Document:

EX-10.7

 Exhibit 10.7 

EXECUTION VERSION 
 QUINTANA ENERGY
SERVICES LP 
 WARRANT AGREEMENT 

This Warrant Agreement dated as of December 16, 2016 (this “Agreement”) is entered into by and among Quintana
Energy Services LP, a Delaware limited partnership (“QES”), and the purchasers party hereto (each, a “Purchaser” and collectively, the “Purchasers”). All capitalized terms used but not defined
herein shall have the respective meanings ascribed to such terms in the Warrant Purchase Agreement (as hereinafter defined). 
 WHEREAS,
pursuant to a Warrant Purchase Agreement dated as of the date hereof (the “Warrant Purchase Agreement”) by and among QES and the Purchasers, QES proposes to issue to the Purchasers certain Warrants, as hereinafter described (the
“Warrants”), to purchase an aggregate of 227,885,578 common units representing limited partner interests (subject to adjustment) of QES or, if at such time of exercise of the Warrants QES has been converted into a corporation,
an equivalent number of shares of common stock of the converted QES (such common units or shares of common stock, the “Common Stock,” and together with any other securities issuable upon exercise of the Warrants, the
“Warrant Shares”); 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the
parties hereto agree as follows: 
 Section 1. Warrant Certificates. QES will issue and deliver a certificate or certificates
evidencing the Warrants (the “Warrant Certificates”) pursuant to the terms of the Warrant Purchase Agreement. Such Warrant Certificates shall be substantially in the form set forth as Exhibit A attached hereto. Warrant
Certificates shall be dated the date of issuance by QES. 
 Section 2. Execution of Warrant Certificates. Warrant Certificates
shall be signed on behalf of QES by its (or its general partner’s) Chairman of the Board, Chief Executive Officer, President or a Vice President. Each such signature upon the Warrant Certificates may be in the form of a facsimile signature of
the present or any future Chairman of the Board, Chief Executive Officer, President or Vice President, and may be imprinted or otherwise reproduced on the Warrant Certificates and for that purpose QES may adopt and use the facsimile signature of any
person who shall have been Chairman of the Board, Chief Executive Officer, President or Vice President, notwithstanding the fact that at the time the Warrant Certificates shall be delivered or disposed of he shall have ceased to hold such office.
Each Warrant Certificate shall also be signed on behalf of QES by a manual or facsimile signature of its (or its general partner’s) Secretary or an Assistant Secretary. 

Section 3. Registration. QES (or its general partner) shall number and register the Warrant Certificates and the Warrant Shares in
registers (the “Warrant Register” and the “Warrant Shares Register,” respectively) as they are issued. QES may deem and treat the registered holder(s) from time to time of the Warrant Certificates (the
“Holders”) as the absolute owner(s) thereof (notwithstanding any notation of ownership or other writing thereon made by anyone) for all purposes and shall not be affected by any notice to the contrary. The Warrants shall be
registered initially in such name or names as the Purchasers shall designate. 

 Section 4. Restrictions on Transfer; Registration of Transfers. Prior to any proposed
transfer of the Warrants or the Warrant Shares, unless such transfer is made pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), the transferring Holder will, if
requested by QES, deliver to QES an opinion of counsel, reasonably satisfactory in form and substance to QES, to the effect that the Warrants or Warrant Shares, as applicable, may be sold or otherwise transferred without registration under the
Securities Act; provided, however, that with respect to transfers by a Holder to its Affiliate or Affiliates, no such opinion shall be required. Upon original issuance thereof, and until such time as the same shall have been registered
under the Securities Act or sold pursuant to Rule 144 promulgated thereunder (or any similar rule or regulation), each Warrant Certificate shall bear the legend included on the first page of Exhibit A, unless in the opinion of such counsel,
such legend is no longer required by the Securities Act. 
 Subject to the conditions to transfer contained in the Amended and Restated
Equity Rights Agreement dated as of the date hereof, by and among QES Holdco LLC, QES, Quintana Energy Services GP LLC (“QES GP”), Archer Holdco LLC, Geveran Investments Limited and Robertson QES Investment LLC (as such agreement
may be amended or amended and restated from time to time, the “Equity Rights Agreement”), QES shall from time to time register the transfer of any outstanding Warrant Certificates in the Warrant Register to be maintained by QES (or
its general partner) upon surrender thereof accompanied by a written instrument or instruments of transfer in form reasonably satisfactory to QES, duly executed by the registered Holder or Holders thereof or by the duly appointed legal
representative thereof or by a duly authorized attorney. Upon any such registration of transfer, a new Warrant Certificate shall be issued to the transferee Holder(s) and the surrendered Warrant Certificate shall be canceled and disposed of by QES.
Any attempted transfer in violation of the Equity Rights Agreement shall be null and void ab initio. 
 Section 5. Warrants;
Exercise of Warrants. 
 (a) Subject to the terms of this Agreement, each Holder shall have the right, which may be
exercised commencing on the date of issuance of the Warrants and until 5:00 p.m., Eastern time, on December 16, 2026 (the “Expiration Date”), to receive from QES the number of fully paid and nonassessable Warrant
Shares (and such other consideration) that the Holder may at the time be entitled to receive on exercise of such Warrants and payment of the Exercise Price then in effect for such Warrant Shares. Each Warrant not exercised prior to 5:00 p.m.,
Eastern time, on the Expiration Date shall become void and all rights thereunder and all rights in respect thereof under this Agreement shall cease as of such time. No adjustments as to dividends will be made upon exercise of the Warrants, except as
otherwise expressly provided herein. 
 (b) In the event that Holders would have any obligation to sell their Warrant Shares
under the terms of the Equity Rights Agreement if they were holders of Common Stock, the Warrants shall be deemed exercised and the Holders shall sell their Warrant Shares as required by the terms of the Equity Rights Agreement. If a Holder shall
fail to comply with the terms of this Agreement or the Equity Rights Agreement in connection with the surrender of Warrants or the sale of Warrant Shares as contemplated by the Equity Rights Agreement such Holder shall receive only the consideration
(without interest) that such Holder would have received had such Holder complied with such terms and the Warrants shall cease to have any other rights. 

  
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 (c) The price at which each Warrant shall be exercisable (the “Exercise
Price”) shall initially be $0.01 per share, subject to adjustment pursuant to the terms hereof. 
 (d) A Warrant may
be exercised upon surrender to QES at its (or its general partner’s) office designated for such purpose (as provided for in Section 13 hereof) of the Warrant Certificate or Certificates to be exercised with the form of election to purchase
attached thereto duly filled in and signed, and upon payment to QES of the Exercise Price for the number of Warrant Shares in respect of which such Warrants are then exercised. Payment of the aggregate Exercise Price shall be made in cash or by
certified or official bank check payable to the order of QES. 
 (e) Subject to the provisions of Section 6 hereof, upon
such surrender of Warrant Certificates and payment of the Exercise Price, QES shall issue and cause to be delivered, as promptly as practicable, to or upon the written order of the Holder and in such name or names as such Holder may designate a
certificate or certificates for the number of full Warrant Shares issuable upon the exercise of such Warrants (and such other consideration as may be deliverable upon exercise of such Warrants) together with cash for fractional Warrant Shares as
provided in Section 11 hereof. The certificate or certificates for such Warrant Shares shall be deemed to have been issued and the person so named therein shall be deemed to have become a holder of record of such Warrant Shares as of the date
of the surrender of such Warrants and payment of the Exercise Price, irrespective of the date of delivery of such certificate or certificates for Warrant Shares. QES shall register the Warrant Shares in the Warrant Shares Register, as provided in
Section 3 hereof, and shall from time to time register the transfer of any outstanding Warrant Shares in the Warrant Shares Register. 

(f) Subject to Section 5(b) hereof, each Warrant shall be exercisable, at the election of the Holder thereof, either in
full or from time to time in part and, in the event that a Warrant Certificate is exercised in respect of fewer than all of the Warrant Shares issuable on such exercise at any time prior to the date of expiration of the Warrants, a new certificate
evidencing the remaining Warrant or Warrants will be issued and delivered pursuant to the provisions of this Section 5 and of Section 2 hereof. 

(g) All Warrant Certificates surrendered upon exercise of Warrants shall be cancelled and disposed of by QES. QES (or its
general partner) shall keep copies of this Agreement and any notices given or received hereunder shall be available for inspection by the Holders during normal business hours at QES’ (or its general partner’s) office. 

(h) In addition to and without limiting the rights of the Holder under the terms hereof, at a Holder’s option, a Warrant
Certificate may be exercised by being exchanged in whole or in part at any time or from time to time prior to the Expiration Date for a number of shares of Common Stock having an aggregate Specified Value (as defined in Section 10(g) hereof) on
the date of such exercise equal to the difference between (x) the 

  
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Specified Value of the number of Warrant Shares in respect of which such Warrant Certificate is then exercised and (y) the aggregate Exercise Price for such shares in effect at such time.
The following equation illustrates how many Warrant Shares would then be issued upon exercise pursuant to this subsection: 
  

 
 where: 
  

					
	SV	  	=	  	Specified Value per Warrant Share at date of exercise.
			
	PSP	  	=	  	Per share Exercise Price at date of exercise.
			
	N	  	=	  	Number of Warrant Shares in respect of which the Warrant Certificate is being exercised by exchange.
			
	X	  	=	  	Number of Warrant Shares issued upon exercise by exchange.

 Upon any such exercise, the number of Warrant Shares purchasable upon exercise of such Warrant
Certificate shall be reduced by the number of Warrant Shares so exchanged and, if a balance of purchasable Warrant Shares remain after such exercise, QES shall execute and deliver to the holder hereof a new Warrant for such balance of Warrant
Shares. 
 No payment of any cash or other consideration to QES shall be required from the Holder of a Warrant in connection
with any exercise thereof by exchange pursuant to this subsection. Such exchange shall be effective upon the date of receipt by QES of the original Warrant Certificate surrendered for cancellation and a written request from the Holder thereof that
the exchange pursuant to this subsection be made, or at such later date as may be specified in such request. No fractional shares arising out of the above formula for determining the number of Warrant Shares issuable in such exchange shall be
issued, and QES shall in lieu thereof make payment to the Holder of cash in the amount of such fraction multiplied by the Specified Value of a Warrant Share on the date of the exchange. 

Section 6. Taxes. 

(a) Withholding and Reporting Requirements. QES shall comply with all applicable tax withholding and reporting
requirements imposed by any governmental authority, and all distributions, including deemed distributions, pursuant to the Warrants or Warrant Shares will be subject to applicable withholding and reporting requirements. Notwithstanding any provision
to the contrary, QES will be authorized to (i) take any actions that may be necessary or appropriate to comply with such withholding and reporting requirements, (ii) apply a portion of any cash distribution to be made under the Warrants or
Warrant Shares to pay applicable withholding taxes, (iii) liquidate a portion of any non-cash distribution to be made under the Warrants or Warrant Shares to generate 

  
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sufficient funds to pay applicable withholding taxes or (iv) establish any other mechanisms QES believes are reasonable and appropriate, including requiring Holders to submit appropriate tax
and withholding certifications (such as IRS Forms W-9 and the appropriate IRS Forms W-8, as applicable) as a condition of receiving the benefit of any adjustment pursuant to Section 10. 

(b) Payment of Taxes. QES will pay all documentary stamp taxes and other governmental charges (excluding all foreign,
federal or state income, franchise, property, estate, inheritance, gift or similar taxes) in connection with the issuance or delivery of the Warrants hereunder, as well as all such taxes attributable to the initial issuance or delivery of Warrant
Shares upon the exercise of Warrants and payment of the Exercise Price. QES shall not, however, be required to pay any tax that may be payable in respect of any subsequent transfer of the Warrants or any transfer involved in the issuance and
delivery of Warrant Shares in a name other than that in which the Warrants to which such issuance relates were registered, and, if any such tax would otherwise be payable by QES, no such issuance or delivery shall be made unless and until the person
requesting such issuance has paid to QES the amount of any such tax, or it is established to the reasonable satisfaction of QES that any such tax has been paid. 

Section 7. Right to Certain Payments or Distributions. If QES at any time or from time to time after the date hereof declares,
orders, pays or makes a cash distribution or makes any payment on or with respect to its Common Stock, each Holder shall be entitled to receive its pro rata share of the cash (as if the Warrants held by such Holder had been exercised in full and
converted to Warrant Shares (as adjusted) in accordance with the provisions of Section 5 immediately prior to the close of business on the day immediately preceding the record date). Each Holder’s “pro rata share” for purposes of
this Section 7 is the ratio that (1) the number of Warrant Shares for which the Warrants held by such Holder are then exercisable (as adjusted pursuant to this Warrant Agreement) bears to (2) the number of units or shares of Common
Stock outstanding on the record date for any such distribution or otherwise entitled to participate in the distribution (including the Warrant Shares referred to in clause (1)). 

Section 8. Mutilated or Missing Warrant Certificates. If a mutilated Warrant Certificate is surrendered to QES, or if the Holder
of a Warrant Certificate claims and submits an affidavit or other evidence satisfactory to QES to the effect that the Warrant Certificate has been lost, destroyed or wrongfully taken, QES shall issue a replacement Warrant Certificate. If required by
QES such Holder must provide an indemnity bond, or other form of indemnity, sufficient in the judgment of QES to protect QES from any loss that it may suffer if a Warrant Certificate is replaced. If any Purchaser or any other institutional Holder
(or nominee thereof) is the owner of any such lost, stolen or destroyed Warrant Certificate, then the affidavit of an authorized officer of such owner, setting forth the fact of loss, theft or destruction and of its ownership of the Warrant
Certificate at the time of such loss, theft or destruction shall be accepted as satisfactory evidence thereof and no further indemnity shall be required as a condition to the execution and delivery of a new Warrant Certificate other than the
unsecured written agreement of such owner to indemnify QES or, at the option of such Purchaser or other institutional Holder, provide an indemnity bond in the amount of the Specified Value of the Warrant Shares for which such Warrant Certificate was
exercisable. 

