Document:

Exhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF
THE SECURITIES

EXCHANGE ACT OF 1934

 

Humanigen, Inc. (“we,” “our,” “us,”
or the “Company”) has the following securities described below registered under Section 12 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). The following summary of the terms of our capital stock is based upon
our Amended and Restated Certificate of Incorporation (“Charter”) and our Second Amended and Restated Bylaws (“Bylaws”).
This summary does not purport to be complete and is subject to, and is qualified in its entirety by express reference to, the applicable
provisions of our Charter and our Bylaws, which are filed as exhibits to our Annual Report on Form 10-K, of which this Exhibit
4.5 is a part, and are incorporated by reference herein. We encourage you to read our Charter, our Bylaws, and the applicable provisions
of the Delaware General Corporation Law (the “DGCL”) for more information.

 

DESCRIPTION OF SECURITIES

 

Authorized
Capital Stock

 

Our authorized capital stock consists of
250,000,000 shares of which 225,000,000 shares shall be common stock, par value $0.001 per share, and 25,000,000 shares shall be
preferred stock, par value of $0.001 per share. As of March 12, 2020 there were 114,304,290 shares of common stock outstanding,
held by 44 stockholders of record, although we believe that there may be a significantly larger number of beneficial owners of
our common stock. We derived the number of stockholders by reviewing the listing of outstanding common stock recorded by our transfer
agent as of March 12, 2020.

 

Common Stock

 

Each holder of
our common stock is entitled to one vote for each share of common stock held on all matters submitted to a vote of the stockholders.
Holders of our common stock are entitled to receive ratably the dividends, if any, as may be declared from time to time by the
board of directors out of funds legally available therefor. If there is a liquidation, dissolution or winding up of our company,
holders of our common stock would be entitled to share in our assets remaining after the payment of liabilities. Holders of our
common stock have no preemptive or conversion rights or other subscription rights, and there are no redemption or sinking fund
provisions applicable to the common stock. The outstanding shares of common stock are fully paid and non-assessable. Holders of
shares of our common stock are not liable for further calls or to assessments by us. Although our Charter does not currently authorize
us to issue preferred stock, if that provision of our charter were amended in the future, the rights, powers, preferences and privileges
of holders of common stock would be subordinate to, and may be adversely affected by, the rights of the holders of shares of any
series of preferred stock which our board of directors may designate and issue in the future. Certain of our existing holders of
common stock have the right to require us to register their shares of common stock under the Securities Act of 1933, as amended,
in specified circumstances.

 

The transfer agent
and registrar for our common stock is Computershare Trust Company, N.A. The transfer agent’s address is 250 Royall Street,
Canton, Massachusetts 02021 and its telephone number is (800) 662-7232.

 

Dividend Policy

 

We have never
declared or paid any cash dividends on our capital stock, and we do not currently intend to pay any cash dividends on our common
stock for the foreseeable future. We expect to retain future earnings, if any, to fund the development and growth of our business.
Any future determination to pay dividends on our common stock will be at the discretion of our board of directors and will depend
upon, among other factors, our financial condition, operating results, current and anticipated cash needs, plans for expansion
and other factors that our board of directors may deem relevant.

 

    	 		 

    	 

    

 

Anti-Takeover
Provisions of Our Charter Documents and Delaware Law

 

Some provisions
of our Charter, our Bylaws and the DGCL could make it more difficult to acquire our company by means of a tender offer, a proxy
contest, or otherwise.

 

Our Bylaws establish
advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other
than nominations made by or at the direction of our board of directors or a committee of our board of directors. These procedures
provide that notice of stockholder proposals must be timely given in writing to our corporate secretary prior to the meeting at
which the action is to be taken. Generally, for a proposal to be timely submitted for consideration at an annual meeting, notice
must be delivered to our secretary not less than 90 days nor more than 120 days prior to the first anniversary date of the annual
meeting for the preceding year. Our Bylaws specify the requirements as to form and content of all stockholders’ notices.
These provisions might preclude our stockholders from bringing matters before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of stockholders if the proper procedures are not followed.

 

Our Charter and
Bylaws both provide that vacancies on our board of directors, including newly created directorships, may be filled only by a majority
vote of directors then in office, and directors so chosen shall hold office for a term expiring at the next annual meeting of stockholders
or until such director’s successor shall have been duly elected and qualified. Accordingly, the board of directors could
prevent any stockholder from filling the new directorships with such stockholder’s own nominee.

