Document:

EX-10.3

 Exhibit 10.3 
  

 
 November [    ], 2016 

Chaparral Energy, Inc. 
 Chaparral Energy, L.L.C. 

701 Cedar Lake Blvd. 
 Oklahoma City, OK 73114 

Facsimile: (405) 425-8410 
 Attention: Joe Evans 

 

	 	Re:	Mandate Letter 

 Ladies and Gentlemen: 

Chaparral Energy, Inc., a Delaware corporation (“CEI”), and Chaparral Energy, L.L.C., an Oklahoma limited liability company
(“CELLC” and, collectively with CEI, “you”), have advised JPMorgan Chase Bank, N.A. (“JPMorgan”, “we” or “us”) of your desire, in connection with the consummation
of your plan of reorganization to emerge from your voluntary cases, jointly administered under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (the “Bankruptcy Code”), to enter into a senior
secured credit facility comprised of (a) a revolving credit facility that is subject to an initial borrowing base of $225 million and (b) a $150 million term loan facility (collectively, the “Exit Credit Facility”).
JPMorgan has provided to you proposed Indicative Terms attached hereto as Exhibit A (the “Term Sheet” and this letter, including the Term Sheet, this “Mandate Letter”) which describes certain terms and
conditions of the Exit Credit Facility. 
 Titles and Roles 

Upon and subject to the terms and conditions set forth in this Mandate Letter, JPMorgan is pleased to advise you of its willingness to act as,
and it is hereby agreed that JPMorgan shall act as, the sole lead arranger and sole bookrunner (in such capacities, the “Lead Arranger”) for the Exit Credit Facility; provided that you agree that JPMorgan may perform its
responsibilities hereunder through its affiliate, J.P. Morgan Securities LLC. JPMorgan is pleased to advise you of its willingness to act as, and it is hereby agreed that JPMorgan shall act as, sole administrative agent (in such capacity, the
“Administrative Agent”) for the Exit Credit Facility. Except as expressly provided herein, no additional agents, co-agents or arrangers will be appointed under the Exit Credit Facility and no other titles will be awarded without our
and your prior written approval. You further agree that JPMorgan shall have no responsibility other than to arrange the syndication of the Exit Credit Facility from the group of existing lenders for your existing pre-petition senior secured
revolving credit facility through the date in which the United States Bankruptcy Court for the District of Delaware (the “Court”) enters an order confirming your plan of reorganization. 

Among the purposes of this Mandate Letter are to formally mandate JPMorgan to move forward with its process of structuring and arranging the
Exit Credit Facility, and to set forth certain fees which will be paid to JPMorgan in connection with the Exit Credit Facility. Your obligations under the headings “Confidentiality”, “Miscellaneous” and “Fees” of this
Mandate Letter will survive the closing of the Exit Credit Facility, and upon the closing of the Exit Credit Facility (such date shall be referred to herein as, the “Closing Date”), your obligations relating to expense reimbursement
and indemnity will be superseded by the terms of the definitive loan documentation of the Exit Credit Facility. 

 Chaparral Energy, L.L.C. 

Chaparral Energy, Inc. 
 November [    ], 2016

  Page
 2
 
  

 This Mandate Letter constitutes a proposal and not a commitment or an offer to commit by us
with respect to the Exit Credit Facility and, notwithstanding any discussions of terms or exchange of draft documents, we shall have no commitment or obligation hereunder with respect to the Exit Credit Facility unless and until a commitment letter
or a definitive loan agreement for the Exit Credit Facility is executed by us. 
 Fees 

In connection with, and in consideration of the undertakings contained in, this Mandate Letter, you agree to pay, or cause to be paid to
JPMorgan, for its own account, in respect of the Exit Credit Facility, an annual administration fee in its capacity as Administrative Agent equal to $[REDACTED], which annual administration fee shall be payable annually, in advance, commencing on
the Closing Date and thereafter on each anniversary thereof for so long as the Exit Credit Facility is in effect. 
 The fee described above
in this Mandate Letter shall be fully earned upon becoming due and payable in accordance with the terms hereof, shall not be refundable for any reason whatsoever and shall be in addition to any other fees, costs and expenses payable pursuant to the
Mandate Letter or the definitive documentation for the Exit Credit Facility including any upfront fees referred to in the Term Sheet. JPMorgan reserves the right to allocate, in whole or in part, to each other or to their respective affiliates
certain fees payable to JPMorgan hereunder in such manner as JPMorgan shall agree in its sole discretion. Your obligation to pay the foregoing fees will not be subject to counterclaim or setoff for, or be otherwise affected by, any claim or dispute
you may have. 
 Expense Reimbursement and Indemnity 