  
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 Section 9. Reservation of Warrant Shares. If at such time of exercise of the Warrants
QES has been converted into a corporation, then the converted QES shall at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued Common Stock or its authorized and issued Common Stock
held in its treasury, for the purpose of enabling it to satisfy any obligation to issue Warrant Shares upon exercise of Warrants, the maximum number of shares of Common Stock that may then be deliverable upon the exercise of all outstanding
Warrants, but such shares of Common Stock shall be subject to the terms and conditions of the Equity Rights Agreement if such agreement is then in effect. 

The converted QES or, if appointed, the transfer agent for the Common Stock and each transfer agent for any shares of the converted QES’
capital stock issuable upon the exercise of any of the Warrants (collectively, the “Transfer Agent”), will be irrevocably authorized and directed at all times to reserve such number of authorized shares as shall be required for such
purpose. QES shall keep a copy of this Agreement on file with any such Transfer Agent. QES will supply any such Transfer Agent with duly executed certificates for such purposes and will provide or otherwise make available all other consideration
that may be deliverable upon exercise of the Warrants. QES will furnish any such Transfer Agent a copy of all notices of adjustments and certificates related thereto, transmitted to each Holder pursuant to Section 12 hereof. 

Before taking any action that would cause an adjustment pursuant to Section 10 hereof to reduce the Exercise Price below the then par
value (if any) of the Warrant Shares, QES shall take any action that may, in the opinion of its counsel, be necessary in order that QES may validly and legally issue fully paid and nonassessable Warrant Shares at the Exercise Price as so adjusted.

 QES covenants that all Warrant Shares and other capital stock issued upon exercise of Warrants will, upon payment of the Exercise Price
therefor and issue thereof, be validly authorized and issued, fully paid, nonassessable, free of preemptive rights and free, subject to Section 6 hereof, from all taxes (other than income taxes), liens, charges and security interests with
respect to the issue thereof, but such Warrant Shares shall be subject to the terms and conditions of the Equity Rights Agreement if such agreement is then in effect. 

Section 10. Adjustment of Exercise Price and Warrant Number. The number of shares of Common Stock issuable upon the exercise of
each Warrant (the “Warrant Number”) is initially one. The Warrant Number is subject to adjustment from time to time upon the occurrence of the events enumerated in, or as otherwise provided in, this Section 10. 

(a) Adjustment for Change in Capital Stock. If QES: 

(i) pays a dividend or makes a distribution on its Common Stock in shares of its Common Stock; 

(ii) subdivides or reclassifies its outstanding units or shares of Common Stock into a greater number of units or shares; 

(iii) combines or reclassifies its outstanding units or shares of Common Stock into a smaller number of units or shares; 

  
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 (iv) makes a distribution on Common Stock in shares of its capital stock other
than Common Stock; or 
 (v) issues by reclassification of its Common Stock any shares of its capital stock (other than
reclassifications arising solely as a result of a change in the par value or no par value of the Common Stock); 
 then the Warrant Number in
effect immediately prior to such action shall be proportionately adjusted so that the Holder of any Warrant thereafter exercised may receive the aggregate number and kind of shares of capital stock of QES that it would have owned immediately
following such action if such Warrant had been exercised immediately prior to such action. 
 The adjustment shall become
effective immediately after the record date in the case of a dividend or distribution and immediately after the effective date in the case of a subdivision, combination or reclassification. 

Such adjustment shall be made successively whenever any event listed above shall occur. If the occurrence of any event listed
above results in an adjustment under subsection (b) or (c) of this Section 10, no further adjustment shall be made under this subsection (a). 

QES shall not issue units or shares of Common Stock as a dividend or distribution on any class of capital stock other than
Common Stock, unless the Holders also receive such dividend or distribution on a ratable basis or the appropriate adjustment to the Warrant Number is made under this Section 10. 

(b) Adjustment for Rights Issue. If QES distributes (and receives no consideration therefor) any rights, options or
warrants (regardless of whether immediately exercisable) to all holders of any class of its Common Stock entitling them to purchase units or shares of Common Stock at a price per share less than the Specified Value per unit or share on the record
date relating to such distribution, the Warrant Number shall be adjusted in accordance with the following formula: 
  
 

 
 where: 
  

					
	W’	  	=	  	the adjusted Warrant Number.
			
	W	  	=	  	the Warrant Number immediately prior to the record date for any such distribution.
			
	O	  	=	  	the number of units or shares of Common Stock outstanding on the record date for any such distribution.

  
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	N	  	=	  	the number of additional units or shares of Common Stock issuable upon exercise of such rights, options or warrants.
			
	P	  	=	  	the exercise price per share of such rights, options or warrants.
			
	M	  	=	  	the Specified Value per unit or share of Common Stock on the record date for any such distribution.

 The adjustment shall be made successively whenever any such rights, options or warrants are
issued and shall become effective immediately after the record date for the determination of stockholders entitled to receive the rights, options or warrants. If at the end of the period during which such rights, options or warrants are exercisable,
not all rights, options or warrants shall have been exercised, the adjusted Warrant Number shall be immediately readjusted to what it would have been if “N” in the above formula had been the number of shares actually issued. 

(c) Adjustment for Other Distributions. If QES distributes to all holders of any class of its Common Stock (i) any
evidences of indebtedness of QES or any of its subsidiaries, (ii) any cash or other assets of QES or any of its subsidiaries, or (iii) any rights, options or warrants to acquire any of the foregoing or to acquire any other securities of
QES, then, except to the extent the Holders participate in such distribution pursuant to Section 7, the Warrant Number shall be adjusted in accordance with the following formula: 

 
 

 
 where: 
  

					
	W’	  	=	  	the adjusted Warrant Number.
			
	W	  	=	  	the Warrant Number immediately prior to the record date mentioned below.
			
	M	  	=	  	the Specified Value per unit or share of Common Stock on the record date mentioned below.
			
	F	  	=	  	the fair market value on the record date mentioned below of the indebtedness, assets, rights, options or warrants distributable to the holder of one unit or share of Common Stock.

 The adjustment shall be made successively whenever any such distribution is made and shall
become effective immediately after the record date for the determination of stockholders entitled to receive the distribution. If an adjustment is made pursuant to this subsection (c) as a result of the issuance of rights, options or warrants
and at the end of the period during which any 

  
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such rights, options or warrants are exercisable, not all such rights, options or warrants shall have been exercised, the adjusted Warrant Number shall be immediately readjusted as if
“F” in the above formula was the fair market value on the record date of the indebtedness or assets actually distributed upon exercise of such rights, options or warrants divided by the number of units or shares of Common Stock outstanding
on the record date. 
 This subsection does not apply to any transaction described in subsection (a) of this
Section 10 or to rights, options or warrants referred to in subsection (b) of this Section 10. 
 (d)
Adjustment for Common Stock Issue. If QES issues units or shares of Common Stock for a consideration per unit or share that is less than the Specified Value per unit or share on the date QES fixes the offering price of such additional units
or shares of Common Stock, the Warrant Number shall be adjusted in accordance with the following formula: 
  
 

 
 where: 
  

					
	W’	  	=	  	the adjusted Warrant Number.
			
	W	  	=	  	the Warrant Number immediately prior to any such issuance.
			
	O	  	=	  	the number of units or shares of Common Stock outstanding immediately prior to the issuance of such additional units or shares of Common Stock.
			
	P	  	=	  	the aggregate consideration received for the issuance of such additional units or shares of Common Stock.
			
	M	  	=	  	the Specified Value per unit or share of Common Stock on the date of issuance of such additional units or shares of Common Stock.
			
	A	  	=	  	the number of units or shares of Common Stock outstanding immediately after the issuance of such additional units or shares of Common Stock.

 The adjustment shall be made successively whenever any such issuance is made, and shall become
effective immediately after such issuance. 

  
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 This subsection (d) does not apply to any of the transactions described in
subsection (a) of this Section 10 or the issuances described below: 
 (i) the issuance of units or shares of
Common Stock upon the conversion, exercise or exchange of any Convertible Securities (as defined below) outstanding on the date hereof or the Warrants or for which an adjustment has been made pursuant to this Section 10; or 

(ii) (A) the grant of rights to purchase units or shares of Common Stock representing, in the aggregate, up to 10% of the
outstanding units or shares of Common Stock on a fully-diluted basis, and the issuance of such units or shares of Common Stock upon exercise of such rights, to directors or members of management of QES (or its general partner) and its subsidiaries
pursuant to management incentive plans, stock option and stock purchase plans or agreements adopted by the board of directors of QES (or its general partner) and (B) following the acquisition by QES of any of the rights or units or shares
referred to in clause (A), the reissuance of any such acquired rights and the issuance of units or shares of Common Stock upon exercise thereof. 

(e) Adjustment for Convertible Securities Issue. If QES issues any options, warrants or other securities convertible
into or exchangeable or exercisable for Common Stock (“Convertible Securities”) (other than securities issued in transactions described in subsection (b) or (c) of this Section 10) for a consideration per unit or
share of Common Stock initially deliverable upon conversion, exchange or exercise of such securities that is less than the Specified Value per unit or share of Common Stock on the date of issuance of such securities, the Warrant Number shall be
adjusted in accordance with the following formula: 
  
 

 
 where: 
  

					
	W’	  	=	  	the adjusted Warrant Number.
			
	W	  	=	  	the Warrant Number immediately prior to any such issuance.
			
	O	  	=	  	the number of units or shares of Common Stock outstanding immediately prior to the issuance of such Convertible Securities.
			
	P	  	=	  	the sum of the aggregate consideration received for the issuance of such Convertible Securities and the aggregate minimum consideration receivable by QES for issuance of Common Stock upon conversion or in exchange for, or upon
exercise of, such Convertible Securities.
			
	M	  	=	  	the Specified Value per unit or share of Common Stock on the date of issuance of such Convertible Securities.
			
	D	  	=	  	the maximum number of units or shares of Common Stock deliverable upon conversion or in exchange for or upon exercise of such Convertible Securities at the initial conversion, exchange or exercise rate.

  
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 The adjustment shall be made successively whenever any such issuance is made, and
shall become effective immediately after such issuance. 
 If all of the Common Stock deliverable upon conversion, exchange
or exercise of such Convertible Securities has not been issued when the conversion, exchange or exercise rights of such Convertible Securities have expired or been terminated, then the adjusted Warrant Number shall promptly be readjusted to the
adjusted Warrant Number that would then be in effect had the adjustment upon the issuance of such securities been made on the basis of the actual number of units or shares of Common Stock issued upon conversion, exchange or exercise of such
Convertible Securities. If the aggregate minimum consideration receivable by QES for issuance of Common Stock upon conversion or in exchange for, or upon exercise of, such Convertible Securities shall be increased by virtue of provisions therein
contained or upon the arrival of a specified date or the happening of a specified event, then the Warrant Number shall promptly be readjusted to the Warrant Number that would then be in effect had the adjustment upon the issuance of such Convertible
Securities been made on the basis of such increased minimum consideration. 
 This subsection (e) does not apply to the
issuance of the Warrants or to any of the transactions described in paragraph (b) of this Section 10 or excluded from the provisions of paragraph (d) of this Section 10. 

(f) Adjustment for Tender Offer. If QES (or its general partner) or any subsidiary of QES consummates a tender offer for
any Common Stock and purchases units or shares of Common Stock pursuant to such tender offer for an aggregate consideration having a fair market value (as determined reasonably and in good faith by the board of directors of QES (or its general
partner) and described in a board resolution) as of the last time (the “Expiration Time”) that tenders may be made pursuant to such tender offer (as it shall have been amended) that, together with (i) the aggregate of the cash
plus the fair market value (as determined reasonably and in good faith by the board of directors of QES (or its general partner) and described in a board resolution) of the consideration paid in respect of any other tender offer by QES (or its
general partner) or any subsidiaries of QES for any Common Stock consummated within the 12 months preceding the Expiration Time and in respect of which no adjustment pursuant to this subsection (f) has been made previously and (ii) the
aggregate amount of any distributions to all holders of Common Stock made exclusively in cash within 12 months preceding the Expiration Time exceeds 5.0% of the product of the Specified Value per unit or share of Common Stock immediately prior to
the Expiration Time times the number of units or shares of Common Stock outstanding (including any tendered units or shares) at the Expiration Time, the Warrant Number shall be adjusted in accordance with the following formula: 

 
 

 

  
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 where: 
  

					
	W’	  	=	  	the adjusted Warrant Number.
			
	W	  	=	  	the Warrant Number immediately prior to the Expiration Time.
			
	M	  	=	  	the Specified Value per unit or share of Common Stock immediately prior to the Expiration Time.
			
	O	  	=	  	the number of units or shares of Common Stock outstanding (including any tendered units or shares) at the Expiration Time.
			
	F	  	=	  	the fair market value of the aggregate consideration paid for all units or shares of Common Stock purchased pursuant to the tender offer.
			
	N	  	=	  	the number of units or shares of Common Stock accepted for payment in such tender offer.

 If the number of units or shares of Common Stock accepted for payment in such tender offer or
the aggregate consideration payable therefor have not been finally determined by the opening of business on the day following the Expiration Time, the adjustment required by this subsection (f) shall, pending such final determination, be made
based upon the preliminary announced results of such tender offer, and, after such final determination shall have been made, the adjustment required by this subsection (f) shall be based upon the number of units or shares accepted for payment
in such tender offer and the aggregate consideration payable therefor as so finally determined. 
 (g) “Specified
Value” per unit or share of Common Stock or of any other security (herein collectively referred to as a “Security”) at any date shall be: 

(i) if the Security is not registered under the Exchange Act, (1) the value of the Security determined in good faith by
the board of directors of QES (or its general partner) and certified in a board resolution, based on the most recently completed arm’s-length transaction between QES and a person other than an Affiliate of QES in which such determination is
necessary and the closing of which occurs on such date or shall have occurred within the six months preceding such date, (2) if no such transaction shall have occurred on such date or within such six-month period, the value of the Security most
recently determined as of a date within the six months preceding such date by an Independent Financial Expert or (3) if neither clause (1) nor (2) is applicable, the value of the Security as mutually agreed by QES and Holders of a
majority of the Warrants outstanding; provided, however, that if QES and such Holders are unable to mutually agree upon such value, QES shall select an Independent Financial Expert who shall determine the value of such Security; 

  
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 (ii) if the Security is registered under the Exchange Act, the average of the
daily market prices for each business day during the period commencing 10 business days before such date and ending on the date one day prior to such date or, if the Security has been registered under the Exchange Act for less than
30 consecutive business days before such date, then the average of the daily market prices (as hereinafter defined) for all of the business days before such date for which daily market prices are available. If the market price is not
determinable for at least 15 business days in such period, the Specified Value of the Security shall be determined as if the Security was not registered under the Exchange Act; or 

(iii) if the Security is registered under the Exchange Act and is being sold in a firm commitment underwritten public offering
registered under the Securities Act, the public offering price of such Security set forth on the cover page of the prospectus relating to such offering. 