 

Our Charter provides
that, unless we consent in writing to the selection of an alternative forum, the Delaware
Court of Chancery shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf,
(ii) any action asserting a claim of breach of a fiduciary duty owed by any of our current or former directors, officers or other
employees to us or our stockholders, (iii) any action asserting a claim arising pursuant to any provision of the DGCL, our Charter
or our Bylaws, or (iv) any action asserting a claim against us governed by the internal affairs doctrine; in all cases subject
to the court having personal jurisdiction over the indispensable parties named as defendants. This choice of forum provision may
limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors,
officers or other employees, which may discourage such lawsuits against us and our directors, officers and other employees.

 

Delaware Anti-Takeover
Law

 

We are subject
to Section 203 of the DGCL which contains anti-takeover provisions. In general, Section 203 prohibits a publicly held Delaware
corporation from engaging in a business combination with an interested stockholder for a period of three years following the date
that the person became an interested stockholder, unless the business combination or the transaction in which the person became
an interested stockholder is approved in a prescribed manner. Generally, a business combination includes a merger, asset or stock
sale or another transaction resulting in a financial benefit to the interested stockholder. An interested stockholder is a person
who, together with affiliates and associates, owns 15% or more of the corporation’s voting stock. The existence of this provision
may have an anti-takeover effect with respect to transactions that are not approved in advance by our board of directors, including
discouraging attempts that might result in a premium over the market price for the shares of common stock held by stockholders.

 

No Cumulative
Voting

 

Under the DGCL,
cumulative voting for the election of directors is not permitted unless a corporation’s certificate of incorporation authorizes
cumulative voting. Our Charter does not provide for cumulative voting in the election of directors. Cumulative voting allows a
minority stockholder to vote a portion or all of its shares for one or more candidates for seats on our board of directors. Without
cumulative voting, a minority stockholder will not be able to gain as many seats on our board of directors based on the number
of shares of our stock the stockholder holds as compared to the number of seats the stockholder would be able to gain if cumulative
voting were permitted. The absence of cumulative voting makes it more difficult for a minority stockholder to gain a seat on our
board of directors to influence our board’s decision regarding a takeover.

 

    	 		 

    	 

    

 

Stockholder
Action by Written Consent

 

The DGCL generally
provides that the affirmative vote of a majority of the shares entitled to vote on such matter is required to amend a corporation’s
certificate of incorporation or bylaws, unless a corporation’s certificate of incorporation or bylaws requires a greater
percentage. Our Charter permits our board of directors to amend or repeal most provisions of our Bylaws by majority vote. Generally,
our Charter may be amended by holders of a majority of the voting power of the then outstanding shares of our capital stock entitled
to vote. The stockholder vote or consent with respect to an amendment of our Charter or Bylaws would be in addition to any separate
class vote that might in the future be required under the terms of any series of preferred stock that might be outstanding at the
time such a proposed amendment were submitted to stockholders. The DGCL and the provisions of our Bylaws generally permit stockholders
owning the requisite percentage of shares of common stock necessary to approve an amendment to our Charter and Bylaws to act by
written consent in lieu of a meeting of our stockholders.

 

Limitation
of Liability and Indemnification of Officers and Directors

 

Our Bylaws provide
indemnification, including advancement of expenses, to the fullest extent permitted under applicable law to any person made or
threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative,
or investigative by reason of the fact that such person is or was a director or officer of the company, or is or was serving at
our request as a director or officer of another corporation, partnership, joint venture, trust, or other enterprise, including
service with respect to an employee benefit plan. In addition, our Charter provides that our directors will not be personally liable
to us or our stockholders for monetary damages for breaches of their fiduciary duty as directors, unless they violated their duty
of loyalty to us or our shareholders, acted in bad faith, knowingly or intentionally violated the law, authorized illegal dividends
or redemptions or derived an improper personal benefit from their action as directors. This provision does not limit or eliminate
our rights or the rights of any stockholder to seek nonmonetary relief such as an injunction or rescission in the event of a breach
of a director’s duty of care. In addition, this provision does not limit the directors’ responsibilities under the
DGCL or any other laws, such as the federal securities laws. We have obtained insurance that insures our directors and officers
against certain losses and which insures us against our obligations to indemnify the directors and officers. We also have entered
into indemnification agreements with our directors and executive officers.Exhibit 10.1

 

SEPARATION AGREEMENT AND RELEASE

 

This SEPARATION AGREEMENT
AND RELEASE (this “Agreement”) is entered into by and between ProPetro Holding Corp., a Delaware corporation
(the “Company”), and Dale Redman (“Redman”). Redman and the Company are sometimes
referred to herein individually as a “Party” and collectively as the “Parties.”

