement promptly after the Company receives notice or obtains
knowledge of any order suspending the effectiveness of a registration statement relating to the Registrable Securities at the earliest
practicable moment and promptly use its commercially reasonable efforts to obtain the withdrawal of such order;

 

(l)          otherwise
comply with all applicable rules and regulations of the Commission and any other governmental agency or authority having jurisdiction
over the offering of Registrable Securities, and make available to its stockholders, as soon as reasonably practicable, an earnings
statement covering the period of at least twelve (12) months, but not more than eighteen (18) months, beginning with the first
(1st) full calendar month after the Effective Date of such Registration Statement, which earnings statement shall satisfy
the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder and which requirement will be deemed
satisfied if the Company timely files complete and accurate information on Form 10-Q and 10-K and Current Reports on Form 8-K under
the Exchange Act and otherwise complies with Rule 158 under the Securities Act;

 

(m)          provide
and cause to be maintained a transfer agent and registrar for the Registrable Securities included in a Registration Statement no
later than the Effective Date thereof;

 

(n)          enter
into such agreements (including an underwriting agreement in customary form) and take such other actions as the Holders beneficially
owning a majority of the Registrable Securities included in a Registration Statement or the underwriters, if any, shall reasonably
request in order to expedite or facilitate the disposition of such Registrable Securities, including customary indemnification;
and provide reasonable cooperation, including causing at least one (1) executive officer and a senior financial officer to attend
and participate in “road shows” and other information meetings organized by the underwriters, if any, as reasonably
requested; provided, however, that the Company shall have no obligation to participate in more than two (2) “road
shows” in any twelve (12)-month period and such participation shall not unreasonably interfere with the business operations
of the Company;

 

    	 	 18	 

     

    

 

(o)          if
requested by the managing underwriter(s) or the Holders beneficially owning a majority of the Registrable Securities being sold
in connection with an Underwritten Offering, promptly incorporate in a prospectus supplement or post-effective amendment such information
relating to the plan of distribution for such shares of Registrable Securities provided to the Company in writing by the managing
underwriters and the Holders of a majority of the Registrable Securities being sold and that is required to be included therein
relating to the plan of distribution with respect to such Registrable Securities, including without limitation, information with
respect to the number of Registrable Securities being sold to such underwriters, the purchase price being paid therefor by such
underwriters and with respect to any other terms of the Underwritten Offering of the Registrable Securities to be sold in such
offering, and make any required filings with respect to such information relating to the plan of distribution as soon as practicable
after notified of the information;

 

(p)          cooperate
with the Holders of Registrable Securities included in a Registration Statement and the managing underwriter(s), if any, to facilitate
the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive
legends (including to cause its counsel to issue a legal opinion to the Company’s transfer agent if required by the transfer
agent to effect the removal of any restrictive legend thereon), and enable such Registrable Securities to be in such share amounts
and registered in such names as the managing underwriters, or, if none, the Holders beneficially owning a majority of the Registrable
Securities being offered for sale, may reasonably request at least three (3) Business Days (or in the case of a Bought Deal,
two (2) Business Days) prior to any sale of Registrable Securities to the underwriters;

 

(q)          cause
all Registrable Securities included in a Registration Statement to be listed on a national securities exchange on which similar
securities issued by the Company are then listed, if at all; and

 

(r)          otherwise
use its commercially reasonable efforts to take all other steps necessary to effect the registration of such Registrable Securities
contemplated hereby.

 

In addition, at least
ten (10) Trading Days prior to the first anticipated filing date of a Registration Statement for any registration under this Agreement,
the Company will notify each Holder of the information the Company requires from that Holder, including any update to or confirmation
of the information contained in the Selling Stockholder Questionnaire, if any, which shall be completed and delivered to the Company
promptly upon request and, in any event, within five (5) Trading Days prior to the applicable anticipated filing date. Each Holder
further agrees that it shall not be entitled to be named as a selling securityholder in the Registration Statement or use the Prospectus
for offers and resales of Registrable Securities at any time, unless such Holder has returned to the Company a completed and signed
Selling Stockholder Questionnaire and a response to any requests for further information as described in the previous sentence
and, if an Underwritten Offering, entered into an underwriting agreement with the underwriters in accordance with Section 6(b).
If a Holder of Registrable Securities returns a Selling Stockholder Questionnaire or a request for further information, in either
case, after its respective deadline, the Company shall be permitted to exclude such Holder from being a selling security holder
in the Registration Statement or any pre-effective or post-effective amendment thereto. Each Holder acknowledges and agrees that
the information in the Selling Stockholder Questionnaire or request for further information as described in this Section 9
will be used by the Company in the preparation of the Registration Statement and hereby consents to the inclusion of such information
in the Registration Statement.

 

    	 	 19	 

     

    

 

10.         Registration
Expenses. All fees and expenses incident to the Company’s performance of or compliance with its obligations under this
Agreement (excluding any underwriting discounts, fees or selling commissions or broker or similar commissions or fees, or transfer
taxes of any Holder) shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration
Statement. The fees and expenses referred to in the foregoing sentence shall include, without limitation, (i) all registration
and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with any Trading
Market on which the New Common Stock is then listed for trading, if any, (B) with respect to compliance with applicable state securities
or Blue Sky laws (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky
qualifications or exemptions of the Registrable Securities and determination of the eligibility of the Registrable Securities for
investment under the laws of such jurisdictions as requested by the Holders) and (C) if not previously paid by the Company in connection
with an Issuer Filing, with respect to any filing that may be required to be made by any broker through which a Holder intends
to make sales of Registrable Securities with the Financial Industry Regulatory Authority (“FINRA”) pursuant
to FINRA Rule 5110, so long as the broker is receiving no more than a customary brokerage commission in connection with such sale,
(ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing
prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable Securities
included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel
for the Company, (v) the reasonable fees and expenses incurred in connection with any road show for Underwritten Offerings, (vi)
Securities Act liability insurance, if the Company so desires such insurance, and (vii) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the
Company will pay the reasonable fees and disbursements of the Counsel to the Holders, including, for the avoidance of doubt, any
expenses of Counsel to the Holders in connection with the filing or amendment of any Registration Statement, Prospectus or free
writing prospectus hereunder or any Underwritten Offering.

 

11.         Lockups.

 

(a)          In
connection with any Underwritten Takedown or underwritten registration pursuant to a Demand Registration Request or other underwritten
public offering of equity securities by the Company, except with the written consent of the underwriters managing such offering,
no Holder who participates in such offering or, together with its Affiliates and Related Funds, beneficially owns five percent
(5%) or more of the outstanding shares of New Common Stock at such time shall effect any public sale or distribution (including
sales pursuant to Rule 144) of equity securities of the Company, or any securities convertible into or exchangeable or exercisable
for such securities, without prior written consent from the Company, during the seven (7) days prior to and the sixty (60)-day
period beginning on the date of closing of such offering (the “Lockup Period”), except as part of such offering,
provided, that such Lockup Period restrictions are applicable on substantially similar terms to the Company and all of its
and its subsidiaries’ executive officers and directors; provided that nothing herein will prevent any Holder from
making a distribution of Registrable Securities to any of its partners, members or stockholders thereof or a transfer of Registrable
Securities to an Affiliate or Related Fund that is otherwise in compliance with the applicable securities laws, so long as such
distributees or transferees, as applicable, agree to be bound by the restrictions set forth in this Section 11(a). Each Holder
agrees to execute a lock-up agreement in favor of the Company’s underwriters to such effect and, in any event, that the Company’s
underwriters in any relevant offering shall be third party beneficiaries of this Section 11(a). The provisions of this Section
11(a) will no longer apply to a Holder once such Holder ceases to hold Registrable Securities.

 

    	 	 20	 

     

    

 

(b)          In
connection with any Underwritten Offering, the Company shall not effect any public sale or distribution of equity securities of
the Company, or any securities convertible into or exchangeable or exercisable for such securities, without prior written consent
from the Majority Holders, during the Lockup Period, except as part of such offering, provided, that such Lockup Period
restrictions are applicable on substantially similar terms to the Majority Holders. The Company agrees to execute a lock-up agreement
in favor of the underwriters in any relevant offering to such effect and, in any event, that the underwriters in any relevant offering
shall be third party beneficiaries of this Section 11(b). Notwithstanding the foregoing, the Company may effect a public sale or
distribution of securities of the type described above and during the periods described above if such sale or distribution is made
pursuant to registrations on Form S-4 or Form S-8 or as part of any registration of securities for offering and sale to employees,
directors or consultants of the company and its subsidiaries pursuant to any employee stock plan or other employee benefit plan
arrangement.

 

12.         Indemnification.

 

(a)          Indemnification
by the Company. The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold harmless each
Holder, the officers, directors, agents, partners, members, investment manager, managers, stockholders, Affiliates and employees
of each Holder, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) and the officers, directors, agents, partners, members, investment manager, managers, stockholders and employees
of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims,
damages, liabilities, costs (including, without limitation, reasonable costs of preparation and investigation and reasonable attorneys’
fees) and expenses (collectively, “Losses”), to which any of them may become subject, that arise out of or are
based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus
or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus or (ii) any omission or alleged
omission to state a material fact required to be stated therein or necessary to make the statements therein (in the case of any
Prospectus or form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading,
except to the extent, but only to the extent, that (A) such untrue statements, alleged untrue statements, omissions or alleged
omissions are based upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use
therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of
Registrable Securities and was provided by such Holder expressly for use in the Registration Statement, such Prospectus or such
form of Prospectus or in any amendment or supplement thereto, or (B) in the case of an occurrence of an event of the type specified
in Section 9(i), related to the use by a Holder of an outdated or defective Prospectus after the Company has notified such
Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated
and defined in Section 16(c) below, but only if and to the extent that following the receipt of the Advice the misstatement
or omission giving rise to such Loss would have been corrected. Such indemnity shall remain in full force and effect regardless
of any investigation made by or on behalf of an Indemnified Party (as defined in Section 12(c)), shall survive the transfer
of the Registrable Securities by the Holders, and shall be in addition to any liability which the Company may otherwise have.

 

    	 	 21	 

     

    

 

(b)          Indemnification
by Holders. Each Holder shall, severally and not jointly, indemnify and hold harmless the Company, its respective directors,
officers, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act and
Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to the fullest extent
permitted by applicable law, from and against all Losses, as incurred, arising out of or are based upon any untrue or alleged untrue
statement of a material fact contained in any Registration Statement, any Prospectus, or any form of prospectus, or in any amendment
or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus, or any
form of prospectus or supplement thereto, in the light of the circumstances under which they were made) not misleading (i) to the
extent, but only to the extent, that such untrue statements or omissions are based upon information regarding such Holder furnished
in writing to the Company by such Holder expressly for use therein or (ii) to the extent, but only to the extent, that such information
relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities and was provided by such
Holder expressly for use in a Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement
thereto or (iii) in the case of an occurrence of an event of the type specified in Section 9(i), to the extent, but only
to the extent, related to the use by such Holder of an outdated or defective Prospectus after the Company has notified such Holder
in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section
16(c), but only if and to the extent that following the receipt of the Advice the misstatement or omission giving rise to such
Loss would have been corrected. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar
amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification
obligation. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Indemnified
Party (as defined in Section 12(c)), shall survive the transfer of the Registrable Securities by the Holders, and shall
be in addition to any liability which the Holder may otherwise have.

 

    	 	 22	 

     

    

 

(c)          Conduct
of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity hereunder
(an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought
(the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all reasonable
fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give
such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and
only) to the extent that such failure shall have materially and adversely prejudiced the Indemnifying Party.

 

An Indemnified Party
shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees
and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has
agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of
such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named
parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
and such Indemnified Party shall have been advised by counsel that in the reasonable judgment of such counsel a conflict of interest
exists if the same counsel were to represent such Indemnified Party and the Indemnifying Party; provided, that the Indemnifying
Party shall not be liable for the reasonable and documented fees and expenses of more than one separate firm of attorneys at any
time for all Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected
without its written consent, which consent shall not be unreasonably withheld, delayed or conditioned. No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which
any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability
on claims that are the subject matter of such Proceeding.

 

Subject to the terms
of this Agreement, all reasonable and documented fees and expenses of the Indemnified Party (including reasonable and documented
fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not
inconsistent with this Section 12(c)) shall be paid to the Indemnified Party, as incurred, with reasonable promptness after
receipt of written notice thereof to the Indemnifying Party; provided, that the Indemnified Party shall promptly reimburse
the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is
finally judicially determined to not be entitled to indemnification hereunder. The failure to deliver written notice to the Indemnifying
Party within a reasonable time of the commencement of any such action shall not relieve such Indemnifying Party of any liability
to the Indemnified Party under this Section 12, except to the extent that the Indemnifying Party is materially and adversely
prejudiced in its ability to defend such action.

 

(d)          Contribution.
If a claim for indemnification under Section 12(a) or (b) is unavailable to an Indemnified Party or insufficient
to hold an Indemnified Party harmless for any Losses, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party,
shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate
to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions
that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party
and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue
or alleged untrue statement of a material fact or omission or alleged omission of a material fact, has been taken or made by, or
relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action, statement or omission.

 

    	 	 23	 

     

    

 

The parties hereto
agree that it would not be just and equitable if contribution pursuant to this Section 12(d) were determined by pro rata
allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the
immediately preceding paragraph. Notwithstanding the provisions of this Section 12(d), no Holder shall be required to contribute,
in the aggregate, any amount in excess of the amount by which the net proceeds actually received by such Holder from the sale of
the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation.

 

13.         Section
4(a)(7), Rule 144 and Rule 144A; Other Exemptions. With a view to making available to the Holders of Registrable
Securities the benefits of Rule 144 and Rule 144A promulgated under the Securities Act and other rules and regulations
of the Commission that may at any time permit a Holder of Registrable Securities to sell securities of the Company without registration,
until such time as when no Registrable Securities remain outstanding, the Company covenants that it will (i) if it is subject to
the reporting requirement of Section 13 or 15(d) of the Exchange act, file in a timely manner all reports and other documents required,
if any, to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted thereunder or (ii) if
it is not subject to the reporting requirement of Section 13 or 15(d) of the Exchange Act, make available information necessary
to comply with Section 4(a)(7) of the Securities Act and Rule 144 and Rule 144A, if available with respect to resales
of the Registrable Securities under the Securities Act, at all times, all to the extent required from time to time to enable such
Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided
by (x) Section 4(a)(7) of the Securities Act and Rule 144 and Rule 144A promulgated under the Securities Act (if
available with respect to resales of the Registrable Securities), as such rules may be amended from time to time or (y) any
other rules or regulations now existing or hereafter adopted by the Commission. Upon the reasonable request of any Holder of Registrable
Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such information requirements,
and, if not, the specific reasons for non-compliance.

 

14.         Transfer
of Registration Rights. Any Holder may freely assign its rights hereunder on a pro rata basis in connection with any sale,
transfer, assignment, or other conveyance (any of the foregoing, a “Transfer”) of Registrable Securities to
any transferee or assignee; provided that all of the following additional conditions are satisfied: (a) such Transfer
is effected in accordance with applicable securities laws; (b) such transferee or assignee agrees in writing to become subject
to the terms of this Agreement; and (c) the Company is given written notice by such Holder of such Transfer, stating the name
and address of the transferee or assignee and identifying the Registrable Securities with respect to which such rights are being
transferred or assigned and providing the amount of any other capital stock of the Company beneficially owned by such transferee
or assignee; and further provided, that (i) any rights assigned hereunder shall apply only in respect of the Registrable
Securities that are Transferred and not in respect of any other securities that the transferee or assignee may hold and (ii) any
Registrable Securities that are Transferred may cease to constitute Registrable Securities following such Transfer in accordance
with the terms of this Agreement.

 

    	 	 24	 

     

    

 

15.         Further
Assurances. Each of the parties hereto shall execute all such further instruments and documents and take all such further action
as any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement.

 

16.         Miscellaneous.

 

(a)          Remedies.
Any Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically to recover
damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. The
parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this
Agreement and that any party may in its sole discretion apply to any court of law or equity of competent jurisdiction (without
posting any bond or other security) for specific performance and for other injunctive relief in order to enforce or prevent violation
of the provisions of this Agreement.

 

(b)          Compliance.
Each Holder covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable
to it (unless an exemption therefrom is available) in connection with sales of Registrable Securities pursuant to any Registration
Statement and shall sell the Registrable Securities only in accordance with a method of distribution described in each Registration
Statement

 

(c)          Discontinued
Disposition. By its acquisition of Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company
of the occurrence of a Grace Period or any event of the kind described in Section 9(i), such Holder will forthwith discontinue
disposition of such Registrable Securities under a Registration Statement until it is advised in writing (the “Advice”)
by the Company that the use of the applicable Prospectus (as it may have been supplemented or amended) may be resumed. The Company
may provide appropriate stop orders to enforce the provisions of this paragraph.

 

(d)          Preservation
of Rights. The Company shall not grant any registration rights to third parties which are more favorable than or inconsistent
with the rights granted hereunder unless any such more favorable rights are concurrently added to the rights granted hereunder.

 

(e)          No
Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities which is inconsistent
with or violates the rights granted to the Holders in this Agreement.

