Document:

EX-10.4

 Exhibit 10.4 

FORM OF PERFORMANCE STOCK OPTION AWARD AGREEMENT 

Part I. NOTICE OF STOCK OPTION GRANT 
  

Participant Name:    [•]1 

Address:                  [•] 

The Participant has been granted a Non-Qualified Stock Option to purchase Ordinary Shares of
Gambling.com Group Limited (the “Company”) pursuant to the terms and conditions of this Performance Stock Option Award Agreement (the “Agreement”), as follows. Any capitalized term that is not defined in this Part I
of the Agreement titled “Notice of Stock Option Grant” has the meaning assigned to such term in Part II of the Agreement titled “Terms and Conditions of Stock Option Grant,” attached hereto as Exhibit A (the “Terms
and Conditions”). 
  

			
	 Date of Grant
	  	[•]2, 2021
		
	 Exercise Price Per Share
	  	$[•]3
		
	 Total Number of Shares Granted
	  	[•]4
		
	 Total Exercise Price
	  	$[•]5
		
	 Type of Option
	  	Non-Qualified Stock Option
		
	 Expiration Date
	  	[•], 2031

  

	I.	 Vesting Requirements 

This Option is a performance-based stock option award and, subject to Participant continuing as [the Chief Executive Officer]6 / [the Chief Operating Officer]7, or any other full-time C-level officer of the Company as agreed by the
Board and the Participant (each of such roles, a “Senior Executive Officer”) through each vesting event shall vest and be exercisable upon the satisfaction of both Market Capitalization Milestones as described in more detail below.

 As detailed in the table below, the Option is divided into twelve (12) vesting tranches (each a “Tranche”), with
each Tranche representing a portion of the Option covering that number of Shares specified next to the applicable Tranche number in the table below. Each Tranche shall vest upon satisfaction of the Market Capitalization Milestone set forth next to
the applicable Tranche in the table below (each, a “Market Capitalization Milestone”), all subject to Participant continuing as a Senior Executive Officer through the date the Administrator determines, approves and certifies that
the requisite vesting conditions for the applicable Tranche have been satisfied (a “Certification”). The vesting date of a Tranche will be the date on which the Certification necessary in order for the Tranche to vest is completed.

 The Administrator shall, periodically and upon request of the Participant, assess whether the vesting requirements have been satisfied.
The maximum term of the Option shall be ten (10) years so that absent earlier termination as provided herein, the Option shall expire automatically on the Expiration Date specified above 

 

	1 	 To insert Charles Gillespie or Kevin McCrystle. 

	2 	 Same date as IPO. 

	3 	 To insert IPO price. 

	4 	 6% of the issued and outstanding shares immediately after IPO. 

	5 	 To equal no less than FMV par share on grant date. 

	6 	 To insert for Charles Gillespie. 

	7 	 To insert for Kevin McCrystle. 

  
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(without regard to whether any or all of the Option vested or whether Participant exercised any vested part of the Option). 

Vesting Requirements for Performance-Based Option. 
  

									
	Tranche#	  	 	 	 	Vesting Requirements8	 
	  	Number of Shares
Subject to Option	 	 	Market Capitalization
Milestones2	 
	 1
	  	 	[	•]9 	 	$	500,000,000	 
	 2
	  	 	[	•] 	 	$	1,000,000,000	 
	 3
	  	 	[	•] 	 	$	1,500,000,000	 
	 4
	  	 	[	•] 	 	$	2,000,000,000	 
	 5
	  	 	[	•] 	 	$	2,500,000,000	 
	 6
	  	 	[	•] 	 	$	3,000,000,000	 
	 7
	  	 	[	•] 	 	$	3,500,000,000	 
	 8
	  	 	[	•] 	 	$	4,000,000,000	 
	 9
	  	 	[	•] 	 	$	4,500,000,000	 
	 10
	  	 	[	•] 	 	$	5,000,000,000	 
	 11
	  	 	[	•] 	 	$	5,500,000,000	 
	 12
	  	 	[	•] 	 	$	6,000,000,000	 
		  	  
	  
	 	 			
	 Total:
	  	 	[	•] 	 			

  

	II.	 Determination of Market Capitalization 

 

	 	A.	 Market Capitalization, Generally. 

For purposes of this Option, “Market Capitalization” on a particular day (the “Determination Date”) refers to either the “Six-month Market Cap” or the “Thirty-day Market Cap,” determined in accordance with the following: 

 

	 	1.	 A trading day refers to a day on which the primary stock exchange or national market system on which the
Ordinary Shares trade (e.g., the Nasdaq Global Select Market) is open for trading. 

  

	 	2.	 The Company’s daily market capitalization for a particular trading day is equal to the product of
(a) the total number of outstanding Shares as of the close of such trading day, as reported by the Company’s transfer agent, and (b) the closing price per Share as of the close of such trading day, as reported by The Nasdaq
Stock Market (“Nasdaq”) (or other reliable source selected by the Administrator if Nasdaq is not reporting a closing price for that day) (such product, the “Daily Market Capitalization”). 

 

	 	3.	 The “Six-month Market Cap” is equal to (a) the
sum of the Daily Market Capitalization of the Company for each trading day during the six (6) calendar month period immediately prior to and including the Determination Date, divided by (b) the number of trading days during
such period. 

  

	 	4.	 The “Thirty-day Market Cap” is equal to (a) the
sum of the Daily Market Capitalization of the Company for each trading day during the thirty (30) calendar day period immediately prior to and including the Determination Date, divided by (b) the number of trading days during such
period. 

  

	8 	 Subject to other terms of this Agreement, in order for a particular Tranche to vest, the Market Capitalization
Milestone set forth next to such Tranche must be achieved. Achievement of the vesting requirements for each Tranche shall be determined, approved and certified by the Administrator, in its sole, good faith discretion. Subject to any applicable
clawback provisions, policies or other terms herein, once a milestone is achieved, it is forever deemed achieved for determining the vesting of a Tranche. For purposes of clarity, more than one Tranche may vest simultaneously upon a Certification,
provided that the requisite Market Capitalization Milestones for each Tranche have been met. 

	9 	 Each tranche is equal to 0.5% of the issued and outstanding shares immediately after IPO.

  
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 In order for the Market Capitalization Milestone set forth above for any particular Tranche
above to be met, both the Six-month Market Cap and the Thirty-day Market Cap must equal or exceed the value of such applicable Market Capitalization Milestone on any
Determination Date. 
  

	III.	 Vesting Determination upon Change in Control of the Company 

In the event of a Change of Control, the Six-month Market Cap and
Thirty-day Market Cap shall be disregarded and the Market Capitalization shall equal the product of (a) the total number of outstanding Shares immediately prior to the effective time of such Change in
Control, as reported by the Company’s transfer agent, and (b) the greater of the (i) most recent closing price per Share immediately prior to the effective time of such Change in Control, as reported by Nasdaq (or other reliable
source selected by the Administrator if Nasdaq is not reporting a closing price for that day), or (ii) per Share price (plus the per Share value of any other consideration) received by the Company’s stockholders in the Change in Control.

 To the extent that any Tranche has not vested as of immediately before the effective time of the Change in Control and otherwise does not
vest as a result of the Change in Control, such unvested Tranche will be forfeited automatically as of the effective time of the Change in Control and never shall become vested. 

 

	IV.	 Termination Period 

If the Participant ceases to be a Senior Executive Officer for any reason, the Administrator shall promptly assess whether any vesting
requirements have been satisfied as of the Determination Date on or prior to the date the Participant ceases to be a Senior Executive Officer, and provide Certification of the same, effective as of the date the Participant ceases to be a Senior
Executive Officer. 
 If Participant ceases to be a Senior Executive Officer for any reason, any portion of this Option that has not vested
by the date of Participant’s cessation as a Senior Executive Officer will remain outstanding until the date of such final Certification specified in the immediately preceding paragraph (but in no event later than the Expiration Date) solely for
purposes of such final Certification, and any such portion of the Option that fails to vest upon such final Certification will be forfeited automatically and never shall become vested. If, upon Participant’s cessation as a Senior Executive
Officer, Participant continues as an Employee of the Company, and so long as Participant continues as an Employee of the Company, any vested and unexercised portion of the Option may be exercised until the Expiration Date of the Option. 