In addition to your expense reimbursement obligations set forth in Section 12.03(a) of the Prepetition Credit Agreement (as defined in the
Term Sheet) and the provisions of the cash collateral order in effect with respect to your pending bankruptcy cases (and without in any way limiting such obligations), you hereby agree (i) to reimburse JPMorgan and its respective affiliates,
upon JPMorgan’s demand, for reasonable and documented out-of-pocket expenses, including, without limitation, the reasonable and documented out-of-pocket fees and expenses of one lead outside counsel and one local outside bankruptcy counsel,
title and lien search fees, filing and recording fees and taxes, corporate search fees and other reasonable and documented out-of-pocket expenses incurred by or on behalf of JPMorgan and its respective affiliates in connection with the transaction
which is the subject of this Mandate Letter (the “Lender Expenses”) and (ii) to indemnify JPMorgan and its respective affiliates and their respective officers, employees, agents and directors (each, an “indemnified
party”) against any actual losses (other than lost profits), claims, damages or liabilities (the “Indemnified Obligations”) to which such indemnified party has become subject in connection with said transaction, including
any unpaid reasonable and documented out-of-pocket costs and expenses incurred in connection with defending against any such liability or action and in connection with any investigation relating to the foregoing, whether or not such indemnified
party is a party thereto (including reasonable and documented out-of-pocket fees, time charges and expenses of one lead outside counsel, taken as a whole), except that you shall not be liable for any Indemnified Obligations of any indemnified party
to the extent any of the foregoing is (i) found in a final judgment by a court of competent jurisdiction to have arisen (a) solely from such indemnified party’s gross negligence, bad faith or willful misconduct or (b) from a
material breach of the obligations under this Mandate Letter of such indemnified party or (ii) related to any claim, 

 Chaparral Energy, L.L.C. 

Chaparral Energy, Inc. 
 November [    ], 2016

  Page
 3
 
  

 
litigation, investigation or other proceeding (including any inquiry or investigation of the foregoing) that do not arise from any act or omission by you and that is brought by any indemnified
party against any other indemnified party (other than against JPMorgan in its capacity as Lead Arranger or Administrative Agent). The Lender Expenses shall be paid in accordance with the provisions of the cash collateral order in effect with respect
to your pending bankruptcy case. For the avoidance of doubt, you hereby agree and stipulate that the fees and expenses of Simpson, Thacher & Bartlett LLP incurred in their representation of JPMorgan during restructuring negotiations in an
amount not to exceed $400,338.73 are your reimburseable obligations under Section 12.03(a) of the Prepetition Credit Agreement (as defined in the Term Sheet) and the provisions of the cash collateral order in effect with respect to your pending
bankruptcy cases. 
 Confidentiality 

You agree not to disclose any or all of the terms of this Mandate Letter and the Term Sheet to any person other than (a) to your officers,
directors, agents and advisors who are directly involved in the consideration of this matter, (b) as may be compelled in a judicial or administrative proceeding or as otherwise required by law (in which case you agree to use commercially
reasonable efforts to inform us promptly thereof) or (c) as filed with the Court; provided that, you will make commercially reasonable efforts to ensure that this Mandate Letter is subject to a seal order in form and substance reasonably
satisfactory to JPMorgan or otherwise redacted in form and substance reasonably satisfactory to JPMorgan; provided that JPMorgan agrees that this Mandate Letter may be distributed by you to (i) the Office of the United States Trustee for
the District of Delaware and, on a professional eyes’ only basis, Milbank, Tweed, Hadley & McCloy LLP, counsel to the ad hoc committee of unsecured noteholders, and (ii) upon the execution and delivery of a confidentiality
agreement on terms reasonably acceptable to JPMorgan, such other persons as may reasonably be agreed by you and JPMorgan. 
 Miscellaneous 