 

    	 	 25	 

     

    

 

(f)          Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented,
or waived unless the same shall be in writing and signed by the Company and Holders holding at least a majority of the then outstanding
Registrable Securities; provided, however, that any party may give a waiver as to itself; provided further, however
that no amendment, modification, supplement, or waiver that disproportionately and adversely affects, alters, or changes the interests
of any Holder shall be effective against such Holder without the prior written consent of such Holder; provide further, however
that the definition of “Holders” in Section 1 and the provisions of Section 2(c) may not be amended,
modified or supplemented, or waived unless in writing and signed by all the signatories to this Agreement; and provided
further that the waiver of any provision with respect to any Registration Statement or offering may be given by Holders
holding at least a majority of the then outstanding Registrable Securities entitled to participate in such offering or, if such
offering shall have been commenced, having elected to participate in such offering. Notwithstanding the foregoing, a waiver or
consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of certain Holders
and that does not directly or indirectly affect the rights of other Holders may be given by Holders of a majority of the Registrable
Securities to which such waiver or consent relates; provided, however, that the provisions of this sentence may not
be amended, modified, or supplemented except in accordance with the provisions of the immediately preceding sentence. No waiver
of any terms or conditions of this Agreement shall operate as a waiver of any other breach of such terms and conditions or any
other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any
other provision hereof. No written waiver hereunder, unless it by its own terms explicitly provides to the contrary, shall be construed
to effect a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any
other instance or for any other purpose or impair the right of the party against whom such waiver is claimed in all other instances
or for all other purposes to require full compliance with such provision. The failure of any party to enforce any provision of
this Agreement shall not be construed as a waiver of such provision and shall not affect the right of such party thereafter to
enforce each provision of this Agreement in accordance with its terms.

 

(g)          Notices.
Any notice or other communication required or which may be given hereunder shall be in writing and shall be sent by certified or
regular mail, by private national courier service (return receipt requested, postage prepaid), by personal delivery, by electronic
mail or by facsimile transmission. Such notice or communication shall be deemed given (i) if mailed, two days after the date of
mailing, (ii) if sent by national courier service, one Business Day after being sent, (iii) if delivered personally, when so delivered,
(iv) if sent by electronic mail, on the Business Day such electronic mail is transmitted, or (v) if sent by facsimile transmission,
on the Business Day such facsimile is transmitted, in each case as follows:

 

	(A) 	If to the Company:
	 	 
	 	Vanguard Natural Resources, Inc.
	 	5487 San Felipe, Suite 3000
	 	Houston, TX 77057
	 	Attn:    Secretary and Treasurer
	 	Fax:      (832) 327-2260
	 	E-mail: rrobert@vnrllc.com
	 	 
	 	With a copy (which shall not constitute notice) to:

 

    	 	 26	 

     

    

 

	 	Paul Hastings LLP
	 	600 Travis St.
	 	58th Floor
	 	Houston, Texas 77002
	 	Attn:   Douglas Getten
	 	James Grogan
	 	Fax :   (713) 353-3100
	 	Email: douggetten@paulhastings.com
	 	jamesgrogan@paulhastings.com 

 

(B)         If
to the Holders (or to any of them), at their addresses as they appear in the records of the Company or the records of the transfer
agent or registrar, if any, for the New Common Stock.

 

If any time period for giving notice or taking
action hereunder expires on a day which is a Saturday, Sunday or legal holiday in the State of New York or the jurisdiction in
which the Company’s principal office is located, the time period shall automatically be extended to the Business Day immediately
following such Saturday, Sunday or legal holiday.

 

(h)          Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and
their respective successors and assigns (including any trustee in bankruptcy). In addition, and whether or not any express assignment
shall have been made, the provisions of this Agreement which are for the benefit of the Holders of Registrable Securities (or any
portion thereof) as such shall be for the benefit of and enforceable by any subsequent holder of any Registrable Securities (or
of such portion thereof); provided, that such subsequent holder of Registrable Securities shall be required to execute a
joinder to this Agreement in form and substance reasonably satisfactory to the Company agreeing to be bound by its terms. No assignment
or delegation of this Agreement by the Company, or any of the Company’s rights, interests or obligations hereunder, shall
be effective against any Holder without the prior written consent of such Holder.

 

(i)          Execution
and Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain
the signatures of more than one party, but all such counterparts taken together shall constitute one and the same Agreement.

 

(j)          Delivery
by Facsimile. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection
herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered
by means of a facsimile machine or other electronic means, shall be treated in all manner and respects as an original agreement
or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered
in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall
re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument
shall raise the use of a facsimile machine or other electronic means to deliver a signature or the fact that any signature or agreement
or instrument was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to
the formation or enforceability of a contract and each such party forever waives any such defense.

 

    	 	 27	 

     

    

 

(k)          Governing
Law; Venue. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without
giving effect to any choice of law or conflict of law rules or provisions (whether of the State of New York or any other jurisdiction)
to the extent such rules or provisions would cause the application of the laws of any jurisdiction other than the State of New
York. Each of the parties to this Agreement consents and agrees that any action to enforce this Agreement or any dispute, whether
such dispute arises in law or equity, arising out of or relating to this Agreement shall be brought exclusively in the United States
District Court for the Southern District of New York or any New York State Court sitting in New York City. The parties hereto consent
and agree to submit to the exclusive jurisdiction of such courts. Each of the parties to this Agreement waives and agrees not to
assert in any such dispute, to the fullest extent permitted by applicable law, any claim that (i) such party and such party’s
property is immune from any legal process issued by such courts or (ii) any litigation or other proceeding commenced in such courts
is brought in an inconvenient forum. The parties hereby agree that mailing of process or other papers in connection with any such
action or proceeding to an address provided in writing by the recipient of such mailing, or in such other manner as may be permitted
by law, shall be valid and sufficient service thereof and hereby waive any objections to service in the manner herein provided.

 

(l)          Waiver
of Jury Trial. Each of the parties to this Agreement hereby agrees to waive its respective rights to a jury trial of any claim
or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be all-encompassing of
any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement, including contract
claims, tort claims and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material
inducement to enter into this Agreement, that each has already relied on this waiver in entering into this Agreement, and that
each will continue to rely on this waiver in their related future dealings. Each party hereto further warrants and represents that
it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following
consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER
THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 16(l) AND EXECUTED BY EACH OF THE PARTIES HERETO),
AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. In the event
of litigation, this Agreement may be filed as a written consent to a trial by the court.

 

(m)          Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable
law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or the effectiveness
or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision had never been contained herein.

 

    	 	 28	 

     

    

 

(n)          Descriptive
Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only
and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs shall
include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument
as amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof. The words
“include”, “includes” or “including” in this Agreement shall be deemed to be followed by “without
limitation”. The use of the words “or,” “either” or “any” shall not be exclusive. The
parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or
burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.
All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such laws, rules, regulations
and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in effect at the time. All
references to agencies, self-regulatory organizations or governmental entities in this Agreement shall be deemed to be references
to the comparable successors thereto from time to time.

 

(o)          Entire
Agreement. This Agreement and any certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes
the entire agreement and understanding of the parties in respect of the subject matter hereof and supersedes all prior understandings,
agreements or representations by or among the parties, written or oral, to the extent they relate in any way to the subject matter
hereof.

 

(p)          Legends.
Certificates evidencing the Registrable Securities shall not contain any restrictive legend (i) following any sale of such securities
under an effective registration statement, (ii) following any sale of such securities pursuant to Rule 144, (iii) if such securities
are eligible for sale under Rule 144 without volume or manner-of-sale restrictions and the Company is in compliance with the current
public information required under Rule 144, (iv) if such securities are eligible for sale under Rule 144 without the requirement
for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale
restrictions, or (v) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations
and pronouncements issued by the staff of the Commission). The Company shall cause its counsel to issue a legal opinion to the
Company’s transfer agent if required by the transfer agent to effect the removal of the legend hereunder. The Company agrees
that at such time as such legend is no longer required under this Section 16(p), it will, no later than the earlier of (i) three
(3) Business Days and (ii) the number of Business Days comprising the Standard Settlement Period (as defined below) following the
delivery by a Holder to the transfer agent of any Registrable Securities containing a restrictive legend (such date, the “Legend
Removal Date”), deliver or cause to be delivered to such Holder or a designee thereof a certificate representing such securities
that is free from all restrictive and other legends. Certificates for Registrable Securities subject to legend removal hereunder
shall be transmitted by the transfer agent to the Holder or its designee by crediting the account of the Holder’s (or such
designee’s) prime broker with the Depository Trust Company System (“DTC”) through its Deposit/Withdrawal at Custodian
system or, at the Holder’s election, its DRS Profile system, in each case, as directed by such Holder. As used herein, “Standard
Settlement Period” means the standard settlement period, expressed in a number of Business Days, on the Company’s primary
Trading Market with respect to the New Common Stock as in effect at the relevant time of determination.

 

    	 	 29	 

     

    

 

(q)          Termination.
The obligations of the Company and of any Holder, other than those obligations contained in Section 12 and this Section
16, shall terminate (i) with respect to the Company and such Holder as soon as such Holder no longer beneficially owns any
Registrable Securities and (ii) with respect to the Company and all Holders on the tenth anniversary of this Agreement.

 

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    	 	 30	 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	VANGUARD NATURAL RESOURCES, INC.
	 	 	 
	 	By:	/s/ Scott W. Smith
	 	Name:	Scott W. Smith
	 	Title:	President and Chief Executive Officer

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the undersigned parties have executed this Registration Rights Agreement as of the date first written above.

 

	 	 	HOLDERS:
	 	 	 
	[Holder Name]	 	 
	 	 	 	 
	By:	 	 	 
	Name:	 	 	 
	Title:	 	 	 

 

		 ̈	By checking this box, the Holder signing above hereby requests the inclusion of all of its Registrable Securities in the Initial
Shelf Registration Statement.

 

		 ̈	By checking this box, the Holder signing above hereby requests the inclusion of _____________________ of its Registrable Securities
in the Initial Shelf Registration Statement, constituting less than all of its Registrable Securities.Exhibit 10.8

 

 

 

WARRANT AGREEMENT

 

between

 

VANGUARD NATURAL RESOURCES, INC.,

 

AS ISSUER

 

and

 

AMERICAN STOCK TRANSFER & TRUST COMPANY,
LLC,

 

AS WARRANT AGENT

 

August 1, 2017

 

 

    	 	 	 

     

    

 

Table
of Contents

	 	 	Page
	 	 	 
	Section 1.	Certain Defined Terms	1
	 	 	 
	Section 2.	Appointment of Warrant Agent	5
	 	 	 
	Section 3.	Issuance of Warrants; Form, Execution and Delivery	5
	 	 	 
	Section 4.	Transfer or Exchange	7
	 	 	 
	Section 5.	Duration and Exercise of Warrants	10
	 	 	 
	Section 6.	Adjustment of Exercise Price and Number of Shares Purchasable or Number of Warrants	14
	 	 	 
	Section 7.	Cancellation of Warrants	17
	 	 	 
	Section 8.	Mutilated or Missing Global Warrant Certificates	18
	 	 	 
	Section 9.	Merger, Consolidation, and Sale of Assets; Automatic Exercise	18
	 	 	 
	Section 10.	Reservation of Shares; Certain Actions	19
	 	 	 
	Section 11.	Notification of Certain Events; Corporate Action	19
	 	 	 
	Section 12.	Warrant Agent	24
	 	 	 
	Section 13.	Severability	24
	 	 	 
	Section 14.	Holder Not Deemed a Stockholder	24
	 	 	 
	Section 15.	Notices to Company and Warrant Agent	25
	 	 	 
	Section 16.	Supplements and Amendments	25
	 	 	 
	Section 17.	Termination	25
	 	 	 
	Section 18.	Governing Law and Consent to Forum	26
	 	 	 
	Section 19.	Waiver of Jury Trial	26
	 	 	 
	Section 20.	Benefits of this Agreement	26
	 	 	 
	Section 21.	Counterparts	26
	 	 	 
	Section 22.	Headings	26
	 	 	 
	EXHIBIT A	FORM OF VNR COMMON UNIT GLOBAL WARRANT CERTIFICATE	 
	EXHIBIT B	FORM OF ELECTION TO EXERCISE VNR COMMON UNIT WARRANT (GLOBAL WARRANT CERTIFICATE)	 
	EXHIBIT C	FORM OF VNR PREFERRED UNIT GLOBAL WARRANT CERTIFICATE	 
	EXHIBIT D	FORM OF ELECTION TO EXERCISE VNR PREFERRED UNIT WARRANT (GLOBAL WARRANT CERTIFICATE)	 

 

    	 	i 	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	EXHIBIT E	FORM OF ELECTION TO EXERCISE VNR COMMON UNIT WARRANT (DIRECT REGISTRATION WARRANTS)	 
	EXHIBIT F	FORM OF ELECTION TO EXERCISE VNR PREFERRED UNIT WARRANT (DIRECT REGISTRATION WARRANTS)	 
	EXHIBIT G	FORM OF VNR COMMON UNIT WARRANT ASSIGNMENT	 
	EXHIBIT H	FORM OF VNR PREFERRED UNIT WARRANT ASSIGNMENT	 
	EXHIBIT I	VNR COMMON UNIT WARRANT SUMMARY	 
	EXHIBIT J	VNR PREFERRED UNIT WARRANT SUMMARY	 

 

    	 	ii 	 

     

    

 

This WARRANT AGREEMENT (this “Agreement”)
is dated as of August 1, 2017, between VANGUARD NATURAL RESOURCES, INC., a Delaware corporation, (the “Company”)
as issuer, and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as warrant agent (the “Warrant Agent”).

 

WITNESSETH

 

WHEREAS, in connection with the financial
restructuring of Vanguard Natural Resources, LLC (“Vanguard”) and certain of its subsidiaries (collectively,
the “Debtors”) pursuant to the Debtors’ Modified Second Amended Joint Plan of Reorganization (the “Plan”)
under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§101 et. seq. (the “Bankruptcy
Code”), the Company has agreed to issue (i) to holders of VNR Preferred Units, the VNR Preferred Unit Warrants (the “VNR
Preferred Unit Warrants”), which are exercisable to purchase up to 621,649.49 shares of the Company’s common stock,
par value $0.001 per share (the “Common Stock”), subject to adjustment as provided herein, and (ii) to holders
of VNR Common Units, the VNR Common Unit Warrants (the “VNR Common Unit Warrants” and, together with the VNR
Preferred Unit Warrants, the “Warrants”), which are exercisable to purchase up to 640,875.75 shares of
the Company’s Common Stock, subject to adjustment as provided herein;

 

WHEREAS, the Company desires the
Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with the issuance, registration,
transfer, exchange, replacement, exercise and cancellation of the Warrants;

 

WHEREAS, the Warrant Agent, at the
request of the Company, has agreed to act as the agent of the Company in connection with the issuance, registration, transfer,
exchange, replacement, exercise and cancellation of the Warrants as provided herein;

 

WHEREAS, the Warrants and the underlying
Common Stock are being offered and sold in reliance on the exemption from the registration requirements of the Securities Act of
1933, as amended (the “Securities Act”), and any applicable state securities or “blue sky” laws
afforded by Section 1145(a)(2) of the Bankruptcy Code; and

 

WHEREAS, the Company desires to enter
into this Agreement to set forth the terms and conditions of the Warrants and the rights of the Holders (as defined below) thereof.

 

NOW, THEREFORE, in consideration
of the premises and mutual agreements herein set forth, the parties hereto agree as follows:

 

Section
1.          Certain Defined Terms.
Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the meanings
specified in this Section.

 

“Agreement” has the meaning
specified in the preamble hereof.

 

“Appropriate Officers”
mean the Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary, Assistant Secretary or any Vice President
(or higher or equivalent officer) of the Company.

 

    	 	1 	 

     

    

 

“Automatic Exercise Time”
has the meaning specified in Section 9(b)(i) hereof.

 

“Business Day” means
any date other than a Saturday or a Sunday or a day on which commercial banking institutions in New York City, New York are authorized
or required by law to be closed; provided that, in determining the period within which Global Warrant Certificates or Warrants
are to be issued and delivered at a time when shares of Common Stock (or Other Securities) are listed or admitted to trading on
any national securities exchange or in the over-the-counter market and in determining Market Price of any securities listed or
admitted to trading on any national securities exchange or in the over-the-counter market, “Business Day” shall mean
any day when the principal exchange on which such securities are then listed or admitted to trading is open for trading or, if
such securities are traded in the over-the counter market in the United States, such market is open for trading.

 

“Cashless Exercise” has
the meaning specified in Section 5(c)(ii) hereof.

 

“Common Stock” has the
meaning specified in the recitals hereof.

 

“Deemed Liquidation Date”
means the date on which a Deemed Liquidation Event occurs.

 

“Deemed Liquidation Event”
means: (i) the effective time of (A) any sale, lease or other transfer in one transaction or a series of transactions
of all or substantially all of the consolidated assets of the Company and its subsidiaries, taken as a whole, to any Person other
than one or more of the Company’s wholly owned subsidiaries, or (B) any transfer or exchange of shares, or any consolidation
or merger of the Company with or into any other person or entity, in either case in which the stockholders of the Company immediately
prior to such event do not retain a majority of the voting power or economic interest in the surviving company, or (ii) the
stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; provided,
however, that none of (x) a merger of the Company solely for the purpose of changing the Company’s jurisdiction
of incorporation, that results in a reclassification, conversion or exchange of outstanding shares of Common Stock solely into
shares of common stock of the surviving entity; or (y) the transactions contemplated by the Plan shall be a Deemed Liquidation
Event.

 

“Depository” has the
meaning specified in Section 3(b) hereof.

 

“Direct Registration Warrant”
has the meaning specified in Section 3(a) hereof.

 

“Effective Date” has
the meaning specified in the Plan.

 

“Ex-Date” means, when
used with respect to any issuance of or distribution in respect of the Common Stock or any Other Securities, the first date on
which the Common Stock or such Other Securities trade without the right to receive such issuance or distribution.