The “market price” for any Security on each business day means: (A) if such Security is listed or
admitted to trading on any securities exchange, the closing price, regular way, on such day on the principal exchange on which such Security is traded, or if no sale takes place on such day, the average of the closing bid and asked prices on such
day or (B) if such Security is not then listed or admitted to trading on any securities exchange, the last reported sale price on such day, or if there is no such last reported sale price on such day, the average of the closing bid and the
asked prices on such day, as reported by a reputable quotation source designated by QES. If there are no such prices on a business day, then the market price shall not be determinable for such business day. 

In the case of Common Stock, if more than one class of Common Stock is outstanding, the “Specified Value” shall be
the highest of the Specified Values per unit or share of such classes of Common Stock. 
 “Independent Financial
Expert” shall mean a nationally recognized investment banking firm selected by QES that (i) does not (and whose directors, officers, employees and Affiliates do not) have a direct or indirect financial interest in QES or any of its
Affiliates, (ii) has not been, and, at the time it is called upon to serve as an Independent Financial Expert under this Agreement is not (and none of whose directors, officers, employees or Affiliates is) a promoter, director or officer of QES
(or its general partner), (iii) has not been retained by QES or any of its Affiliates for any purpose, other than to perform an equity valuation, within the preceding 12 months, and (iv) in the reasonable judgment of the board of directors
of QES (or its general partner), is otherwise qualified to serve as an independent financial advisor. Any such person may receive customary compensation and indemnification by QES for opinions or services it provides as an Independent Financial
Expert. 

  
 13 

 (h) Consideration Received. For purposes of any computation respecting
consideration received pursuant to subsections (d) and (e) of this Section 10, the following shall apply: 

(1) in the case of the issuance of units or shares of Common Stock for cash, the consideration shall be the amount of such cash
(without any deduction being made for any commissions, discounts or other expenses incurred by QES for any underwriting of the issue or otherwise in connection therewith); 

(2) in the case of the issuance of units or shares of Common Stock for a consideration in whole or in part other than cash, the
consideration other than cash shall be deemed to be the fair market value thereof (irrespective of the accounting treatment thereof) as determined in good faith by the board of directors of QES (or its general partner); and 

(3) in the case of the issuance of options, warrants or other securities convertible into or exchangeable or exercisable for
units or shares of Common Stock, the aggregate consideration received therefor shall be deemed to be the consideration received by QES for the issuance of such securities plus the additional minimum consideration, if any, to be received by QES upon
the conversion, exchange or exercise thereof (the consideration in each case to be determined in the same manner as provided in clauses (1) and (2) of this subsection). 

(i) When De Minimis Adjustment May Be Deferred. No adjustment in the Warrant Number need be made unless the adjustment
would require an increase or decrease of at least 1.0% in the Warrant Number. Any adjustment that is not made shall be carried forward and taken into account in any subsequent adjustment, provided that no such adjustment shall be deferred
beyond the date on which a Warrant is exercised. 
 All calculations under this Section 10 shall be made to the nearest
1/100th of a unit or share. 
 (j) Adjustment to Exercise Price. Upon each adjustment to the Warrant Number pursuant
to this Section 10, the Exercise Price shall be adjusted so that it is equal to the Exercise Price in effect immediately prior to such adjustment multiplied by a fraction, the numerator of which is the Warrant Number in effect immediately prior
to such adjustment, and the denominator of which is the Warrant Number in effect immediately after such adjustment. 
 (k)
When No Adjustment Required. If an adjustment is made upon the establishment of a record date for a distribution subject to subsection (a), (b) or (c) of this Section 10 and such distribution is subsequently cancelled, the
Warrant Number and Exercise Price then in effect shall be readjusted, effective as of the date when the board of directors of QES (or its general partner) determines to cancel such distribution, to that Warrant Number and Exercise Price that would
have been in effect if such record date had not been fixed. 

  
 14 

 To the extent the Warrants become convertible into cash, no adjustment need be
made thereafter as to the amount of cash into which such Warrants are exercisable. Interest will not accrue on the cash. 

(l) Notice of Adjustment. Whenever the Warrant Number or Exercise Price is adjusted, QES shall provide the notices
required by Section 12 hereof. 
 (m) Voluntary Reduction. QES from time to time may reduce the Exercise Price by
any amount for any period of time (including, without limitation, permanently) if the period is at least 20 days and if the reduction is irrevocable during the period. 

Whenever the Exercise Price is reduced, QES shall mail to the Holders a notice of the reduction. QES shall mail the notice at
least 15 days before the date the reduced Exercise Price takes effect. The notice shall state the reduced Exercise Price and the period it will be in effect. 

A reduction of the Exercise Price under this subsection (m) (other than a permanent reduction) does not change or adjust
the Exercise Price otherwise in effect for purposes of subsections (a), (b), (c), (d), (e) or (f) of this Section 10. 

(n) Reorganizations. In case of any capital reorganization, other than in the cases referred to in subsections (a), (b),
(c), (d), (e) or (f) of this Section 10, or the consolidation or merger of QES with or into another entity (other than a merger or consolidation in which QES is the continuing entity and which does not result in any reclassification
of the outstanding units or shares of Common Stock into units or shares of other stock or other securities or property), or the sale of the property of QES as an entirety or substantially as an entirety (collectively, such actions being hereinafter
referred to as “Reorganizations”), there shall thereafter be deliverable upon exercise of any Warrant (in lieu of the number of units or shares of Common Stock theretofore deliverable) the number of units or shares of stock or other
securities or property to which a holder of the number of units or shares of Common Stock that would otherwise have been deliverable upon the exercise of such Warrant would have been entitled upon such Reorganization if such Warrant had been
exercised in full immediately prior to such Reorganization. In case of any Reorganization, appropriate adjustment, as determined in good faith by the board of directors of QES (or its general partner), whose determination shall be described in a
duly adopted resolution certified by QES’ (or its general partner’s) Secretary or Assistant Secretary, shall be made in the application of the provisions herein set forth with respect to the rights and interests of Holders so that the
provisions set forth herein shall thereafter be applicable, as nearly as possible, in relation to any units or shares or other property thereafter deliverable upon exercise of Warrants. 

QES shall not effect any such Reorganization unless prior to or simultaneously with the consummation thereof the successor
entity (if other than QES) resulting from such Reorganization or the entity purchasing or leasing such assets or other appropriate entity shall expressly assume, by a supplemental Warrant Agreement or other acknowledgment executed and delivered to
the Holder(s), the obligation to deliver to each such Holder such units or shares of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may be entitled to purchase, and all other obligations and liabilities
under this Agreement. 

  
 15 

 (o) Form of Warrants. Irrespective of any adjustments in the Exercise
Price or the number or kind of units or shares purchasable upon the exercise of the Warrants, Warrants theretofore or thereafter issued may continue to express the same price and number and kind of units or shares as are stated in the Warrants
initially issuable pursuant to this Agreement. 
 (p) Other Dilutive Events. In case any event shall occur as to which
the provisions of this Section 10 are not strictly applicable but the failure to make any adjustment would not fairly protect the purchase rights represented by the Warrants in accordance with the essential intent and principles of such
sections, then, in each such case, QES shall make a good faith adjustment to the Exercise Price and Warrant Number into which each Warrant is exercisable in accordance with the intent of this Section 10 and, upon the written request of the
Holders of a majority of the Warrants, shall appoint a firm of independent certified public accountants of recognized national standing (which may be the regular auditors of QES), which shall give their opinion upon the adjustment, if any, on a
basis consistent with the essential intent and principles established in this Section 10, necessary to preserve, without dilution, the purchase rights represented by these Warrants. Upon receipt of such opinion, QES shall promptly mail a copy
thereof to the Holder of each Warrant and shall make the adjustments described therein. 
 (q) Miscellaneous. For
purpose of this Section 10, the term “units or shares of Common Stock” shall mean (i) units or shares of any class of stock designated as Common Stock of QES as of the date of this Agreement, (ii) units or shares of
any other class of stock resulting from successive changes or reclassification of such shares consisting solely of changes in par value, or from par value to no par value, or from no par value to par value and (iii) units or shares of Common
Stock of QES or options, warrants or rights to purchase units or shares of Common Stock of QES or securities convertible into or exchangeable for units or shares of Common Stock of QES outstanding on the date hereof and units or shares of Common
Stock of QES issued upon exercise, conversion or exchange of such securities. In the event that at any time, as a result of an adjustment made pursuant to this Section 10, the Holders of Warrants shall become entitled to purchase any securities
of QES other than, or in addition to, units or shares of Common Stock, thereafter the number or amount of such other securities so purchasable upon exercise of each Warrant shall be subject to adjustment from time to time in a manner and on terms as
nearly equivalent as practicable to the provisions with respect to the Warrant Shares contained in subsections (a) through (p) of this Section 10, inclusive, and the provisions of Sections 5, 6, 9 and 11 hereof with respect to
the Warrant Shares or the Common Stock shall apply on like terms to any such other securities. 
 Section 11. Fractional
Interests. QES shall not be required to issue fractional Warrant Shares on the exercise of Warrants. If more than one Warrant shall be presented for exercise in full at the same time by the same holder, the number of full Warrant Shares which
shall be issuable upon the exercise thereof shall be computed on the basis of the aggregate number of Warrant Shares purchasable on exercise of the Warrants so presented. If any fraction of a 

  
 16 

 
Warrant Share would, except for the provisions of this Section 11, be issuable on the exercise of any Warrants (or specified portion thereof), QES shall, pay an amount in cash equal to the
fair market value of the Warrant Share so issuable (as determined in good faith by the board of directors of QES (or its general partner)), multiplied by such fraction. 

Section 12. Notices to Holders. Upon any adjustment pursuant to Section 10 hereof, QES shall promptly thereafter
(i) cause to be filed with QES a certificate of an officer of QES (or its general partner) setting forth the Warrant Number and Exercise Price after such adjustment and setting forth in reasonable detail the method of calculation and the facts
upon which such calculations are based, and (ii) cause to be given to each of the Holders at its address appearing on the Warrant Register written notice of such adjustments. Where appropriate, such notice may be given in advance and included
as a part of the notice required to be mailed under the other provisions of this Section 12. 
 In case: 

(a) QES shall authorize the issuance to all holders of units or shares of Common Stock of rights, options or warrants to
subscribe for or purchase units or shares of Common Stock or of any other subscription rights or warrants; 
 (b) QES shall
authorize the distribution to all holders of units or shares of Common Stock of assets, including cash, evidences of its indebtedness, or other securities; 

(c) of any consolidation or merger to which QES is a party and for which approval of any equityholders of QES is required, or
of the conveyance or transfer of the properties and assets of QES substantially as an entirety, or of any reclassification or change of Common Stock issuable upon exercise of the Warrants (other than a change in par value, or from par value to no
par value, or from no par value to par value, or as a result of a subdivision or combination), or a tender offer or exchange offer for units or shares of Common Stock; 

(d) of the voluntary or involuntary dissolution, liquidation or winding up of QES; or 

(e) QES proposes to take any action that would require an adjustment to the Warrant Number or the Exercise Price pursuant to
Section 10 hereof. 
 then QES shall cause to be given to each of the Holders at its address appearing on the Warrant Register, at least 20 days prior
to the applicable record date hereinafter specified, or the date of the event in the case of events for which there is no record date, in accordance with the provisions of Section 13 hereof, a written notice stating (i) the date as of
which the holders of record of units or shares of Common Stock to be entitled to receive any such rights, options, warrants or distribution are to be determined, (ii) the initial expiration date set forth in any tender offer or exchange offer
for units or shares of Common Stock, or (iii) the date on which any such consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up is expected to become effective or consummated, and the date as of which it is expected
that holders of record of units or shares of Common Stock shall be entitled to exchange such shares for securities or 

  
 17 

 
other property, if any, deliverable upon such reclassification, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up. The failure to give the notice required by
this Section 12 or any defect therein shall not affect the legality or validity of any distribution, right, option, warrant, consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up, or the vote upon any action. 

Nothing contained in this Agreement or in any Warrant Certificate shall be construed as conferring upon the Holders (prior to the
exercise of such Warrants) the right to vote or to consent or to receive notice as an equityholder in respect of the meetings of equityholders or the election of members of the board of directors of QES (or its general partner) or any other matter,
or any rights whatsoever as equityholders of QES; provided, however, that nothing in the foregoing provision is intended to detract from any rights explicitly granted to any Holder hereunder. 

Section 13. Notices to QES and Holders. All notices and other communications provided for or permitted hereunder shall be made by
hand-delivery, first-class mail, facsimile transmission, e-mail transmission or overnight air courier guaranteeing next day delivery using the information under “Address for Notices” set forth on each party’s signature page hereto.