You further acknowledge that JPMorgan may, from time to time, be providing debt financing, equity capital or other services (including
financial advisory services) to other companies in respect of which you may have conflicting interests regarding the transaction described herein and otherwise. In return, JPMorgan confirms that it will not use confidential information obtained from
you by virtue of the potential transaction contemplated by this Mandate Letter or its other relationships with you in connection with the performance by JPMorgan of such services for other companies. You also acknowledge that JPMorgan will not use
in connection with the potential transaction contemplated by this Mandate Letter, or furnish to you, confidential information obtained from other companies. 

This Mandate Letter may be executed in counterparts which, taken together, shall constitute an original. Delivery of an executed counterpart
of this Mandate Letter by fax or other electronic transmission (e.g. .pdf) shall be effective as delivery of a manually executed counterpart thereof. 

This Mandate Letter and the Term Sheet embodies the entire agreement and understanding between JPMorgan and you with respect to the Exit
Credit Facility and supersedes all prior agreements and understandings relating to the specific matters hereof or thereof. However, please note that the terms and conditions of the undertakings of JPMorgan hereunder are not limited to those set
forth herein. Those matters that are not covered or made clear herein are subject to mutual agreement of the parties. No party has been authorized by JPMorgan to make any oral or written statements that are inconsistent with this Mandate Letter.
This Mandate Letter is not assignable by either party hereto without the prior written consent of the other party hereto and is intended to be solely for the benefit of the parties hereto and the 

 Chaparral Energy, L.L.C. 

Chaparral Energy, Inc. 
 November [    ], 2016

  Page
 4
 
  

 
Indemnified Parties. This Mandate Letter does not evidence a commitment by JPMorgan to provide, or to offer to provide, any portion of the Exit Credit Facility, on the terms described herein or
otherwise. Any such commitment, if forthcoming, will be evidenced by the definitive documentation for the Exit Credit Facility to be agreed upon by each of the parties thereto. 

You hereby authorize JPMorgan, at its sole expense, but without any prior approval by you, to publish such tombstones and give such other
publicity to the Exit Credit Facility after the closing thereof, containing your name, JPMorgan and its titles and roles, the amount and type of the Exit Credit Facility and the Closing Date. The foregoing authorization shall remain in effect unless
you notify JPMorgan in writing that such authorization is revoked. 
 Please indicate your acceptance of this Mandate Letter by signing the
space indicated below, and returning executed counterparts of this Mandate Letter to us on the date on which the Court enters into an order authorizing your entry into, and performance under, this Mandate Letter. Your acceptance of this Mandate
Letter shall only signify your agreement to indemnify and reimburse JPMorgan as indicated herein and shall not convert this Mandate Letter into a commitment. 

IF THIS MANDATE LETTER, THE TERM SHEET, OR ANY ACT, OMISSION OR EVENT HEREUNDER OR THEREUNDER BECOMES THE SUBJECT OF A DISPUTE, YOU AND
JPMORGAN EACH HEREBY WAIVE TRIAL BY JURY. THIS MANDATE LETTER SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT THE BANKRUPTCY CODE GOVERNS. 

We appreciate the opportunity to present this proposal and look forward to working with you. 

[THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

 
			
	Very truly yours,
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO MANDATE
LETTER – CHAPARRAL ENERGY INC. ET AL.] 

			
	Accepted and agreed to as of the first date written above by:
	
	 CHAPARRAL ENERGY COMPANY, INC.,

a Delaware corporation

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	CHAPARRAL ENERGY COMPANY, L.L.C.,
	an Oklahoma limited liability company
		
	By:	 	  

	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO MANDATE LETTER
– CHAPARRAL ENERGY INC. ET AL.] 

 Exhibit A 

Chaparral Energy, Inc. 

Summary of Terms and Conditions for 

$400 Million Senior Secured Revolving Credit Facility and 

$150 Million Senior Secured Term Loan Facility 
  

	I.	Parties 

  

	 Borrower: 
	Chaparral Energy, Inc., a Delaware corporation (the “Borrower”). 