If Participant ceases to be an Employee for any reason, this Option may, to the extent vested as of the date of Participant’s cessation
as an Employee, be exercised until the one (1) year anniversary of the date of cessation as an Employee, but in no event later than the Expiration Date of the Option. 

Notwithstanding the forgoing, this Option may expire other than as provided in this Section V as provided in Section 7 of the Terms and
Conditions. 
  

	V.	 Holding Period 

During Participant’s lifetime, except as permitted under a cashless exercise in accordance with Section 6(b) of the Terms and
Conditions and to satisfy tax withholding obligations in accordance with Section 9.2 of the Terms and Conditions, Participant shall not sell, transfer or dispose of the Shares acquired upon exercise of the Option until after the three
(3) year anniversary of the applicable date of exercise of such Shares, or such other holding period as agreed in writing between the Administrator and the Participant; provided, however, the Participant may conduct transactions that involve
merely a change in the form in which Participant owns such Shares (e.g., transfer Shares to an inter vivos trust for which Participant is the beneficiary during Participant’s lifetime), or as permitted by the Administrator
consistent with the Company’s internal policies. 

  
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	VI.	 Acceptance of Option 

By Participant’s acceptance of this Agreement either electronically through the electronic acceptance procedure established by the Company
or through a written acceptance delivered to the Company in a form satisfactory to the Company, Participant agrees that this Option is granted under and governed by the terms and conditions of this Agreement, including the Terms and Conditions,
attached hereto as Exhibit A, all of which are made a part of this document. Participant confirms that he has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully
understands all provisions of the Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Agreement. Participant further agrees to
notify the Company upon any change in the residence address indicated above. 
 [Signature page follows] 

  
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 In witness whereof, Gambling.com Group, Inc. has caused this Agreement to be executed on its
behalf by its duly-authorized officer on the day and year first indicated above. 
  

	
	GAMBLING.COM GROUP LIMITED
	
	 
	Name:
	Title:

  

	
	Agreed and accepted:
	
	Participant:
	
	 

  
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 EXHIBIT A 

Part II. TERMS AND CONDITIONS OF STOCK OPTION GRANT 

1.    Definitions. As used herein, the following definitions shall apply to the following capitalized terms: 

1.1.     “Administrator” means the Board or any committee of Directors or other individuals (excluding
Participant) satisfying Applicable Laws appointed by the Board; provided that while Participant is a Director, Participant shall recuse himself from any Board approvals relating to the administration of the Agreement or this Option. 

1.2.    “Agreement” means this Performance Stock Option Agreement between the Company and Participant evidencing
the terms and conditions of this Option. 
 1.3.    “Applicable Laws” means the legal and regulatory
requirements relating to the administration of equity-based awards and the related issuance of shares of common stock, including but not limited to U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or
quotation system on which the Ordinary Shares are listed or quoted and the laws of any non-U.S. country or jurisdiction applicable to the Option. 

1.4.    “Board” means the Board of Directors of the Company. 

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

(a)    A change in the ownership of the Company which occurs on the date that any one person, or more than one person
acting as a group (“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; provided,
however, that for purposes of this subsection (i), the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Change in
Control. Further, if the stockholders of the Company immediately before such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their ownership of shares of the Company’s
voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company, such event shall
not be considered a Change in Control under this subsection (a). For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other
business entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities; or 

(b)    A change in the effective control of the Company which occurs on the date that a majority of members of the Board
is replaced during any twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. For purposes of this clause (b), if any
Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or 

(c)    A change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any
Person acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market value equal to or more than fifty
percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (c), the following will not constitute a change in
the ownership of a substantial portion of the Company’s assets: (i) a transfer to an entity that is controlled by the Company’s stockholders immediately after the transfer, or (ii) a transfer of assets by the Company to:
(A) a stockholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s stock, (B) an entity, fifty percent (50%) or more of the total value or voting

  
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power of which is owned, directly or indirectly, by the Company, (C) a Person, that owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the
outstanding stock of the Company, or (D) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person described in this subsection (c)(ii)(C). For purposes of this subsection
(c), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

For purposes of this Section 1.6, persons will be considered to be acting as a group if they are owners of a corporation that enters
into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 
 Further and for the
avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be
owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction. 

1.6. “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation
thereunder shall include such section, any valid regulation or other guidance promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation.

 1.7. “Company” means Gambling.com Group, Inc., a Jersey corporation, or any successor thereto. 

1.8. “Director” means a member of the Board. 

1.9. “Disability” means total and permanent disability as defined in Section 22(e)(3) of the Code. 

1.10. “Employee” means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary of the
Company. Neither service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company. 

1.11. “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

1.12. “Fair Market Value” means, as of any date, the value of Ordinary Shares determined as follows: 

(a) If the Ordinary Shares are listed on any established stock exchange or a national market system, including without limitation the New
York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for the Ordinary Shares (or the closing bid, if no sales
were reported) as quoted on such exchange or system on the day of determination (or if the day of determination is not a day on which the exchange or system is not open for trading, then the last day prior thereto on which the exchange or system was
open for trading), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
 (b) If the
Ordinary Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Ordinary Shares on the day of
determination (or if the day of determination is not a day on which the dealer is not open for trading, then the last day prior thereto on which the dealer was open for trading), as reported in The Wall Street Journal or such other source as
the Administrator deems reliable; or 
 (c) In the absence of an established market for the Ordinary Shares, the Fair Market Value will be
determined in good faith by the Administrator. 
 1.13. “Non-Qualified Stock Option” means
a stock option that by its terms does not qualify or is not intended to qualify as an incentive stock option within the meaning of Section 422 of the Code. 

  
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 1.14. “Notice of Grant” means the written notice, in Part I of this Agreement
titled “Notice of Stock Option Grant,” evidencing certain terms and conditions of this Option. The Notice of Grant constitutes a part of the Agreement. 

1.15. “Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the
rules and regulations promulgated thereunder. 
 1.16. “Option” means this stock option to purchase Shares granted pursuant to
this Agreement. 
 1.17. “Ordinary Shares” means the ordinary shares of the Company. 

1.18. “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Section 424(e) of the
Code. 
 1.19. “Participant” means the person named as the “Participant” in the Notice of Grant. 

1.20. “Share” means an Ordinary Share, as adjusted in accordance with Section 7 of this Agreement. 

1.21. “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f)
of the Code. 
 1.22. “Tax Obligations” means any tax and/or social insurance liability obligations and requirements in connection
with the Option, including, without limitation, (i) all federal, state, and local taxes (including Participant’s Federal Insurance Contributions Act (FICA) obligation) that are required to be withheld by the Company or other payment of tax-related items related to the Option and legally applicable to Participant, (ii) Participant’s and, to the extent required by the Company, the Company’s fringe benefit tax liability, if any,
associated with the grant, vesting, or exercise of the Option or sale of Shares, and (iii) any other Company taxes the responsibility for which Participant has, or has agreed to bear, with respect to the Option (or exercise thereof or issuance
of Shares thereunder). For the avoidance of doubt, Tax Obligations shall include amounts due and payable by both employer and employee. 

2. Grant of Option. The Company hereby grants to Participant named in the Notice of Grant the Option to purchase the number of Shares,
as set forth in the Notice of Grant, at the Exercise Price Per Share set forth in the Notice of Grant (the “Exercise Price”), subject to all of the terms and conditions in this Agreement. Shares may be authorized, but unissued, or
reacquired Ordinary Shares. 
 3. Vesting Requirements. The Option awarded by this Agreement will vest in accordance with the vesting
provisions set forth in the Notice of Grant. Shares scheduled to vest upon the occurrence of a certain condition will not vest in Participant in accordance with any of the provisions of this Agreement, unless Participant will have been continuously
a Senior Executive Officer from the Date of Grant set forth in the Notice of Grant (“Date of Grant”) until the date such vesting occurs. 