 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
business days after being deposited in the mail, postage prepaid, if mailed (so long as a fax copy is sent and receipt confirmed within two business days after mailing); when receipt is confirmed, if faxed or e-mailed; and the next business day
after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. The parties may change the addresses to which notices are to be given by giving five days’ prior written notice of such change in accordance
herewith. 
 Section 14. Successors. All the covenants and provisions of this Agreement by or for the benefit of QES or the
Holders shall bind and inure to the benefit of their respective successors and assigns hereunder. 
 Section 15. Termination.
This Agreement shall terminate if all Warrants have been exercised pursuant to this Agreement. 
 Section 16. Governing Law;
Submission To Jurisdiction. This Agreement and all issues hereunder shall be governed by and construed in accordance with the laws of the State of Texas. Any legal action or proceeding with respect to this Agreement may be brought in the courts
of the State of Texas sitting in Harris County or of the United States for the Southern District of such state, and by execution and delivery of this Agreement, each party hereto consents to the non-exclusive jurisdiction of those courts. Each party
hereto irrevocably waives any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have to the bringing of any action or proceeding in such jurisdiction in respect
of this Agreement or any issue hereunder. Each party hereto waives personal service of any summons, complain or other process, which may be made by any other means permitted by the law of such state. Each party hereto irrevocably consents to service
of process in the manner provided for notices in Section 13 hereof. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 

  
 18 

 Section 17. Jury Trial Waiver. As permitted by applicable law, each party hereto
waives its respective rights to a trial before a jury in connection with any claim, dispute or controversy arising between the parties hereto with respect to this Agreement or any issue hereunder, and such claim, dispute or controversy shall be
resolved by a judge sitting without a jury. 
 Section 18. Benefits of this Agreement. Nothing in this Agreement shall be
construed to give to any person or corporation other than QES and the Holders any legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the sole and exclusive benefit of QES and the Holders. 

Section 19. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

Section 20. Amendments and Waivers. 

(a) This Agreement and the Warrants may be amended, or their provisions waived, by QES and the unanimous approval of all
Holders; provided that, to the extent applicable, QES and any individual Holder may amend this Agreement or the Warrants held by such Holder solely with respect to such Holder’s own rights and obligations (and without amending any other
Holder’s rights or obligations or the rights or obligations of QES with respect to such other Holder) without the approval of any other Holder. 

(b) QES agrees it will not solicit, request or negotiate for or with respect to any proposed waiver or amendment of any of the
provisions of this Agreement or any Warrant unless each Holder (irrespective of the amount of Warrants then owned by it) shall substantially concurrently be informed thereof by QES and shall be afforded the opportunity of considering the same and
shall be supplied by QES with sufficient information (including any offer of remuneration) to enable it to make an informed decision with respect thereto which information shall be the same as that supplied to each other Holder. QES will not
directly or indirectly, pay or cause to be paid any remuneration whether by way of supplement or additional interest fee or otherwise, to any Holder as consideration for or as an inducement to the entering into by any Holder of any waiver or
amendment of any of the terms and provisions of this Agreement or any Warrant unless such remunerations is concurrently paid on the same terms, ratably to each Holder whether or not such Holder signs such waiver or consent, provided that the
foregoing is not intended to preclude the adoption of any amendment or the giving of any waiver by the Holders of a majority of the Warrants to the extent permitted by the other provisions of this Section 20. 

Section 21. Entire Agreement. This Agreement, together with the Warrants, the Equity Rights Agreement and the Amended and Restated
Registration Rights Agreement, dated as of the date hereof (the “Registration Rights Agreement”), by and among QES, QES GP, QES Holdco LLC, Archer Holdco LLC, Geveran Investments Limited and Robertson QES Investment LLC,

  
 19 

 
constitute the entire agreement and understanding of the parties hereto and with respect to the subject matter contained herein, and there are no restrictions, promises, representations,
warranties, covenants or undertakings with respect to the subject matter hereof, other than as expressly set forth or referred to herein or therein. This Agreement, the Warrants, the Equity Rights Agreement and the Registration Rights Agreement
supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof. 

  
 20 

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

					
	 QUINTANA ENERGY SERVICES LP

			
		 	By:	 	Quintana Energy Services GP LLC,
		 		 	its general partner
			
		 	By:	 	 /s/ Rogers Herndon

		 	Name:	 	Rogers Herndon
		 	Title:	 	President and Chief Executive Officer

 Address for Notices: 

Quintana Energy Services LP 
 1415 Louisiana Street, Suite 2400

 Houston, TX 77008 
 Attn: D. Rogers Herndon 

Facsimile No.: (713) 751-7520 
 E-mail: rherndon@qeplp.com

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

Kirkland & Ellis LLP 
 600 Travis, Suite 3300 

Houston, TX 77002 
 Attn: Adam Larson 

Facsimile No.: (713) 835-3601 
 E-mail:
adam.larson@kirkland.com 

  
 Signature Page to QES
Warrant Agreement 

 Purchasers: 

 

			
	ARCHER HOLDCO LLC
		
	By:	 	 /s/ Max Bouthillette

	Name:	 	Max Bouthillette
	Title:	 	President

 Address for Notices: 

Archer Holdco LLC 
 c/o Archer Well Company Inc. 

12101 Cutten Road 
 Houston, TX 77066 

Attn: Legal 
 Facsimile No.: (281) 301-2795 

E-mail: Legal@archerwell.com 
 with a copy (which shall not
constitute notice) to: 
 Andrews Kurth Kenyon LLP 
 600
Travis, Suite 4200 
 Houston, TX 77002 
 Attn: Henry Havre 

Facsimile No.: (713) 220-4285 
 E-mail:
HenryHavre@andrewskurth.com 

  
 Signature Page to QES
Warrant Agreement 

 
			
	GEVERAN INVESTMENTS LIMITED
		
	By:	 	 /s/ Irene Theocharous and /s/ Spyros Episkopou

	Name:	 	Irene Theocharous and Spyros Episkopou
	Title:	 	Director
		
	By:	 	 /s/ Spyros Episkopou

	Name:	 	Spyros Episkopou
	Title:	 	Director

 Address for Notices: 

Geveran Investments Limited 
 c/o Seatankers Management Co. Ltd

 Correspondence address: 
 PO Box 53562, CY 3399 Limassol,
Cyprus 
 and 
 Mailing address: 

Deana Beach Apts 
 Block 1-Flat411, Fourth Floor 

33 Promachon Eleftherias Street 
 Ayios Athanasios 

CY4103-Limassol 
 Cyprus 

  
 Signature Page to QES
Warrant Agreement 

 
			
	ROBERTSON QES INVESTMENT LLC
		
	By:	 	 /s/ Corbin J. Robertson, Jr.

	Name:	 	Corbin J. Robertson, Jr.
	Title:	 	Manager

 Address for Notices: 

Robertson QES Investment LLC 
 c/o Corbin J. Robertson, Jr. 

1201 Louisiana Street, Suite 3400 
 Houston, Texas 77002 

Attention: D. Rogers Herndon 
 Facsimile No.: (713) 751-7520

 E-mail: rherndon@qeplp.com 

  
 Signature Page to QES
Warrant Agreement 

 EXHIBIT A 

[Form of Warrant Certificate] 
 THE SECURITIES
REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON DECEMBER 16, 2016, AND THE OFFER AND SALE OF SUCH SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THE SECURITIES
MAY NOT BE SOLD OR OFFERED FOR SALE OR OTHERWISE DISTRIBUTED EXCEPT IN CONJUNCTION WITH AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT, OR IN COMPLIANCE WITH RULE 144 OR PURSUANT TO ANOTHER EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A WARRANT AGREEMENT, THE EQUITY RIGHTS AGREEMENT (AS DEFINED BELOW) AND A WARRANT PURCHASE AGREEMENT, EACH DATED AS OF
DECEMBER 16, 2016, AMONG THE ISSUER OF SUCH SECURITIES (“QES”), THE PURCHASERS REFERRED TO THEREIN AND THE OTHER PARTIES THERETO. THE TRANSFER OF THIS CERTIFICATE IS SUBJECT TO THE CONDITIONS SPECIFIED IN SUCH AGREEMENTS AND QES
RESERVES THE RIGHT TO REFUSE THE TRANSFER OF THIS CERTIFICATE UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO SUCH TRANSFER. A COPY OF SUCH AGREEMENTS WILL BE FURNISHED WITHOUT CHARGE BY QES TO THE HOLDER HEREOF UPON WRITTEN REQUEST. 

THE SHARES ISSUABLE UPON EXERCISE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE PREFERENCES, POWERS, QUALIFICATIONS AND RIGHTS OF EACH
CLASS AND SERIES AS SET FORTH IN QES’ CERTIFICATE OF FORMATION AND LIMITED PARTNERSHIP AGREEMENT, AS AMENDED. QES WILL FURNISH A COPY OF THE CERTIFICATE OF FORMATION, LIMITED PARTNERSHIP AGREEMENT AND ANY RELEVANT AMENDMENTS THERETO TO THE
HOLDER OF THIS CERTIFICATE UPON WRITTEN REQUEST. 
  

			
	No.             	 	             Warrants

 Warrant Certificate 

QUINTANA ENERGY SERVICES LP 

This Warrant Certificate certifies that
                                        , or
registered assigns, is the registered holder of the number of Warrants (the “Warrants”) set forth above to purchase Common Stock, $0.001 par value (the “Common Stock”), of Quintana Energy Services LP, a Delaware
limited partnership (“QES”). Each Warrant entitles the holder upon exercise to receive from QES one fully paid and nonassessable common unit representing a limited partner interest of QES or, if at such time of exercise of the
Warrants represented by this Warrant Certificate QES has been converted into a corporation, an equivalent number of shares of common stock of the converted QES (such common unit or shares of common stock, a “Warrant Share”), at the
initial exercise price (the “Exercise Price”) of $0.01, payable in lawful money of the United States of America, upon surrender of this Warrant Certificate and payment of the Exercise Price at the office of QES (or its general
partner) designated for such purpose, but only subject to the conditions set forth herein and in the Warrant Agreement referred to hereinafter. The Exercise Price and number of Warrant Shares issuable upon exercise of the Warrants are subject to
adjustment upon the occurrence of certain events, as set forth in the Warrant Agreement. Each Warrant is exercisable at any time prior to 5:00 p.m., Eastern time, on December 16, 2026. 

The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants, and are issued or to be issued pursuant to
a Warrant Agreement dated as of December 16, 2016 (the “Warrant Agreement”), duly executed and delivered by QES, which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is
hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of QES and the holders (the words “holders” or “holder” meaning the registered holders or
registered holder) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written request to QES. Capitalized terms used and not defined herein shall have the meaning ascribed thereto in the Warrant Agreement.

  
 A-1 

 The holder hereof may exercise the Warrants evidenced hereby under and pursuant to the terms and
conditions of the Warrant Agreement by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon (and by this reference made a part hereof) properly completed and executed, and, to the extent the Warrants are not
being exchanged pursuant to the Warrant exchange provisions of Section 5 of the Warrant Agreement, together with payment of the Exercise Price in cash or by certified or bank check at the office of QES designated for such purpose. In the event
that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued by QES to the holder hereof or its registered assignee a new Warrant
Certificate evidencing the number of Warrants not exercised. 
 The Warrant Agreement provides that upon the occurrence of certain events
the number of Warrant Shares issuable upon exercise of a Warrant and the Exercise Price set forth on the face hereof may, subject to certain conditions, be adjusted. 

The holder hereof will have rights and obligations with respect to the Warrant Shares as provided in the Amended and Restated Equity Rights
Agreement dated as of December 16, 2016 (the “Equity Rights Agreement”) by and among QES, Quintana Energy Services GP LLC and the persons party thereto. Copies of the Equity Rights Agreement may be obtained by the holder
hereof upon written request to QES. 
 Warrant Certificates, when surrendered at the office of QES (or its general partner) by the
registered holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for
another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Subject to the
terms and conditions of the Warrant Agreement, upon due presentation for registration of transfer of this Warrant Certificate at the office of QES (or its general partner) a new Warrant Certificate or Warrant Certificates of like tenor and
evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other
governmental charge imposed in connection therewith. 
 QES may deem and treat the registered holder(s) thereof as the absolute owner(s) of
this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and QES shall not be
affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a equityholder of QES. 

IN WITNESS WHEREOF, QES has caused this Warrant Certificate to be signed by its (or its general partner’s) Chairman of the Board, Chief
Executive Officer, President or Vice President and by its (or its general partner’s) Secretary or Assistant Secretary. 
 Dated:
December 16, 2016 
 (Signature Page Follows) 

  
 A-2 

 
					
	QUINTANA ENERGY SERVICES LP
		
	By:	 	Quintana Energy Services GP LLC,
		 	its general partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 A-3 

 FORM OF ELECTION TO PURCHASE 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to: 

(Check Applicable Box) 
  

	 	☐	receive                      units or shares of Common Stock and herewith tenders payment for such units or shares to
the order of Quintana Energy Services LP in the amount of $             in accordance with the terms hereof. 

 

	 	☐	exchange Warrants for units or shares of Common Stock and herewith tenders Warrants to purchase                     
units or shares of Common Stock as payment for such number of units or shares of Common Stock as determined in accordance with the Warrant exchange procedures of Section 5 of the Warrant Agreement. 

The undersigned requests that a certificate for such units or shares be registered in the name of
                                        , whose
address is
                                         and that
such units or shares be delivered to
                                        , whose
address is
                                        . 

If said number of units or shares is less than all of the units or shares of Common Stock purchasable hereunder, the undersigned requests that
a new Warrant Certificate representing the remaining balance of such units or shares be registered in the name of
                                        , whose
address is
                                        , and
that such Warrant Certificate be delivered to
                                        , whose
address is
                                        . 

 

									
		 		 	Signature(s):	 	  
	 	

  

									
		 		 	NOTE:	 	The above signature(s) must correspond with the name written upon the face of this Warrant Certificate in every particular, without alteration or enlargement or any change whatever. If this Warrant is held of record by two or more
joint owners, all such owners must sign.	 	
				
	Date:	 		 		 	

  
 A-4 

 FORM OF ASSIGNMENT 

(To be signed only upon assignment of Warrant Certificate) 

FOR VALUE RECEIVED,
                                         hereby
sells, assigns and transfers unto
                                         whose
address is
                                         and
whose social security number or other identifying number is
                                        , the
within Warrant Certificate, together with all right, title and interest therein and to the Warrants represented thereby, and does hereby irrevocably constitute and appoint
                                        ,
attorney, to transfer said Warrant Certificate on the books of the within-named corporation, with full power of substitution in the premises. 
  