 

WHEREAS, Redman resigned
his employment without Good Reason (as defined under that certain Employment Agreement between the Parties dated March 4, 2013,
i.e. the “Employment Agreement”) with the Company effective as of March 13, 2020 (the “Separation
Date”);

 

WHEREAS, the Parties
wish for Redman to receive certain benefits in connection with his separation as set forth in this Agreement, which benefits are
conditioned upon Redman's timely execution of and compliance with the terms of this Agreement;

 

WHEREAS, Redman acknowledges
and agrees that he has valid, binding, and enforceable continuing obligations to the Company and each of its Affiliates, including
obligations with respect to non-competition and non-solicitation, and the Parties desire to extend the duration of certain obligations
for the consideration set forth herein;

 

WHEREAS, Redman recognized
that there is a significant issue as to whether he is entitled to retain the Vested Options (as defined below); and

 

WHEREAS, the Parties
wish to resolve any and all claims or causes of action that Redman may have against the Company, including any claims or causes
of action that Redman may have arising out of Redman's employment or end of such employment.

 

NOW, THEREFORE, in
consideration of the promises and benefits set forth herein, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged by Redman and the Company, the Parties agree as follows:

 

1.            Separation
from Employment; Deemed Resignations. The Parties acknowledge and agree that as of the Separation Date, Redman was no
longer employed by the Company or any other Company Party. The Parties further acknowledge and agree that, as of the Separation
Date, Redman was automatically deemed to have resigned, to the extent applicable, (i) as an officer of the Company and each
of its Affiliates (as defined below) for which Redman served as an officer, (ii) from the board of directors or board of
managers (or similar governing body) of the Company and each of its Affiliates for which Redman served as a director or manager,
and (iii) from the board of directors or board of managers (or similar governing body) of any corporation, limited liability
entity, unlimited liability entity, or other entity in which the Company or any of its Affiliates holds an equity interest and
with respect to which board of directors or board of managers (or similar governing body) Redman served as the Company's or such
other subsidiary's member's designee or other representative.

 

     

     

    

 

2.            Separation Benefit. Within seven (7) days following the Separation Date, the Company or one of its Affiliates
will pay Redman (i) all base salary earned through the Separation Date but unpaid as of such date and (ii) the value of all paid
time off accrued but unused as of the Separation Date (the “Accrued Obligations”). In addition, provided
that Redman (a) executes this Agreement and returns a signed copy of it to the Company, care of Newton W. Wilson III, ProPetro
Holding Corp., 1706 S. Midkiff, Bldg. B, Midland, Texas 79701 (e-mail: trey.wilson@propetroservices.com), by March 13, 2020 and
(b) satisfies the other terms and conditions set forth in this Agreement, Redman shall receive the following consideration:

 

(a)            Prior to the Separation Date, the exercise period applicable to Redman's stock options granted under the Stock Option Plan
of ProPetro Holding Corp. and the ProPetro Holding Corp. 2017 Incentive Award Plan (collectively, the “Incentive Unit
Award Plans”) that have become vested and are outstanding as of the Separation Date (the “Vested Options”)
shall be extended such that the Vested Options shall not be forfeited or cancelled upon the ninety-first (91st) day following the
Separation Date pursuant to the terms of the Equity Plans but, instead, shall remain outstanding and exercisable until the one-year
anniversary of the Separation Date, and the Company shall permit such exercise to be consummated as a "cashless exercise"
such that Redman is not required to deliver any cash to exercise the options but the number of shares of the Company’s common
stock, par value $0.001 (“Stock”), delivered by the Company to Redman upon exercise shall be reduced
by a number shares of Stock with a fair market value equal to the aggregate exercise price of the Vested Options and associated
tax withholding; and

 

(b)           During
the portion of the eighteen (18) months following the Separation Date (the “COBRA Period”), if any,
that Redman elects to continue coverage for Redman and Redman's spouse and eligible dependents, if any, under the Company's group
health plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
the Company shall promptly reimburse Redman for the amount Redman pays to effect and continue such coverage, less applicable taxes
and withholdings (the “COBRA Benefit”). Each payment of the COBRA Benefit shall be paid to Redman on
the Company's first regularly scheduled pay date in the calendar month immediately following the calendar month in which Redman
submits to the Company documentation of the applicable premium payment having been paid by Redman, which documentation shall be
submitted by Redman to the Company within 30 days following the date on which the applicable premium payment is paid. Redman shall
be eligible to receive such reimbursement payments until the earliest of: (i) the last day of the COBRA Period; (ii) the
date Redman is no longer eligible to receive COBRA continuation coverage; or (iii) the date on which Redman becomes eligible
to receive coverage under a group health plan sponsored by another employer (and any such eligibility shall be promptly reported
to the Company by Redman); provided, however, that the election of COBRA continuation coverage and the payment of any premiums
due with respect to such COBRA continuation coverage shall remain Redman's sole responsibility, and the Company shall not assume
any obligation for payment of any such premiums relating to such COBRA continuation coverage.