  

	 Guarantors: 
	All material direct and indirect subsidiaries of the Borrower (collectively, the “Guarantors” and, together with the Borrower, the “Credit Parties”). 

 

	 Lead Left Arranger and Bookrunner: 
	JPMorgan Chase Bank, N.A. (in such capacity, the “Arranger”) 

  

	 Administrative Agent: 
	JPMorgan Chase Bank, N.A. (in such capacity, the “Administrative Agent” and in its individual capacity, “JPMorgan”). 

  

	 Lenders: 
	JPMorgan and the other “Lenders” party to that certain Eighth Restated Credit Agreement dated as of April 12, 2010 among the Borrower, as parent guarantor, the borrowers party thereto and the Administrative Agent, which
“Lenders” have approved the Borrower’s plan of reorganization (such approving lenders, collectively, the “Lenders”, such plan of reorganization, the “Plan”, and such existing Credit Agreement, the
“Prepetition Credit Agreement”). 

  

	II.	Facilities 

  

	 Senior Secured Revolving Credit Facility: 
	A senior secured first out revolving credit facility (the “Revolving Credit Facility”) in a principal amount up to $400.0 million (the “Aggregate Maximum Credit Amounts” and, the portion of the Aggregate
Maximum Credit Amounts allocated to a particular Revolving Lender shall be referred to herein as such Revolving Lender’s “Maximum Credit Amount”), subject to the terms and conditions as further detailed herein.

  

	 	Availability under the Revolving Credit Facility shall be limited to the total Revolving Commitments of the Revolving Lenders. “Revolving Commitment” means, with respect to each Revolving Lender, the
commitment of such Revolving Lender to make Revolving Loans and to acquire participations in Letters of Credit under the Revolving Credit Facility, expressed as an amount which shall at any time be the lesser of (a) such Revolving Lender’s
Maximum Credit Amount and (b) such Revolving Lender’s applicable percentage of the then effective Borrowing Base (as defined below). The Borrowing Base will be $225.0 million on the Closing Date (as defined below). 

 

	 	 The loans made under the Revolving Credit Facility are referred to herein

	 	 
as the “Revolving Loans” and Lenders with commitments under the Revolving Credit Facility are referred to herein as the “Revolving Lenders”.

  

	 Senior Secured Term Loan Facility: 
	A senior secured second out term loan facility (the “Term Loan Facility” and, collectively with the Revolving Facility, the “Facilities”) in a principal amount of $150.0 million which will be deemed funded in a
single draw on the Closing Date. Loans under the Term Loan Facility (the “Term Loans” and, collectively with the Revolving Loans, the “Loans”) may not be reborrowed once repaid. 

 

	 	Lenders holding Term Loans are referred to herein as the “Term Lenders”. 

  

	 	At closing, each Lender shall be both a Revolving Lender and a Term Lender, with each such Lender’s ratable percentage of the Revolving Credit Facility being identical to such Lender’s ratable percentage of
the Term Loan Facility; provided that following closing Lenders will not be required to maintain such ratable percentages in each of the Facilities. 

  

	 Purpose: 
	The Loans shall be used for (a) the deemed restructuring and rearrangement of the loans and other indebtedness under the Prepetition Credit Agreement, (b) working capital and (c) other general corporate purposes. 

 

	 Maturity Date: 
	The maturity date shall be the date which is four (4) years after the closing date of the Facilities (such maturity date, the “Maturity Date” and such closing date, the “Closing Date”). 

 

	 Borrowing Base: 
	The “Borrowing Base” shall be the loan value (determined in a manner described below) to be assigned to the proved reserves attributable to the Credit Parties’ oil and gas properties located in the United States (the
“Borrowing Base Properties”) and evaluated in the most recent reserve report delivered to the Lenders (each, a “Reserve Report”). 

 

	 	The Administrative Agent shall propose to the Lenders a Borrowing Base based upon the information in the Reserve Report and such other information (including, without limitation, the status of title information with
respect to the proved oil and gas properties as described in the Reserve Report and the existence of any other debt, the Credit Parties’ other assets, liabilities, fixed charges, cash flow, business, properties, prospects, management and
ownership, hedged and unhedged exposure of the Credit Parties to price, price and production scenarios, interest rate and operating cost changes) as the Administrative Agent deems appropriate in its sole discretion and consistent with its customary
oil and gas lending criteria as it exists at the particular time. The Revolving Lenders will approve or disapprove of such proposed Borrowing Base as set forth below. 