 

“Exercise Price” means
the initial VNR Common Unit Warrant Exercise Price or the initial VNR Preferred Unit Warrant Exercise Price, as applicable, and
as set forth in Section 5(b) hereof, as it may be adjusted from time to time as provided herein.

 

    	 	2 	 

     

    

 

“Expiration Date” has
the meaning specified in Section 5(a) hereof.

 

“Global Warrant Certificate”
has the meaning specified in Section 3(b) hereof.

 

“Holder” means the beneficial
holder or beneficial holders of Global Warrant Certificates.

 

“Market Price” means
with respect to Common Stock or any Other Security the arithmetic average of the VWAP of a share or single unit of such securities
for the last ten trading days on which such security traded (or such lesser number of trading days as such security has been listed,
quoted or traded) immediately preceding the date of measurement, or, if the security is not listed or quoted on the New York Stock
Exchange, NASDAQ Stock Market or a U.S. national or regional securities exchange, the average of the reported closing bid
and asked prices of such security on such dates in the over-the-counter market or a comparable system as shown by a system of automated
dissemination of quotations of securities prices then in common use comparable to the National Association of Securities Dealers,
Inc. Automated Quotations System; provided, however, that if there is otherwise no established trading market for
such security, then “Market Price” means the value of such Common Stock or Other Security as determined in good faith
by the Board of Directors of the Company.

 

“Other Securities” or
“Other Security” means any stock (other than Common Stock) and other securities of the Company or any other
Person that the Holder at any time shall be entitled to receive or shall have received, upon the exercise of the Warrants, in lieu
of or in addition to Common Stock, or that at any time shall be issuable or shall have been issued in exchange for or in replacement
of Common Stock or Other Securities.

 

“Person” means any individual,
corporation, limited liability company, partnership, firm, joint venture, association, joint-stock company, trust or other entity.

 

“Plan” has the meaning
specified in the recitals hereof.

 

“Securities Act” has
the meaning specified in the recitals hereof.

 

“Settlement Date” means
the date that is three Business Days after a Warrant Exercise Notice is delivered.

 

“Shares” has the meaning
specified in the recitals hereof, as may be adjusted in accordance with Section 6 hereof.

 

“Successor Entity” has
the meaning set forth in Section 9(a) hereof.

 

“Vanguard” has the meaning
set forth in the recitals hereof.

 

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

 

“VNR Common Unit Global Warrant
Certificate” means any certificate representing the VNR Common Unit Warrants satisfying the requirements set forth in
Section 3(b) hereof.

 

    	 	3 	 

     

    

 

“VNR Common Unit Warrant”
has the meaning set forth in the recitals hereof.

 

“VNR Common Unit Warrant Exercise
Price” has the meaning set forth in Section 5(b) hereof.

 

“VNR Common Units” means
the common unit representing limited liability company interests in Vanguard.

 

“VNR Preferred Unit Global Warrant”
means a VNR Common Unit Warrant in the form of a Global Warrant Certificate.

 

“VNR Preferred Unit Global Warrant
Certificate” means any certificate representing the VNR Preferred Unit Warrants satisfying the requirements set forth
in Section 3(b) hereof.

 

“VNR Preferred Unit Warrant”
has the meaning set forth in the recitals hereof.

 

“VNR Preferred Unit Warrant Exercise
Price” has the meaning set forth in Section 5(b) hereof.

 

“VNR Preferred Units”
means, collectively, (i) the 7.875% Series A Cumulative Redeemable Perpetual Preferred Units of Vanguard, (ii) the 7.625% Series
B Cumulative Redeemable Perpetual Preferred Units of Vanguard, and (iii) the 7.75% Series C Cumulative Redeemable Perpetual Preferred
Units of Vanguard.

 

“VWAP” means for any
trading day, the price for securities (including Common Stock) determined by the daily volume weighted average price per unit of
securities for such trading day on the New York Stock Exchange or NASDAQ Stock Market, as the case may be, in each case, for the
regular trading session (including any extensions thereof, without regard to pre-open or after hours trading outside of such regular
trading session), or if such securities are not listed or quoted on the New York Stock Exchange or NASDAQ Stock Market, as reported
by the principal U.S. national or regional securities exchange on which such securities are then listed or quoted, whichever
is applicable, as published by Bloomberg at 4:15 P.M., New York City time (or 15 minutes following the end of any extension
of the regular trading session), on such trading day.

 

“Warrant Agent” has the
meaning specified in the preamble hereof and shall include any successor Warrant Agent hereunder.

 

“Warrant Agent Office”
has the meaning specified in Section 4(g)(iv) hereof.

 

“Warrant Exercise Notice”
has the meaning specified Section 5(c)(i) hereof.

 

“Warrant Register” has
the meaning specified in Section 3(d) hereof.

 

“Warrant Shares” has
the meaning specified in Section 3(a) hereof.

 

“Warrant Statement” has
the meaning specified in Section 3(b) hereof.

 

    	 	4 	 

     

    

 

“Warrants” has the meaning
specified in the recitals hereof.

 

Section
2.          Appointment of Warrant Agent.
The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the instructions set forth in
this Agreement, and the Warrant Agent hereby accepts such appointment, upon the terms and conditions hereinafter set forth.

 

Section
3.          Issuance of Warrants; Form, Execution and Delivery.

 

(a)          Issuance
of Warrants. On the Effective Date or a date that is as soon as reasonably practicable after the Effective Date, the VNR Common
Unit Warrants and VNR Preferred Unit Warrants will be issued by the Company in the amounts and to the recipients specified in the
Plan. Such VNR Common Unit Warrants and VNR Preferred Unit Warrants shall be, upon issuance, duly authorized and validly issued.
In accordance with Section 4 hereof, Section 3(b) hereof and the Plan, the Company will cause to be issued to the Depository, one
or more Global Warrant Certificates evidencing the Warrants not evidenced by book-entry registration on the books and records of
the Warrant Agent (“Direct Registration Warrants”). In accordance with Section 4 hereof, Section 3(b) hereof
and the Plan, the Company will cause to be issued to the applicable registered Holders, one or more Direct Registration Warrants.
The Direct Registration Warrants and each Warrant evidenced by a Global Warrant Certificate entitles the Holder, upon proper exercise
and payment of the Exercise Price, to receive from the Company, as adjusted as provided herein, one share of Common Stock at the
Exercise Price per share specified therein. The shares of Common Stock and/or Other Securities deliverable upon proper exercise
of the Warrants are referred to herein as the “Warrant Shares.” The maximum number of Warrant Shares issuable
pursuant to all VNR Common Unit Warrants issued pursuant to this Agreement shall be 640,875.75 shares, the maximum number of Warrant
Shares issuable pursuant to all VNR Preferred Unit Warrants issued pursuant to this Agreement shall be 621,649.49 shares, and the
maximum number of Warrant Shares issuable pursuant to all Warrants issued pursuant to this Agreement shall be 1,262,525.24 shares,
in each case as such amount may be adjusted from time to time pursuant to the terms of this Agreement. The Company shall promptly
notify the Warrant Agent in writing upon the occurrence of the Effective Date and, if such notification is given orally, the Company
shall confirm the same in writing on or prior to the Business Day next following. Until such notice is received by the Warrant
Agent, the Warrant Agent may presume conclusively for all purposes that the Effective Date has not occurred.

 

    	 	5 	 

     

    

 

(b)          Form
of Warrant. Subject to Section 4 of this Agreement, all Warrants issued on the Effective Date shall be initially issued as
Direct Registration Warrants in the Company’s name, then transferred pursuant to instructions of the Company on or about
the Business Day following the Effective Date (i) in the form of one or more global certificates (the “Global Warrant
Certificates”) in substantially the form of (x) Exhibit A, for the VNR Common Unit Global Warrant Certificates and (y)
Exhibit C, for the VNR Preferred Unit Global Warrant Certificates with the form of assignment to be printed on the reverse thereof,
in substantially the form set forth in Exhibit G and Exhibit H, respectively, and/or (ii) in the form of Direct Registration
Warrants reflected on statements issued by the Warrant Agent from time to time to the holders thereof reflecting such book-entry
position (the “Warrant Statements”); provided that any Direct Registration Warrants that are not subject
to any vesting requirements may be exchanged at any time for a corresponding number of Global Warrant Certificates, in accordance
with Section 4(d) and the applicable procedures of the Depository and the Warrant Agent. Such Warrant Statements shall include
as an attachment thereto the “Warrant Summary” as set forth in Exhibit I for the VNR Common Unit Warrants and Exhibit
J for the VNR Preferred Unit Warrants. The Global Warrant Certificates and Warrant Statements may bear such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Agreement, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules and
regulations of The Depository Trust Company or any successor thereof (the “Depository”) in the case of the Global
Warrant Certificates, with any law or with any rules made pursuant thereto or with any rules of any securities exchange or as may
be determined, consistently herewith and reasonably acceptable to the Warrant Agent, by (i) in the case of Global Warrant
Certificates, the Appropriate Officers executing such Global Warrant Certificates, as evidenced by their execution of the Global
Warrant Certificates and (ii) in the case of Warrant Statements, any Appropriate Officer. The Global Warrant Certificates
shall be deposited on or after the date hereof with or on behalf of the Depository and registered in the name of Cede & Co.
or any successor thereof, as the Depository’s nominee. Each Global Warrant Certificate shall represent such number of the
outstanding Warrants as specified therein, and each shall provide that it shall represent the aggregate amount of outstanding Warrants
from time to time endorsed thereon and that the aggregate amount of outstanding Warrants represented thereby may from time to time
be reduced or increased, as appropriate, in accordance with the terms of this Agreement.

 

(c)          Execution
of Warrants. Global Warrant Certificates shall be signed on behalf of the Company by an Appropriate Officer. Each such signature
upon the Global Warrant Certificates may be in the form of a facsimile or electronic signature of any such Appropriate Officer
and may be imprinted or otherwise reproduced on the Global Warrant Certificates and for that purpose the Company may adopt and
use the facsimile or electronic signature of any Appropriate Officer who shall have been serving as an Appropriate Officer at the
time of entering into this Agreement or issuing such Global Warrant Certificate. If any Appropriate Officer who shall have signed
any of the Global Warrant Certificates shall cease to be such Appropriate Officer before the Global Warrant Certificates so signed
shall have been countersigned by the Warrant Agent or disposed of by the Company, such Global Warrant Certificates nevertheless
may be countersigned and delivered or disposed of as though such Appropriate Officer had not ceased to be such Appropriate Officer,
and any Global Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution
of such Global Warrant Certificate, shall be a proper Appropriate Officer, although at the date of the execution of this Agreement
any such person was not such Appropriate Officer. Global Warrant Certificates shall be dated as of the date of countersignature
by the Warrant Agent and shall represent one or more whole Warrants.

 

    	 	6 	 

     

    

 

(d)          Countersignature.
Upon receipt of a written order of the Company and Global Warrant Certificates duly executed on behalf of the Company, the Warrant
Agent, on behalf of the Company, shall countersign one or more Global Warrant Certificates evidencing the Warrants and shall deliver
such Global Warrant Certificates to or upon the written order of the Company. Such written order of the Company shall specifically
state the number of Warrants that are to be represented by such Global Warrant Certificate. Each Warrant shall be, and shall remain,
subject to the provisions of this Agreement until such time as all of the Warrants evidenced thereby shall have been duly exercised
or shall have expired or been canceled in accordance with the terms hereof. Each Holder shall be bound by all of the terms and
provisions of this Agreement (a copy of which is available on request to the Secretary of the Company) and any amendments thereto
as fully and effectively as if such Holder had signed the same. No Global Warrant Certificate shall be valid for any purpose, and
no Warrant evidenced thereby shall be exercisable, until such Global Warrant Certificate has been countersigned by the manual,
facsimile or electronic signature of the Warrant Agent. Such signature by the Warrant Agent upon any Global Warrant Certificate
executed by the Company shall be conclusive evidence that such Global Warrant Certificate so countersigned has been duly issued
hereunder. The Warrant Agent shall keep, at an office designated for such purpose, books (the “Warrant Register”)
in which, subject to such reasonable regulations as it may prescribe, it shall register any Global Warrant Certificates or Direct
Registration Warrants and exchanges and transfers of outstanding Warrants in accordance with the procedures set forth in Section
4 of this Agreement, all in form satisfactory to the Company and the Warrant Agent. The Company may require payment of a sum sufficient
to cover any stamp or other tax or other governmental charge that may be imposed on the Holder in connection with any such exchange
or registration of transfer. The Warrant Agent shall have no obligation to effect an exchange or register a transfer unless and
until any payments required by the immediately preceding sentence have been made. Prior to due presentment for registration of
transfer or exchange of any Warrant in accordance with the procedures set forth in this Agreement, the Warrant Agent and the Company
may deem and treat the person in whose name any Warrant is registered as the absolute owner of such Warrant (notwithstanding any
notation of ownership or other writing made in a Global Warrant Certificate by anyone), for the purpose of any exercise thereof,
any distribution to the Holder thereof and for all other purposes, and neither the Warrant Agent nor the Company shall be affected
by notice to the contrary. Notwithstanding anything in this Agreement to the contrary, the Company shall not instruct the Warrant
Agent to register any Direct Registration Warrants unless and until the Warrant Agent shall notify the Company in writing that
it has the capabilities to accommodate Direct Registration Warrants.

 

(e)          Same
Terms. Except with respect to Exercise Price, forms of Global Warrant Certificate, and forms of related documents included
as exhibits in this Warrant Agreement, the VNR Common Unit Warrants and VNR Preferred Unit Warrants shall have the same terms,
and any reference to “Warrants” applies equally to the VNR Common Unit Warrants and the VNR Preferred Unit Warrants.

 

Section
4.          Transfer or Exchange.  

 

(a)          Transfer
and Exchange of Global Warrant Certificates or Beneficial Interests Therein. The transfer and exchange of Global Warrant Certificates
or beneficial interests therein shall be effected through the Depository, in accordance with the terms of this Agreement and the
procedures of the Depository.

 

    	 	7 	 

     

    

 

(b)          Exchange
of a Beneficial Interest in a Global Warrant Certificate for a Direct Registration Warrant. Any Holder of a beneficial interest
in any whole number of Warrants represented by a Global Warrant Certificate may, upon request, exchange such beneficial interest
for a Direct Registration Warrant. Upon receipt by the Warrant Agent from the Depository or its nominee of written instructions
or such other form of instructions as is customary for the Depository on behalf of any Person having a beneficial interest in a
Global Warrant Certificate, and all other necessary information, the Warrant Agent shall cause, in accordance with the standing
instructions and procedures existing between the Depository and the Warrant Agent, the number of Warrants represented by the Global
Warrant Certificate to be reduced by the number of Warrants to be represented by a Direct Registration Warrant, as the case may
be, to be issued in exchange for the beneficial interest of such Person in the Global Warrant Certificate and, following such reduction,
the Warrant Agent shall register such Direct Registration Warrants in accordance with such written instructions and deliver to
such holder a Warrant Statement.

 

(c)          Transfer
and Exchange of Direct Registration Warrants. Other than the transfers of Direct Registration Warrants to occur on or about
the Effective Date as specified in Section 3(b) hereof when the registered Holder of a Direct Registration Warrant has presented
to the Warrant Agent a written request:

 

(i)          to
register the transfer of any Direct Registration Warrant; or

 

(ii)         to
exchange any Direct Registration Warrant for a Direct Registration Warrant(s), representing an equal number of Warrants of other
authorized denominations, the Warrant Agent shall register the transfer or make the exchange as requested if (x) its customary
requirements for such transactions are met and (y) such transfer or exchange otherwise satisfies the provisions of this Agreement;
provided, however, that the Warrant Agent has received a written instruction of transfer or exchange, as applicable, in form satisfactory
to the Warrant Agent, properly completed and duly executed by the Holder thereof or by his or her attorney, duly authorized in
writing. A party requesting transfer of Warrants must provide any evidence of authority that may be required by the Warrant Agent,
including, but not limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee
program approved by the Securities Transfer Association.

 

(d)          Restrictions
on Transfer and Exchange of Direct Registration Warrants for a Beneficial Interest in a Global Warrant Certificate. Other than
the exchange of Direct Registration Warrants for a beneficial interest in a Global Warrant Certificate to occur on or about the
Effective Date as specified in Section 3(b) hereof, a Direct Registration Warrant may not be exchanged for a beneficial interest
in a Global Warrant Certificate except upon satisfaction of the requirements set forth below. Upon receipt by the Warrant Agent
of appropriate instruments of transfer with respect to a Direct Registration Warrant, in form satisfactory to the Warrant Agent,
together with written instructions directing the Warrant Agent to make, or to direct the Depository to make, an endorsement on
the Global Warrant Certificate to reflect an increase in the number of Warrants represented by the Global Warrant Certificate equal
to the number of Warrants represented by such Direct Registration Warrant, and all other necessary information, then the Warrant
Agent shall cancel such Direct Registration Warrant on the Warrant Register and cause, or direct the Depository to cause, in accordance
with the standing instructions and procedures existing between the Depository and the Warrant Agent, the number of Warrants represented
by the Global Warrant Certificate to be increased accordingly. If no Global Warrant Certificates are then outstanding, the Company
shall issue and the Warrant Agent shall either manually or by facsimile countersign a new Global Warrant Certificate representing
the appropriate number of Warrants.

 

    	 	8 	 

     

    

 

(e)          Restrictions
on Transfer and Exchange of Global Warrant Certificates. Notwithstanding any other provisions of this Agreement (other than
the provision set forth in Section 4(f)), a Global Warrant Certificate may not be transferred as a whole except by the Depository
to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such successor Depository.