									
		 		 	Signature(s):	 	  
	 	

  

									
		 		 	NOTE:	  	The above signature(s) must correspond with the name written upon the face of this Warrant Certificate in every particular, without alteration or enlargement or any change whatever. If this Warrant is held of record by two or more
joint owners, all such owners must sign. 	 	
				
	Date:	 		 		  	

  
 A-5EX-10.8

 Exhibit 10.8 

FORM OF 
 QUINTANA ENERGY
SERVICES INC. 
 2017 Long Term Incentive Plan 

1. Purpose. The purpose of the Quintana Energy Services Inc. 2017 Long Term Incentive Plan (the “Plan”)
is to provide a means through which (a) Quintana Energy Services Inc., a Delaware corporation (the “Company”), and its Affiliates may attract, retain and motivate qualified persons as employees, directors and
consultants, thereby enhancing the profitable growth of the Company and its Affiliates and (b) persons upon whom the responsibilities of the successful administration and management of the Company and its Affiliates rest, and whose present and
potential contributions to the Company and its Affiliates are of importance, can acquire and maintain stock ownership or awards the value of which is tied to the performance of the Company, thereby strengthening their concern for the Company and its
Affiliates. Accordingly, the Plan provides for the grant of Options, SARs, Restricted Stock, Restricted Stock Units, Stock Awards, Dividend Equivalents, Other Stock-Based Awards, Cash Awards, Substitute Awards, Performance Awards, or any combination
of the foregoing, as determined by the Committee in its sole discretion. 
 2. Definitions. For purposes of the Plan, the
following terms shall be defined as set forth below: 
 (a) “Affiliate” means any corporation, partnership, limited
liability company, limited liability partnership, association, trust or other organization that, directly or indirectly, controls, is controlled by, or is under common control with, the Company. For purposes of the preceding sentence,
“control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the
power (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of the controlled entity or organization or (ii) to direct or cause the direction of the management and policies of the controlled
entity or organization, whether through the ownership of voting securities, by contract, or otherwise. 
 (b) “ASC Topic
718” means the Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation – Stock Compensation, as amended or any successor accounting standard. 

(c) “Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit, Stock Award, Dividend Equivalent, Other
Stock-Based Award, Cash Award, Substitute Award or Performance Award, together with any other right or interest, granted under the Plan. 

(d) “Award Agreement” means any written instrument (including any employment, severance or change in control
agreement) that sets forth the terms, conditions, restrictions and/or limitations applicable to an Award, in addition to those set forth under the Plan. 

(e) “Board” means the Board of Directors of the Company. 

  
 1 

 (f) “Cash Award” means an Award denominated in cash granted under
Section 6(i). 
 (g) “Change in Control” means, except as otherwise provided in an Award
Agreement, the consummation of any transaction (or series of transactions within a 12-month period) in which, immediately following the consummation of such transaction or transactions, (i) either (a) a
person that is not part of the Quintana Group and is not a member of Archer Holdco LLC, Robertson QES Investment LLC or Geveran Investments Ltd. (as determined immediately prior to such transaction or transactions) beneficially owns (as determined
pursuant to Rule 13d-3 of the Exchange Act) a majority of the total voting power of the Stock outstanding immediately prior to such transaction or transactions, or (b) both (1) the members of the Quintana
Group, Archer Holdco LLC, Robertson QES Investment LLC and Geveran Investments Ltd., collectively, cease to collectively own a majority of the total voting power of the Stock outstanding immediately prior to such transaction or transactions and
cease to have the power to elect a majority of the directors of the Board, and (2) persons that are not part of the Quintana Group and are not members of Archer Holdco LLC, Robertson QES Investment LLC or Geveran Investments Ltd. (as determined
immediately prior to the consummation of such transaction or transactions), but constituting not less than two separate beneficial owners (as determined pursuant to Rule 13d-3 of the Exchange Act) collectively
own a majority of the total voting power of the Stock outstanding immediately prior to such transaction or transactions; or (ii) that constitutes the sale or disposition of assets of the Company having a gross Fair Market Value of 50% or more
of the total gross Fair Market Value of all of the consolidated assets of the Company and its subsidiaries (other than such a sale or disposition immediately after which such assets are owned directly or indirectly by the owners of the Company in
substantially the same proportions as their ownership of Stock immediately prior to such sale or disposition). 
 (h) “Change in
Control Price” means the amount determined in the following clause (i), (ii), (iii), (iv) or (v), whichever the Committee determines is applicable, as follows: (i) the price per share offered to holders of Stock in any merger or
consolidation, (ii) the per share Fair Market Value of the Stock immediately before the Change in Control or other event without regard to assets sold in the Change in Control or other event and assuming the Company has received the
consideration paid for the assets in the case of a sale of the assets, (iii) the amount distributed per share of Stock in a dissolution transaction, (iv) the price per share offered to holders of Stock in any tender offer or exchange offer
whereby a Change in Control or other event takes place, or (v) if such Change in Control or other event occurs other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 2(h), the value per
share of the Stock that may otherwise be obtained with respect to such Awards or to which such Awards track, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In
the event that the consideration offered to stockholders of the Company in any transaction described in this Section 2(h) or in Section 8(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent
of the portion of the consideration offered which is other than cash and such determination shall be binding on all affected Participants to the extent applicable to Awards held by such Participants. 

(i) “Code” means the Internal Revenue Code of 1986, as amended from time to time, including the guidance and
regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 

  
 2 

 (j) “Committee” means a committee of two or more directors designated by
the Board to administer the Plan; provided, however, that, unless otherwise determined by the Board, the Committee shall consist solely of two or more Qualified Members. 

(k) “Covered Employee” means an Eligible Person who is (i) a “covered employee” within the meaning of
Section 162(m) or (ii) designated by the Committee, at the time of grant of a Performance Award or at any subsequent time, as reasonably expected to be a “covered employee” with respect to the taxable year of the Company in which any
applicable Award will be paid. 
 (l) “Dividend Equivalent” means a right, granted to an Eligible Person under
Section 6(g), to receive cash, Stock, other Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other periodic payments. 

(m) “Effective Date” means [            ]. 

(n) “Eligible Person” means any individual who, as of the date of grant of an Award, is an officer or employee of the
Company or of any of its Affiliates, and any other person who provides services to the Company or any of its Affiliates, including directors of the Company; provided, however, that, any such individual must be an “employee”
of the Company or any of its parents or subsidiaries within the meaning of General Instruction A.1(a) to Form S-8 if such individual is granted an Award that may be settled in Stock. An employee on leave of
absence may be an Eligible Person. 
 (o) “Exchange Act” means the Securities Exchange Act of 1934, as amended from
time to time, including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto. 

(p) “Fair Market Value” of a share of Stock means, as of any specified date, (i) if the Stock is listed on a
national securities exchange, the closing sales price of the Stock, as reported on the stock exchange composite tape on that date (or if no sales occur on such date, on the last preceding date on which such sales of the Stock are so reported); (ii)
if the Stock is not traded on a national securities exchange but is traded over the counter on such date, the average between the reported high and low bid and asked prices of Stock on the most recent date on which Stock was publicly traded on or
preceding the specified date; or (iii) in the event Stock is not publicly traded at the time a determination of its value is required to be made under the Plan, the amount determined by the Committee in its discretion in such manner as it deems
appropriate, taking into account all factors the Committee deems appropriate, including the Nonqualified Deferred Compensation Rules. Notwithstanding this definition of Fair Market Value, with respect to one or more Award types, or for any other
purpose for which the Committee must determine the Fair Market Value under the Plan, the Committee may elect to choose a different measurement date or methodology for determining Fair Market Value so long as the determination is consistent with the
Nonqualified Deferred Compensation Rules and all other applicable laws and regulations. 
 (q) “ISO” means an Option
intended to be and designated as an “incentive stock option” within the meaning of Section 422 of the Code. 

  
 3 

 (r) “Nonqualified Deferred Compensation Rules” means the limitations or
requirements of Section 409A of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 

(s) “Nonstatutory Option” means an Option that is not an ISO. 

(t) “Option” means a right, granted to an Eligible Person under Section 6(b), to purchase Stock at a specified
price during specified time periods, which may either be an ISO or a Nonstatutory Option. 
 (u) “Other Stock-Based
Award” means an Award granted to an Eligible Person under Section 6(h). 
 (v) “Participant”
means a person who has been granted an Award under the Plan that remains outstanding, including a person who is no longer an Eligible Person. 

(w) “Performance Award” means an award granted to an Eligible Person under Section 6(k), the grant, vesting,
exercisability and/or settlement of which (and/or the timing or amount thereof) is subject to the achievement of one or more performance goals specified by the Committee. 

(x) “Qualified Member” means a member of the Board who is (i) a
“non-employee director” within the meaning of Rule 16b-3(b)(3), (ii) following expiration of the Transition Period (as defined in
Section 6(k)(ii)), an “outside director” within the meaning of Section 162(m), and (iii) “independent” under the listing standards or rules of the securities exchange upon which the Stock is traded, but only to the
extent such independence is required in order to take the action at issue pursuant to such standards or rules. 
 (y) “Quintana
Group” means Quintana Energy Partners, L.P., Quintana Energy Fund – FI, LP, Quintana Energy Fund – TE, LP and any entity directly or indirectly affiliated with such entities, including subsidiaries of such entities directly or
indirectly controlling or controlled by any of the foregoing, or such entities, and investment vehicles to which investment management services are provided, other than the Company and its respective subsidiaries. 

(z) “Restricted Stock” means Stock granted to an Eligible Person under Section 6(d) that is subject to certain
restrictions and to a risk of forfeiture. 
 (aa) “Restricted Stock Unit” means a right, granted to an Eligible
Person under Section 6(e), to receive Stock, cash or a combination thereof at the end of a specified period (which may or may not be coterminous with the vesting schedule of the Award). 

(bb) “Rule 16b-3” means Rule 16b-3,
promulgated by the SEC under Section 16 of the Exchange Act. 
 (cc) “SAR” means a stock appreciation right
granted to an Eligible Person under Section 6(c). 

  
 4 

 (dd) “SEC” means the Securities and Exchange Commission. 

(ee) “Section 162(m)” means Section 162(m) of the Code and Treasury Regulation §
1.162-27, as amended from time to time, and any other guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 

(ff) “Section 162(m) Award” means a Performance Award granted under Section 6(k)(i) to a Covered Employee that
is intended to satisfy the requirements for “performance-based compensation” within the meaning of Section 162(m). 
 (gg)
“Securities Act” means the Securities Act of 1933, as amended from time to time, including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto. 

(hh) “Stock” means the Company’s Common Stock, par value $0.01 per share, and such other securities as may be
substituted (or re-substituted) for Stock pursuant to Section 8. 
 (ii)
“Stock Award” means unrestricted shares of Stock granted to an Eligible Person under Section 6(f). 
 (jj)
“Substitute Award” means an Award granted under Section 6(j). 
 3. Administration. 

(a) Authority of the Committee. The Plan shall be administered by the Committee except to the extent the Board elects to administer the
Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.” Subject to the express provisions of the Plan, Rule 16b-3 and other applicable
laws, the Committee shall have the authority, in its sole and absolute discretion, to: 
 (i) designate Eligible Persons as Participants;

 (ii) determine the type or types of Awards to be granted to an Eligible Person; 

(iii) determine the number of shares of Stock or amount of cash to be covered by Awards; 

(iv) determine the terms and conditions of any Award, including whether, to what extent and under what circumstances Awards may be vested,
settled, exercised, cancelled or forfeited (including conditions based on continued employment or service requirements or the achievement of one or more performance goals); 

(v) modify, waive or adjust any term or condition of an Award that has been granted, which may include the acceleration of vesting, waiver of
forfeiture restrictions, modification of the form of settlement of the Award (for example, from cash to Stock or vice versa), early termination of a performance period, or modification of any other condition or limitation regarding an Award; 

  
 5 

 (vi) determine the treatment of an Award upon a termination of employment or other service
relationship; 
 (vii) impose a holding period with respect to an Award or the shares of Stock received in connection with an Award; 

(viii) interpret and administer the Plan and any Award Agreement; 

(ix) correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award, or in any Award Agreement; and 

(x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.

 The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as
limiting any power or authority of the Committee. Any action of the Committee shall be final, conclusive and binding on all persons, including the Company, its Affiliates, stockholders, Participants, beneficiaries, and permitted transferees under
Section 7(a) or other persons claiming rights from or through a Participant. 
 (b) Exercise of Committee Authority. At any
time that a member of the Committee is not a Qualified Member, any action of the Committee relating to (i) an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect of the
Company where such action is not taken by the full Board, or (ii) a Section 162(m) Award, may be taken either (A) by a subcommittee, designated by the Committee, composed solely of two or more Qualified Members, or (B) by the
Committee but with each such member who is not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that upon such abstention or recusal, the Committee remains composed solely of two or more
Qualified Members. Such action, authorized by such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes of the
Plan. For the avoidance of doubt, the full Board may take any action relating to an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect of the Company, so long as such Award is
not a Section 162(m) Award. 
 (c) Delegation of Authority. The Committee may delegate any or all of its powers and duties under the
Plan to a subcommittee of directors or to any officer of the Company, including the power to perform administrative functions and grant Awards; provided, however, that such delegation does not (i) violate state or corporate law,
(ii) result in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to Participants subject to Section 16 of the Exchange Act in respect of the Company, or (iii) cause Section
162(m) Awards to fail to so qualify. Upon any such delegation, all references in the Plan to the “Committee,” other than in Section 8, shall be deemed to include any subcommittee or officer of the Company to whom
such powers have been delegated by the Committee. Any such delegation shall not limit the right of such subcommittee members or such an officer to receive Awards; provided, however, that such subcommittee members and any such officer
may not grant Awards to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate, or take 

  
 6 

 
any action with respect to any Award previously granted to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate. The Committee may also appoint
agents who are not executive officers of the Company or members of the Board to assist in administering the Plan, provided, however, that such individuals may not be delegated the authority to (A) grant or modify any Awards that
will, or may, be settled in Stock or (B) take any action that would cause Section 162(m) Awards to fail to so qualify, if applicable. 