4. Exercise of Option. 

4.1. Right to Exercise. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during
such term only in accordance with the terms of this Agreement. 
 4.2. Method of Exercise. This Option is exercisable by delivery of
an exercise notice, in a form approved by the Administrator (the “Exercise Notice”), or in a manner and pursuant to such procedures as the Administrator may determine, which will state the election to exercise the Option, the number of
Shares in respect of which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Agreement. The Exercise Notice will
be completed by Participant and delivered to the Company. The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares together with any Tax Obligations; provided that, it is

  
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understood and agreed that the Exercise Price may be by any of the methods described in Section 6 below at the election of Participant. This Option will be deemed to be exercised upon
receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price. 
 5. Term of Option.
Subject to Section 7, this Option may be exercised only within the term specified in the Notice of Grant, and may be exercised during such term only in accordance with the terms and conditions of this Agreement. In the event that the Company’s
stockholders (a) do not approve the Option within twelve (12) months following the Date of Grant, or (b) vote upon the Option at any meeting of the Company’s stockholders and do not approve the Option by the requisite vote, in each case in
accordance with the applicable rules of the Nasdaq Stock Market LLC (or other primary stock exchange or national market system on which the Ordinary Shares trade), the Option automatically will be forfeited as of such date and Participant shall have
no further rights to the Option or any Shares underlying the Option. In no event may the Option or any portion thereof be exercised before the Company’s stockholders approve the Option, notwithstanding any vesting of all or a portion of the
Option prior to such stockholder approval. 
 6. Method of Payment. Payment of the aggregate Exercise Price will be by any of the
following, or a combination thereof, at the election of Participant. 
 6.1.1. cash; or 

6.1.2. consideration received by the Company under a cashless exercise program, whether through a broker or otherwise, implemented by the
Company in connection with the Option. 
 7. Adjustments; Dissolution of Liquidation; Merger or Change in Control. 

7.1. Adjustments. 

7.1.1. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other
securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available
under the Agreement (and in a manner that will not provide Participant with any greater benefit or potential benefits than intended to be made available under the Agreement, other than as may be necessary solely to reflect changes resulting from any
such aforementioned event), will adjust the number, class, and exercise price of shares covered by the Option. 
 7.1.2. It is intended
that, if possible, any adjustments contemplated by this Section 7.1 be made in a manner that satisfies applicable legal, tax (including, without limitation and as applicable in the circumstances, Section 409A of the Code) and accounting
(so as not to trigger any charge to earnings with respect to such adjustment) requirements. 
 7.2. Dissolution or Liquidation. In
the event of the proposed dissolution or liquidation of the Company, the Administrator will notify Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not been previously exercised, the
Option will terminate immediately prior to the consummation of such proposed action. 
 7.3. Merger or Change in Control. In the
event of a merger or Change in Control, the Option will be assumed or an equivalent option or right substituted by the successor corporation or a Parent or Subsidiary of the successor corporation, provided that the Administrator may not accelerate
the vesting of any portion of the Option, and any portion of the Option that is unvested as of the effective time of a Change in Control will terminate automatically upon such effective time. Notwithstanding anything to the contrary herein, upon a
Change in Control, any vested and unexercised portion of the Option will be exercisable until the Expiration Date of the Option. For the purposes of this Section 7.3, the Option will be considered assumed if, following the Change in Control,
the Option confers the right to purchase or receive, for each Share subject to the Option immediately prior to the Change in Control, the consideration (whether stock, cash, or other securities or property) received in the Change in Control

  
 9 

 
by holders of Ordinary Shares for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders
of a majority of the outstanding Shares); provided, however, that if such consideration received in the Change in Control is not solely common stock of the successor corporation or its Parent, the Administrator may, with the consent of the successor
corporation, provide for the consideration to be received upon the exercise of the Option, for each Share subject to such Award, to be solely common stock of the successor corporation or its Parent equal in fair market value to the per share
consideration received by holders of Ordinary Shares in the Change in Control. Notwithstanding anything in this Section 7.3 to the contrary, the Option will not be considered assumed if the Company or its successor modifies any performance
goals under this Agreement without the Participant’s consent; provided, however, a modification to such performance goals only to reflect the successor corporation’s post-Change in Control corporate structure or in accordance with
Section 7.1 will not be deemed to invalidate an otherwise valid Option assumption. 
 8. Leave of Absence. Unless the Administrator
provides otherwise, vesting of the Option will be suspended during any unpaid leave of absence. 
 9. Tax Matters. 

9.1. Tax Obligations. Participant acknowledges that, regardless of any action taken by the Company, the ultimate liability for any Tax
Obligations is and remains Participant’s responsibility and may exceed the amount actually withheld by the Company. Participant further acknowledges that the Company (A) makes no representations or undertakings regarding the treatment of any
Tax Obligations in connection with any aspect of the Option, including, but not limited to, the grant, vesting or exercise of the Option, the subsequent sale of Shares acquired pursuant to such exercise and the receipt of any dividends or other
distributions, and (B) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the Option to reduce or eliminate Participant’s liability for Tax Obligations or achieve any particular tax result.
Further, if Participant is subject to Tax Obligations in more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Company may be required to
withhold or account for Tax Obligations in more than one jurisdiction. If Participant fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable event, Participant
acknowledges and agrees that the Company may refuse to issue or deliver the Shares. The Participant shall be fully responsible for and in respect of any Tax Obligations relating to Participant’s Award, and shall indemnify the Company for any
Tax Obligations arising solely as a result of the Participant’s failure to notify the Company of Participant’s Tax Residency in accordance with Section 9.5 herein. . 

9.2. Tax Withholdings. Pursuant to such procedures as the Administrator may specify from time to time, the Company shall withhold the
amount required to be withheld for the payment of Tax Obligations. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit Participant to satisfy such Tax Obligations, in whole or in
part (without limitation), if permissible by Applicable Laws, by (i) paying cash, or (ii) selling a sufficient number of such Shares otherwise deliverable to Participant through such means as the Company may determine in its sole discretion (whether
through a broker or otherwise) equal to the minimum amount that is necessary to meet the withholding requirement for such Tax Obligations (or such greater amount as Participant may elect if permitted by the Administrator, if such greater amount
would not result in adverse financial accounting consequences). 
 9.3. Code Section 409A. Under Code
Section 409A, a stock right (such as the Option) granted with a per Share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less than the fair market value of a Share on the date of grant
(a “Discount Option”) may be considered “deferred compensation” and subject the holder of the Discount Option that is subject to U.S. taxation to adverse tax consequences. Participant agrees that if the Participant is a U.S.
taxpayer and the IRS determines that the Option was granted with a per Share exercise price that was less than the fair market value of a Share on its date of grant, Participant will be solely responsible for Participant’s costs related to such
a determination. In no event will the Company or any Parent or Subsidiary of the Company have any liability or obligation to reimburse, indemnify, or hold harmless Participant (whether or not such Participant is a U.S. taxpayer) for any taxes,
interest, or penalties that may be imposed, or other costs incurred, as a result of Section 409A or any state law equivalent. 

  
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 9.4. Tax Consequences. Participant has reviewed with Participant’s own tax
advisors the U.S. federal, state, local and non-U.S. tax consequences of this investment and the transactions contemplated by this Agreement. With respect to such matters, Participant relies solely on such advisors and not on any statements or
representations of the Company or any of its agents, written or oral. Participant understands that Participant (and not the Company) shall be responsible for Participant’s own Tax Obligations and any other tax-related liabilities that may arise
as a result of this investment or the transactions contemplated by this Agreement. 
 9.5. Tax Residency. As of the Effective Date,
Participant represents and warrants that Participant is solely resident for tax purposes in [•] (Participant’s “Tax Residency”). Participant will notify the Administrator in writing if the Participant changes Participant’s
Tax Residency . 
 10. Rights as Stockholder. Neither Participant nor any person claiming under or through Participant will have any
of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) will have been issued, recorded on the records of the
Company or its transfer agents or registrars, and delivered to Participant (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the
Company with respect to voting such Shares and receipt of dividends and distributions on such Shares. 
 11. No Guarantee of Continued
Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING PROVISIONS HEREOF IS EARNED ONLY BY (AMONG OTHER THINGS) CONTINUING AS A SENIOR EXECUTIVE OFFICER AT THE WILL OF THE COMPANY AND NOT THROUGH THE ACT
OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING PROVISIONS SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS
OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SENIOR EXECUTIVE OFFICER FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING
PARTICIPANT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SENIOR EXECUTIVE OFFICER OR AS A SERVICE PROVIDER OF THE COMPANY OR ANY PARENT OR SUBSIDIARY OF THE COMPANY AT ANY TIME, WITH OR WITHOUT CAUSE. 