 

Redman acknowledges
and agrees that he is not otherwise entitled to the consideration described in this Section 2, and such consideration
represents the entirety of the amounts Redman is eligible to receive as severance compensation from the Company or any other Company
Party, including under the Incentive Award Plans and the Employment Agreement. Redman specifically acknowledges that he will automatically
forfeit any outstanding equity awards granted under the Incentive Award Plans, including stock options, restricted stock units,
and performance stock units, that are unvested as of the Separation Date and that such awards will terminate automatically without
any further action by the Company and at no cost to the Company immediately following his termination of employment with the Company
and its Affiliates (as defined below). For the avoidance of doubt, no awards granted under the Incentive Award Plans will vest
as a result of, or in connection with, Redman's termination of employment. Redman acknowledges that he is aware of the ongoing
obligations he may have under the Company's Insider Trading Policy, applicable securities laws and any other applicable requirements
related to any trading in the Company's securities.

 

    2

     

    

 

Notwithstanding anything
in this Agreement, Redman acknowledges and agrees that if Redman fails to comply with his ongoing obligations to the Company, including
those in Sections 5-7 of this Agreement, then (i) any unexercised Vested Options shall immediately be forfeited
and cancelled upon notice from the Company and may not be exercised at any point and (ii) Redman shall pay to the Company
the fair market value of any Stock acquired through the exercise of the Vested Options.

 

3.            Complete
Release of Claims.

 

(a)            In
exchange for the consideration received by Redman herein, which consideration Redman was not entitled to but for Redman's entry
into this Agreement, Redman hereby releases, discharges and forever acquits the Company and its Affiliates (as defined below)
and subsidiaries, and each of the foregoing entities' respective past, present and future members, partners (including general
partners and limited partners), directors, trustees, officers, managers, employees, agents, attorneys, heirs, legal representatives,
insurers, benefit plans (and their fiduciaries, administrators and trustees), and the successors and assigns of the foregoing,
in their personal and representative capacities (collectively, the “Company Parties”), from liability
for, and hereby waives, any and all claims, damages, or causes of action of any kind related to Redman's ownership of any interest
in any Company Party, Redman's employment with any Company Party, the termination of such employment, and any other acts or omissions
related to any matter occurring on or prior to the date that Redman executes this Agreement, including (i) any alleged violation
through such date of: (A) any federal, state or local anti-discrimination law or anti-retaliation law, regulation or ordinance
including Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, Sections 1981 through 1988 of Title
42 of the United States Code, as amended and the Americans with Disabilities Act of 1990, as amended; (B) the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”); (C) the Immigration Reform Control Act, as amended;
(D) the National Labor Relations Act, as amended; (E) the Occupational Safety and Health Act, as amended; (F) the
Family and Medical Leave Act of 1993; (G) the Texas Labor Code (specifically including the Texas Payday Law, the Texas Anti-Retaliation
Act, Chapter 21 of the Texas Labor Code, and the Texas Whistleblower Act); (H) any federal, state or local wage and
hour law; (I) any other local, state or federal law, regulation or ordinance; or (J) any public policy, contract, tort,
or common law claim; (ii) any allegation for costs, fees, or other expenses including attorneys' fees incurred in or with
respect to a Released Claim; (iii) any and all rights, benefits or claims Redman may have under any employment contract,
incentive compensation plan, or equity-based plan with any Company Party (including any award agreement) or to any ownership interest
in any Company Party; and (iv) any claim for compensation or benefits of any kind not expressly set forth in this Agreement
(collectively, the "Released Claims"); provided, however, that the Released Claims do not include any
of Redman's rights to indemnity and/or insurance coverages as described in Section 8 below. This Agreement is not intended
to indicate that any such claims exist or that, if they do exist, they are meritorious. Rather, Redman is simply agreeing that,
in exchange for any consideration received by him pursuant to Section 2, any and all potential claims of this nature
that Redman may have against the Company Parties, regardless of whether they actually exist, are expressly settled, compromised
and waived. Notwithstanding the foregoing, the Released Claims do not include any existing rights to indemnification and advancement
of expenses incurred in connection with the same that Redman has under Delaware law or any agreement with the Company. THIS
RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR SIMPLE) OR OTHER FAULT, INCLUDING STRICT
LIABILITY, OF ANY OF THE COMPANY PARTIES.