 

(f)          Cancellation
of Global Warrant Certificate. At such time as all beneficial interests in Global Warrant Certificates and Direct Registration
Warrants have been exchanged for Common Stock in accordance herewith, redeemed, repurchased or cancelled, all Global Warrant Certificates
shall be returned to, or cancelled and retained pursuant to applicable law by, the Warrant Agent, upon written instructions from
the Company reasonably satisfactory to the Warrant Agent.

 

(g)          Obligations
with Respect to Transfers and Exchanges of Warrants.

 

(i)          To
permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent is hereby authorized to countersign,
in accordance with the provisions of this Section 4, Global Warrant Certificates, as required pursuant to the provisions of this
Section 4.

 

(ii)         All
Global Warrant Certificates or Direct Registration Warrants issued upon any registration of transfer or exchange shall be the valid
obligations of the Company, entitled to the same benefits under this Agreement as the Global Warrant Certificates or Direct Registration
Warrants surrendered upon such registration of transfer or exchange.

 

(iii)        So
long as the Depository, or its nominee, is the registered owner of a Global Warrant Certificate, the Depository or such nominee,
as the case may be, will be considered the sole owner or Holder represented by such Global Warrant Certificate for all purposes
under this Agreement, including, without limitation, for the purposes of (a) giving notices with respect to such Warrants
and (b) registering transfers with respect to such Warrants. Neither the Company nor the Warrant Agent, in its capacity as
registrar for such Warrants, will have any responsibility or liability for any aspect of the records relating to beneficial interests
in a Global Warrant Certificate or for maintaining, supervising or reviewing any records relating to such beneficial interests.

 

(iv)        The
Warrant Agent shall, upon receipt of all information required to be delivered hereunder, register the transfer of any outstanding
Warrants in the Warrant Register, upon surrender of Global Warrant Certificates representing such Warrants or, in the case of Direct
Registration Warrants (other than the transfer of Direct Registration Warrants on or about the Effective Date as contemplated by
Section 3(b) hereof), upon the delivery by the registered Holder thereof, at the Warrant Agent Office referred to in Section 14
hereof (the “Warrant Agent Office”), duly endorsed, and accompanied by a completed form of assignment substantially
in the form attached as Exhibit G, for VNR Common Unit Warrants, and Exhibit H, for VNR Preferred Unit Warrants and duly signed
by the Holder thereof or by the duly appointed legal representative thereof or by his or her attorney, duly authorized in writing,
such signature to be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to
the Warrant Agent. Upon any such registration of transfer, a new Global Warrant Certificate or Warrant Statement, as the case may
be, shall be issued to the transferee.

 

    	 	9 	 

     

    

 

(v)         The
Warrant Agent shall not undertake the duties and obligations of a stock transfer agent under this Agreement, or otherwise, including,
without limitation, the duty to receive, issue or transfer shares of the Common Stock.

 

(h)          Each
Holder, by its acceptance of any Warrant under this Agreement, acknowledges and agrees that the Warrants were issued, and the Warrant
Shares issuable upon exercise thereof shall be issued, pursuant to the exemption from the registration requirement of Section 5
of the Securities Act provided by Section 1145 of the Bankruptcy Code, and to the extent that a Warrant holder (or holder
of Warrant Shares) is an “underwriter” as defined in Section 1145(b)(1) of the Bankruptcy Code, such holder may
not sell or transfer any Warrants or Warrant Shares in the absence of an effective registration statement under the Securities
Act or an exemption from registration thereunder.

 

Section
5.          Duration and Exercise of Warrants.

 

(a)          Expiration
Date. The Warrants shall expire on February 1, 2021, at 5:00 p.m., New York City time, which is three years and six months
following the Effective Date (the “Expiration Date”). After 5:00 p.m., New York City time, on the Expiration
Date, the Warrants will become void and of no value, and all rights thereunder and all rights in respect thereof under this Agreement
shall cease as of such time.

 

(b)          Exercise
Price. On the Effective Date, the Exercise Price for the Warrants shall be (i) for holders of VNR Common Unit Warrants, $61.45
per share (the initial “VNR Common Unit Warrant Exercise Price”, subject to adjustment pursuant to Section 6
hereof) and (ii) for holders of VNR Preferred Unit Warrants, $44.25 per share (the initial “VNR Preferred Unit Warrant
Exercise Price”, subject to adjustment pursuant to Section 6 hereof).

 

(c)          Manner
of Exercise.

 

(i)          Cash
Payment. Subject to the provisions of this Agreement, including the adjustments contained in Section 6, each Warrant evidenced
by a Global Warrant Certificate or in the form of a Direct Registration Warrant shall entitle the Holder thereof to purchase from
the Company (and the Company shall issue and sell to such Holder) one fully paid and nonassessable share of Common Stock at a price
equal to the Exercise Price. All or any of the Warrants represented by a Global Warrant Certificate or in the form of Direct Registration
Warrants may be exercised by the registered Holder thereof during normal business hours on any Business Day, by delivering (A) written
notice of such election (“Warrant Exercise Notice”) to exercise the Warrants to the Company and the Warrant
Agent at the addresses set forth in Section 14 hereof no later than 5:00 p.m., New York City time, on the Expiration Date,
which Warrant Exercise Notice shall be (x) in the case of Warrants represented by a Global Warrant Certificate, substantially
in the form set forth in Exhibit B for VNR Common Unit Warrants and Exhibit D for VNR Preferred Unit Warrants and (y) in the case
of Direct Registration Warrants, substantially in the form set forth in Exhibit E for VNR Common Unit Warrants and Exhibit
F for VNR Preferred Unit Warrants; and (B) by no later than 5:00 p.m., New York City time, on the Business Day immediately
prior to the Settlement Date, such Warrants to the Warrant Agent (by book-entry transfer through the facilities of the Depository,
if such Warrants are represented by a Global Warrant Certificate). Such Global Warrant Certificate and the documents referred to
in clause (A) and (B) of the immediately preceding sentence shall be accompanied by payment in full in respect to each
Warrant that is exercised, which shall be made by certified or official bank or bank cashier’s check payable to the order
of the Company, or by wire transfer to the Warrant Agent in immediately available funds. Such payment shall be in an amount equal
to the product of the number of shares of Common Stock designated in such Warrant Exercise Notice multiplied by the Exercise Price
for the Warrants being exercised, in each case as adjusted herein. Upon such surrender and payment, such Holder shall thereupon
be entitled to receive the number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares as set forth
in clause (d) below and in accordance with clause (h) below.

 

    	 	10 	 

     

    

 

(ii)         Cashless
Exercise. Provided the Common Stock is then listed or admitted for trading on the New York Stock Exchange, NASDAQ Stock Market
or a U.S. national or regional securities exchange or an over-the-counter market or comparable system, and subject to the
provisions of this Agreement, the Holder shall have the right, in lieu of paying the Exercise Price in cash, to instruct the Company
to reduce the number of shares of Common Stock issuable pursuant to the exercise of the Warrants (the “Cashless Exercise”),
so that the total number of Warrant Shares issuable upon the exercise of the Warrants that shall be delivered shall be in accordance
with the following formula:

 

X = (M - B) x C

M

 

where:

 

	X	=	the number of Warrant Shares issuable upon exercise of the Warrants
	 	 	 
	M	=	the Market Price of a share of Common Stock determined as of the Business Day immediately preceding the day the Warrant Exercise Notice is delivered to the Warrant Agent;
	 	 	 
	B	=	the Exercise Price; and
	 	 	 
	C	=	the aggregate number of shares of Warrant Shares for which the Warrants are being exercised.

 

If the Exercise Price exceeds the Market Price at
the time of exercise, then no Warrant Shares will be issuable via the Cashless Exercise.

 

(d)          The
number of Warrant Shares to be issued on such exercise will be determined by the Company (with written notice thereof to the Warrant
Agent) in accordance with Section 5(c). For the avoidance of doubt, the number of Warrant Shares determined pursuant to the foregoing
formula to be issuable shall, if not a whole number, be rounded down to the nearest whole number. The Warrant Agent shall have
no duty or obligation to investigate or confirm whether the Company’s determination of the number of Warrant Shares of Common
Stock to be issued on such exercise is accurate or correct, nor shall the Warrant Agent have any duty or obligation to take any
action with regard to such warrant exercise prior to being notified by the Company of the relevant number of Warrant Shares to
be issued.

 

    	 	11 	 

     

    

 

(e)          Any
exercise of a Warrant pursuant to the terms of this Agreement shall be irrevocable and shall constitute a binding agreement between
the Holder and the Company, enforceable in accordance with its terms (except as such enforceability may be limited by bankruptcy,
insolvency or similar laws generally affecting creditor’s rights).

 

(f)          The
Warrant Agent shall:

 

(i)          examine
all Warrant Exercise Notices and all other documents delivered to it by or on behalf of Holders as contemplated hereunder to ascertain
whether, on their face, such Warrant Exercise Notices and any such other documents have been executed and completed in accordance
with their terms;

 

(ii)         inform
the Company of and cooperate with and assist the Company in resolving any reconciliation problems between the Warrant Exercise
Notices received and delivery of Warrants to the Warrant Agent’s account;

 

(iii)        advise
the Company, no later than five Business Days after receipt of a Warrant Exercise Notice, of (a) the receipt of such Warrant
Exercise Notice and the number of Warrants exercised in accordance with the terms of this Agreement, (b) the number of Warrant
Shares issued upon exercise of a Warrant, (c) the notation to the records of the Depository reflecting the balance, if any,
of the shares of Common Stock issuable after such exercise of the Warrant, (d) the instructions with respect to delivery of
the shares of Common Stock deliverable upon such exercise, subject to the timely receipt from the Depository of the necessary information,
and (e) such other information as the Company shall reasonably require; and

 

(iv)        liaise
with the Depository and effect such delivery to the relevant accounts at the Depository in accordance with its requirements, if
requested by the Company and delivered with the Common Stock and all other necessary information by or on behalf of the Company
for delivery to the Depository.

 

(g)          All
questions as to the validity, form and sufficiency (including time of receipt) of a Warrant exercise shall be determined by the
Company in its sole discretion in good faith, which determination shall be final and binding. The Warrant Agent shall incur no
liability for or in respect of and, except to the extent such liability arises from the Warrant Agent’s bad faith, gross
negligence or willful misconduct (each as determined by a final, non-appealable order, judgment of a court decree or ruling of
competent jurisdiction), shall be indemnified and held harmless by the Company for acting or refraining from acting upon, or as
a result of such determination by, the Company. The Company reserves the right to reject any and all Warrant Exercise Notices not
in proper form or for which any corresponding agreement by the Company to exchange would, in the opinion of the Company, be unlawful
as determined in good faith. Such determination by the Company shall be final and binding on the Holders absent manifest error.
Moreover, the Company reserves the absolute right to waive any of the conditions to the exercise of Warrants or defects in Warrant
Exercise Notices with regard to any particular exercise of Warrants. Neither the Company nor the Warrant Agent shall be under any
duty to give notice to the Holders of any irregularities in any exercise of Warrants, nor shall they incur any liability for the
failure to give such notice.

 

    	 	12 	 

     

    

 

(h)          As
soon as reasonably practicable after the exercise of any Warrant, the Company shall issue, or otherwise deliver, in authorized
denominations to or upon the order of the Holder, either: (A) if such Holder holds the Warrants being exercised through the
Depository’s book-entry transfer facilities, by same-day or next-day credit to the Depository for the account of such Holder
or for the account of a participant in the Depository the number of Warrant Shares to which such Holder is entitled, in each case
registered in such name and delivered to such account as directed in the Warrant Exercise Notice by such Holder or by the direct
participant in the Depository through which such Holder is acting; or (B) if such Holder holds the Warrants being exercised
in the form of Direct Registration Warrants, a book-entry interest in the number of Warrant Shares to which such Holder is entitled
on the books and records of the Company’s Warrant Agent. Such Warrant Shares shall be deemed to have been issued and any
person so designated to be named therein shall be deemed to have become a Holder of record of such Warrant Shares as of the close
of business on the date of the delivery thereof.

 

If fewer than all of the Warrants evidenced
by a Global Warrant Certificate surrendered upon the exercise of Warrants are exercised at any time prior to the Expiration Date,
the Warrant Agent shall cause a notation to be made to the records maintained by the Depository.

 

(i)          Notwithstanding
any adjustment pursuant to Section 6 in the number of Warrant Shares purchasable upon the exercise of a Warrant, the Company shall
not be required to issue Warrants to purchase fractions of Warrant Shares, or to issue fractions of Warrant Shares upon exercise
of the Warrants, or to distribute certificates which evidence fractional Warrant Shares. In the event of an adjustment that results
in a Warrant becoming exercisable for fractional Warrant Shares, the number of Warrant Shares subject to such Warrant shall be
adjusted upward or downward to the nearest whole number of Warrant Shares or Other Securities (with one half rounded up). All Warrants
held by a holder shall be aggregated for purposes of determining any such adjustment.

 

(j)          If
all of the Warrants evidenced by a Global Warrant Certificate have been exercised, such Global Warrant Certificate shall be cancelled
by the Warrant Agent. Such cancelled Global Warrant Certificate shall then be disposed of by or at the direction of the Company
in accordance with applicable law. The Warrant Agent shall confirm such information to the Company in writing as promptly as practicable.

 

(k)          The
Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect
to, the issuance or delivery of Warrant Shares upon exercise of Warrants; provided, that the Company shall not be required to pay
any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery of the
Warrant Shares to any Person other than the Holder of the Warrants underlying such Warrant Shares, and no such issuance or delivery
shall be made unless and until the Person requesting such issuance has paid to the Company the amount of any such tax, or has established
to the satisfaction of the Company that such tax has been paid.

 

    	 	13 	 

     

    

 

(l)          The
Warrant Agent shall keep copies of this Agreement and any notices given or received hereunder for a period beginning on the date
of this Agreement and ending no earlier than the first anniversary of the Expiration Date.

 

(m)          In
the event that upon any exercise of the Warrants evidenced by the Global Warrant Certificates the number of shares of Common Stock
actually purchased shall be less than the total number of shares of Common Stock purchasable upon exercise of the Warrants evidenced
thereby, there shall be issued to the holder hereof, or such holder’s assignee, a new Global Warrant Certificate evidencing
Warrants to purchase the shares of Common Stock not so purchased or appropriate adjustment shall be made in the annexes to the
Global Warrant Certificates.

 

Section
6.          Adjustment of Exercise Price and Number of Shares
Purchasable or Number of Warrants.

 

(a)          Stock
Dividends, Stock Splits and Combinations of Shares. If after the date hereof but prior to or on the Expiration Date the number
of outstanding shares of Common Stock is increased by a dividend or share distribution to all holders of Common Stock, in each
case payable in shares of Common Stock, or by a stock split, combination or other reclassification of shares of Common Stock, then,
in the case of such events, the amount of Common Stock issuable for each Warrant and the Exercise Price will be adjusted as follows:
on the day following the date fixed for the determination of holders of shares of Common Stock entitled to receive such dividend
or share distribution, and in the cases of stock splits, combinations and other reclassifications, on the day following the effective
date thereof: (a) the Exercise Price in effect immediately prior to such action shall be adjusted to a new Exercise Price
by multiplying such Exercise Price in effect immediately prior to such event by a fraction of which (i) the numerator shall
be the total number of shares of Common Stock outstanding immediately prior to such adjustment and (ii) the denominator shall be
the total number of shares of Common Stock outstanding immediately after such adjustment. and (b) the number of Warrant Shares
of Common Stock purchasable upon the exercise of any Warrant after such event shall be the number of Shares of Common Stock obtained
by (i) multiplying (A) the number of Warrant Shares of Common Stock purchasable immediately prior to such adjustment upon
the exercise of such Warrant by (B) the Exercise Price in effect immediately prior to such adjustment and (ii) dividing
the product so obtained by the Exercise Price in effect after such adjustment.

 

(b)          Certain
Distributions. A distribution to all holders of the Common Stock of rights expiring less than thirty (30) calendar days
after the issuance thereof entitling holders to purchase shares of Common Stock at a price per share less than the Market Price
as of the record date for such issuance (or, if there is no record date, on the date of such issuance) shall be deemed a dividend
of a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually issued in
such distribution (or actually issued under any issued rights that are convertible into or exercisable for the Common Stock) multiplied
by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid to exercise such rights
divided by (y) the Market Price, and the amount of Common Stock issuable for each Warrant, and the Exercise Price will be
adjusted in accordance with the Section 6(a). For purposes of this Section 6(b), if the rights constitute securities convertible
into or exercisable for Common Stock, in determining the price payable for Common Stock, there shall be taken into account any
consideration received for such rights, as well as any additional amount payable upon exercise or conversion.