12. Forfeiture Events. The Administrator shall require, in all appropriate circumstances, forfeiture or repayment with respect to this
Option, where: (a) the vesting of the Option, or any portion of the Option, was predicated upon achieving certain financial results that subsequently were the subject of a financial restatement of the Company’s financial statements
previously filed with the SEC (such restated financial results, the “Restated Financial Results”); and (b) a lesser portion of the Option would have vested based upon the restated financial results. In each such instance, (i)
Participant shall forfeit the vested portion of the Option that would not have vested based on the Restated Financial Results (the “Forfeited Portion”); provided that (ii) to the extent that Participant has exercised any Shares
subject to the Forfeited Portion (the “Purchased Shares”), the Purchased Shares shall be forfeited to the Company; and provided further, that (iii) to the extent Participant transferred or disposed of in any manner any Purchased
Shares, Participant shall pay to the Company the gross amount of the proceeds resulting from the transfer or other disposition of such Purchased Shares, in a single cash lump sum no later than thirty (30) days following written notice by the
Company. For purposes of the immediately preceding sentence, any forfeiture or repayment required under this Section 12 shall be net of any payments made to Company to exercise this Option, as applicable, and shall be satisfied (A) first via
forfeiture of any vested and outstanding portion of the Option in accordance with clause (i) of this Section, (B) next via the forfeiture, of any Shares exercised under the Option Participant holds, in accordance with clause (ii) of this Section, as
applicable, and (C) lastly by requiring repayment pursuant to clause (iii) of this Section, as applicable. Notwithstanding any provisions to the contrary under this Agreement, the Option shall be subject to any clawback policy of the Company
currently in effect or that may be established and/or amended from time to time that applies to this Option (the “Clawback Policy”), provided that the Clawback Policy does not discriminate solely against Participant except as
required by Applicable Laws, and provided further that if there is a conflict between the terms of this Option and the Clawback Policy, the more 

  
 11 

 
stringent terms, as determined by the Administrator in good faith, shall apply. The Administrator may require Participant to forfeit, return or reimburse the Company all or a portion of the
Option and any amounts paid thereunder pursuant to the terms of the Clawback Policy or as necessary or appropriate to comply with Applicable Laws. 

13. Address for Notices. Any notice to be given to the Company under the terms of this Agreement will be addressed to the Board of
Directors of the Company at 22 Grenville Street Saint Helier JE4 8PX, Channel Island of Jersey, or at such other address as the Company may hereafter designate in writing. 

14. Non-Transferability of Option. This Option may not be transferred in any manner otherwise
than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. 
 15.
Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on
transfer herein set forth, this Agreement shall be binding upon Participant and Participant’s heirs, legatees, legal representatives, executors, administrators, successors and assigns. The rights and obligations of Participant under this
Agreement may be assigned only with the prior written consent of the Company. 
 16. Additional Conditions to Issuance of Stock. If
at any time the Company will determine, in its discretion, that the listing, registration, qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or non-U.S. law, the tax code and related regulations
or under the rulings or regulations of the SEC or any other governmental regulatory body or the clearance, consent or approval of the SEC or any other governmental regulatory authority (together, the “Issuance Requirements”) is
necessary or desirable as a condition to the purchase by, or issuance of Shares to, Participant (or Participant’s estate) hereunder, such purchase or issuance will not occur unless and until such Issuance Requirements will have been completed,
effected or obtained free of any conditions not acceptable to the Company. Shares will not be issued pursuant to the exercise of the Option unless the exercise of the Option and the issuance and delivery of such Shares will comply with Applicable
Laws and, to the extent the Company determines to be appropriate, will be further subject to the approval of counsel for the Company with respect to such compliance. Subject to the terms of the Agreement, the Company shall not be required to issue
any certificate or certificates for Shares hereunder prior to the lapse of such reasonable period of time following the date of exercise of the Option as the Administrator may establish from time to time for reasons of administrative convenience.
The Company will make all reasonable efforts to meet the Issuance Requirements. Assuming such satisfaction of the Issuance Requirements, for income tax purposes the Exercised Shares will be considered transferred to Participant on the date the
Option is exercised with respect to such Exercised Shares. The inability of the Company to meet the Issuance Requirements deemed by the Company’s counsel to be necessary or advisable for the issuance and sale of any Shares hereunder, will
relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such Issuance Requirements will not have been met. As a condition to the exercise of the Option, the Company may require the person exercising
the Option to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the Company, such a
representation is required. 
 17. Administrator Authority. The Administrator will have the power and authority to construe and
interpret this Agreement and to adopt such rules for the administration, interpretation and application of the Agreement as are consistent therewith and to interpret or revoke any such rules (including, but not limited to, the determination of
whether or not any Shares subject to the Option have vested and whether any Change in Control has occurred). No acceleration of vesting of any portion of this Option will be permitted on a discretionary basis without the approval of the
Company’s stockholders. All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other interested persons. No member of the
Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to this Agreement. 

  
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 18. Electronic Delivery. The Company may, in its sole discretion, decide to deliver
any documents related to Options awarded under this Agreement or future options that may be awarded by the Company by electronic means or request Participant’s consent to participate in any equity-based compensation plan or program maintained
by the Company by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate in such plan or program through any on-line or electronic system
established and maintained by the Company or another third party designated by the Company. 
 19. Captions. Captions provided herein
are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement. 
 20. Agreement
Severable. In the event that any provision in this Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining
provisions of this Agreement. 
 21. Modifications to the Agreement. This Agreement constitutes the entire understanding of the
parties on the subjects covered. Participant expressly warrants that he or she is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement can be
made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in this Agreement, the Company reserves the right to revise this Agreement as it deems necessary or advisable, in
its sole discretion and without the consent of Participant, to comply with Code Section 409A or otherwise to avoid imposition of any additional tax or income recognition under Code Section 409A in connection with this Option.

 22. No Waiver. Either party’s failure to enforce any provision or provisions of this Agreement shall not in any way be
construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other provision of this Agreement. The rights granted both parties herein are cumulative and shall not constitute a waiver of
either party’s right to assert all other legal remedies available to it under the circumstances. 
 23. No Advice Regarding
Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding this Agreement, or Participant’s acquisition or sale of the underlying Shares. Participant is hereby advised to
consult with Participant’s own tax, legal and financial advisors regarding this Agreement before taking any action related to this Agreement. 

24. Governing Law and Venue. This Agreement will be governed by the laws of Jersey, Channel Islands, without giving effect to the
conflict of law principles thereof. For purposes of litigating any dispute that arises under this Option or this Agreement, the parties hereby submit to and consent to the jurisdiction of Jersey, Channel Islands and agree that such litigation will
be conducted in the Courts of Jersey, Channel Islands. 

  
 13pten-ex101_6.htm

Exhibit 10.1

 

Execution Version

 

VOTING AND SUPPORT AGREEMENT

THIS VOTING AND SUPPORT AGREEMENT (the “Agreement”), is dated as of July 5, 2021, by and between Patterson-UTI Energy, Inc., a Delaware corporation (“Parent”), and the holder of securities of Pioneer Energy Services Corp., a Delaware corporation (the “Company”), executing this Agreement on the signature page hereto (the “Holder”).