 

	 	Notwithstanding the foregoing sentence, the Borrowing Base as of the Closing Date shall be, and shall remain until the next redetermination or other adjustment thereto pursuant to the Credit Documentation,
$225.0 million. 

  
 Exhibit D - 2 

	 	The Borrowing Base will be redetermined on a semi-annual basis, with the parties having the right to interim unscheduled redeterminations as described below. The Borrowing Base will also be subject to mandatory
reductions in connection with title defects and, as more particularly described below, in connection with Triggering Dispositions (as defined below) and the incurrence of unsecured debt. Scheduled redeterminations of the Borrowing Base will occur
semi-annually each May 1st and November 1st, beginning May 1st, 2018 based upon the
value of the proved reserves reflected in a Reserve Report prepared as of the immediately preceding January 1st and July 1st, respectively and
delivered by April 1st and October 1st, respectively. Each January 1st Reserve Report
will be prepared by (i) Cawley, Gillespie & Associates, Inc. and/or Ryder Scott or (ii) another independent petroleum engineer reasonably acceptable to the Administrative Agent (each, an “Approved Petroleum Engineer”); provided,
that the January 1, 2017 Reserve Report may be prepared by the Borrower with respect to not more than ten percent (10%) of the value of the proved oil and gas properties so long as such portion of the Reserve Report is audited by an Approved
Petroleum Engineer. Each July 1st Reserve Report will be prepared internally by the Borrower who shall certify such Reserve Report to be true and accurate in all material respects and to have been
prepared in accordance with the procedures used in the immediately preceding January 1st Reserve Report. 

  

	 	Decisions regarding the amount of the Borrowing Base will be made at the sole credit discretion of the Revolving Lenders exercised in good faith. No Revolving Lender shall be deemed to consent to any proposed increase
of the Borrowing Base. Increases in the amount of the Borrowing Base will require approval of all Revolving Lenders, and decreases or maintenance of the amount of the Borrowing Base (other than automatic decreases in the Borrowing Base in connection
with Triggering Dispositions and the incurrence of unsecured debt as more particularly described below) will require approval of Revolving Lenders holding not less than 66 2/3% of the outstanding Revolving Loans (and participation interests in
Letters of Credit) and unfunded Revolving Commitments under the Revolving Credit Facility (the “Required Revolving Lenders”). 

  

	 	The Borrower or the Administrative Agent on its own initiative or at the request of the Required Revolving Lenders, may each request one additional interim unscheduled Borrowing Base redetermination between each
scheduled redetermination; provided that none of the Administrative Agent, the Required Revolving Lenders or the Borrower may request an interim unscheduled redetermination prior to the date on which the redetermination of the Borrowing Base
scheduled for on or about May 1, 2018 becomes effective. 

  

	 Security: 
	 The Facilities will be secured by first priority perfected liens and security interests on (a) substantially all personal property of the Credit
Parties, including without limitation (i) 100% of the stock, membership or 

  
 Exhibit D - 3 

	 	 
partnership interests of each Guarantor, (ii) all of the Credit Parties’ swap agreements and (iii) all of the Credit Parties’ deposit, securities and commodities accounts (in each case,
subject to certain customary exceptions and subject to control agreements (subject to customary exceptions for excluded accounts)) and (b) oil and gas properties of the Credit Parties comprising not less than ninety-five percent (95%) of the PV9
value of the Borrowing Base Properties evaluated in the Reserve Reports delivered to the Administrative Agent. 

  

	 	The obligations secured by the security instruments that are part of the Credit Documentation shall include the obligations of the Credit Parties under (a) the Facilities, (b) swap agreements that are entered into with
counterparties that are Lenders or affiliates of Lenders at the time of the execution thereof and (c) treasury management agreements with Lenders or affiliates of Lenders, and all such obligations shall be jointly and severally guaranteed by the
Guarantors. 