 

    	 	14 	 

     

    

 

(c)          Distributions.
If after the date hereof but prior to or on the Expiration Date the Company shall distribute to all holders of its shares of Common
Stock evidences of its indebtedness or assets (excluding cash distributions made as a dividend payable out of earnings or out of
surplus legally available for dividends under the laws of the jurisdiction of incorporation of the Company) or rights to subscribe
for shares of Common Stock expiring at least thirty (30) calendar days after the issuance thereof, then in each such case
(i) the Exercise Price in effect on the trading day immediately following the close of business on the record date for such
distribution shall be decreased to an amount determined by multiplying such Exercise Price by a fraction, the numerator of which
is the Market Price of a share of the Common Stock on the trading day immediately prior to the Ex-Date less the Market Price of
the assets or evidences of indebtedness so distributed or of such subscription rights per share of Common Stock outstanding on
the trading day immediately prior to the Ex-Date (determined for such purpose on the basis of the aggregate assets, evidences of
indebtedness and/or rights distributed with respect to one share of Common Stock as if, for purposes of the definition of “Market
Price,” such assets, evidences of indebtedness and/or rights were an “Other Security” as defined herein)
(as determined by the Board of Directors of the Company, whose determination shall be conclusive, and described in a statement
filed with the Warrant Agent) and the denominator of which is the Market Price of a share of Common Stock on the trading day immediately
prior to the Ex-Date and (ii) the number of Warrant Shares of Common Stock purchasable upon the exercise of any Warrant after
such event shall be the number of shares of Common Stock obtained by multiplying the number of Warrant Shares of Common Stock purchasable
immediately prior to such adjustment upon the exercise of such Warrant by the Exercise Price in effect immediately prior to such
adjustment and dividing the product so obtained by the Exercise Price in effect after such adjustment. Such adjustments shall be
made whenever any such distribution is made, and shall become effective retroactively on the date immediately after the record
date for the determination of stockholders entitled to receive such distribution.

 

(d)          Adjustments
for Mergers and Consolidations. In case the Company, after the date hereof but prior to or on the Expiration Date, shall merge,
consolidate or otherwise engage in a recapitalization, reclassification, reorganization or business combination with another Person,
then, in the case of any such transaction, proper provision shall be made so that, upon the basis and terms and in the manner provided
in this Agreement, the Holders, upon the exercise of the Warrants at any time after the consummation of such transaction (subject
to the Expiration Date), shall be entitled to receive (at the aggregate Exercise Price in effect at the time of the transaction
for all Common Stock or Other Securities issuable upon such exercise immediately prior to such consummation), in lieu of the Common
Stock or Other Securities issuable upon such exercise prior to such consummation, the greatest amount of securities, cash or other
property to which such Holder would have been entitled as a holder of Common Stock (or Other Securities) upon such consummation
if such Holder had exercised the rights represented by the Warrants held by such Holder immediately prior thereto, subject to adjustments
(subsequent to such consummation) as nearly equivalent as possible to the adjustments provided for in Sections 6(a) and 6(b)
above; provided, however, that each Holder, at the election of the Company, may be required at the consummation of any such transaction
to receive solely cash in an amount determined reasonably and in good faith by the Board of Directors of the Company to equal the
excess of (i) the product of (A) the value of the per share consideration to be received by the holders of the Common
Stock (or Other Securities) in such transaction multiplied by (B) the number of Warrant Shares subject to the
Warrants held by such Holder, over (ii) the aggregate Exercise Price payable by such Holder upon exercise in full of such
Warrants, and upon consummation of such transaction the Holders shall surrender all Global Warrant Certificates to the Warrant
Agent for cancellation.

 

    	 	15 	 

     

    

 

(e)          Restrictions
on Adjustments. Notwithstanding anything to the contrary in this Section 6, the Exercise Price and the Warrant Shares issuable
shall not be adjusted, among other things:

 

(i)          in
the case of a Deemed Liquidation Event;

 

(ii)         upon
the issuance of any shares of Common Stock pursuant to the exercise of the Warrants;

 

(iii)        except
as otherwise provided in in Section 6(d), upon the issuance of any shares of Common Stock or other securities of the Company in
connection with a business combination, consolidation, merger, acquisition or joint venture transaction involving the Company or
any of its subsidiaries;

 

(iv)        upon
the issuance of any shares of Common Stock pursuant to any present or future plan providing for the reinvestment of dividends or
interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock
under any plan;

 

(v)         upon
the issuance of any shares of Common Stock or other securities (including options or rights) pursuant to the Management Incentive
Plan (as defined in the Plan) or any other present or future employee, director or consultant benefit plan or program of, or assumed
by, the Company or any of the Company’s subsidiaries, and securities issued upon exercise or conversion of such options or
other rights;

 

(vi)        upon
the issuance of any shares of Common Stock pursuant to any security of the Company not described otherwise in this subsection and
outstanding as of the date the Warrants were first issued, or otherwise contemplated under the Plan; or

 

(vii)       for
a change in the par value of the Common Stock.

 

(f)          Additional
Restrictions on Adjustment.

 

(i)          In
no event will the Company adjust the Exercise Price or make a corresponding adjustment to the number of Warrant Shares to the extent
that the adjustment would reduce the Exercise Price below the par value per share of Common Stock unless it shall have first complied
with the provisions of Section 10(b).

 

    	 	16 	 

     

    

 

(ii)         No
adjustment shall be made to the Exercise Price or the number of Warrant Shares for any of the transactions described in Sections 6(a)
– (d) if the Company makes provisions for the Holders to participate in any such transaction without exercising their
Warrants on the same basis as holders of Common Stock and with notice that the Board of Directors determines in good faith to be
fair and appropriate.

 

(iii)        No
adjustment shall be made to the Exercise Price, nor will any corresponding adjustment be made to the number of Warrant Shares,
unless the adjustment would result in a change of at least 1% of the Exercise Price; provided that any adjustments
that are less than 1% of the Exercise Price shall be carried forward and such carried forward adjustments, regardless of whether
the aggregate adjustment is less than 1% of the Exercise Price, shall be made (x) immediately prior to the time of any
exercise and (y) five (5) Business Days prior to the Expiration Date, unless, in each case, such adjustment has already
been made.

 

(g)          Notice
of Adjustment in Exercise Price. Whenever the Exercise Price and Warrant Shares issuable shall be adjusted as provided in this
Section 6, the Company shall forthwith file with the Warrant Agent a statement, signed by an Appropriate Officer, briefly stating
the facts requiring such adjustment, the Exercise Price that will be effective after such adjustment and the impact of such adjustment
on the number and kind of securities issuable upon exercise of the Warrants. The Warrant Agent shall have no duty with respect
to any statement filed with it except to keep the same on file and available for inspection by registered Holders during reasonable
business hours. The Warrant Agent shall not at any time be under any duty or responsibility to any Holder to determine whether
any facts exist which may require any adjustment to the Exercise Price or securities issuable, or with respect to the nature or
extent of any adjustment of the Exercise Price or securities issuable when made or with respect to the method employed in making
such adjustment.

 

(h)          No
Change in Warrant Terms on Adjustment. Irrespective of any adjustments in the Exercise Price or the number of Warrant Shares
(including any inclusion of Other Securities) issuable upon exercise, Warrants theretofore or thereafter issued may continue to
express the same prices and number of Warrant Shares as are stated in the similar Warrants issuable initially, or at some subsequent
time, pursuant to this Agreement, and the Exercise Price and such number of Warrant Shares issuable upon exercise specified thereon
shall be deemed to have been so adjusted.

 

(i)          Treasury
Shares. Shares of Common Stock at any time owned by the Company or any of its wholly-owned subsidiaries shall not be deemed
to be outstanding for the purposes of any computation under this Section 6.

 

Section
7.          Cancellation of Warrants.
The Warrant Agent shall cancel all Global Warrant Certificates surrendered for exchange, substitution or transfer in whole or
in part. Such cancelled Global Warrant Certificates shall thereafter be disposed of by the Warrant Agent upon written instructions
from the Company reasonably satisfactory to the Warrant Agent and such Direct Registration Warrants shall be canceled by appropriate
notation on the Warrant Register.

 

    	 	17 	 

     

    

 

Section
8.          Mutilated or Missing Global Warrant Certificates.
Upon receipt by the Company and the Warrant Agent from any Holder of evidence reasonably satisfactory to them of the ownership
of and the loss, theft, destruction or mutilation of such Holder’s Global Warrant Certificate and a surety bond or indemnity
reasonably satisfactory to them, and in case of mutilation upon surrender and cancellation thereof, the Company will execute and
the Warrant Agent will countersign and deliver in lieu thereof a new Global Warrant Certificate of like tenor and representing
an equal number of Warrants to such Holder; provided in the case of mutilation, no bond or indemnity shall be required
if such Global Warrant Certificate in identifiable form is surrendered to the Company or the Warrant Agent for cancellation. Upon
the issuance of any new Global Warrant Certificate under this Section 8, the Company may require the payment of a sum sufficient
to cover any stamp tax or other governmental charge that may be imposed in relation thereto and any other expenses (including
the reasonable fees and expenses of the Warrant Agent) in connection therewith. Every new Global Warrant Certificate executed
and delivered pursuant to this Section 8 in lieu of any lost, stolen, destroyed or mutilated Global Warrant Certificate shall
be entitled to the same benefits of this Agreement equally and proportionately with any and all other Global Warrant Certificates,
whether or not the allegedly lost, stolen or destroyed Global Warrant Certificate shall be at any time enforceable by anyone.
The provisions of this Section 8 are exclusive and shall preclude (to the extent lawful) all other rights or remedies with respect
to the replacement of lost, stolen, destroyed or mutilated Global Warrant Certificates.

 

Section
9.          Merger, Consolidation, and Sale of Assets; Automatic
Exercise.

 

(a)          Notwithstanding
anything contained herein to the contrary, but subject to the provisions of Section 9(b) of this Agreement, the Company will not
effect a merger or consolidation unless, prior to the consummation of such transaction, each Person (other than the Company) (a
“Successor Entity”) that may be required to deliver any Warrant Shares, cash or property upon the exercise of
any Warrant as provided herein shall assume, by written instrument delivered to the Warrant Agent, the obligations of the Company
under this Agreement and under each of the Warrants, including, without limitation, the obligation to deliver such Warrant Shares,
cash or property as may be required pursuant to Section 6 hereof, and shall provide for adjustments equivalent to the adjustments
provided for in Section 6 hereof.

 

(b)          In
case of any consolidation, merger, business combination, sale, lease or other transfer is a Deemed Liquidation Event, the Successor
Entity may, at its sole option, (i) deem all Warrants outstanding as of the close of business on the trading day immediately
preceding the Deemed Liquidation Date (the “Automatic Exercise Time”) exercised (even if not surrendered) as
of the Automatic Exercise Time and settled as set forth in Section 5(c)(ii), or (ii) assume all of the Company’s obligations
under this Agreement and the Warrants and upon any such assumption shall succeed to and be substituted for the Company with the
same effect as if it had been named herein as the Company. For the avoidance of doubt, for the option described in Section 9(b)(i)
above, no Warrant shall remain outstanding or exercisable after the Automatic Exercise Time and each Person in whose name any shares
of Common Stock are issued as a result shall for all purposes be deemed to have become the holder of record of such shares as of
the Automatic Exercise Time. The Company shall promptly notify the Holders and the Warrant Agent of any automatic exercise pursuant
to this Section 9 and the number of shares of Common Stock, if any, issuable to each Holder as a result of such automatic exercise.

 

    	 	18 	 

     

    

 

Section
10.         Reservation of Shares; Certain Actions.

 

(a)          Reservation
of Shares. The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but
unissued Common Stock (or out of authorized Other Securities), solely for issuance and delivery upon exercise of Warrants, the
full number of Warrant Shares from time to time issuable upon the exercise of all Warrants and any other outstanding warrants,
options or similar rights, from time to time outstanding. All Warrant Shares shall be duly authorized and, when issued upon such
exercise of the Warrants, shall be duly and validly issued, and (if applicable) fully paid and nonassessable, free from all taxes,
liens, charges, security interests, encumbrances and other restrictions created by or through the Company and issued without violation
(i) of any preemptive or similar rights of any stockholder of the Company and (ii) by the Company of any applicable law
or governmental regulation or any requirements of any domestic securities exchange upon which the Warrant Shares may be listed
at the time of such exercise.

 

(b)          Certain
Actions. Before taking any action that would cause an adjustment pursuant to Section 6 reducing any Exercise Price below the
then par value (if any and if applicable) of the Warrant Shares issuable upon exercise of the Warrants, the Company will take any
reasonable corporate action that may, in the opinion of its counsel, be necessary in order that the Company may validly and legally
issue fully paid and nonassessable Warrant Shares at such Exercise Price as so adjusted.

 

Section
11.         Warrant Agent.
The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the terms and conditions set forth in this
Section 11.

 

(a)          Limitation
on Liability. The Warrant Agent shall not by countersigning Global Warrant Certificates or by any other act hereunder be accountable
with respect to or be deemed to make any representations as to the validity or authorization of the Warrants or the Global Warrant
Certificates (except as to its countersignature thereon), as to the validity, authorization or value (or kind or amount) of any
Warrant Shares or other property delivered or deliverable upon exercise of any Warrant, or as to the purchase price of such Warrant
Shares or other property. The Warrant Agent shall not (i) be liable for any recital or statement of fact contained herein
or in the Global Warrant Certificates or for any action taken, suffered or omitted by the Warrant Agent in good faith in the belief
that any Global Warrant Certificate or any other document or any signature is genuine or properly authorized, (ii) be responsible
for determining whether any facts exist that may require any adjustment of the Exercise Price and the number of Warrant Shares,
or with respect to the nature or extent of any such adjustments when made, or with respect to the method of adjustment employed,
(iii) be responsible for any failure on the part of the Company to issue, transfer or deliver any Warrant Shares or property
upon the surrender of any Warrant for the purpose of exercise or to comply with any other of the Company’s covenants and
obligations contained in this Agreement or in the Global Warrant Certificates or (iv) be liable for any action taken, suffered
or omitted to be taken in connection with this Agreement, except for its own bad faith, gross negligence or willful misconduct.
The Warrant Agent shall be liable hereunder only for its own bad faith, gross negligence or willful misconduct (which bad faith,
gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court
of competent jurisdiction). Except for the foregoing, notwithstanding anything in this Agreement to the contrary, in no event shall
the Warrant Agent be liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever
(including, but not limited to, lost profits).

 

    	 	19 	 

     

    

 

(b)          Instructions.
The Warrant Agent is hereby authorized to accept advice or instructions with respect to the performance of its duties hereunder
from an Appropriate Officer and to apply to any such Appropriate Officer for advice or instructions. The Warrant Agent shall be
fully protected and authorized in relying upon the most recent advice or instructions received from any such Appropriate Officer.
The Warrant Agent shall not be liable for any action taken, suffered or omitted by it in accordance with the advice or instructions
of any such Appropriate Officer, except to the extent that such action or omission resulted directly from the Warrant Agent’s
bad faith, gross negligence, or willful misconduct.

 

(c)          Agents.
The Warrant Agent may execute and exercise any of the rights and powers hereby vested in it or perform any duty hereunder either
itself or by or through its attorneys, agents or employees, provided reasonable care has been exercised in the selection and in
the continued employment of such attorney, agent or employee. The Warrant Agent shall not be under any obligation or duty to institute,
appear in, or defend any action, suit or legal proceeding in respect hereof, but this provision shall not affect the power of the
Warrant Agent to take such action as the Warrant Agent may consider necessary. The Warrant Agent shall promptly notify the Company
in writing of any claim made or action, suit or proceeding instituted against the Warrant Agent arising out of or in connection
with this Agreement.

 

(d)          Cooperation.
The Company will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such
further acts, instruments and assurances as may reasonably be required by the Warrant Agent in order to enable the Warrant Agent
to carry out or perform its duties under this Agreement.

 

(e)          Agent
Only. The Warrant Agent shall act solely as agent for the Company in accordance with the terms and conditions hereof and does
not assume any obligation or relationship of agency or trust with any Holders. The Warrant Agent shall not be liable except for
the performance of such duties as are specifically set forth herein, and no implied covenants or obligations shall be read into
this Agreement against the Warrant Agent, whose duties and obligations shall be determined solely by the express provisions hereof.

 

(f)          Right
to Counsel. The Warrant Agent may at any time consult with legal counsel reasonably satisfactory to it (who may be legal counsel
for the Company), and the Warrant Agent shall incur no liability or responsibility to the Company or to any Warrant Holder for
any action taken, suffered or omitted by the Warrant Agent in good faith in accordance with the opinion or advice of such counsel.

 

(g)          Compensation.
The Company agrees to pay the Warrant Agent reasonable compensation for all services rendered by it hereunder and to reimburse
the Warrant Agent for its reasonable expenses hereunder (including reasonable and documented fees and out-of-pocket expenses of
one legal counsel and one local counsel), and further agrees to indemnify and hold the Warrant Agent and its employees, officers,
directors and agents harmless against any and all loss, claims, damages, expenses and liabilities, including, but not limited to,
any judgments, costs and such reasonable counsel fees, for any action taken, suffered or omitted by the Warrant Agent and its employees,
officers, directors and agents in connection with the acceptance, administration, exercise and performance of its duties under
this Agreement and the Warrants, except for any such liabilities that arise as a result of the Warrant Agent’s bad faith,
gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable judgment).

 

    	 	20 	 

     

    

 

(h)          Accounting
and Payment. The Warrant Agent shall account promptly to the Company with respect to Warrants exercised and concurrently pay
to the Company all moneys received by the Warrant Agent on behalf of the Company on the purchase of Warrant Shares through the
exercise of Warrants. The Warrant Agent shall advise the Company by telephone at the end of each day on which a payment for the
exercise of Warrants is received of the amount so deposited to such account. The Warrant Agent shall as soon as practicable confirm
such telephone advice to the Company in writing.

 

(i)          No
Conflict. Subject to applicable law, the Warrant Agent and any stockholder, affiliate, director, officer or employee of the
Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested
in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully
and freely as though it were not Warrant Agent under this Agreement. Subject to applicable law, nothing herein shall preclude the
Warrant Agent from acting in any other capacity for the Company or for any other Person including, without limitation, acting as
trustee under an indenture.