W I T N E S S E T H:

WHEREAS, the Company, Parent, Crescent Merger Sub Inc., a Delaware corporation and a wholly-owned Subsidiary of Parent (“Merger Sub Inc.”), and Crescent Ranch Second Merger Sub LLC, a Delaware limited liability company and a wholly-owned Subsidiary of Parent (“Merger Sub LLC”), are entering into an Agreement and Plan of Merger dated as of the date hereof (as the same may be amended or supplemented from time to time (other than any Restricted Amendments), the “Merger Agreement”) providing for, among other things, (i) the merger of Merger Sub Inc. with and into the Company, with the Company continuing as the surviving entity, and (ii) immediately following such merger, the merger of such surviving entity with and into Merger Sub LLC, with Merger Sub LLC continuing as the surviving entity (such mergers, the “Mergers”), in each case, on the terms and subject to the conditions of the Merger Agreement;

WHEREAS, the Holder is the Beneficial Owner of the number of shares of common stock, par value $0.001 per share, of the Company (the “Company Common Stock”) and the principal amount of the 5.00% Convertible Senior Unsecured PIK Notes due 2025 of the Company (the “Convertible Notes”) set forth on the Holder’s signature page hereto (collectively, and together with any Senior Notes Beneficially Owned by such Holder until the Third Supplemental Indenture has become binding and in full force and effect, the “Covered Securities”);

WHEREAS,  each  Holder (a “Senior Notes Holder”) who is the Beneficial Owner of any of the Company’s Senior Secured Floating Rate Notes due 2025 (the “Senior Notes”) issued under that certain Indenture dated May 29, 2020, as amended by that certain First Supplemental Indenture dated as of March 3, 2021, and by that certain Second Supplemental Indenture dated as of May 11, 2021 (as so amended, the “Senior Notes Indenture”), has also set forth on the Holder’s signature page hereto the principal amount of the Senior Notes of which the Holder is the Beneficial Owner;

WHEREAS, Parent desires that the Senior Notes Holders commit and agree to consent to and approve the Third Supplemental Indenture to the Senior Notes Indenture in the form attached hereto as Exhibit A (the “Third Supplemental Indenture”) in order to facilitate the Mergers;  

WHEREAS, concurrently with the execution and delivery of the Merger Agreement, and as a condition and an inducement to Parent entering into the Merger Agreement, the Holder is entering into this Agreement with respect to the Covered Securities; and

WHEREAS, Parent desires that the Holder agree, and the Holder is willing to agree, subject to the limitations and other provisions herein, not to Transfer any of its Covered Securities and to 

 

 

vote its Covered Securities in a manner so as to facilitate consummation of the Mergers and the other transactions contemplated by the Merger Agreement.

NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein, and intending to be legally bound hereby, the parties agree as follows:

Article I
GENERAL

1.1Definitions.  This Agreement is one of the “Voting and Support Agreements” as defined in the Merger Agreement.  Capitalized terms used but not defined herein shall have the meanings set forth in the Merger Agreement.  In addition, for purposes of this Agreement, the following terms shall have the meanings set forth below.

“Affiliate” shall mean, as to any Person, another Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such first Person and, in respect of the Holder, any investment fund, vehicle, holding company or separately managed account, in each case, for which the Holder, the discretionary manager or advisor of such Holder, or any Affiliate of the Holder serves as the general partner, managing member or discretionary manager or advisor; provided that limited partners, non-managing members or other similar direct or indirect investors in the Holder (in their capacities as such) shall not be deemed to be Affiliates of the Holder; provided, further, that the Holder shall not be deemed to be an Affiliate of Parent or the Company or any of their respective Subsidiaries for purposes of this Agreement and neither Parent, the Company nor any of their respective Subsidiaries shall be deemed to be Affiliates of the Holder for purposes of this Agreement.

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

“Beneficially Own” or “Beneficial Ownership” has the meaning assigned to such term in Rule 13d-3 under the Exchange Act, and a Person’s beneficial ownership of securities shall be calculated in accordance with the provisions of such Rule (in each case, irrespective of whether or not such Rule is actually applicable in such circumstance).  For the avoidance of doubt, Beneficially Own and Beneficial Ownership shall also include record ownership of securities.  Notwithstanding anything to the contrary herein, a Person shall not be deemed to be a member of a “group” with any other Person for purposes of this definition of “Beneficial Own” or “Beneficial Ownership” solely on account of being party to this Agreement.

“Beneficial Owners” shall mean Persons who Beneficially Own the referenced securities.

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

“Company Common Stock” has the meaning set forth in the Recitals.

“Company Documents” has the meaning set forth in Section ‎3.1.

“Convertible Notes” has the meaning set forth in the Recitals.

 

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“Covered Securities” has the meaning set forth in the Recitals.

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

“Holder Related Party” has the meaning set forth in Section 7.2.

“Mergers” has the meaning set forth in the Recitals.

“Merger Agreement” has the meaning set forth in the Recitals.

“Merger Consideration” has the meaning set forth in Section ‎3.1.

“Merger Sub Inc.” has the meaning set forth in the Recitals.

“Merger Sub LLC” has the meaning set forth in the Recitals.

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

“Parent Share Transfer” has the meaning set forth in Section‎ 4.2.

“Restricted Amendments” has the meaning set forth in Section ‎3.1.

“Senior Notes” has the meaning set forth in the Recitals.

“Senior Notes Holder” has the meaning set forth in the Recitals.

“Senior Notes Indenture” has the meaning set forth in the Recitals.

“Termination Date” has the meaning set forth in Section ‎7.5.

“Third Supplemental Indenture” has the meaning set forth in the Recitals.

“Transfer” means (a) any offer, sale, lease, assignment, encumbrance, loan, pledge, grant of a security interest, hypothecation, disposition or other similar transfer (by operation of law or otherwise), either voluntary or involuntary, or entry into any contract, option or other arrangement or understanding with respect to any offer, sale, lease, assignment, encumbrance, loan, pledge, hypothecation, disposition or other transfer (by operation of law or otherwise), of any Covered Securities owned by the Holder (whether beneficially or of record), including in each case through the Transfer of any Person or any interest in any Person, or (b) in respect of any capital stock or interest in any capital stock, to enter into any swap or any other agreement, transaction or series of transactions that results in an amount of Covered Securities subject to ‎Article III that is less than the amount of Covered Securities subject to ‎Article III as of the date hereof.  Transfers of interests in the Holder (e.g., fund participations) shall not be deemed to be a Transfer of the Covered Securities.

 

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Article II
AGREEMENT TO RETAIN COVERED SECURITIES

2.1Transfer and Encumbrance of Covered Securities.

(a)From the date hereof until the earlier of the Termination Date and the Effective Time, the Holder shall not, with respect to any Covered Securities Beneficially Owned by the Holder, (i) Transfer any such Covered Securities or (ii) deposit any such Covered Securities into a voting trust or enter into a voting agreement or arrangement with respect to such Covered Securities or grant any proxy (except as otherwise provided herein) or power of attorney with respect thereto.

(b)Notwithstanding Section 2.1(a), the Holder may:  (i) Transfer Covered Securities to one or more Affiliates (A) who is a party to an agreement with Parent with substantially similar terms as this Agreement or (B) if, as a condition to such Transfer, the recipient agrees in writing to be bound by this Agreement and delivers a copy of such executed written agreement to Parent prior to the consummation of such Transfer and (ii) Transfer Covered Securities with the prior written consent of Parent (which consent may be granted or withheld by Parent in its sole discretion).

2.2Additional Purchases; Adjustments.  The Holder agrees that any additional shares of capital stock, Company Common Stock or other equity of the Company, and any additional Convertible Notes, that the Holder purchases or otherwise acquires or with respect to which the Holder otherwise acquires Beneficial Ownership or voting power after the execution of this Agreement and prior to the earlier of the Termination Date and the Effective Time shall be subject to the terms and conditions of this Agreement to the same extent as if they constituted the Covered Securities as of the date hereof (and shall be deemed “Covered Securities” for all purposes hereof), and the Holder shall promptly notify Parent of the existence of any such acquired Covered Securities.  In the event of any stock split, stock dividend, merger, reorganization, recapitalization, reclassification, combination, exchange of shares or the like of the capital stock of the Company affecting the Covered Securities or any increase in the conversion rate of the Convertible Notes pursuant to the terms thereof, the terms of this Agreement shall apply to the resulting securities.

2.3Unpermitted Transfers; Involuntary Transfers.  Any Transfer or attempted Transfer of any Covered Securities in violation of this ‎Article II shall, to the fullest extent permitted by applicable Law, be null and void ab initio, with no further action required by or on behalf of Parent or the Company, as applicable.  In furtherance of the foregoing, the Holder hereby agrees to authorize and instruct the Company to instruct the transfer agent or agents for the Covered Securities to enter a stop transfer order with respect to all of the Covered Securities.  If any involuntary Transfer of any of the Holder’s Covered Securities shall occur, the transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall take and hold such Covered Securities subject to all of the restrictions, liabilities and rights under this Agreement, which shall continue in full force and effect until valid termination of this Agreement.