 

    3

     

    

 

For purposes of this
Agreement, “Affiliate” shall mean, with respect to any Person (as defined below), any other Person directly
or indirectly controlling, controlled by, or under common control with, such Person where "control" shall have the meaning
given such term under Rule 405 of the Securities Act of 1933, as amended from time to time. For purposes of this Agreement, “Person”
shall mean any individual, natural person, corporation (including any non-profit corporation), general partnership, limited partnership,
limited liability partnership, joint venture, estate, trust, company (including any company limited by shares, limited liability
company, or joint stock company), incorporated or unincorporated association, governmental authority, firm, society or other enterprise,
organization, or other entity of any nature.

 

(b)           Notwithstanding this release of liability, nothing in this Agreement prevents Redman from filing any non-legally waivable
claim (including a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (“EEOC”)
or comparable state or local agency or participating in (or cooperating with) any investigation or proceeding conducted by the
EEOC or comparable state or local agency or cooperating in any such investigation or proceeding; however, Redman understands and
agrees that Redman is waiving any and all rights to recover any monetary or personal relief or recovery from a Company Party as
a result of such EEOC or comparable state or local agency or proceeding or subsequent legal actions. Further, nothing in this Agreement
prohibits or restricts Redman from filing a charge or complaint with, or cooperating in any investigation with, the Securities
and Exchange Commission, the Financial Industry Regulatory Authority, or any other securities regulatory agency or authority (each,
a “Government Agency”). This Agreement does not limit Redman's right to receive an award for information
provided to a Government Agency. Further, in no event shall the Released Claims include (i) any claim which arises after the
date that this Agreement is executed by Redman or (ii) any claim to vested benefits under an employee benefit plan. Finally,
the Released Claims shall not include the Company's obligations or Redman's rights under the Indemnification Agreement dated February
26, 2019 between the Company and Redman, which shall continue in full force and effect notwithstanding the execution of this Agreement.

 

(c)            Redman
hereby represents and warrants that, as of the time Redman executes this Agreement, Redman has not brought or joined any lawsuit
or filed any charge or claim against any of the Company Parties in any court or before any Government Agency or arbitrator for
or with respect to a matter, claim, or incident that occurred or arose out of one or more occurrences that took place on or prior
to the time at which Redman signs this Agreement. Redman warrants and represents that (i) he is the sole owner of each and
every claim, cause of action, and right compromised, settled, released or assigned pursuant to Section 3 of this Agreement
and has not previously assigned, sold, transferred, conveyed, or encumbered same; (ii) he has the full right, power, capacity,
and authority to enter into and execute this Agreement; and (iii) he fully understands this Agreement releases any and all
past claims regardless of whether he is now aware of such claims.

 

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4.            Redman's
Representations.

 

(a)          Redman
represents that Redman has no disagreements with the Company on any matter relating to the Company's operations, policies or practices.

 

(b)          Other
than the Accrued Obligations, which shall be paid within seven (7) days following the Separation Date, Redman represents that
Redman has received all leaves (paid and unpaid) that Redman was owed or could be owed by the Company and each of the other Company
Parties and Redman has received all salary, bonuses and other compensation that Redman has been owed by the Company Parties as
of the date that Redman executes this Agreement.

 

(c)          By
executing and delivering this Agreement, Redman expressly acknowledges that:

 

(i)               Redman has carefully read this Agreement;

 

(ii)              Redman
has had sufficient time to consider this Agreement before the execution and delivery hereof to the Company;

 

(iii)             Redman
has been advised, and hereby is advised in writing, to discuss this Agreement with an attorney of Redman's choice and that Redman
has had adequate opportunity to do so prior to executing this Agreement;

 

(iv)             Redman
is receiving, pursuant to this Agreement, consideration in addition to anything of value to which he is already entitled, and
Redman is not otherwise entitled to the consideration set forth in this Agreement, but for his entry into this Agreement;

 

(v)              Redman is not aware of any material act or omission on the part of any Company employee (including Redman), director or
agent that may have violated any applicable law or regulation or otherwise exposed the Company or any other Company Party to any
liability, whether criminal or civil, whether to any government, individual, shareholder or other entity that Redman has not previously
communicated to the Company.