 

(j)          Resignation;
Termination. The Warrant Agent may resign its duties and be discharged from all further duties and liabilities hereunder (except
liabilities arising as a result of the Warrant Agent’s bad faith, gross negligence or willful misconduct) after giving thirty
(30) calendar days’ prior written notice to the Company. The Company may remove the Warrant Agent upon thirty (30) calendar
days’ written notice, and the Warrant Agent shall thereupon in like manner be discharged from all further duties and liabilities
hereunder, except as have been caused by the Warrant Agent’s bad faith, gross negligence or willful misconduct. The Company
shall cause to be mailed promptly (by first class mail, postage prepaid) to each registered Holder at such Holder’s last
address as shown on the register of the Company, at the Company’s expense, a copy of such notice of resignation or notice
of removal, as the case may be. Upon such resignation or removal the Company shall promptly appoint in writing a new warrant agent.
If the Company shall fail to make such appointment within a period of sixty (60) calendar days after it has been notified
in writing of such resignation by the resigning Warrant Agent or after such removal, then the Holder of any Warrant may apply to
any court of competent jurisdiction for the appointment of a new warrant agent. A resignation or removal of the Warrant Agent and
appointment of a successor Warrant Agent will become effective only upon the successor Warrant Agent’s acceptance of appointment.
Pending appointment of a successor to the Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent
shall be carried out by the Company. Any successor warrant agent, whether appointed by the Company or by such a court, shall be
a Person, organized under the laws of the United States or of any state thereof and authorized under such laws to conduct a shareholder
services business, be subject to supervision and examination by a Federal or state authority, and have a combined capital and surplus
of not less than $50,000,000 as set forth in its most recent published annual report of condition; or in the case of such capital
and surplus requirement, a controlled affiliate of such a Person meeting such capital and surplus requirement. After acceptance
in writing of such appointment by the new Warrant Agent, such successor Warrant Agent shall be vested with the same powers, rights,
duties and responsibilities under this Agreement as if it had been originally named herein as the Warrant Agent, without any further
assurance, conveyance, act or deed; but if for any reason it shall be necessary or expedient to execute and deliver any further
assurance, conveyance, act or deed, the same shall be done at the expense of the Company and shall be legally and validly executed
and delivered by the resigning or removed Warrant Agent. Not later than the effective date of any such appointment, the Company
shall send notice thereof to the resigning or removed Warrant Agent and shall forthwith cause a copy of such notice to be mailed
(by first class, postage prepaid) to each registered Holder at such Holder’s last address as shown on the register of the
Company. Failure to give any notice provided for in this Section 11(j), or any defect in any such notice, shall not affect the
legality or validity of the resignation of the Warrant Agent or the appointment of a successor Warrant Agent, as the case may be.

 

    	 	21 	 

     

    

 

(k)          Merger,
Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Warrant
Agent shall be a party, or any corporation succeeding to all or substantially all of the agency business of the Warrant Agent shall
be the successor to the Warrant Agent hereunder without the execution or filing of any document or any further act on the part
of any of the parties hereto, provided that such corporation would be eligible for appointment as a successor Warrant Agent under
the provisions of Section 11(j). If at the time such successor to the Warrant Agent shall succeed under this Agreement, any of
the Global Warrant Certificates shall have been countersigned but not delivered, any such successor to the Warrant Agent may adopt
the countersignature of the original Warrant Agent; and if at that time any of the Global Warrant Certificates shall not have been
countersigned, any successor to the Warrant Agent may countersign such Global Warrant Certificates either in the name of the predecessor
Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full
force and effect provided in the Global Warrant Certificates and in this Agreement. If at any time the name of the Global Warrant
Agent shall be changed and at such time any of the Warrants shall have been countersigned but not delivered, the Warrant Agent
whose name has changed may adopt the countersignature under its prior name; and if at that time any of the Warrants shall not have
been countersigned, the Warrant Agent may countersign such Warrants either in its prior name or in its changed name; and in all
such cases such Warrants shall have the full force and effect provided in the Warrants and in this Agreement.

 

(l)          Exclusions.
Unless a court of competent jurisdiction determines by a final, non-appealable order, judgment, decree or ruling that the Warrant
Agent’s action or inaction constitutes bad faith, gross negligence or willful misconduct on the part of the Warrant Agent,
the Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or
execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible or have any duty to make any calculation
or adjustment (unless reasonably requested to do so by the Company in writing in a manner consistent with the terms of this Agreement),
or to determine when any calculation or adjustment required under the provisions hereof should be made, how it should be made or
what it should be, or have any responsibility or liability for the manner, method or amount of any such calculation or adjustment
or the ascertaining of the existence of facts that would require any such calculation or adjustment; nor shall it by any act hereunder
be deemed to make any representation or warranty as to the authorization or reservation of any Warrant to be issued pursuant to
this Agreement or as to whether any Warrant Shares will, when issued, be valid and fully paid and nonassessable.

 

    	 	22 	 

     

    

 

(m)          No
Liability for Interest. The Warrant Agent shall not be under any liability for interest on any monies at any time received
by it pursuant to any of the provisions of this Agreement.

 

(n)          No
Liability for Invalidity. The Warrant Agent shall not be under any responsibility with respect to the validity or sufficiency
of this Agreement or the execution and delivery hereof (except the due execution and delivery hereof by the Warrant Agent) or with
respect to the validity or execution of the Global Warrant Certificates (except its countersignature thereon).

 

(o)          No
Responsibilities for Recitals. The recitals contained herein and in the Global Warrant Certificates (except as to the Warrant
Agent’s countersignature thereon) shall be taken as the statements of the Company, and the Warrant Agent assumes no responsibility
hereby for the correctness of the same.

 

(p)          No
Implied Obligations. The Warrant Agent shall be obligated to perform such duties as are explicitly set forth herein and no
implied duties or obligations shall be read into this Agreement against the Warrant Agent. The Warrant Agent shall not be under
any obligation to take any action hereunder that may involve it in any expense or liability, the payment of which within a reasonable
time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility
for the use by the Company of any Global Warrant Certificate authenticated by the Warrant Agent and delivered by it to the Company
pursuant to this Agreement or for the application by the Company of the proceeds of the issuance and sale, or exercise, of the
Warrants or Warrant Shares. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the
performance of its covenants or agreements contained herein or in any Global Warrant Certificate or in the case of the receipt
of any written demand from a Holder with respect to such default, including, without limiting the generality of the foregoing,
any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, to make any demand upon the
Company.

 

(q)          Force
Majeure. In no event shall the Warrant Agent be responsible or liable for any failure or delay in the performance of its obligations
under this Agreement arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services.

 

    	 	23 	 

     

    

 

Section
12.         Severability.
In the event that any one or more of the provisions contained herein or in the Warrants, or the application thereof in any circumstances,
is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provisions in every other respect
and of the remaining provisions contained herein and therein shall not be affected or impaired thereby; provided, that if any
such excluded term, provision, covenant or restriction shall materially adversely affect the rights, immunities, duties or obligations
of the Warrant Agent, the Warrant Agent shall be entitled to resign immediately. Furthermore, subject to the preceding sentence,
in lieu of any such invalid, illegal or unenforceable provision, the parties hereto intend that there shall be added as a part
of this Agreement a provision as similar in terms and commercial effect to such invalid, illegal or unenforceable provision as
may be possible and be valid and enforceable.

 

Section
13.         Holder Not Deemed a Stockholder.
Prior to the exercise of any Warrants, no Holder of a Global Warrant Certificate, as such, shall be entitled to any rights of
a stockholder of the Company, including, but not limited to, the right to vote, to receive dividends or other distributions, to
exercise any preemptive right or, except as otherwise provided herein, to receive notice as stockholders in respect of the meetings
of stockholders or for the election of directors of the Company or any other matter.

 

Section
14.         Notices to Company and Warrant Agent.
All notices, requests or demands authorized by this Agreement to be given or made by the Warrant Agent or by any registered Holder
of any Warrant to or on the Company or the Warrant Agent to be effective shall be in writing (including by telecopy), and shall
be deemed to have been duly given or made when delivered by hand, or two Business Days after being delivered to a recognized courier
(whose stated terms of delivery are two business days or less to the destination), or five Business Days after being deposited
in the mail, or, in the case of facsimile or email notice, when received, addressed (until another address is filed in writing
by the Company with the Warrant Agent) as follows:

 

	VANGUARD NATURAL RESOURCES, INC.
	5487 San Felipe, Suite 3000
	Houston, TX 77057
	Attn:	Secretary and Treasurer
	E-mail:	rrobert@vnrllc.com
	 	 
	PAUL HASTINGS LLP
	600 Travis St.
	58th Floor
	Houston, TX 77002
	Attn:	Douglas V. Getten
	E-mail:	douggetten@paulhastings.com

 

If the Company shall fail to maintain such
office or agency or shall fail to give such notice of any change in the location thereof, presentation may be made and notices
and demands may be served at the principal office of the Warrant Agent.

 

Any notice pursuant to this Agreement to
be given by the Company or by any registered Holder of any Warrant to the Warrant Agent shall be sufficiently given if sent by
first-class mail, postage prepaid, or by facsimile or email notice, addressed (until another address is filed in writing by the
Warrant Agent with the Company), as follows:

 

    	 	24 	 

     

    

 

	American Stock Transfer & Trust Company, LLC
	6201 15th Avenue
	Brooklyn, NY 11219
	Attention:	Relationship Management for Vanguard Natural Resources, Inc.
	Email:	admin5@astfinancial.com

 

The Warrant Agent maintains the Warrant
Agent’s Principal Office at the above address.

 

Section
15.         Supplements and Amendments.
The Company and the Warrant Agent may from time to time supplement or amend this Agreement (a) without the approval of any
Holders in order to cure any ambiguity, manifest error or other mistake in this Agreement, or to correct or supplement any provision
contained herein that may be defective or inconsistent with any other provision herein, or to make any other provisions in regard
to matters or questions arising hereunder that the Company and the Warrant Agent may deem necessary or desirable and that shall
not adversely affect, alter or change the interests of the Holders in any material respect or (b) with the prior written
consent of Holders exercisable for a majority of the Warrant Shares then issuable upon exercise of all of the Warrants then outstanding;
provided that each amendment or supplement that decreases the Warrant Agent’s rights or increases its duties and
responsibilities hereunder shall also require the prior written consent of the Warrant Agent. Notwithstanding the foregoing, the
consent of each Holder affected shall be required for any amendment pursuant to which the Exercise Price would be increased or
the number of Warrant Shares purchasable would be decreased (other than pursuant to adjustments provided herein) or the Expiration
Date would be shortened. Upon execution and delivery of any supplement or amendment pursuant to this Section 15, such amendment
shall be considered a part of this Agreement for all purposes and every Holder of a Global Warrant Certificate theretofore or
thereafter countersigned and delivered hereunder shall be bound thereby.

 

Section
16.         Termination.
This Agreement shall terminate on the Expiration Date or, if later, upon settlement of all Warrants (i) validly exercised
on or prior to the Expiration Date and, (ii) if exercised pursuant to Section 5(c)(i) hereof, for which the Exercise Price
was timely paid. Notwithstanding the foregoing, this Agreement will terminate on any earlier date when all Warrants have been
exercised, or cancelled, provided, however, that the provisions of Sections 12 – 21 shall survive such termination.

 

Section
17.         Governing Law and Consent to Forum.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts
made and to be performed within the State of New York. Each of the Company and the Warrant Agent hereby irrevocably submits to
the jurisdiction of any New York State court sitting in the City of New York or any Federal Court sitting in the City of New York
with respect to any suit, action or proceeding arising out of or relating to this Agreement, and each irrevocably accepts for
itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts. Nothing herein
shall affect the right of any Person to serve process in any manner permitted by law or to commence legal proceedings or otherwise
proceed against the Company or the Warrant Agent in any other jurisdiction.

 

    	 	25 	 

     

    

 

Section
18.         Waiver of Jury Trial.
The parties hereto waive all right to trial by jury in any action or proceeding to enforce or defend any rights hereunder.

 

Section
19.         Benefits of this Agreement.
Nothing in this Agreement shall be construed to give to any Person other than the Company, the Warrant Agent and the registered
Holders (who are express third party beneficiaries of this Agreement) any legal or equitable right, remedy or claim under this
Agreement, and this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the registered
Holders.

 

Section
20.         Counterparts.
This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and such counterparts shall together constitute but one and the same instrument.

 

Section
21.         Headings.
The headings of sections of this Agreement have been inserted for convenience of reference only, are not to be considered a part
hereof and in no way modify or restrict any of the terms or provisions hereof.

 

[signature page
follows]

 

    	 	26 	 

     

    

 

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

 

	 	VANGUARD NATURAL RESOURCES, INC.
	 	 	 
	 	By:	/s/ Richard Robert
	 	Name:	Richard Robert
	 	Title:	Chief Financial Officer

 

[Signature Page to Warrant Agreement]

 

    	 	 	 

     

    

 

	 	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	 	 	 
	 	By	/s/ Michael A. Nespoli
	 	Name:	Michael A. Nespoli
	 	Title:	Executive Director

 

[Signature Page to Warrant Agreement]

 

    	 	 	 

     

    

 

EXHIBIT A

 

FORM OF FACE OF VNR COMMON UNIT
GLOBAL WARRANT CERTIFICATE

 

This VNR Common Unit Global Warrant Certificate
(this “Global Warrant Certificate”) is deposited with or on behalf of The Depository Trust Company (the “Depository”)
or its nominee in custody for the benefit of the beneficial owners hereof, and is not transferable to any person under any circumstances
except that (i) this Global Warrant Certificate may be delivered to the Warrant Agent for cancellation pursuant to Section
4(f) of the Warrant Agreement and (ii) this Global Warrant Certificate may be transferred pursuant to Section 4(e) of the
Warrant Agreement and as set forth below.

 

UNLESS THIS GLOBAL WARRANT CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR THE WARRANT AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT HEREON IS MADE TO CEDE &CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO. OR SUCH OTHER ENTITY, HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL WARRANT CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE OR AS OTHERWISE PERMITTED IN SECTION 4(E) OF THE WARRANT AGREEMENT, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL
WARRANT CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 4 OF THE WARRANT
AGREEMENT. 

 

No registration or transfer of the securities
issuable pursuant to the exercise of the Warrant will be recorded on the books of the Company until such provisions have been complied
with.

 

To the extent that any provision hereof
conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control.

 

    	 	A-1 	 

     

    

 

CUSIP No. 91828V 126

 

ISIN No. US91828V1263

 

WARRANTS TO PURCHASE

 

SHARES OF COMMON STOCK

 

VANGUARD NATURAL RESOURCES, INC.

 

VNR COMMON UNIT GLOBAL WARRANT TO PURCHASE
COMMON STOCK

 

VOID AFTER 5:00 P.M., New York City
Time, February 1, 2021

 

This VNR Common Unit Global Warrant Certificate
(“Warrant Certificate”) certifies that Cede & Co., or its registered assigns is the registered holder of VNR Common
Unit Warrants (the “Warrants”) of VANGUARD NATURAL RESOURCES, INC., a Delaware corporation (the “Company”),
to purchase the number of shares (the “Shares”) of common stock, par value $0.001 per share (the “Common
Stock”), of the Company set forth above. The Warrants expire at 5:00 p.m., New York City time, on February 1, 2021 (such
date, the “Expiration Date”), and each Warrant entitles the holder to purchase from the Company one fully paid and
non-assessable Share at the exercise price (the “Exercise Price”), payable to the Company either by certified or official
bank or bank cashier’s check payable to the order of the Company, or by wire transfer in immediately available funds of the
aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later
than 5:00 p.m., New York City time, on the business day immediately prior to the settlement date, which settlement date is
three Business Days after a Warrant Exercise Notice is delivered (the “Settlement Date”). The initial Exercise Price
shall be $61.45.

 

In lieu of paying the Exercise Price as
set forth in the preceding paragraph, subject to the provisions of the Warrant Agreement (as defined on the reverse hereof), the
Warrants shall entitle the holder thereof, at the election of such holder, to exercise the Warrants by authorizing the Company
to withhold from issuance a number of Shares issuable upon exercise of the Warrants which when multiplied by the Market Price of
the Common Stock is equal to the aggregate price for the number of Shares for which the Warrants are being exercised at the Exercise
Price (assuming the Exercise Price for all such Shares was being paid in cash), and such withheld shares shall no longer be issuable
under the Warrants.

 

The Exercise Price and the number of Shares
purchasable upon exercise of the Warrants are subject to adjustment upon the occurrence of certain events as set forth in the Warrant
Agreement.

 

To the extent that any provision hereof
conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control.

 

No Warrant may be exercised prior to the
date of the Warrant Agreement or after the Expiration Date.

 

    	 	A-2 	 

     

    

 

After 5:00 p.m., New York City time,
on the Expiration Date, the Warrants will become wholly void and of no value.

 

REFERENCE IS HEREBY MADE TO THE FURTHER
PROVISIONS OF THIS WARRANT CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE.

 

    	 	A-3 	 

     

    

 

This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent.

 

IN WITNESS WHEREOF, the Company has
caused this Warrant Certificate to be executed by its duly authorized officer.

 

	Dated:	 	 
	 	 	 
	VANGUARD NATURAL RESOURCES, INC.	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC	 
	 	 	 
	as Warrant Agent	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	Title:	 	 

 

    	 	A-4 	 

     

    

 

FORM OF REVERSE OF GLOBAL WARRANT CERTIFICATE

VANGUARD NATURAL RESOURCES, INC.