 

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Article III
AGREEMENT TO VOTE

3.1Agreement to Vote.  Prior to the earlier of the Termination Date and the Effective Time, on and subject to the terms and conditions set forth herein, provided that the Merger Agreement has not been amended by a Restricted Amendment, the Holder irrevocably and unconditionally agrees that such Holder shall, at any meeting (whether annual or special and whether or not an adjourned or postponed meeting), however called, of the stockholders of the Company or the holders of the Convertible Notes or with respect to any written consent of the stockholders of the Company or the holders of the Convertible Notes, appear at such meeting or otherwise cause the Covered Securities to be counted as present thereat for purpose of establishing a quorum and vote, or cause to be voted at such meeting or by written consent, all Covered Securities:

(a)in favor of the adoption of the Merger Agreement and approving any other matters necessary for the consummation of the transactions contemplated by the Merger Agreement, including the Mergers; and

(b)against (i) any Acquisition Proposal or any other transaction, proposal, agreement or action made in opposition to adoption of the Merger Agreement or in competition or that is inconsistent with the Mergers or matters contemplated by the Merger Agreement, (ii) any other action that would reasonably be expected to impede, interfere with, delay, discourage, postpone or adversely affect the Mergers or any of the other transactions contemplated by the Merger Agreement or this Agreement or any transaction that results in a breach in any material respect of any covenant, representation or warranty or other obligation or agreement of the Company or any of its Subsidiaries under the Merger Agreement, and (iii) any change in the corporate structure, business, present capitalization or dividend policy of the Company or any amendment or other change to the Company Charter or the Company Bylaws (collectively, the “Company Documents”), except as expressly permitted pursuant to the Merger Agreement.

Any attempt by the Holder to vote, consent or express dissent with respect to (or otherwise to utilize the voting power of) the Covered Securities in contravention of this Section ‎3.1 shall be null and void ab initio.  If the Holder is the Beneficial Owner, but not the holder of record, of any Covered Securities, the Holder agrees to take all actions necessary to cause the holder of record and any nominees to vote (or exercise a consent with respect to) all of such Covered Securities in accordance with this Section ‎3.1.

Notwithstanding anything herein to the contrary in this Agreement, this Section ‎3.1 shall not require the Holder to be present (in person or by proxy) or vote (or cause to be voted) any of the Covered Securities to amend, modify or waive any provision of the Merger Agreement in a manner that changes the amount or form of the consideration payable in the Mergers pursuant to the terms of the Merger Agreement (the “Merger Consideration”) or imposes any material restrictions on or additional material conditions on the payment of the Merger Consideration, provides for the payment by the Holder of any indemnification or other additional amounts, adds any additional covenants on the activities of the Holder (e.g. restrictive covenants) or extends the Outside Date (collectively, the “Restricted Amendments”).  Notwithstanding anything to the contrary in this Agreement, the Holder shall remain free to vote (or execute consents or proxies 

 

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with respect to) the Covered Securities with respect to any matter other than as set forth in Section ‎3.1(a) and Section 3.1(b) in any manner the Holder deems appropriate.

3.2Proxy.  The Holder hereby irrevocably appoints as its proxy and attorney-in-fact, Parent, the executive officers of Parent and any person designated in writing by Parent, each of them individually, with full power of substitution and resubstitution, to consent to or vote the Covered Securities as indicated in Section ‎3.1 above.  The Holder intends this proxy to be irrevocable and unconditional during the term of this Agreement prior to the Effective Time and coupled with an interest and will take such further action or execute such other instruments as may be reasonably necessary to effect the intent of this proxy, and hereby revokes any proxy previously granted by the Holder with respect to the Covered Securities (and the Holder hereby represents that any such proxy is revocable).  The proxy granted by the Holder shall be automatically revoked upon the earlier of the Termination Date and the Effective Time and Parent may further terminate this proxy at any time at its sole election by written notice provided to the Holder.

3.3Effective Registration Statement on Form S-4.  Notwithstanding any provision herein to the contrary, there will be no obligation of Holder to vote Covered Securities pursuant to Section ‎3.1 and Covered Securities cannot be voted pursuant to the proxy in Section ‎3.2 unless and until after the Registration Statement on Form S-4 as contemplated in Section 5.3 of the Merger Agreement has been declared effective by the Securities and Exchange Commission.

Article IV
ADDITIONAL AGREEMENTS

4.1Waiver of Appraisal Rights; Litigation.  Unless (a) this Agreement is terminated in accordance with its terms or pursuant to Section 6.5, or (b) the Merger Agreement is amended in a manner that constitutes a Restricted Amendment, in each case without the consent of the Holder, to the fullest extent permitted by Law, the Holder hereby irrevocably and unconditionally waives, and agrees not to exercise, any rights of appraisal (including under Section 262 of the DGCL) relating to the Mergers that the Holder may have by virtue of the ownership of any Covered Securities.  The Holder further agrees not to commence, join in, and agrees to take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against Parent, Merger Sub Inc., Merger Sub LLC or the Company or any of their respective Affiliates and each of their successors or directors relating to the negotiation, execution or delivery of this Agreement or the Merger Agreement or the consummation of the transactions contemplated hereby or thereby, including any claim (a) challenging the validity of, or seeking to enjoin the operation of, any provision of this Agreement or the Merger Agreement (including any claim seeking to enjoin or delay the Closing), (b) alleging a breach of any fiduciary duty of the Company Board in connection with the negotiation and entry into the Merger Agreement or the transactions contemplated thereby, or (c) alleging any failure on the part of the Company or Parent to provide information or alleging a material misstatement or omission in the information provided to such Holder in connection with the negotiation, execution or delivery of this Agreement or the Merger Agreement or the consummation of the transactions contemplated hereby or thereby, and hereby irrevocably waives any claim or rights whatsoever with respect to any of the foregoing.

4.2Parent Shares.  From the date hereof until the earlier of the Termination Date and the Effective Time, the Holder shall not (a) purchase, acquire Beneficial Ownership of, offer, 

 

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pledge, sell, contract to purchase or sell, grant or acquire any option, right or warrant to purchase, give, assign, hypothecate, pledge, encumber, grant or acquire a security interest in, sell or purchase any option or contract to purchase or any option or contract to sell, grant or acquire any option, right or warrant to purchase, lend or otherwise acquire, transfer or dispose of (including through any hedging, derivative or other similar transaction) any economic, voting or other rights in or to shares of Parent Common Stock, or otherwise acquire, transfer or dispose of shares of Parent Common Stock, directly or indirectly, or (b) enter into any swap or other agreement that transfers or results in the acquisition of, in whole or in part, any of the economic consequences of ownership of shares of Parent Common Stock (any such transaction described in clause (a) or (b) above, a “Parent Share Transfer”).  Notwithstanding the foregoing, the restrictions set forth in this Section ‎4.2 shall not apply to any Parent Share Transfer to or with one or more Affiliates of the Holder (A) who is a party to an agreement with Parent with substantially similar terms as this Section ‎4.2 or (B) if, as a condition to such Parent Share Transfer, the counterparty agrees in writing to be bound by this Section 4.2 and delivers a copy of such executed written agreement to Parent prior to the consummation of such Parent Share Transfer.  Nothing herein prohibits Holder or any Affiliate of the Holder from taking any of the actions in this Section 4.2 to the extent such activities are in the ordinary course of such Person’s business consistent with past practice, are not related to Holder’s Beneficial Ownership in the Company or the Mergers, including where Parent Common Stock is a component of any exchange-traded fund (ETF) or similar vehicle, and are not undertaken for the purpose of affecting in any manner the trading price of shares of Parent Common Stock.

4.3Further Assurances.  The Holder agrees that, during the term of this Agreement, the Holder shall and shall cause such Holder’s controlled Affiliates to take no action that would reasonably be expected to adversely affect or delay the ability to perform the Holder’s respective covenants and agreements under this Agreement.