(d) Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any report or
other information furnished to him or her by any officer or employee of the Company or any of its Affiliates, the Company’s legal counsel, independent auditors, consultants or any other agents assisting in the administration of the Plan.
Members of the Committee and any officer or employee of the Company or any of its Affiliates acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good faith with
respect to the Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such action or determination. 

(e) Participants in Non-U.S. Jurisdictions. Notwithstanding any provision of the Plan to the
contrary, to comply with applicable laws in countries other than the United States in which the Company or any of its Affiliates operates or has employees, directors or other service providers from time to time, or to ensure that the Company
complies with any applicable requirements of foreign securities exchanges, the Committee, in its sole discretion, shall have the power and authority to: (i) determine which of the Company’s Affiliates shall be covered by the Plan;
(ii) determine which Eligible Persons outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Eligible Persons outside the United States to comply with applicable
foreign laws or listing requirements of any foreign exchange; (iv) establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or
advisable (any such sub-plans and/or modifications shall be attached to the Plan as appendices), provided, however, that no such sub-plans and/or
modifications shall increase the share limitations contained in Section 4(a); and (v) take any action, before or after an Award is granted, that it deems advisable to comply with any applicable governmental regulatory exemptions or
approval or listing requirements of any such foreign securities exchange. For purposes of the Plan, all references to foreign laws, rules, regulations or taxes shall be references to the laws, rules, regulations and taxes of any applicable
jurisdiction other than the United States or a political subdivision thereof. 
 4. Stock Subject to Plan. 

(a) Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with Section 8,
[            ] shares of Stock are reserved and available for delivery with respect to Awards, and such total shall be available for the issuance of shares upon the exercise of ISOs. 

(b) Application of Limitation to Grants of Awards. Subject to Section 4(c), no Award may be granted if the
number of shares of Stock that may be delivered in connection with such Award exceeds the number of shares of Stock remaining available under the Plan minus the number of shares of Stock issuable in settlement of or relating to then-outstanding

  
 7 

 
Awards. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or Substitute Awards) and make
adjustments if the number of shares of Stock actually delivered differs from the number of shares previously counted in connection with an Award. 

(c) Availability of Shares Not Delivered under Awards. If all or any portion of an Award expires or is cancelled, forfeited, exchanged,
settled in cash or otherwise terminated, the shares of Stock subject to such Award (including (i) shares forfeited with respect to Restricted Stock, and (ii) the number of shares withheld or surrendered to the Company in payment of any
exercise or purchase price of an Award or taxes relating to Awards) shall not be considered “delivered shares” under the Plan, shall be available for delivery with respect to Awards, and shall no longer be considered issuable or related to
outstanding Awards for purposes of Section 4(b), except that if any such shares could not again be available for Awards granted to a particular Participant under any applicable law or regulation, such shares shall be
available exclusively for Awards to Participants who are not subject to such limitation. If an Award may be settled only in cash, such Award need not be counted against any share limit under this Section 4, but will remain
subject to the limitations in Section 5 to the extent required to preserve the status of any Award intended to be a Section 162(m) Award. 

(d) Stock Offered. The shares of Stock to be delivered under the Plan shall be made available from (i) authorized but unissued
shares of Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired by the Company, including shares purchased on the open market. 

5. Eligibility; Per Person Award Limitations. 

(a) Awards may be granted under the Plan only to Eligible Persons. 

(b) Beginning with the calendar year in which the Transition Period expires and for each calendar year thereafter, a Covered Employee may not
be granted Awards intended to be Section 162(m) Awards (i) to the extent such Award is based on a number of shares of Stock (including Awards that may be settled in either cash or shares of Stock) relating to more than
[            ] shares of Stock, subject to adjustment in a manner consistent with any adjustment made pursuant to Section 8, and (ii) to the extent such Award
is designated to be paid only in cash and is not based on a number of shares of Stock, having a maximum value determined on the date of grant in excess of $[            ], in each case
multiplied by the number of full or partial fiscal or calendar years, as applicable, in any performance period established with respect to an Award, if applicable, up to a maximum of five fiscal or calendar years. If an Award is cancelled, then the
cancelled Award shall continue to be counted toward the applicable limitation in this paragraph to the extent required by Section 162(m). 

(c) In each calendar year during any part of which the Plan is in effect, a non-employee member of the
Board may not be granted Awards (i) relating to more than [            ] shares of Stock, subject to adjustment in a manner consistent with any adjustment made pursuant to
Section 8, or (ii) if greater, Awards having a value (determined, if applicable, pursuant to ASC Topic 718) on the date of grant in excess of $[            ],
in each case multiplied by the number of full or partial calendar years in any performance period established with respect to an Award, if 

  
 8 

 
applicable; provided, that, for the calendar year in which a non-employee member of the Board first commences service on the Board only, the foregoing
limitations shall be doubled; provided, further that, the limits set forth in this Section 5(c) shall be without regard to grants of Awards, if any, made to a non-employee member of the Board during any
period in which such individual was an employee of the Company or of any of its Affiliates or was otherwise providing services to the Company or to any of its Affiliates other than in the capacity as a director of the Company. 

6. Specific Terms of Awards. 

(a) General. Awards may be granted on the terms and conditions set forth in this Section 6. Awards granted
under the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other Award. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or thereafter
(subject to Section 10), such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine. 

(b) Options. The Committee is authorized to grant Options, which may be designated as either ISOs or Nonstatutory Options, to Eligible
Persons on the following terms and conditions: 
 (i) Exercise Price. Each Award Agreement evidencing an Option shall state the
exercise price per share of Stock (the “Exercise Price”) established by the Committee; provided, however, that except as provided in Section 6(j) or in Section 8, the Exercise
Price of an Option shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of the date of grant of the Option (or in the case of an ISO granted to an
individual who owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or its parent or any of its subsidiaries, 110% of the Fair Market Value per share of the Stock on the date of grant).
Notwithstanding the foregoing, the Exercise Price of a Nonstatutory Option may be less than 100% of the Fair Market Value per share of Stock as of the date of grant of the Option if the Option (1) does not provide for a deferral of compensation
by reason of satisfying the short-term deferral exception set forth in the Nonqualified Deferred Compensation Rules or (2) provides for a deferral of compensation and is compliant with the Nonqualified Deferred Compensation Rules. 

(ii) Time and Method of Exercise; Other Terms. The Committee shall determine the methods by which the Exercise Price may be paid or
deemed to be paid, the form of such payment, including cash or cash equivalents, Stock (including previously owned shares or through a cashless exercise, i.e., “net settlement”, a broker-assisted exercise, or other reduction of the amount
of shares otherwise issuable pursuant to the Option), other Awards or awards granted under other plans of the Company or any Affiliate, other property, or any other legal consideration the Committee deems appropriate (including notes or other
contractual obligations of Participants to make payment on a deferred basis), the methods by or forms in which Stock will be delivered or deemed to be delivered to Participants, including the delivery of Restricted Stock subject to Section
6(d), and any other terms and conditions of any Option. In the case of an exercise whereby the Exercise Price is paid with Stock, such Stock shall be valued based on the Stock’s Fair Market Value as of the date of exercise. No Option may be
exercisable 

  
 9 

 
for a period of more than ten years following the date of grant of the Option (or in the case of an ISO granted to an individual who owns stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or its parent or any of its subsidiaries, for a period of more than five years following the date of grant of the ISO). 

(iii) ISOs. The terms of any ISO granted under the Plan shall comply in all respects with the provisions of Section 422 of the
Code. ISOs may only be granted to Eligible Persons who are employees of the Company or employees of a parent or any subsidiary corporation of the Company. Except as otherwise provided in Section 8, no term of the Plan
relating to ISOs (including any SAR in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify either the Plan or any ISO under Section 422 of
the Code, unless the Participant has first requested the change that will result in such disqualification. ISOs shall not be granted more than ten years after the earlier of the adoption of the Plan or the approval of the Plan by the Company’s
stockholders. Notwithstanding the foregoing, to the extent that the aggregate Fair Market Value of shares of Stock subject to an ISO and the aggregate Fair Market Value of shares of stock of any parent or subsidiary corporation (within the meaning
of Sections 424(e) and (f) of the Code) subject to any other incentive stock options of the Company or a parent or subsidiary corporation (within the meaning of Sections 424(e) and (f) of the Code) that are exercisable for the first time
by a Participant during any calendar year exceeds $100,000, or such other amount as may be prescribed under Section 422 of the Code, such excess shall be treated as Nonstatutory Options in accordance with the Code. As used in the previous
sentence, Fair Market Value shall be determined as of the date the ISO is granted. If a Participant shall make any disposition of shares of Stock issued pursuant to an ISO under the circumstances described in Section 421(b) of the Code (relating to
disqualifying dispositions), the Participant shall notify the Company of such disposition within the time provided to do so in the applicable award agreement. 

(c) SARs. The Committee is authorized to grant SARs to Eligible Persons on the following terms and conditions: 

(i) Right to Payment. An SAR is a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of
Stock on the date of exercise over (B) the grant price of the SAR as determined by the Committee. 
 (ii) Grant Price. Each
Award Agreement evidencing an SAR shall state the grant price per share of Stock established by the Committee; provided, however, that except as provided in Section 6(j) or in Section 8, the grant price
per share of Stock subject to an SAR shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of the date of grant of the SAR. Notwithstanding the foregoing,
the grant price of an SAR may be less than 100% of the Fair Market Value per share of Stock subject to an SAR as of the date of grant of the SAR if the SAR (1) does not provide for a deferral of compensation by reason of satisfying the
short-term deferral exception set forth in the Nonqualified Deferred Compensation Rules or (2) provides for a deferral of compensation and is compliant with the Nonqualified Deferred Compensation Rules. 

(iii) Method of Exercise and Settlement; Other Terms. The Committee shall determine the form of consideration payable upon settlement,
the method by or forms in 

  
 10 

 
which Stock (if any) will be delivered or deemed to be delivered to Participants, and any other terms and conditions of any SAR. SARs may be either free-standing or granted in tandem with other
Awards. No SAR may be exercisable for a period of more than ten years following the date of grant of the SAR. 
 (iv) Rights Related to
Options. An SAR granted in connection with an Option shall entitle a Participant, upon exercise, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount determined by multiplying
(A) the difference obtained by subtracting the Exercise Price with respect to a share of Stock specified in the related Option from the Fair Market Value of a share of Stock on the date of exercise of the SAR, by (B) the number of shares
as to which that SAR has been exercised. The Option shall then cease to be exercisable to the extent surrendered. SARs granted in connection with an Option shall be subject to the terms and conditions of the Award Agreement governing the Option,
which shall provide that the SAR is exercisable only at such time or times and only to the extent that the related Option is exercisable and shall not be transferable except to the extent that the related Option is transferrable. 

(d) Restricted Stock. The Committee is authorized to grant Restricted Stock to Eligible Persons on the following terms and conditions:

 (i) Restrictions. Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and other
restrictions, if any, as the Committee may impose. Except as provided in Section 7(a)(iii) and Section 7(a)(iv), during the restricted period applicable to the Restricted Stock, the Restricted Stock may not be sold, transferred,
pledged, hedged, hypothecated, margined or otherwise encumbered by the Participant. 
 (ii) Dividends and Splits. As a condition to
the grant of an Award of Restricted Stock, the Committee may allow a Participant to elect, or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to
the purchase of additional Awards or deferred without interest to the date of vesting of the associated Award of Restricted Stock. Unless otherwise determined by the Committee and specified in the applicable Award Agreement, Stock distributed in
connection with a Stock split or Stock dividend, and other property (other than cash) distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or
other property has been distributed. 
 (e) Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units to
Eligible Persons on the following terms and conditions: 
 (i) Award and Restrictions. Restricted Stock Units shall be subject to
such restrictions (which may include a risk of forfeiture) as the Committee may impose. 
 (ii) Settlement. Settlement of vested
Restricted Stock Units shall occur upon vesting or upon expiration of the deferral period specified for such Restricted Stock Units by the Committee (or, if permitted by the Committee, as elected by the Participant). Restricted Stock Units shall be
settled by delivery of (A) a number of shares of Stock equal to the number of Restricted Stock Units for which settlement is due, or (B) cash in an amount equal 

  
 11 

 
to the Fair Market Value of the specified number of shares of Stock equal to the number of Restricted Stock Units for which settlement is due, or a combination thereof, as determined by the
Committee at the date of grant or thereafter. 
 (f) Stock Awards. The Committee is authorized to grant Stock Awards to Eligible
Persons as a bonus, as additional compensation, or in lieu of cash compensation any such Eligible Person is otherwise entitled to receive, in such amounts and subject to such other terms as the Committee in its discretion determines to be
appropriate. 
 (g) Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to Eligible Persons, entitling
any such Eligible Person to receive cash, Stock, other Awards, or other property equal in value to dividends or other distributions paid with respect to a specified number of shares of Stock. Dividend Equivalents may be awarded on a free-standing
basis or in connection with another Award (other than an Award of Restricted Stock or a Stock Award). The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or at a later specified date and, if distributed at a
later date, may be deemed to have been reinvested in additional Stock, Awards, or other investment vehicles or accrued in a bookkeeping account without interest, and subject to such restrictions on transferability and risks of forfeiture, as the
Committee may specify. With respect to Dividend Equivalents granted in connection with another Award, absent a contrary provision in the Award Agreement, such Dividend Equivalents shall be subject to the same restrictions and risk of forfeiture as
the Award with respect to which the dividends accrue and shall not be paid unless and until such Award has vested and been earned. 
 (h)
Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Eligible Persons such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise
based on, or related to, Stock, as deemed by the Committee to be consistent with the purposes of the Plan, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards
with value and payment contingent upon performance of the Company or any other factors designated by the Committee, and Awards valued by reference to the book value of Stock or the value of securities of, or the performance of, specified Affiliates
of the Company. The Committee shall determine the terms and conditions of such Other Stock-Based Awards. Stock delivered pursuant to an Other-Stock Based Award in the nature of a purchase right granted under this Section 6(h) shall be
purchased for such consideration, paid for at such times, by such methods, and in such forms, including cash, Stock, other Awards, or other property, as the Committee shall determine. 