 

The Warrants evidenced by this Warrant Certificate
are a part of a duly authorized issue of Warrants to purchase shares of Common Stock issued pursuant to that certain Warrant Agreement,
dated as of August 1, 2017 (the “Warrant Agreement”), duly executed and delivered by the Company and American Stock
Transfer & Trust Company, LLC, as Warrant Agent (the “Warrant Agent”). The Warrant Agreement hereby is incorporated
by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders”
or “holder” meaning the registered holders or registered holder) of the Warrants. A copy of the Warrant Agreement may
be inspected at the Warrant Agent’s office and is available upon written request addressed to the Company. All capitalized
terms used on the face of this Warrant Certificate but not defined herein and are defined in the Warrant Agreement shall have the
meanings assigned to them therein.

 

Warrants may be exercised to purchase Warrant
Shares from the Company from the date of the Warrant Agreement through 5:00 p.m., New York City time, on the Expiration Date,
at the Exercise Price set forth on the face hereof, subject to adjustment as described in the Warrant Agreement. Subject to the
terms and conditions set forth herein and in the Warrant Agreement, the holder of the Warrants evidenced by this Warrant Certificate
may exercise such Warrants by: (i) providing written notice of such election (“Warrant Exercise Notice”) to exercise
the Warrants to the Company and the Warrant Agent at the addresses set forth in the Warrant Agreement, by hand or by facsimile,
no later than 5:00 p.m., New York City time, on the Expiration Date, which Warrant Exercise Notice shall substantially be
in the form of an election to purchase shares of Common Stock set forth herein, properly completed and executed by the holder;
(ii) delivering no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement
Date, the Warrants to the Warrant Agent (by book-entry transfer through the facilities of the Depository); and (iii) paying
the Exercise Price, together with any applicable taxes and governmental charges.

 

In lieu of paying the Exercise Price as
set forth in the preceding paragraph, subject to the provisions of the Warrant Agreement, the Warrants shall entitle the holder
thereof, at the election of such holder, to exercise the Warrants by authorizing the Company to withhold from issuance a number
of shares of Common Stock issuable upon exercise of the Warrants which when multiplied by the Market Price of the Common Stock
is equal to the aggregate price for the number of Shares for which the Warrants are being exercised at the Exercise Price (assuming
the Exercise Price for all such Shares was being paid in cash), and such withheld shares shall no longer be issuable under the
Warrants.

 

In the event that upon any exercise of the
Warrants evidenced hereby the number of shares of Common Stock actually purchased shall be less than the total number of shares
of Common Stock purchasable upon exercise of the Warrants evidenced hereby, there shall be issued to the holder hereof, or such
holder’s assignee, a new Warrant Certificate evidencing Warrants to purchase the shares of Common Stock not so purchased
or appropriate adjustment shall be made in the “Schedule of Increases or Decreases in VNR Common Unit Global Warrant Certificate”
annexed hereto. No adjustment shall be made for any cash dividends on any shares of Common Stock issuable upon exercise of Warrants.
After 5:00 p.m., New York City time on the Expiration Date, unexercised Warrants shall become wholly void and of no value.

 

The Company shall not be required to issue
fractional shares of Common Stock or any certificates that evidence fractional Shares.

 

    	 	A-5 	 

     

    

 

Warrant Certificates, when surrendered by
book-entry delivery through the facilities of the Depository, may be exchanged, in the manner and subject to the limitations provided
in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of
like tenor evidencing Warrants to purchase in the aggregate a like number of shares of Common Stock.

 

No Warrants may be sold, exchanged or otherwise
transferred in violation of the Securities Act or state securities laws.

 

The Company and Warrant Agent may deem and
treat the registered holder hereof as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership
or other writing hereon made by anyone) for the purpose of any exercise hereof and for all other purposes, and neither the Company
nor the Warrant Agent shall be affected by any notice to the contrary.

 

[Balance of page intentionally remains
blank]

 

    	 	A-6 	 

     

    

 

[TO BE ATTACHED TO VNR COMMON UNIT GLOBAL
WARRANT CERTIFICATE]

 

SCHEDULE OF INCREASES OR DECREASES
IN VNR COMMON UNIT GLOBAL WARRANT CERTIFICATE

 

The following increases or decreases in
this Global Warrant have been made:

 

	Date	 	Amount of decrease in the number of shares issuable upon exercise of the Warrants represented by this Global Warrant	 	Amount of increase in number of shares issuable upon exercise of the Warrants represented by this Global Warrant	 	Number of shares issuable upon exercise of the Warrants represented by this Global Security following such decrease or increase	 	Signature of authorized officer of the Warrant Agent

 

    	 	A-7 	 

     

    

 

EXHIBIT B

 

FORM OF ELECTION TO EXERCISE VNR
COMMON UNIT WARRANT FOR

WARRANT HOLDERS HOLDING WARRANTS 

THROUGH THE DEPOSITORY TRUST COMPANY 

 

TO BE COMPLETED BY DIRECT PARTICIPANT

IN THE DEPOSITORY TRUST COMPANY 

 

VANGUARD NATURAL RESOURCES, INC.

 

Warrants to Purchase Shares of Common Stock

 

(TO BE EXECUTED UPON EXERCISE OF THE VNR
COMMON UNIT WARRANT)

 

The undersigned hereby irrevocably elects to exercise the right,
represented by VNR Common Unit Warrants (“Warrants”) to purchase shares of Common Stock of VANGUARD NATURAL RESOURCES,
INC. (the “Company”) held for its benefit through the book-entry facilities of The Depository Trust Company (the “Depository”),
to purchase newly issued shares of Common Stock of the Company at the Exercise Price of $61.45 per share.

 

The undersigned represents, warrants and promises that it has
the full power and authority to exercise and deliver the Warrants exercised hereby. The undersigned represents, warrants and promises
that it has delivered or will deliver in payment for such shares $___ by certified or official bank or bank cashier’s check
payable to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account
of the Warrant Agent specified in writing by the Warrant Agent for such purpose or through a cashless exercise (as described below),
no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date.

 

☐  Please
check if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to exercise Warrants
by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon exercise of the Warrants
which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of Shares for which
the Warrants are being exercised at the Exercise Price (assuming the Exercise Price for all such Shares was being paid in cash),
and such withheld shares shall no longer be issuable under the Warrants.

 

The undersigned requests that the shares of Common Stock purchased
hereby be in registered form in the authorized denominations, registered in such names and delivered, all as specified in accordance
with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares
of Common Stock shall be registered in the name of the Depository or its nominee.

 

Dated:

 

    	 	B-1 	 

     

    

 

NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT
AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU (THROUGH THE CLEARING
SYSTEM) OF (1) THE WARRANT AGENT’S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS BY 5:00 P.M., NEW
YORK CITY TIME, ONE BUSINESS DAY IMMEDIATELY PRIOR TO THE SETTLEMENT DATE AND (2) THE ADDRESS, PHONE NUMBER AND FACSIMILE
NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED.

 

    	 	B-2 	 

     

    

 

NAME OF DIRECT PARTICIPANT IN THE DEPOSITORY:

(PLEASE PRINT)

ADDRESS:

 

CONTACT NAME:

 

ADDRESS:

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):

 

FAX (INCLUDING INTERNATIONAL CODE):  

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):  

 

ACCOUNT FROM WHICH WARRANTS ARE BEING DELIVERED:  

 

DEPOSITORY ACCOUNT NO.:  

 

WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN
ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THIS NOTIFICATION (OR AS OTHERWISE DIRECTED), MARKED TO THE ATTENTION OF “WARRANT
EXERCISE.” WARRANT HOLDER DELIVERING WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT EXERCISE
NOTICE:

 

NAME:  

(PLEASE PRINT)

 

CONTACT NAME:  

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):

 

FAX (INCLUDING INTERNATIONAL CODE):  

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):

 

ACCOUNT TO WHICH THE SHARES OF COMMON STOCK ARE TO BE CREDITED:

 

DEPOSITORY ACCOUNT NO.:

 

    	 	B-3 	 

     

    

 

FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE
PERSON DELIVERING THIS WARRANT EXERCISE NOTICE:

 

NAME:

(PLEASE PRINT)

 

ADDRESS:

 

CONTACT

 

NAME:  

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):

 

FAX (INCLUDING INTERNATIONAL CODE):

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):

 

NUMBER OF SHARES OF COMMON STOCK FOR WHICH WARRANT IS BEING
EXERCISED

 

(ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE):

 

Signature:  

 

Name:  

 

Capacity in which Signing:

 

Signature Guaranteed

 

BY:

 

Signatures must be guaranteed by a participant in a Medallion
Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.

 

    	 	B-4 	 

     

    

 

EXHIBIT C

 

FORM OF FACE OF VNR PREFERRED
UNIT GLOBAL WARRANT CERTIFICATE

 

This VNR Preferred Unit Global Warrant Certificate
(this “Global Warrant Certificate”) is deposited with or on behalf of The Depository Trust Company (the “Depository”)
or its nominee in custody for the benefit of the beneficial owners hereof, and is not transferable to any person under any circumstances
except that (i) this Global Warrant Certificate may be delivered to the Warrant Agent for cancellation pursuant to Section
4(f) of the Warrant Agreement and (ii) this Global Warrant Certificate may be transferred pursuant to Section 4(e) of the
Warrant Agreement and as set forth below.

 

UNLESS THIS GLOBAL WARRANT CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR THE WARRANT AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT HEREON IS MADE TO CEDE &CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO. OR SUCH OTHER ENTITY, HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL WARRANT CERTIFICATE
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE OR AS OTHERWISE PERMITTED IN SECTION 4(E) OF THE WARRANT AGREEMENT, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL
WARRANT CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 4 OF THE WARRANT
AGREEMENT. 

 

No registration or transfer of the securities
issuable pursuant to the exercise of the Warrant will be recorded on the books of the Company until such provisions have been complied
with.

 

To the extent that any provision hereof
conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control.

 

    	 	C-1 	 

     

    

 

CUSIP No. 91828V 118

 

ISIN No. US91828V1180

 

WARRANTS TO PURCHASE

 

SHARES OF COMMON STOCK

 

VANGUARD NATURAL RESOURCES, INC.

 

VNR PREFERRED UNIT GLOBAL WARRANT TO
PURCHASE COMMON STOCK

 

VOID AFTER 5:00 P.M., New York City
Time, February 1, 2021

 

This VNR Preferred Unit Global Warrant Certificate
(“Warrant Certificate”) certifies that Cede & Co., or its registered assigns is the registered holder of VNR Preferred
Unit Warrants (the “Warrants”) of VANGUARD NATURAL RESOURCES, INC., a Delaware corporation (the “Company”),
to purchase the number of shares (the “Shares”) of common stock, par value $0.001 per share (the “Common
Stock”), of the Company set forth above. The Warrants expire at 5:00 p.m., New York City time, on February 1, 2021 (such
date, the “Expiration Date”), and each Warrant entitles the holder to purchase from the Company one fully paid and
non-assessable Share at the exercise price (the “Exercise Price”), payable to the Company either by certified or official
bank or bank cashier’s check payable to the order of the Company, or by wire transfer in immediately available funds of the
aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later
than 5:00 p.m., New York City time, on the business day immediately prior to the settlement date, which settlement date is
three Business Days after a Warrant Exercise Notice is delivered (the “Settlement Date”). The initial Exercise Price
shall be $44.25.

 

In lieu of paying the Exercise Price as
set forth in the preceding paragraph, subject to the provisions of the Warrant Agreement (as defined on the reverse hereof), the
Warrants shall entitle the holder thereof, at the election of such holder, to exercise the Warrants by authorizing the Company
to withhold from issuance a number of Shares issuable upon exercise of the Warrants which when multiplied by the Market Price of
the Common Stock is equal to the aggregate price for the number of Shares for which the Warrants are being exercised at the Exercise
Price (assuming the Exercise Price for all such Shares was being paid in cash), and such withheld shares shall no longer be issuable
under the Warrants.

 

The Exercise Price and the number of Shares
purchasable upon exercise of the Warrants are subject to adjustment upon the occurrence of certain events as set forth in the Warrant
Agreement.

 

To the extent that any provision hereof
conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control.

 

No Warrant may be exercised prior to the
date of the Warrant Agreement or after the Expiration Date.

 

After 5:00 p.m., New York City time,
on the Expiration Date, the Warrants will become wholly void and of no value.

 

REFERENCE IS HEREBY MADE TO THE FURTHER
PROVISIONS OF THIS WARRANT CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE
SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE.

 

    	 	C-2 	 

     

    

 

This Warrant Certificate shall not be valid
unless countersigned by the Warrant Agent.

 

IN WITNESS WHEREOF, the Company has
caused this Warrant Certificate to be executed by its duly authorized officer.

 

	Dated:	 	 
	 	 	 
	VANGUARD NATURAL RESOURCES, INC.	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC	 
	 	 	 
	as Warrant Agent	 
	 	 	 
	By:	 	 
	 	 	 
	Name:	 	 
	Title:	 	 

 

    	 	C-3 	 

     

    

 

FORM OF REVERSE OF GLOBAL WARRANT CERTIFICATE

VANGUARD NATURAL RESOURCES, INC.

 

The Warrants evidenced by this Warrant Certificate
are a part of a duly authorized issue of Warrants to purchase shares of Common Stock issued pursuant to that certain Warrant Agreement,
dated as of August 1, 2017 (the “Warrant Agreement”), duly executed and delivered by the Company and American Stock
Transfer & Trust Company, LLC, as Warrant Agent (the “Warrant Agent”). The Warrant Agreement hereby is incorporated
by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights,
obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders”
or “holder” meaning the registered holders or registered holder) of the Warrants. A copy of the Warrant Agreement may
be inspected at the Warrant Agent’s office and is available upon written request addressed to the Company. All capitalized
terms used on the face of this Warrant Certificate but not defined herein and are defined in the Warrant Agreement shall have the
meanings assigned to them therein.

 

Warrants may be exercised to purchase Warrant
Shares from the Company from the date of the Warrant Agreement through 5:00 p.m., New York City time, on the Expiration Date,
at the Exercise Price set forth on the face hereof, subject to adjustment as described in the Warrant Agreement. Subject to the
terms and conditions set forth herein and in the Warrant Agreement, the holder of the Warrants evidenced by this Warrant Certificate
may exercise such Warrants by: (i) providing written notice of such election (“Warrant Exercise Notice”) to exercise
the Warrants to the Company and the Warrant Agent at the addresses set forth in the Warrant Agreement, by hand or by facsimile,
no later than 5:00 p.m., New York City time, on the Expiration Date, which Warrant Exercise Notice shall substantially be
in the form of an election to purchase shares of Common Stock set forth herein, properly completed and executed by the holder;
(ii) delivering no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement
Date, the Warrants to the Warrant Agent (by book-entry transfer through the facilities of the Depository); and (iii) paying
the Exercise Price, together with any applicable taxes and governmental charges.

 

In lieu of paying the Exercise Price as
set forth in the preceding paragraph, subject to the provisions of the Warrant Agreement, the Warrants shall entitle the holder
thereof, at the election of such holder, to exercise the Warrants by authorizing the Company to withhold from issuance a number
of shares of Common Stock issuable upon exercise of the Warrants which when multiplied by the Market Price of the Common Stock
is equal to the aggregate price for the number of Shares for which the Warrants are being exercised at the Exercise Price (assuming
the Exercise Price for all such Shares was being paid in cash), and such withheld shares shall no longer be issuable under the
Warrants.

 

In the event that upon any exercise of the
Warrants evidenced hereby the number of shares of Common Stock actually purchased shall be less than the total number of shares
of Common Stock purchasable upon exercise of the Warrants evidenced hereby, there shall be issued to the holder hereof, or such
holder’s assignee, a new Warrant Certificate evidencing Warrants to purchase the shares of Common Stock not so purchased
or appropriate adjustment shall be made in the “Schedule of Increases or Decreases in VNR Preferred Unit Global Warrant Certificate”
annexed hereto. No adjustment shall be made for any cash dividends on any shares of Common Stock issuable upon exercise of Warrants.
After 5:00 p.m., New York City time on the Expiration Date, unexercised Warrants shall become wholly void and of no value.

 

The Company shall not be required to issue
fractional shares of Common Stock or any certificates that evidence fractional Shares.

 

    	 	C-4 	 

     

    

 

Warrant Certificates, when surrendered by
book-entry delivery through the facilities of the Depository, may be exchanged, in the manner and subject to the limitations provided
in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of
like tenor evidencing Warrants to purchase in the aggregate a like number of shares of Common Stock.

 

No Warrants may be sold, exchanged or otherwise
transferred in violation of the Securities Act or state securities laws.

 

The Company and Warrant Agent may deem and
treat the registered holder hereof as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership
or other writing hereon made by anyone) for the purpose of any exercise hereof and for all other purposes, and neither the Company
nor the Warrant Agent shall be affected by any notice to the contrary.

 

[Balance of page intentionally remains
blank]

 

    	 	C-5 	 

     

    

 

[TO BE ATTACHED TO VNR PREFERRED UNIT GLOBAL
WARRANT CERTIFICATE]

 

SCHEDULE OF INCREASES OR DECREASES
IN VNR PREFERRED UNIT GLOBAL WARRANT CERTIFICATE

 

The following increases or decreases in
this Global Warrant have been made:

 

	Date	 	Amount of decrease in the number of shares issuable upon exercise of the Warrants represented by this Global Warrant	 	Amount of increase in number of shares issuable upon exercise of the Warrants represented by this Global Warrant	 	Number of shares issuable upon exercise of the Warrants represented by this Global Security following such decrease or increase	 	Signature of authorized officer of the Warrant Agent

 

    	 	C-6 	 

     

    

 

EXHIBIT D

 

FORM OF ELECTION TO EXERCISE VNR
PREFERRED UNIT WARRANT FOR

WARRANT HOLDERS HOLDING WARRANTS 

THROUGH THE DEPOSITORY TRUST COMPANY 

 

TO BE COMPLETED BY DIRECT PARTICIPANT

IN THE DEPOSITORY TRUST COMPANY 

 

VANGUARD NATURAL RESOURCES, INC.