  

	 Letters of Credit: 
	Amounts under the Revolving Credit Facility up to $20,000,000 shall be available for the issuance of letters of credit (the “Letters of Credit”) by the Administrative Agent (in such capacity, the “Issuing
Lender”). No Letter of Credit shall have an expiration date after the earlier of (a) one (1) year after the date of issuance and (b) five (5) business days prior to the Maturity Date, provided that any Letter of Credit with a one (1)
year tenor may provide for the renewal thereof for additional one (1) year periods (which shall in no event extend beyond the date referred to in clause (b) above). 

 

	 	Drawings under any Letter of Credit shall be reimbursed by the Borrower (whether with its own funds or with the proceeds of Loans) within one (1) business day. To the extent that the Borrower does not so reimburse the Issuing Lender, the
Revolving Lenders shall be irrevocably and unconditionally obligated to fund participations in the reimbursement obligations on a pro rata basis. 

  

	III.	Certain Payment Provisions 

  

	 Fees and Interest Rates: 
	As set forth on Annex I. 

  

	 Principal Repayment and Term Loan Amortization: 
	The unpaid principal amount of each Loan shall be repaid in full on the Maturity Date. 

  
 Exhibit D - 4 

	 	The Borrower shall make a scheduled, mandatory principal payment in respect of the Term Loans on the date that is the last day of the first fiscal quarter during which the Closing Date occurs, and on the last day of
each fiscal quarter thereafter in the applicable amounts set forth in the table below: 

  

					
	 Payment Due Dates
	  	Amount Due on each such
Date	 
	 The last day of each fiscal quarter ending 3, 6, 9, 12, 15, 18, 21 and 24 months following the
Closing Date
	  	$	375,000	1 
	 The last day of each fiscal quarter ending 27, 30, 33 and 36 months following the Closing
Date
	  	$	1,125,000	  
	 The last day of each fiscal quarter ending 39, 42 and 45 months following the Closing
Date
	  	$	1,875,000	  

  

	 Optional Prepayments, Commitment Reductions and Mandatory Prepayments: 
	The definitive financing documentation with respect to the Facilities (the “Credit Documentation”) shall contain the following provisions relating to optional prepayments, commitment reductions and mandatory prepayments:

  

	 	If a Borrowing Base deficiency exists (i.e. if the outstanding principal amount of Revolving Loans plus Letter of Credit exposure exceeds the Borrowing Base) as the result of a scheduled or interim redetermination of
the Borrowing Base or title defects, the Borrower shall, within ten (10) business days of its receipt of a new Borrowing Base notice, elect to, within forty-five (45) days of its receipt of such Borrowing Base notice (a) prepay Revolving Loans (and
cash collateralize Letters of Credit, as applicable) to eliminate such deficiency in six (6) equal consecutive monthly installments, (b) prepay Revolving Loans (and cash collateralize Letters of Credit, as applicable) in one lump sum installment
sufficient to eliminate the entire amount of such deficiency and/or (c) provide as collateral additional proved oil and gas properties not evaluated in the most recent Reserve Report that are satisfactory to the Administrative Agent and the Required
Revolving Lenders in their sole discretion, or in each case, any combination of the foregoing. 

  

	 	If a Borrowing Base deficiency results from any reduction in the Borrowing Base in connection with any Triggering Disposition or the incurrence of unsecured debt, such deficiency must be eliminated by cash prepayment of
Revolving Loans (and cash collateralization of Letters of Credit, as applicable) within one business day following the day on which any Credit Party receives cash proceeds in respect of such Triggering Disposition or unsecured debt.

  

	 	At any time that Term Loans remain outstanding, (a) 100% of the net cash proceeds received by any Credit Party in respect of any Triggering Disposition and (b) 75% of the net cash proceeds received by any Credit Party
in respect of the incurrence of any unsecured debt shall be applied as a mandatory prepayment of the Term Loans; provided that any net cash proceeds of any Triggering Disposition (i) shall be applied first to eliminate any resulting Borrowing
Base deficiency as set forth above and (ii) may, with respect to any Triggering Disposition that occurs after the scheduled 

 

	1 	First quarterly payment to be ratably adjusted based on the time between the Closing Date and the last day of the first fiscal quarter. 