(i) Cash Awards. The Committee is authorized to grant Cash Awards, on a free-standing basis or as an element of, a supplement to, or in
lieu of any other Award under the Plan to Eligible Persons in such amounts and subject to such other terms as the Committee in its discretion determines to be appropriate. 

(j) Substitute Awards; No Repricing. Awards may be granted in substitution or exchange for any other Award granted under the
Plan or under another plan of the Company or an Affiliate or any other right of an Eligible Person to receive payment from the Company or an Affiliate. Awards may also be granted under the Plan in substitution for awards held by

  
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individuals who become Eligible Persons as a result of a merger, consolidation or acquisition of another entity or the assets of another entity by or with the Company or an Affiliate. Such
Substitute Awards referred to in the immediately preceding sentence that are Options or SARs may have an exercise price that is less than the Fair Market Value of a share of Stock on the date of the substitution if such substitution complies with
the Nonqualified Deferred Compensation Rules and other applicable laws and exchange rules. Except as provided in this Section 6(j) or in Section 8, without the approval of the stockholders of the Company, the terms
of outstanding Awards may not be amended to (i) reduce the Exercise Price or grant price of an outstanding Option or SAR, (ii) grant a new Option, SAR or other Award in substitution for, or upon the cancellation of, any previously granted
Option or SAR that has the effect of reducing the Exercise Price or grant price thereof, (iii) exchange any Option or SAR for Stock, cash or other consideration when the Exercise Price or grant price per share of Stock under such Option or SAR
exceeds the Fair Market Value of a share of Stock or (iv) take any other action that would be considered a “repricing” of an Option or SAR under the applicable listing standards of the national securities exchange on which the Stock
is listed (if any). 
 (k) Performance Awards. The Committee is authorized to designate any of the Awards granted under the foregoing
provisions of this Section 6 as Performance Awards. The Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance goals applicable to a Performance
Award, and may exercise its discretion to reduce or increase the amounts payable under any Performance Award, except as limited under Section 6(k)(i). Performance goals may differ among Performance Awards granted to any one Participant or to
different Participants. The performance period applicable to any Performance Award shall be set by the Committee in its discretion but shall not exceed ten years. 

(i) Section 162(m) Awards. If the Committee determines in its discretion that a Performance Award granted to a Covered Employee shall
be designated as a Section 162(m) Award, the grant, exercise, vesting and/or settlement of such Performance Award shall be contingent upon achievement of a pre-established performance goal or goals and other
terms set forth in this Section 6(k)(i); provided, however, that nothing in this Section 6(k) or elsewhere in the Plan shall be interpreted as preventing the Committee from granting Performance Awards or
other Awards to Covered Employees that are not intended to constitute Section 162(m) Awards or from determining that it is no longer necessary or appropriate for a Section 162(m) Award to qualify as such. 

(A) Performance Goals Generally. The performance goals for Section 162(m) Awards shall consist of one or more business criteria and a
targeted level or levels of performance with respect to each of such criteria as specified by the Committee. Performance goals shall be objective and shall otherwise meet the requirements of Section 162(m), including the requirement that the level
or levels of performance targeted by the Committee must be “substantially uncertain” at the time the Committee actually establishes the performance goal or goals. 

(B) Business Criteria for Performance Goals. One or more of the following business criteria for the Company, on a consolidated basis,
and/or for specified subsidiaries, business or geographical units or operating areas of the Company (except with 

  
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respect to the total stockholder return and earnings per share criteria), shall be used by the Committee in establishing performance goals for Section 162(m) Awards: (1) revenues, sales or
other income; (2) cash flow, discretionary cash flow, cash flows from operations, cash flows from investing activities, and/or cash flows from financing activities; (3) return on net assets, return on assets, return on investment, return
on capital, return on capital employed or return on equity; (4) income, operating income or net income; (5) earnings or earnings margin determined before or after any one or more of depletion, depreciation and amortization expense;
exploration and abandonments; impairment of oil and gas properties; impairment of inventory and other property and equipment; accretion of discount on asset retirement obligations; interest expense; net gain or loss on the disposition of assets;
income or loss from discontinued operations, net of tax; noncash derivative related activity; amortization of stock-based compensation; income taxes; or other items; (6) equity; net worth; tangible net worth; book capitalization; debt; debt,
net of cash and cash equivalents; capital budget or other balance sheet goals; (7) debt or equity financings or improvement of financial ratings; (8) production volumes, production growth, or debt-adjusted production growth, which may be
of oil, gas, natural gas liquids or any combination thereof; (9) general and administrative expenses; (10) proved reserves, reserve replacement, drillbit reserve replacement and/or reserve growth; (11) exploration/finding and/or
development costs, capital expenditures, drillbit finding and development costs, operating costs (including lease operating expenses, severance taxes and other production taxes, gathering and transportation and other components of operating
expenses), base operating costs, or production costs; (12) net asset value; (13) Fair Market Value of the Stock, share price, share price appreciation, total stockholder return or payments of dividends; (14) achievement of savings
from business improvement projects and achievement of capital projects deliverables; (15) working capital or working capital changes; (16) operating profit or net operating profit; (17) internal research or development programs;
(18) geographic business expansion; (19) corporate development (including licenses, innovation, research or establishment of third party collaborations); (20) performance against environmental, ethics or sustainability targets;
(21) safety performance and/or incident rate; (22) human resources management targets, including medical cost reductions, employee satisfaction or retention, workforce diversity and time to hire; (23) satisfactory internal or external
audits; (24) consummation, implementation or completion of a Change in Control or other strategic partnerships, transactions, projects, processes or initiatives or other goals relating to acquisitions or divestitures (in whole or in part),
joint ventures or strategic alliances; (25) regulatory approvals or other regulatory milestones; (26) legal compliance or risk reduction; (27) drilling results; (28) market share; (29) economic value added; or (30) cost
reduction targets. Any of the above goals may be determined pre-tax or post-tax, on an absolute or relative basis, as compared to the performance of a published or
special index deemed applicable by the Committee including the Standard & Poor’s 500 Stock Index or a group of comparable companies, as a ratio with other business criteria, as a ratio over a period of time or on a per unit of measure
(such as per day, or per barrel, a volume or thermal unit of gas or a barrel-of-oil equivalent), on a per-share basis (basic or
diluted), and on a basis of continuing operations only. The terms above may, but shall not be required to be, used as applied under generally accepted accounting principles, as applicable. 

(C) Effect of Certain Events. The Committee may, at the time the performance goals in respect of a Section 162(m) Award are
established, provide for the manner in which actual performance and performance goals with regard to the business criteria selected will reflect the impact of specified events or occurrences during the relevant

  
 14 

 
performance period, which may mean excluding the impact of one or more events or occurrences, as specified by the Committee, for such performance period so long such events are objectively
determinable. The adjustments described in this paragraph shall only be made, in each case, to the extent that such adjustments in respect of a Section 162(m) Award would not cause the Section 162(m) Award to fail to qualify as
“performance-based compensation” under Section 162(m). 
 (D) Timing for Establishing Performance Goals. No later than 90
days after the beginning of any performance period applicable to a Section 162(m) Award, or at such other date as may be required or permitted for “performance-based compensation” under Section 162(m), the Committee shall establish
(i) the Eligible Persons who will be granted Section 162(m) Awards, and (ii) the objective formula used to calculate the amount of cash or Stock payable, if any, under such Section 162(m) Awards, based upon the level of achievement of a
performance goal or goals with respect to one or more of the business criteria selected by the Committee from the list set forth in Section 6(k)(i)(B) and, if desired, the effect of any events set forth in Section
6(k)(i)(C). 
 (E) Performance Award Pool. The Committee may establish an unfunded pool, with the amount of such
pool calculated using an objective formula based upon the level of achievement of one or more performance goals with respect to business criteria selected from the list set forth in Section 6(k)(i)(B) during the given performance period, as
specified by the Committee in accordance with Section 6(k)(i)(D). The Committee may specify the amount of the pool as a percentage of any of such business criteria, a percentage in excess of a threshold amount with respect to such business
criteria, or as another amount which need not bear a direct relationship to such business criteria but shall be objectively determinable and calculated based upon the level of achievement of pre-established
goals with regard to the business criteria. If a pool is established, the Committee shall also establish the maximum amount payable to each Covered Employee from the pool for each performance period. 

(F) Settlement or Payout of Awards; Other Terms. Except as otherwise permitted under Section 162(m), after the end of each performance
period and before any Section 162(m) Award is settled or paid, the Committee shall certify the level of performance achieved with regard to each business criteria established with respect to each Section 162(m) Award and shall determine the amount
of cash or Stock, if any, payable to each Participant with respect to each Section 162(m) Award. The Committee may, in its discretion, reduce the amount of a payment or settlement otherwise to be made in connection with a Section 162(m) Award, but
may not exercise discretion to increase any such amount. 
 (G) Written Determinations. With respect to each Section 162(m) Award,
all determinations by the Committee as to (1) the establishment of performance goals and performance period with respect to the selected business criteria, (2) the establishment of the objective formula used to calculate the amount of cash
or Stock payable, if any, based on the level of achievement of such performance goals, and (3) the certification of the level of performance achieved during the performance period with regard to each business criteria selected, shall each be
made in writing. 

  
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 (H) Options and SARs. Notwithstanding the foregoing provisions of this Section
6(k)(i), Options and SARs with an Exercise Price or grant price not less than the Fair Market Value on the date of grant awarded to Covered Employees are intended to be Section 162(m) Awards even if not otherwise contingent upon achievement of
one or more pre-established performance goal or goals with respect to business criteria set forth in Section 6(k)(i)(B). 

(ii) Status of Section 162(m) Awards. The terms governing Section 162(m) Awards shall be interpreted in a manner consistent with
Section 162(m), in particular the prerequisites for qualification as “performance-based compensation,” and, if any provision of the Plan as in effect on the date of adoption of any Award Agreement relating to a Section 162(m) Award does
not comply or is inconsistent with the requirements of Section 162(m), such provision shall be construed or deemed amended to the extent necessary to conform to such requirements. Notwithstanding anything to the contrary in Section 6(k)(i) or
elsewhere in the Plan, the Company intends to rely on the transition relief set forth in Treasury Regulation § 1.162-27(f), which may be relied upon until the earliest to occur of (i) the material
modification of the Plan within the meaning of Treasury Regulation § 1.162-27(h)(1)(iii); (ii) the delivery of the total number of shares of Stock set forth in Section 4(a); or (iii) the first
meeting of stockholders of the Company at which directors are to be elected that occurs after December 31, 2020 (the “Transition Period”), and during the Transition Period, Awards granted to Covered Employees under the
Plan shall only be required to comply with the transition relief described in Treasury Regulation § 1.162-27(f). 

7. Certain Provisions Applicable to Awards. 

(a) Limit on Transfer of Awards. 

(i) Except as provided in Sections 7(a)(iii) and (iv), each Option and SAR shall be exercisable only by the Participant during
the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this Section 7(a), an ISO shall not be
transferable other than by will or the laws of descent and distribution. 
 (ii) Except as provided in Sections 7(a)(i),
(iii) and (iv), no Award, other than a Stock Award, and no right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment,
alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate. 

(iii) To the extent specifically provided by the Committee, an Award may be transferred by a Participant without consideration to immediate
family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the Committee may from time to time establish. 

(iv) An Award may be transferred pursuant to a domestic relations order entered or approved by a court of competent jurisdiction upon
delivery to the Company of a written request for such transfer and a certified copy of such order. 

  
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 (b) Form and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan
and any applicable Award Agreement, payments to be made by the Company or any of its Affiliates upon the exercise or settlement of an Award may be made in such forms as the Committee shall determine in its discretion, including cash, Stock, other
Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis (which may be required by the Committee or permitted at the election of the Participant on terms and conditions established by the
Committee); provided, however, that any such deferred or installment payments will be set forth in the Award Agreement. Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on
installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Stock. 

(c) Evidencing Stock. The Stock or other securities of the Company delivered pursuant to an Award may be evidenced in any manner deemed
appropriate by the Committee in its sole discretion, including in the form of a certificate issued in the name of the Participant or by book entry, electronic or otherwise, and shall be subject to such stop transfer orders and other restrictions as
the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Stock or other securities are then listed, and any applicable federal, state or other laws, and the
Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions. Further, if certificates representing Restricted Stock are registered in the name of the Participant, the Company
may retain physical possession of the certificates and may require that the Participant deliver a stock power to the Company, endorsed in blank, related to the Restricted Stock. 

(d) Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee shall determine, but
shall not be granted for less than the minimum lawful consideration. 
 (e) Additional Agreements. Each Eligible Person to whom an
Award is granted under the Plan may be required to agree in writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Eligible Person’s termination of employment or service
to a general release of claims and/or a noncompetition or other restricted covenant agreement in favor of the Company and its Affiliates, with the terms and conditions of such agreement(s) to be determined in good faith by the Committee. 

8. Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization. 

(a) Existence of Plans and Awards. The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or
power of the Company, the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the
Company, any issue of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any
other corporate act or proceeding. 

  
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 (b) Additional Issuances. Except as expressly provided herein, the issuance by the Company
of shares of stock of any class, including upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof
shall be made with respect to, the number of shares of Stock subject to Awards theretofore granted or the purchase price per share of Stock, if applicable. 