 

(vi)             Redman
fully understands the final and binding effect of this Agreement; the only promises made to Redman to sign this Agreement are
those stated herein; and Redman is signing this Agreement knowingly, voluntarily and of Redman's own free will, and that Redman
understands and agrees to each of the terms of this Agreement;

 

(vii)            The
only matters relied upon by Redman and causing Redman to sign this Agreement are the provisions set forth in writing within the
four corners of this Agreement; and

 

    5

     

    

 

(viii)           No
Company Party has provided any tax or legal advice regarding this Agreement and Redman has had an adequate opportunity to receive
sufficient tax and legal advice from advisors of Redman's own choosing such that Redman enters into this Agreement with full understanding
of the tax and legal implications thereof.

 

5.            Affirmation of Restrictive Covenants.Redman acknowledges and agrees that he has continuing obligations
to the Company and each of its Affiliates, including obligations with respect to confidentiality, non-competition, non-solicitation,
and non-disparagement, pursuant to the Employment Agreement, stock option agreement, the restricted stock unit agreements, and
the performance restricted stock unit agreements under the ProPetro Holding Corp. 2017 Incentive Award Plan, which Redman acknowledges
are valid, binding, and enforceable.

 

6.            Additional Restrictive Covenants.

 

(a)            In
addition to the existing restrictive covenants described in Section 5, Redman hereby agrees that Redman shall not
at any time during the Additional Noncompetition Restricted Period (as defined below), directly or indirectly engage in, have
any interest in (including without limitation, through the investment of capital or lending of money or property), or manage,
operate or otherwise render any services to, any Person (whether on his own or in association with others, as a principal, director,
officer, employee, agent, representative, partner, member, security holder, consultant, advisor, independent contractor, owner,
investor, participant, or in any other capacity) that engages in (either directly or through any subsidiary or Affiliate thereof)
any business or activity, within any of the states or territories within the United States or any other country, territory or
state in which the Company or any of its subsidiaries operate, (i) that creates, designs, invents, engineers, develops, sources,
markets, manufactures, distributes or sells any product or provides any service that may be used as a substitute for or otherwise
competes with any product or service of the Company or any entity owned by the Company, or (ii) which the Company of any
of its Affiliates has taken active steps to engage in or acquire, but only if Redman directly or indirectly engages in, has any
interest in (including, without limitation, through the investment of capital or lending of money or property), or manages, operates
or otherwise renders any services in connection with, such business or activity (whether on his own or in association with others,
as a principal, director, officer, employee, agent, representative, partner, member, security holder, consultant, advisor, independent
contractor, owner, investor, participant or in any other capacity). Notwithstanding the foregoing, Redman shall be permitted to
acquire a passive stock or equity interest in such business; provided that such stock or other equity interest acquired is not
more than five percent (5%) of the outstanding interest in such business. The Additional Noncompetition Restricted Period
shall mean the period from the first (1st) anniversary of the Separation Date through the fifth (5th) anniversary
of the Separation Date.

 

(b)            In
addition to the existing restrictive covenants described in Section 5, Redman hereby agrees that Redman shall not
at any time during the Additional Nonsolicitation Restricted Period (as defined below), directly or indirectly, either for himself
or on behalf of any other Person, (i) recruit or otherwise solicit or induce any employee, customer or supplier of the Company
to terminate its employment or arrangement with the Company, or otherwise change its relationship with the Company, or (ii) hire,
or cause to be hired, any person who was employed by the Company at any time during the twelve (12)-month period immediately prior
to the Separation date or who thereafter becomes employed by the Company. The “Additional Nonsolicitation Restricted
Period” shall mean the period from the third (3rd) anniversary of the Separation Date through the fifth
(5th) anniversary of the Separation Date.

 

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7.            Non-Disparagement.
Redman shall refrain from publishing any oral or written statements about the Company, any Company Party or any of their respective
directors, officers, employees, consultants, agents, or representatives that (a) are slanderous, libelous, or defamatory,
(b) disclose confidential information of or regarding the Company's or any Company Party's business affairs, directors, officers,
managers, members, employees, consultants, agents, or representatives, or (c) place the Company, any Company Party, or any
of their respective directors, officers, managers, members, employees, consultants, agents, or representatives in a false light
before the public. Nothing herein limits Redman from cooperating with any investigation by any Government Agency. Conversely,
the Company will instruct its officers and directors to refrain from making any oral or written statements about Redman that are
not privileged internal company discussions and are (a) slanderous, libelous or defamatory, (b) are otherwise likely
to damage the personal or professional reputation of Redman or (c) place him in a false light before the public. Nothing
herein limits the Company, its officers, directors or employees from cooperating with any investigation by any Government Agency;
from making any disclosure necessary or appropriate under applicable securities laws; or from making any truthful statement required
by law or legal process or advocacy.