4.4Fiduciary Duties.  The Holder is entering into this Agreement solely in such Holder’s capacity as the record or Beneficial Owner of the Covered Securities and nothing herein is intended to or shall limit or affect any actions taken by the Holder or any of the Holder’s designees, as applicable, serving in his or her capacity as a director or officer of the Company or any of its Subsidiaries.  The taking of any actions (or failures to act) by the Holder or the Holder’s designees, as applicable, serving as a director or officer of the Company or any of its Subsidiaries (in such capacity as a director or officer) shall not be deemed to constitute a breach of this Agreement. For the avoidance of doubt, all action taken by a Holder hereunder shall be deemed solely in such Holder’s capacity as the record or Beneficial Owner of the Covered Securities and shall not be imputed to, and shall not be considered to be any action of, such designees of the Holder.

Article V
SUPPLEMENTAL INDENTURE TO SENIOR NOTES INDENTURE

5.1Amendment to Senior Notes Indenture.  Each Senior Notes Holder represents and warrants that it is the Beneficial Owner of the principal amount of Senior Notes reflected on the Senior Notes Holder’s signature page hereto.  In connection with the Mergers, the Company proposes to amend and supplement the Senior Notes Indenture as contemplated in the Third Supplemental Indenture so to allow for the Senior Notes to be repaid upon consummation of the 

 

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Mergers in a combination of cash and shares of Parent Common Stock. Holder, if a Senior Notes Holder, herein provides its consent and approval of the amendments set forth in the Third Supplemental Indenture. Holder, if a Senior Notes Holder, further hereby irrevocably agrees, as soon as practical following the date of this Agreement, (i) to coordinate with the Trustee under the Indenture, the Holder’s DTC participants and CEDE & CO as necessary, (ii) to execute and deliver any and all consents, certificates, documents, agreements and instruments, in each case as may be necessary to (x) make the Third Supplemental Indenture a valid and enforceable instrument, (y) cause the Third Supplemental Indenture to become effective and binding on the Senior Notes Holder, the Company and the trustee under the Senior Notes Indenture and (z) to amend the Senior Notes Indenture as set forth in the Third Supplemental Indenture and (iii) to cause any transferee of the Senior Notes to take the foregoing actions.

Article VI
REPRESENTATIONS AND WARRANTIES OF THE HOLDER

6.1Representations and Warranties.  The Holder hereby represents and warrants as follows:

(a)Ownership.  The Holder has, with respect to the Covered Securities, and at all times during the term of this Agreement will continue to have, Beneficial Ownership of, good and valid title to and full and exclusive power to vote, issue instructions with respect to the matters set forth in ‎Article III, agree to all of the matters set forth in this Agreement and, subject to the limitations contained in this Agreement, to Transfer the Covered Securities.  The Covered Securities constitute all of the shares of Company Common Stock and Convertible Notes owned of record or Beneficially Owned by the Holder as of the date hereof, and all of the Covered Securities are held by the Holder free and clear of all Encumbrances, other than Encumbrances arising under the Company Documents.  Other than this Agreement and Encumbrances arising under the Company Documents, (i) there are no agreements or arrangements of any kind, contingent or otherwise, to which the Holder is a party obligating the Holder to Transfer or cause to be Transferred to any Person  any of the Covered Securities and (ii) no Person has any contractual or other right or obligation to purchase or otherwise acquire any of the Covered Securities.

(b)Organization; Authority.  If the Holder is an entity, it is duly organized, validly existing and in good standing under the Laws of its jurisdiction of formation. If the Holder is an individual, he or she has full power and authority and is duly authorized to make, enter into and carry out the terms of this Agreement and to perform the Holder’s obligations hereunder.  This Agreement has been duly and validly executed and delivered by the Holder and (assuming due authorization, execution and delivery by Parent) constitutes a valid and binding agreement of the Holder, enforceable against the Holder in accordance with its terms (except in all cases as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors’ rights generally and by general principles of equity (regardless of whether considered in a proceeding in equity or at law)), and no other action is necessary to authorize the execution and delivery by the Holder or the performance of the Holder’s obligations hereunder.

 

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(c)No Violation.  The execution, delivery and performance by the Holder of this Agreement will not (i) violate any provision of any Law applicable to the Holder; (ii) violate any order, judgment or decree applicable to the Holder; or (iii) conflict with, or result in a breach or default under, any agreement or instrument to which the Holder is a party or any term or condition of its certificate of incorporation, bylaws, certificate of formation, limited liability company agreement or comparable organizational documents, as and if applicable, except where such conflict, breach or default would not reasonably be expected to, individually or in the aggregate, have an adverse effect on the Holder’s ability to satisfy the Holder’s obligations hereunder.

(d)Consents and Approvals.  The execution and delivery by the Holder of this Agreement, and the performance of the Holder’s obligations hereunder, do not require the Holder to obtain any consent, approval, authorization or permit of, or to make any filing with or notification to, any Person  or Governmental Entity, except such filings and authorizations as may be required under the Exchange Act.

(e)Absence of Litigation.  As of the date hereof, there is no action, suit, investigation, complaint or other proceeding pending, or, to the actual knowledge of the Holder, threatened in writing, against the Holder that would prevent the performance by the Holder of its obligations under this Agreement on a timely basis.

(f)Absence of Other Voting Agreements.  Except as contemplated by this Agreement, the Holder (i) has not entered into, and shall not enter into at any time prior to the earlier of the Termination Date and the Effective Time, any voting agreement or voting trust with respect to the Covered Securities and (ii) has not granted, and shall not grant at any time prior to the earlier of the Termination Date and the Effective Time, a proxy or power of attorney with respect to the Covered Securities, in either case, which is inconsistent with the Holder’s obligations pursuant to this Agreement.  None of the Covered Securities are subject to any pledge agreement pursuant to which the Holder does not retain sole and exclusive voting rights with respect to the Covered Securities subject to such pledge agreement at least until the occurrence of an event of default under the related debt instrument.

Article VII
MISCELLANEOUS

7.1No Solicitation.  The Holder agrees that such Holder shall not, and shall cause such Holder’s controlled Affiliates not to, directly or indirectly, take any of the actions listed in clauses (i) or (ii) of Section 5.2(a) of the Merger Agreement (without giving effect to any amendment or modification of such clauses after the date hereof that would impose more burdensome restrictions on such Holder).  The Holder shall, and shall cause such Holder’s controlled Affiliates to, immediately cease and cause to be terminated all existing discussions and negotiations with any Person conducted heretofore with respect to any Acquisition Proposal or potential Acquisition Proposal.  In addition, the Holder agrees to be subject to Section 5.2(c) of the Merger Agreement (without giving effect to any amendment or modification of such clause after the date hereof that would impose more burdensome restrictions on such Holder) as if the Holder were “the Company” thereunder.  Notwithstanding the foregoing, to the extent the Company complies with its obligations under Section 5.2 of the Merger Agreement and participates in discussions or 

 

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negotiations with a Person regarding an Acquisition Proposal, the Holder or any of such Holder’s controlled Affiliates may engage in discussions or negotiations with such Person to the extent that the Company can act under Section 5.2 of the Merger Agreement.

7.2Non-Recourse.  This Agreement may only be enforced against, and any claim or cause of action based upon, arising out of, or related to this Agreement or the transactions contemplated by this Agreement may only be brought against, the entities that are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with respect to such party.  Except to the extent a named party to this Agreement (and then only to the extent of the specific obligations undertaken by such named party in this Agreement and not otherwise), no past, present or future director, manager, officer, employee, incorporator, member, partner, equityholder, Affiliate, agent, attorney, advisor, consultant or Representative or Affiliate of any of the foregoing (each, a “Holder Related Party”) shall have any liability (whether in contract, tort, equity or otherwise) for any one or more of the representations, warranties, covenants, agreements or other obligations or liabilities of or made under this Agreement or in respect of any oral representations made or alleged to have been made in connection herewith (whether for indemnification or otherwise) or of or for any claim based on, arising out of, or related to this Agreement or the transactions contemplated by this Agreement.  Parent acknowledges that no Holder nor any Holder Related Party has made, and Parent has not relied upon, any representation related to the matters contemplated by this Agreement, except as set forth in ‎Article VI.