(c) Subdivision or Consolidation of Shares. The terms of an Award and the share limitations under the Plan shall be subject to
adjustment by the Committee from time to time, in accordance with the following provisions: 
 (i) If at any time, or from time to time,
the Company shall subdivide as a whole (by reclassification, by a Stock split, by the issuance of a distribution on Stock payable in Stock, or otherwise) the number of shares of Stock then outstanding into a greater number of shares of Stock or in
the event the Company distributes an extraordinary cash dividend, then, as appropriate (A) the maximum number of shares of Stock available for delivery with respect to Awards and applicable limitations with respect to Awards provided in
Section 4 and Section 5 (other than cash limits) shall be increased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the
number of shares of Stock (or other kind of shares or securities) that may be acquired under any then outstanding Award shall be increased proportionately, and (C) the price (including the Exercise Price or grant price) for each share of Stock
(or other kind of shares or securities) subject to then outstanding Awards shall be reduced proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions;
provided, however, that in the case of an extraordinary cash dividend that is not an Adjustment Event, the adjustment to the number of shares of Stock and the Exercise Price or grant price, as applicable, with respect to an outstanding Option or SAR
may be made in such other manner as the Committee may determine that is permitted pursuant to applicable tax and other laws, rules and regulations. 

(ii) If at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, by reverse Stock split, or
otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, then, as appropriate (A) the maximum number of shares of Stock available for delivery with respect to Awards and applicable limitations
with respect to Awards provided in Section 4 and Section 5 (other than cash limits) shall be decreased proportionately, and the kind of shares or other securities available for the Plan shall be
appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired under any then outstanding Award shall be decreased proportionately, and (C) the price (including the Exercise Price or
grant price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be increased proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain
exercisable or subject to restrictions. 
 (d) Recapitalization. In the event of any change in the capital structure or
business of the Company or other corporate transaction or event that would be considered an 

  
 18 

 
“equity restructuring” within the meaning of ASC Topic 718 and, in each case, that would result in an additional compensation expense to the Company pursuant to the provisions of ASC
Topic 718, if adjustments to Awards with respect to such event were discretionary or otherwise not required (each such an event, an “Adjustment Event”), then the Committee shall equitably adjust (i) the aggregate number
or kind of shares that thereafter may be delivered under the Plan, (ii) the number or kind of shares or other property (including cash) subject to an Award, (iii) the terms and conditions of Awards, including the purchase price or Exercise
Price of Awards and performance goals, as applicable, and (iv) the applicable limitations with respect to Awards provided in Section 4 and Section 5 (other than cash limits) to equitably
reflect such Adjustment Event (“Equitable Adjustments”). In the event of any change in the capital structure or business of the Company or other corporate transaction or event that would not be considered an Adjustment Event,
and is not otherwise addressed in this Section 8, the Committee shall have complete discretion to make Equitable Adjustments (if any) in such manner as it deems appropriate with respect to such other event. 

(e) Change in Control and Other Events. Except to the extent otherwise provided in any applicable Award Agreement, vesting of any Award
shall not occur solely upon the occurrence of a Change in Control and, in the event of a Change in Control or other changes in the Company or the outstanding Stock by reason of a recapitalization, reorganization, merger, consolidation, combination,
exchange or other relevant change occurring after the date of the grant of any Award, the Committee, acting in its sole discretion without the consent or approval of any holder, may exercise any power enumerated in
Section 3 (including the power to accelerate vesting, waive any forfeiture conditions or otherwise modify or adjust any other condition or limitation regarding an Award) and may also effect one or more of the following
alternatives, which may vary among individual holders and which may vary among Awards held by any individual holder: 
 (i) accelerate the
time of exercisability of an Award so that such Award may be exercised in full or in part for a limited period of time on or before a date specified by the Committee, after which specified date all unexercised Awards and all rights of holders
thereunder shall terminate; 
 (ii) redeem in whole or in part outstanding Awards by requiring the mandatory surrender to the Company by
selected holders of some or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then vested or exercisable) as of a date, specified by the Committee, in which event the Committee shall thereupon cancel such
Awards and pay to each holder an amount of cash or other consideration per Award (other than a Dividend Equivalent or Cash Award, which the Committee may separately require to be surrendered in exchange for cash or other consideration determined by
the Committee in its discretion) equal to the Change in Control Price, less the Exercise Price with respect to an Option and less the grant price with respect to a SAR, as applicable to such Awards; provided, however, that to the
extent the Exercise Price of an Option or the grant price of an SAR exceeds the Change in Control Price, such Award may be cancelled for no consideration; 

  
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 (iii) cancel Awards that remain subject to a restricted period as of the date of a Change in
Control or other such event without payment of any consideration to the Participant for such Awards; or 
 (iv) make such adjustments to
Awards then outstanding as the Committee deems appropriate to reflect such Change in Control or other such event (including the substitution, assumption, or continuation of Awards by the successor company or a parent or subsidiary thereof); 

provided, however, that so long as the event is not an Adjustment Event, the Committee may determine in its sole discretion that no adjustment
is necessary to Awards then outstanding. If an Adjustment Event occurs, this Section 8(e) shall only apply to the extent it is not in conflict with Section 8(d). 

9. General Provisions. 

(a) Tax Withholding. The Company and any of its Affiliates are authorized to withhold from any Award granted, or any payment relating
to an Award, including from a distribution of Stock, taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company, its Affiliates and
Participants to satisfy the payment of withholding taxes and other tax obligations relating to any Award in such amounts as may be determined by the Committee. The Committee shall determine, in its sole discretion, the form of payment acceptable for
such tax withholding obligations, including the delivery of cash or cash equivalents, Stock (including previously owned shares, net settlement, a broker-assisted sale, or other cashless withholding or reduction of the amount of shares otherwise
issuable or delivered pursuant to the Award), other property, or any other legal consideration the Committee deems appropriate. Any determination made by the Committee to allow a Participant who is subject to Rule
16b-3 to pay taxes with shares of Stock through net settlement or previously owned shares shall be approved by either a committee made up of solely two or more Qualified Members or the full Board. If such tax
withholding amounts are satisfied through net settlement or previously owned shares, the maximum number of shares of Stock that may be so withheld or surrendered shall be the number of shares of Stock that have an aggregate Fair Market Value on the
date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized without
creating adverse accounting treatment for the Company with respect to such Award, as determined by the Committee. 
 (b) Limitation on
Rights Conferred under Plan. Neither the Plan nor any action taken hereunder shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the
Company or any of its Affiliates, (ii) interfering in any way with the right of the Company or any of its Affiliates to terminate any Eligible Person’s or Participant’s employment or service relationship at any time, (iii) giving
an Eligible Person or Participant any claim to be granted any Award under the Plan or to be treated uniformly with other Participants and/or employees and/or other service providers, or (iv) conferring on a Participant any of the rights of a
stockholder of the Company unless and until the Participant is duly issued or transferred shares of Stock in accordance with the terms of an Award. 

  
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 (c) Governing Law; Submission to Jurisdiction. All questions arising with respect to the
provisions of the Plan and Awards shall be determined by application of the laws of the State of Delaware, without giving effect to any conflict of law provisions thereof, except to the extent Delaware law is preempted by federal law. The obligation
of the Company to sell and deliver Stock hereunder is subject to applicable federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Stock. With
respect to any claim or dispute related to or arising under the Plan, the Company and each Participant who accepts an Award hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Houston, Texas. 

(d) Severability and Reformation. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law or, if
it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award and the remainder of the Plan
and any such Award shall remain in full force and effect. If any of the terms or provisions of the Plan or any Award Agreement conflict with the requirements of Rule 16b-3 (as those terms or provisions are
applied to Eligible Persons who are subject to Section 16 of the Exchange Act), Section 162(m) (with respect to any Section 162(m) Award) or Section 422 of the Code (with respect to ISOs), then those conflicting terms or provisions shall
be deemed inoperative to the extent they so conflict with the requirements of Rule 16b-3 or Section 162(m) (unless the Board or the Committee, as appropriate, has expressly determined that the Plan or such
Award should not comply with Rule 16b-3 or Section 162(m)) or Section 422 of the Code, in each case, only to the extent Rule 16b-3 and such sections of the Code are
applicable. With respect to ISOs, if the Plan does not contain any provision required to be included herein under Section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that
provision had been set out at length herein; provided, further, that, to the extent any Option that is intended to qualify as an ISO cannot so qualify, that Option (to that extent) shall be deemed a Nonstatutory Option for all purposes of the
Plan. 
 (e) Unfunded Status of Awards; No Trust or Fund Created. The Plan is intended to constitute an “unfunded” plan for
certain incentive awards. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or any other person. To the
extent that any person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Company or such Affiliate. 

(f) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor its submission to the stockholders of the
Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable, including incentive arrangements and awards which do

  
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not constitute “performance-based compensation” under Section 162(m). Nothing contained in the Plan shall be construed to prevent the Company or any of its Affiliates from taking any
corporate action which is deemed by the Company or such Affiliate to be appropriate or in its best interest, whether or not such action would have an adverse effect on the Plan or any Award made under the Plan. No employee, beneficiary or other
person shall have any claim against the Company or any of its Affiliates as a result of any such action. 
 (g) Fractional Shares. No
fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any
fractional shares of Stock or whether such fractional shares of Stock or any rights thereto shall be cancelled, terminated, or otherwise eliminated with or without consideration. 

(h) Interpretation. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference.
Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. Words in the masculine gender shall include the feminine gender, and, where appropriate, the plural shall
include the singular and the singular shall include the plural. In the event of any conflict between the terms and conditions of an Award Agreement and the Plan, the provisions of the Plan shall control. The use herein of the word
“including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether
or not non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all
other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. References herein to any agreement, instrument or other document means such agreement, instrument or other document as
amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and not prohibited by the Plan. 

(i) Facility of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the judgment of the
Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any manner that the Committee may select, and the Company shall be
relieved of any further liability for payment of such amounts. 
 (j) Conditions to Delivery of Stock. Nothing herein or in any Award
Agreement shall require the Company to issue any shares with respect to any Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act, any other applicable statute or regulation, or the
rules of any applicable securities exchange or securities association, as then in effect. In addition, each Participant who receives an Award under the Plan shall not sell or otherwise dispose of Stock that is acquired upon grant, exercise or
vesting of an Award in any manner that would constitute a violation of any applicable federal or state securities laws, the Plan or the rules, regulations or other requirements of the SEC or any stock exchange upon which the Stock is then listed. At
the time of any exercise of an Option or SAR, or at the time of any grant of any other Award, the Company may, as a condition precedent to the exercise of such Option or SAR or settlement of any other Award, require from

  
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the Participant (or in the event of his or her death, his or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s
intentions with regard to the retention or disposition of the shares of Stock being acquired pursuant to the Award and such written covenants and agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to the
Company, may be necessary to ensure that any disposition by that holder (or in the event of the holder’s death, his or her legal representatives, heirs, legatees, or distributees) will not involve a violation of the Securities Act, any other
applicable state or federal statute or regulation, or any rule of any applicable securities exchange or securities association, as then in effect. Stock or other securities shall not be delivered pursuant to any Award until payment in full of any
amount required to be paid pursuant to the Plan or the applicable Award Agreement (including any Exercise Price, grant price, or tax withholding) is received by the Company. 

(k) Section 409A of the Code. It is the general intention, but not the obligation, of the Committee to design Awards to comply
with or to be exempt from the Nonqualified Deferred Compensation Rules, and Awards will be operated and construed accordingly. Neither this Section 9(k) nor any other provision of the Plan is or contains a representation to any Participant
regarding the tax consequences of the grant, vesting, exercise, settlement, or sale of any Award (or the Stock underlying such Award) granted hereunder, and should not be interpreted as such. In no event shall the Company be liable for all or any
portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with the Nonqualified Deferred Compensation Rules. Notwithstanding any provision
in the Plan or an Award Agreement to the contrary, in the event that a “specified employee” (as defined under the Nonqualified Deferred Compensation Rules) becomes entitled to a payment under an Award that would be subject to additional
taxes and interest under the Nonqualified Deferred Compensation Rules if the Participant’s receipt of such payment or benefits is not delayed until the earlier of (i) the date of the Participant’s death, or (ii) the date that is
six months after the Participant’s “separation from service,” as defined under the Nonqualified Deferred Compensation Rules (such date, the “Section 409A Payment Date”), then such payment or benefit shall not
be provided to the Participant until the Section 409A Payment Date. Any amounts subject to the preceding sentence that would otherwise be payable prior to the Section 409A Payment Date will be aggregated and paid in a lump sum without interest on
the Section 409A Payment Date. The applicable provisions of the Nonqualified Deferred Compensation Rules are hereby incorporated by reference and shall control over any Plan or Award Agreement provision in conflict therewith. 

(l) Clawback. The Plan and all Awards granted hereunder are subject to any written clawback policies that the Company, with the
approval of the Board or an authorized committee thereof, may adopt either prior to or following the Effective Date, including any policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and rules
promulgated thereunder by the SEC and that the Company determines should apply to Awards. Any such policy may subject a Participant’s Awards and amounts paid or realized with respect to Awards to reduction, cancelation, forfeiture or recoupment
if certain specified events or wrongful conduct occur, including an accounting restatement due to the Company’s material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such clawback
policy. 

  
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 (m) Status under ERISA. The Plan shall not constitute an “employee benefit plan”
for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 
 (n) Plan Effective Date and
Term. The Plan was adopted by the Board to be effective on the Effective Date. No Awards may be granted under the Plan on and after the tenth anniversary of the Effective Date. However, any Award granted prior to such termination (or any earlier
termination pursuant to Section 10), and the authority of the Board or Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award in accordance
with the terms of the Plan, shall extend beyond such termination until the final disposition of such Award. 
 10. Amendments to the Plan
and Awards. The Committee may amend, alter, suspend, discontinue or terminate any Award or Award Agreement, the Plan or the Committee’s authority to grant Awards without the consent of stockholders or Participants, except that any
amendment or alteration to the Plan, including any increase in any share limitation, shall be subject to the approval of the Company’s stockholders not later than the annual meeting next following such Committee action if such stockholder
approval is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the Stock may then be listed or quoted, and the Committee may otherwise, in its discretion, determine to submit
other changes to the Plan to stockholders for approval; provided, that, without the consent of an affected Participant, no such Committee action may materially and adversely affect the rights of such Participant under any previously granted
and outstanding Award. For purposes of clarity, any adjustments made to Awards pursuant to Section 8 will be deemed not to materially and adversely affect the rights of any Participant under any previously granted and
outstanding Award and therefore may be made without the consent of affected Participants. 

  
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