 

Warrants to Purchase Shares of Common Stock

 

(TO BE EXECUTED UPON EXERCISE OF THE VNR
PREFERRED UNIT WARRANT)

 

The undersigned hereby irrevocably elects to exercise the right,
represented by VNR Preferred Unit Warrants (the “Warrants”) to purchase shares of Common Stock of VANGUARD NATURAL
RESOURCES, INC. (the “Company”) held for its benefit through the book-entry facilities of The Depository Trust Company
(the “Depository”), to purchase newly issued shares of Common Stock of the Company at the Exercise Price of $44.25
per share.

 

The undersigned represents, warrants and promises that it has
the full power and authority to exercise and deliver the Warrants exercised hereby. The undersigned represents, warrants and promises
that it has delivered or will deliver in payment for such shares $___ by certified or official bank or bank cashier’s check
payable to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account
of the Warrant Agent specified in writing by the Warrant Agent for such purpose or through a cashless exercise (as described below),
no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date.

 

☐  Please
check if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to exercise Warrants
by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon exercise of the Warrants
which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of Shares for which
the Warrants are being exercised at the Exercise Price (assuming the Exercise Price for all such Shares was being paid in cash),
and such withheld shares shall no longer be issuable under the Warrants.

 

The undersigned requests that the shares of Common Stock purchased
hereby be in registered form in the authorized denominations, registered in such names and delivered, all as specified in accordance
with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares
of Common Stock shall be registered in the name of the Depository or its nominee.

 

Dated:

 

NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT
AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU (THROUGH THE CLEARING
SYSTEM) OF (1) THE WARRANT AGENT’S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS BY 5:00 P.M., NEW
YORK CITY TIME, ONE BUSINESS DAY IMMEDIATELY PRIOR TO THE SETTLEMENT DATE AND (2) THE ADDRESS, PHONE NUMBER AND FACSIMILE
NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED.

 

    	 	D-1 	 

     

    

 

NAME OF DIRECT PARTICIPANT IN THE DEPOSITORY:

(PLEASE PRINT)

ADDRESS:

 

CONTACT NAME:

 

ADDRESS:

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):

 

FAX (INCLUDING INTERNATIONAL CODE):  

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):  

 

ACCOUNT FROM WHICH WARRANTS ARE BEING DELIVERED:  

 

DEPOSITORY ACCOUNT NO.:  

 

WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN
ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THIS NOTIFICATION (OR AS OTHERWISE DIRECTED), MARKED TO THE ATTENTION OF “WARRANT
EXERCISE.” WARRANT HOLDER DELIVERING WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT EXERCISE
NOTICE:

 

NAME:  

(PLEASE PRINT)

 

CONTACT NAME:  

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):

 

FAX (INCLUDING INTERNATIONAL CODE):  

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):

 

ACCOUNT TO WHICH THE SHARES OF COMMON STOCK ARE TO BE CREDITED:

 

DEPOSITORY ACCOUNT NO.:

 

    	 	D-2 	 

     

    

 

FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE
PERSON DELIVERING THIS WARRANT EXERCISE NOTICE:

 

NAME:

(PLEASE PRINT)

 

ADDRESS:

 

CONTACT

 

NAME:  

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):

 

FAX (INCLUDING INTERNATIONAL CODE):

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):

 

NUMBER OF SHARES OF COMMON STOCK FOR WHICH WARRANT IS BEING
EXERCISED

 

(ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE):

 

Signature:  

 

Name:  

 

Capacity in which Signing:

 

Signature Guaranteed

 

BY:

 

Signatures must be guaranteed by a participant in a Medallion
Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.

 

    	 	D-3 	 

     

    

 

EXHIBIT E

 

FORM OF ELECTION TO EXERCISE VNR
COMMON UNIT WARRANT FOR

HOLDERS OF VNR COMMON UNIT WARRANTS HOLDING

DIRECT REGISTRATION WARRANTS 

 

TO BE COMPLETED BY REGISTERED HOLDER

 

VANGUARD NATURAL RESOURCES, INC.

 

Warrants to Purchase Shares of Common Stock

 

(TO BE EXECUTED UPON EXERCISE OF THE WARRANT)

 

The undersigned hereby irrevocably elects to exercise the right,
represented by VNR Common Unit Warrants (“Warrants”) to purchase shares of Common Stock of VANGUARD NATURAL RESOURCES,
INC. (the “Company”), to purchase newly issued shares of Common Stock of the Company at the Exercise Price of $61.45
per share.

 

The undersigned represents, warrants and promises that it has
the full power and authority to exercise and deliver the Warrants exercised hereby. The undersigned represents, warrants and promises
that it has delivered or will deliver in payment for such shares $___ by certified or official bank or bank cashier’s check
payable to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account
of the Warrant Agent specified in writing by the Warrant Agent for such purpose or through a cashless exercise (as described below),
no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date.

 

 ̈ Please
check if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to exercise Warrants
by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon exercise of the Warrants
which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of Shares for which
the Warrants are being exercised at the Exercise Price (assuming the Exercise Price for all such Shares was being paid in cash),
and such withheld shares shall no longer be issuable under the Warrants.

 

The undersigned requests that the shares of Common Stock purchased
hereby be in registered form in the authorized denominations, registered in such names and delivered, all as specified in accordance
with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares
of Common Stock shall be registered in the name of the Depository or its nominee.

 

Dated:

 

NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT
AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU (THROUGH THE CLEARING
SYSTEM) OF (1) THE WARRANT AGENT’S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS BY 5:00 P.M., NEW
YORK CITY TIME, ONE BUSINESS DAY IMMEDIATELY PRIOR TO THE SETTLEMENT DATE AND (2) THE ADDRESS, PHONE NUMBER AND FACSIMILE
NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED.

 

    	 	E-1 	 

     

    

 

NAME OF DIRECT PARTICIPANT IN THE DEPOSITORY:

(PLEASE PRINT)

ADDRESS:

 

CONTACT NAME:  

 

ADDRESS:  

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):

 

FAX (INCLUDING INTERNATIONAL CODE):

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):

 

ACCOUNT FROM WHICH WARRANTS ARE BEING DELIVERED:

 

DEPOSITORY ACCOUNT NO.:

 

WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN
ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THIS NOTIFICATION (OR AS OTHERWISE DIRECTED), MARKED TO THE ATTENTION OF “WARRANT
EXERCISE.” WARRANT HOLDER DELIVERING WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT EXERCISE
NOTICE:

 

NAME:

(PLEASE PRINT)

 

CONTACT NAME:  

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):

 

FAX (INCLUDING INTERNATIONAL CODE):

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):

 

ACCOUNT TO WHICH THE SHARES OF COMMON STOCK ARE TO BE CREDITED:
 

 

DEPOSITORY ACCOUNT NO.:  

 

    	 	E-2 	 

     

    

 

FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE
PERSON DELIVERING THIS WARRANT EXERCISE NOTICE:

 

NAME:

(PLEASE PRINT)

ADDRESS:

 

CONTACT

 

NAME:

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):  

 

FAX (INCLUDING INTERNATIONAL CODE):

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):

 

NUMBER OF SHARES OF COMMON STOCK FOR WHICH WARRANT IS BEING
EXERCISED

(ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE):  

 

Signature:  

 

Name:

 

Capacity in which Signing:

 

Signature Guaranteed

 

BY:  

 

Signatures must be guaranteed by a participant in a Medallion
Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.

 

    	 	E-3 	 

     

    

 

EXHIBIT F

 

FORM OF ELECTION TO EXERCISE VNR
PREFERRED UNIT WARRANT FOR

HOLDERS OF VNR PREFERRED UNIT WARRANTS HOLDING

DIRECT REGISTRATION WARRANTS 

 

TO BE COMPLETED BY REGISTERED HOLDER

 

VANGUARD NATURAL RESOURCES, INC.

 

Warrants to Purchase Shares of Common Stock

 

(TO BE EXECUTED UPON EXERCISE OF THE WARRANT)

 

The undersigned hereby irrevocably elects to exercise the right,
represented by VNR Preferred Unit Warrants (“Warrants”) to purchase shares of Common Stock of VANGUARD NATURAL RESOURCES,
INC. (the “Company”), to purchase newly issued shares of Common Stock of the Company at the Exercise Price of $44.25
per share.

 

The undersigned represents, warrants and promises that it has
the full power and authority to exercise and deliver the Warrants exercised hereby. The undersigned represents, warrants and promises
that it has delivered or will deliver in payment for such shares $___ by certified or official bank or bank cashier’s check
payable to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account
of the Warrant Agent specified in writing by the Warrant Agent for such purpose or through a cashless exercise (as described below),
no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date.

 

 ̈ Please
check if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to exercise Warrants
by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon exercise of the Warrants
which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of Shares for which
the Warrants are being exercised at the Exercise Price (assuming the Exercise Price for all such Shares was being paid in cash),
and such withheld shares shall no longer be issuable under the Warrants.

 

The undersigned requests that the shares of Common Stock purchased
hereby be in registered form in the authorized denominations, registered in such names and delivered, all as specified in accordance
with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares
of Common Stock shall be registered in the name of the Depository or its nominee.

 

Dated:

 

NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT
AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU (THROUGH THE CLEARING
SYSTEM) OF (1) THE WARRANT AGENT’S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS BY 5:00 P.M., NEW
YORK CITY TIME, ONE BUSINESS DAY IMMEDIATELY PRIOR TO THE SETTLEMENT DATE AND (2) THE ADDRESS, PHONE NUMBER AND FACSIMILE
NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED.

 

    	 	F-1 	 

     

    

 

NAME OF DIRECT PARTICIPANT IN THE DEPOSITORY:

(PLEASE PRINT)

ADDRESS:

 

CONTACT NAME:  

 

ADDRESS:  

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):

 

FAX (INCLUDING INTERNATIONAL CODE):

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):

 

ACCOUNT FROM WHICH WARRANTS ARE BEING DELIVERED:

 

DEPOSITORY ACCOUNT NO.:

 

WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN
ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THIS NOTIFICATION (OR AS OTHERWISE DIRECTED), MARKED TO THE ATTENTION OF “WARRANT
EXERCISE.” WARRANT HOLDER DELIVERING WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT EXERCISE
NOTICE:

 

NAME:

(PLEASE PRINT)

 

CONTACT NAME:  

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):

 

FAX (INCLUDING INTERNATIONAL CODE):

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):

 

ACCOUNT TO WHICH THE SHARES OF COMMON STOCK ARE TO BE CREDITED:
 

 

DEPOSITORY ACCOUNT NO.:  

 

    	 	F-2 	 

     

    

 

FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE
PERSON DELIVERING THIS WARRANT EXERCISE NOTICE:

 

NAME:

(PLEASE PRINT)

ADDRESS:

 

CONTACT

 

NAME:

 

TELEPHONE (INCLUDING INTERNATIONAL CODE):  

 

FAX (INCLUDING INTERNATIONAL CODE):

 

SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF
APPLICABLE):

 

NUMBER OF SHARES OF COMMON STOCK FOR WHICH WARRANT IS BEING
EXERCISED

(ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE):  

 

Signature:  

 

Name:

 

Capacity in which Signing:

 

Signature Guaranteed

 

BY:  

 

Signatures must be guaranteed by a participant in a Medallion
Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.

 

    	 	F-3 	 

     

    

 

EXHIBIT G

 

FORM OF ASSIGNMENT FOR VNR COMMON UNIT
WARRANTS

 

(TO BE EXECUTED BY THE REGISTERED HOLDER

IF SUCH HOLDER DESIRES TO TRANSFER A VNR COMMON UNIT WARRANT)

 

	FOR VALUE RECEIVED, the undersigned registered holder hereby sells, assigns and transfers unto
	 
	Name of Assignee
	 
	Address of Assignee
	 
	___ VNR Common Unit Warrants to purchase shares of Common Stock held by the undersigned, together with all right, title and interest therein, and does irrevocably constitute and appoint attorney, to transfer such VNR Common Unit Warrants on the books of the Warrant Agent, with full power of substitution.  
	 
	Signature
	 
	Date
	 
	Social Security or Other Taxpayer Identification Number of Assignee
	 
	SIGNATURE GUARANTEED BY:
	 
	Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.

 

    	 	G-1 	 

     

    

 

EXHIBIT H

 

FORM OF ASSIGNMENT FOR VNR PREFERRED
UNIT WARRANTS

 

(TO BE EXECUTED BY THE REGISTERED HOLDER

IF SUCH HOLDER DESIRES TO TRANSFER A VNR PREFERRED UNIT WARRANT)

 

	FOR VALUE RECEIVED, the undersigned registered holder hereby sells, assigns and transfers unto
	 
	Name of Assignee
	 
	Address of Assignee
	 
	___ VNR Preferred Unit Warrants to purchase shares of Common Stock held by the undersigned, together with all right, title and interest therein, and does irrevocably constitute and appoint attorney, to transfer such VNR Preferred Unit Warrants on the books of the Warrant Agent, with full power of substitution.  
	 
	Signature
	 
	Date
	 
	Social Security or Other Taxpayer Identification Number of Assignee
	 
	SIGNATURE GUARANTEED BY:
	 
	Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.

 

    	 	H-1 	 

     

    

 

EXHIBIT I

 

VNR COMMON UNIT WARRANT SUMMARY 

 

NUMBER OF VNR COMMON UNIT WARRANTS: Initially, 640,875.75
VNR Common Unit Warrants (the “Warrants”), subject to adjustment as described in the Warrant Agreement dated
as of August 1, 2017 between VANGUARD NATURAL RESOURCES, INC., as Issuer (the “Company”) and AMERICAN STOCK
TRANSFER & TRUST COMPANY, LLC, as Warrant Agent (as supplemented or modified, the “Warrant Agreement”),
each of which is exercisable for one share of the Company’s common stock, par value $0.001 per share (the “Common
Stock”). This summary is not complete and reference is made to the Warrant Agreement for the terms of the VNR Common
Unit Warrants. Any capitalized term not defined in this summary has the meaning assigned to such term in the Warrant Agreement.
In the event of any conflict, the terms of the Warrant Agreement shall control.

 

EXERCISE PRICE: Initially, $61.45 per VNR Common
Unit Warrant, subject to adjustment as described in the Warrant Agreement.

 

FORM OF SETTLEMENT:

 

Full Settlement: If Full Physical Settlement is elected, the
Company shall deliver, against payment of the Exercise Price, a number of Warrant Shares equal to the number of VNR Common Unit
Warrants exercised.

 

Cashless Exercise: If Cashless Exercise is elected, the Company
will withhold from issuance a number of shares of Common Stock issuable upon the exercise of the Warrants which, when multiplied
by the Market Price of the Common Stock, is equal to the aggregate price for the number of Shares for which the VNR Common Unit
Warrants are being exercised at the Exercise Price (assuming the Exercise price for all such Shares was being paid in cash), and
such withheld shares shall no longer be issuable under the VNR Common Unit Warrants.

 

DATES OF EXERCISE: At any time, and from time to time,
prior to 5:00 P.M., New York City Time on the Expiration Date.

 

EXPIRATION DATE: 5:00 P.M., New York City Time, on February
1, 2021.

 

    	 	I-1 	 

     

    

 

EXHIBIT J

 

VNR PREFERRED UNIT WARRANT SUMMARY 

 

NUMBER OF VNR PREFERRED UNIT WARRANTS: Initially, 621,649.49
VNR Preferred Unit Warrants (the “Warrants”), subject to adjustment as described in the Warrant Agreement dated
as of August 1, 2017 between VANGUARD NATURAL RESOURCES, INC., as Issuer (the “Company”) and AMERICAN STOCK
TRANSFER & TRUST COMPANY, LLC, as Warrant Agent (as supplemented or modified, the “Warrant Agreement”),
each of which is exercisable for one share of the Company’s common stock, par value $0.001 per share (the “Common
Stock”). This summary is not complete and reference is made to the Warrant Agreement for the terms of the VNR Preferred
Unit Warrants. Any capitalized term not defined in this summary has the meaning assigned to such term in the Warrant Agreement.
In the event of any conflict, the terms of the Warrant Agreement shall control.

 

EXERCISE PRICE: Initially, $44.25 per VNR Preferred
Unit Warrant, subject to adjustment as described in the Warrant Agreement.

 

FORM OF SETTLEMENT:

 

Full Settlement: If Full Physical Settlement is elected, the
Company shall deliver, against payment of the Exercise Price, a number of Warrant Shares equal to the number of VNR Preferred Unit
Warrants exercised.

 

Cashless Exercise: If Cashless Exercise is elected, the Company
will withhold from issuance a number of shares of Common Stock issuable upon the exercise of the VNR Preferred Unit Warrants which,
when multiplied by the Market Price of the Common Stock, is equal to the aggregate price for the number of Shares for which the
VNR Preferred Unit Warrants are being exercised at the Exercise Price (assuming the Exercise price for all such Shares was being
paid in cash), and such withheld shares shall no longer be issuable under the VNR Preferred Unit Warrants.

 

DATES OF EXERCISE: At any time, and from time to time,
prior to 5:00 P.M., New York City Time on the Expiration Date.

 

EXPIRATION DATE: 5:00 P.M., New York City Time, on February
1, 2021.

 

    	 	J-1

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