7.3No Ownership Interest.  Nothing contained in this Agreement shall be deemed to vest in Parent any direct or indirect ownership or incidence of ownership of or with respect to the Covered Securities.  All rights, ownership and economic benefits of and relating to the Covered Securities shall remain vested in and belong to the Holder, and, except as provided in the Merger Agreement, Parent shall not have any authority to manage, direct, restrict, regulate, govern or administer any of the policies or operations of the Company or exercise any power or authority to direct the Holder in the voting or disposition of any Covered Securities, except as otherwise expressly provided herein.

7.4Disclosure.  The Holder consents to and authorizes the publication and disclosure by the Company and Parent of the Holder’s identity and holding of Covered Securities, and the terms of this Agreement (including, for avoidance of doubt, the disclosure of this Agreement), in any press release, the Form S-4 (including the Proxy Statement) and any other disclosure document required in connection with this Agreement, the Merger Agreement, the Mergers and the transactions contemplated by the Merger Agreement.

7.5Termination.  This Agreement shall terminate upon the date the Merger Agreement is validly terminated in accordance with its terms (such date, the “Termination Date”).  Neither the provisions of this Section ‎7.5 nor the termination of this Agreement shall relieve (a) any party hereto from any liability of such party to any other party incurred prior to such termination or (b) any party hereto from any liability to any other party arising out of or in connection with a breach of this Agreement.  Nothing in the Merger Agreement shall relieve the Holder from any liability arising out of or in connection with a breach of this Agreement.

 

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7.6Amendment.  This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each party hereto.

7.7Reliance.  The Holder understands and acknowledges that Parent is entering into the Merger Agreement in reliance upon the Holder’s execution and delivery of this Agreement.

7.8Extension; Waiver.  The parties hereto may, to the extent legally allowed:

(a)extend the time for the performance of any of the obligations or other acts of the other party hereunder;

(b)waive any inaccuracies in the representations and warranties of the other party contained in this Agreement or in any document delivered pursuant to this Agreement; or

(c)waive compliance with any of the covenants, obligations or conditions of the other party contained in this Agreement;

provided, however, that, in each case, such extension or waiver or any consent given under this Agreement shall be valid only if it is made in writing and signed by the party (or parties) against whom the waiver is to be effective.

Notwithstanding the foregoing, no failure or delay by any party in exercising any right, power or privilege under this Agreement or any of the documents referred to in this Agreement shall operate as a waiver of such right, power or privilege, nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise of any such right, power or privilege or the exercise of any other right power or privilege.  To the maximum extent permitted by applicable Law, (a) no waiver that may be given by a party will be applicable except in the specific instance for which it is given; and (b) no notice to or demand on one party will be deemed to be a waiver of any obligation of that party or of the right of the party giving such notice or demand to take further action without notice or demand as provided in this Agreement or the documents referred to in this Agreement.

7.9Expenses.  All fees and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such fees or expenses, whether or not the Mergers are consummated.

7.10Notices.  All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, or if by e mail, upon written confirmation of receipt by e mail or otherwise, (b) on the first Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (c) on the earlier of confirmed receipt or the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid.  All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice:

 

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if to the Holder, to address listed on the Holder’s signature page hereto

if to Parent, to:

Patterson-UTI Energy, Inc.
10713 West Sam Houston Parkway N, Suite 800
Houston, Texas 77064
Attention:  General Counsel
E-mail: legalnotice@patenergy.com

 

with a copy (which shall not constitute notice) to:

Gibson, Dunn & Crutcher LLP
811 Main Street, Suite 3000
Houston, Texas 77002-6117
Attention:Tull R. Florey
Email:tflorey@gibsondunn.com

7.11Interpretation.  When a reference is made in this Agreement to a Section or Article, such reference shall be to a Section or Article of this Agreement unless otherwise indicated.  The headings contained in this Agreement are for convenience of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  All words used in this Agreement will be construed to be of such gender or number as the circumstances require.  The word “including” and words of similar import when used in this Agreement will mean “including, without limitation,” unless otherwise specified.  The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to the Agreement as a whole and not to any particular provision in this Agreement.  The term “or” is not exclusive.  The word “will” shall be construed to have the same meaning and effect as the word “shall.” 

7.12No Presumption Against Drafting Party.  Each of the parties hereto acknowledges that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement.  Accordingly, any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party has no application and is expressly waived.

7.13Counterparts.  This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties hereto and delivered to the other party.

7.14No Partnership, Agency or Joint Venture.  This Agreement is intended to create, and creates, a contractual relationship and is not intended to create, and does not create, any agency, partnership, joint venture, any like relationship between the parties hereto or a presumption that the parties hereto are in any way acting in concert or as a group with respect to the obligations or the transactions contemplated by this Agreement.

7.15No Third-Party Beneficiaries.  Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person other than the parties hereto and their respective 

 

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successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement

7.16Entire Agreement.  This Agreement, the Merger Agreement (including any schedules, exhibits and amendments thereto), the Confidentiality Agreement, the Senior Notes Indenture, the Third Supplemental Indenture and the other Voting and Support Agreements and any other document or instrument referred to herein constitute the entire agreement, and supersede all prior written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings among the parties hereto with respect to the subject matter hereof and thereof.

7.17Governing Law; Venue; Waiver of Jury Trial.

(a)This Agreement and all disputes or controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of laws principles of the State of Delaware.

(b)Each of the parties irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement brought by any party against any other party shall be brought and determined in the Court of Chancery of the State of Delaware, provided, that if jurisdiction is not then available in the Court of Chancery of the State of Delaware, then any such legal action or proceeding may be brought in any federal court located in the State of Delaware.  Each of the parties hereby irrevocably submits to the jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally, with regard to any such action or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby.  Each of the parties agrees not to commence any action, suit or proceeding relating thereto except in the courts described above in Delaware, other than actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in Delaware as described herein.  Each of the parties further agrees that notice as provided herein shall constitute sufficient service of process and the parties further waive any argument that such service is insufficient.  Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the jurisdiction of the courts in Delaware as described herein for any reason, (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the suit, action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

(c)EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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7.18Assignment.  Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by either party without the prior written consent of the other party, and any such assignment without such prior written consent shall be null and void; provided, however, that Parent may assign all or any of its rights and obligations hereunder to any direct or indirect Subsidiary of Parent. Subject to the preceding sentence and except as set forth in Article II, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors and assigns.

7.19Specific Performance.  The parties agree that irreparable damage would occur in the event that the parties do not perform the provisions of this Agreement in accordance with its terms or otherwise breach such provisions.  Accordingly, prior to any termination of this Agreement pursuant to ‎Section 6.5, the parties acknowledge and agree that each party shall be entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the Court of Chancery of the State of Delaware, provided, that if jurisdiction is not then available in the Court of Chancery of the State of Delaware, then in any federal court located in the State of Delaware, this being in addition to any other remedy to which such party is entitled at law or in equity.  Each party hereto accordingly agrees (a) the non-breaching party will be entitled to injunctive and other equitable relief, without proof of actual damages; and (b) the alleged breaching party will not raise any objections to the availability of the equitable remedy of specific performance to prevent or restrain breaches or threatened breaches of, or to enforce compliance with, the covenants and obligations of such party under this Agreement and will not plead in defense thereto that there are adequate remedies at Law, all in accordance with the terms of this Section 7.19. Each party hereto further agrees that no other party or any other Person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 7.19, and each party irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

7.20Severability.  Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision or portion of 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 portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein.

7.21Facsimile or .pdf Signature.  This Agreement may be executed by facsimile or .pdf signature and a facsimile or .pdf signature shall constitute an original for all purposes.

[Signature Page Follows]

 

 

 

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IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have executed or caused this Agreement to be executed in counterparts, all as of the day and year first above written.

 

	
PATTERSON-UTI ENERGY INC.

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
 
	
 

 

 

 

[Signature Page to the Voting and Support Agreement]

 

 

 

	
HOLDER:

	
 
	
 
	
 

	
 
	
 
	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title (if applicable):
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
Number of Shares of Company Common Stock Beneficially Owned:

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Principal Amount of Convertible Notes Beneficially Owned:

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
If applicable, Principal Amount of Senior Notes Beneficially Owned:

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Address:

	
 

	
 

	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Attention (if applicable):
	
 

	
 
	
 
	
 
	
 

	
Email:
	
 
	
 

	
 
	
 
	
 

 

 

[Signature Page to the Voting and Support Agreement]

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