 

8.            Indemnification
and Insurance. To the fullest extent permitted by applicable law, Redman's (i) rights to indemnification under the
Company's organizational documents and the Indemnification Agreement dated February 26, 2019 between the Company and Redman
and (ii) rights to coverage under the Company's directors and officers insurance policy shall continue in accordance with
their terms and not be impacted by the execution of this Agreement.

 

9.            No
Waiver. No failure by any Party hereto at any time to give notice of any breach by any other Party of, or to require compliance
with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time.

 

10.          Applicable Law. This Agreement and is entered into under, and shall be governed for all purposes by, the laws
of the State of Texas without reference to the principles of conflicts of law thereof.

 

11.          Severability. To the extent permitted by applicable law, the Parties agree that any term or provision (or
part thereof) of this Agreement that renders such term or provision (or part thereof) or any other term or provision of this Agreement
(or part thereof) invalid or unenforceable in any respect shall be modified to the extent necessary to avoid rendering such term
or provision (or part thereof) invalid or unenforceable, and such modification shall be accomplished in the manner that most nearly
preserves the benefit of the Parties' bargain hereunder.

 

    7

     

    

 

12.          Arbitration.
Any dispute or controversy based on, arising under or relating to this Agreement shall be settled exclusively by final and binding
arbitration, conducted before a single neutral arbitrator in Houston, Texas in accordance with the Employment Arbitration Rules
and Mediation Procedures of the American Arbitration Association (the “AAA”) then in effect. Arbitration
may be compelled, and judgment may be entered on the arbitration award in any court having jurisdiction; provided, however,
that the Company shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent
any continuation of any violation of the provisions of (a) the restrictive covenants described in Sections 5 and 6
of this Agreement, or (b) Section 7 of this Agreement, and Redman hereby consents that such restraining order
or injunction may be granted without requiring the Company to post a bond. Only individuals who are (i) lawyers engaged full-time
in the practice of law and (ii) on the AAA roster of arbitrators shall be selected as an arbitrator. Within 20 days of the
conclusion of the arbitration hearing, the arbitrator shall prepare written findings of fact and conclusions of law. Each party
shall bear its own costs and attorneys' fees in connection with an arbitration; provided that the Company shall bear the cost
of the arbitrator and the AAA's administrative fees.

 

13.          Continued
Cooperation. Following the Separation Date, Redman will provide the Company and, as applicable, the other Company Parties,
with assistance, when reasonably requested by the Company, with respect to any matters related to Redman's job responsibilities
and otherwise providing information Redman obtained during the provision of the duties Redman performed for the Company and the
other Company Parties, subject to reimbursement of Redman's reasonable expenses incurred in complying with such requests for assistance.

 

14.          Reasonable Assistance with Claims. Redman shall provide reasonable assistance to the Company and any other
Company Party and its counsel in any litigation or human resources matters in which Redman may be a witness or potential witness
or with respect to which Redman may have knowledge of relevant facts or evidence, subject to reimbursement of Redman's reasonable
expenses incurred in complying with such requests for assistance.

 

15.          Replacement of Pledged Shares. Redman agrees that, within thirty (30) days of the Separation Date, he will
either (i) pledge shares of the Company’s stock to Vista Bank as collateral for the Promissory Note between Redman and Vista
Bank dated January 18, 2017 (the “Promissory Note”), as further amended to date, as replacement for any shares that
were previously pledged as collateral for the Promissory Note and subsequently sold, or (ii) obtain a release of from Vista Bank
of any lien or security interest with respect to the shares previously pledged as collateral for the Promissory Note. Redman further
agrees to provide evidence to the Company of either the replacement pledge or the release from Vista Bank within thirty (30) days
of the Separation Date.

 

16.          Counterparts.
This Agreement may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts),
each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.

 

17.          Third-Party
Beneficiaries. This Agreement shall be binding upon and inure to the benefit of the Company and each other Company Party
that is not a signatory hereto, as each other Company Party that is not a signatory hereto shall be a third-party beneficiary
of Redman's release of claims, representations and covenants set forth in this Agreement.

 

    8

     

    

 

18.          Section
409A. Notwithstanding anything herein to the contrary: (i) Redman's termination of employment on the Separation Date
is intended to constitute a "separation from service" within the meaning of Section 1.409A-1(h) of the Department
of Treasury Regulations and (ii) it is the intent of the Parties that none of the amounts payable under this Agreement constitute
 "nonqualified deferred compensation" within the meaning of Section 409A of the Internal Revenue Code of 1986, as
amended, and the applicable Treasury regulations and administrative guidance issued thereunder (collectively, “Section 409A”).
Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement
are exempt from, or compliant with, Section 409A, and in no event shall the Company be liable for all or any portion of any
taxes, penalties, interest, or other expenses that may be incurred by Redman on account of non-compliance with Section 409A.

 

19.          Amendment;
Entire Agreement. This Agreement may not be changed orally but only by an agreement in writing agreed to and signed by
Redman and the Company. This Agreement, the Employment Agreement, and Incentive Award Plans and constitute the entire agreement
of the Parties with regard to the subject matters hereof. Notwithstanding the foregoing, this Agreement complement and are in
addition to (and do not supersede or replace) any other agreements between the Company or any of its Affiliates and Redman that
impose restrictions on Redman with regard to confidentiality, non-competition, non-solicitation, or non-disparagement (including
the agreements referenced in Section 5 above).

 

There are no oral agreements between Redman
and the Company. No promises or inducements have been offered except as set forth in this Agreement. Redman and the Company acknowledge
that, in executing this Agreement, neither Party has relied upon any representations or warranties of any other Party. No promise
or agreement which is not expressed in this Agreement and has been made by the Company to Redman or by Redman to the Company in
executing this Agreement. Each Party agrees that any omissions of fact concerning the matters covered by this Agreement are of
no consequence in the decision to execute this Agreement.

 

20.          Interpretation.
The Section headings in this Agreement have been inserted for purposes of convenience and shall not be used for interpretive purposes.
The words "herein", "hereof", "hereunder," and words of similar import, when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The use herein of the word "including"
following any general statement, term, or matter shall not be construed to limit such statement, term, or matter to the specific
items or matters set forth immediately following such word or to similar items, or matters, whether or not non-limiting language
(such as "without limitation", "but not limited to", or words of similar import) is used with reference thereto,
but rather shall be deemed to refer to all other items or matters that could reasonably fall within the broadest possible scope
of such general statement, term or matter. The word "or" as used herein is not exclusive and is deemed to have the meaning
 "and/or." References herein to any agreement, instrument, or other document mean such agreement, instrument, or other
document as amended, supplemented, and modified from time to time to the extent permitted by the provisions thereof and not prohibited
by this Agreement. No provision, uncertainty or ambiguity in or with respect to this Agreement shall be construed or resolved
against any Party hereto, whether under any rule of construction or otherwise. On the contrary, this Agreement has been reviewed
by each of the Parties hereto and shall be construed and interpreted according to the ordinary meaning of the words used so as
to fairly accomplish the purposes and intentions of the Parties.

 

    9

     

    

 

21.          Return
of Property. Redman acknowledges and agrees that he will return to the Company all documents, files (including electronically
stored information), and other materials constituting or reflecting confidential or proprietary information of the Company or
any other Company Party, and any other property belonging to the Company or any other Company Party, including all computer files,
electronically stored information, and other materials, and Redman shall not maintain a copy of any such materials in any form.
Redman further acknowledges and agrees that he will continue to maintain and preserve all documents, computer files, electronically
stored information, mobile data, or other materials as described in the legal preservation notices issued by the Company as of
the date of this Agreement; provided, however, that Redman's counsel shall be entitled to retain such documents, files (including
electronically stored information), or other materials containing proprietary, confidential or other information about the Company
to the extent reasonably required for Redman's defense in any civil litigation, administrative, regulatory or other governmental
proceeding involving Redman, subject to the obligations of any confidentiality agreement or order covering such materials. To
the extent Redman has had or continues to have any personal expenses reimbursed by the Company, Redman will compensate the Company
for those amounts.

 

22.          Assignment. This Agreement is personal to Redman and may not be assigned by Redman. The Company may assign
its rights and obligations under this Agreement without Redman's consent, including to any other Company Party and to any successor
(whether by merger, purchase, or otherwise) to all or substantially all of the equity, assets, or businesses of the Company.

 

[Signatures begin on the following page]

 

    10

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the date(s) set forth beneath their signatures below.

 

	 	PROPETRO
    HOLDING CORP.
	 	 
	 	By:
    	/s/
    Phillip A. Gobe
	 	Name:
    Phillip A. Gobe
	 	Title:
    Chief Executive Officer and Chairman of the Board
	 	 
	 	Date:
    	March 13,
    2020
	 	 
	 	DALE
    REDMAN
	 	 
	 	By:
    	/s/
    Dale Redman
	 	Name:
    Dale Redman
	 	 
	 	Date:
    	March 12,
    2020

 

Signature Page to Separation Agreement and
Release

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