  
 Exhibit D - 5 

	 	 
Borrowing Base redetermination scheduled for on or about May 1, 2018 becomes effective (the “First Scheduled Borrowing Base Date”), in lieu of such mandatory prepayment, be
reinvested by the Credit Parties within a certain time frame on customary terms and conditions to be agreed in the Credit Documentation. 

  

	 	As used herein, “Triggering Disposition” means any sale or other disposition of any Borrowing Base Properties and any termination or other liquidation of any commodity swap agreements if the aggregate
Borrowing Base value (as determined by the Administrative Agent in its sole discretion consistent with its customary oil and gas lending criteria as it exists at the particular time) of all such Borrowing Base Properties sold or otherwise disposed
of and swap agreements terminated or otherwise liquidated (inclusive of the properties or swap agreements then being sold or liquidated) (a) prior to the First Scheduled Borrowing Base Date, either (i) during any period of six consecutive calendar
months, exceeds 5% of the Borrowing Base that was in effect on the first day of such period or (ii) during the period from the Closing Date to the First Scheduled Borrowing Base Date exceeds 10% of the Borrowing Base in effect on the Closing Date or
(b) from and after the First Scheduled Borrowing Base Date, during any period between redeterminations of the Borrowing Base, exceeds 5% of the then effective Borrowing Base. 

 

	 	If, as of the last Business Day of any calendar week, cash and cash equivalents held by the Credit Parties minus Excluded Funds (as defined below) exceeds $37,500,000 (such excess amounts, “Excess
Cash”), then the Borrower shall prepay the Revolving Loans in the amount of such Excess Cash on the second following business day. Each prepayment of Revolving Loans will be applied as directed by the Borrower, provided that if the Borrower
does not provide instructions for the application of such prepayment, such prepayment shall be applied first, ratably to any ABR Loans then outstanding, and, secondly, to any Eurodollar Loans then outstanding, and if more than one Eurodollar Loan is
then outstanding, to each such Eurodollar Loan in order of priority beginning with the Eurodollar Loan with the least number of days remaining in the Interest Period applicable thereto and ending with the Eurodollar Loan with the most number of days
remaining in the Interest Period applicable thereto. 

  

	 	 “Excluded Funds” means the sum of (i) checks issued, wires initiated or ACH transfers initiated, in any case,
to non-affiliate third parties or to Affiliates on account of transactions not prohibited under this Agreement, (ii) cash or cash equivalents of the Credit Parties constituting purchase price deposits held in escrow pursuant to a binding and
enforceable purchase and sale agreement with a third party containing customary provisions regarding the payment and refunding of such deposits, (iii) cash and cash equivalents held in any of the following accounts: (a) accounts designated and used
solely for payroll or employee benefits, (b) cash collateral accounts with respect to Letters of Credit, (c) trust accounts held and used exclusively for the payment of taxes of the Credit Parties, and (d) suspense or trust accounts held and
used exclusively for royalty and working interest payments owing to third parties and (iv) royalty 

  
 Exhibit D - 6 

	 	 
obligations, working interest obligations, production payments, vendor payments, and severance and ad valorem taxes of the Credit Parties due and owing within 5 Business Days to unaffiliated
third parties and for which the Credit Parties will issue checks or initiate wires or ACH transfers within such 5 Business Day period. In the event net cash proceeds received by a Credit Party in connection with any asset sale, casualty event or
swap termination that are required to be used to make payments under the Credit Agreement are swept as being Excess Cash, then the Borrower shall be deemed to have made any other mandatory prepayment required to be made in respect of such proceeds.

  

	 	The Borrower may repay the Loans at any time without premium or penalty (other than breakage costs, if applicable, and administrative charges) on three (3) business days’ notice, in the case of Eurodollar Loans (as
defined in Annex I attached hereto), or same day notice, in the case of ABR Loans (as defined in Annex I attached hereto), in a minimum principal amount of $1,000,000; provided that, the Borrower may not voluntarily prepay the Term Loans
unless the sum of (a) unused Revolving Commitments plus (b) the Credit Parties’ unrestricted cash on hand is not less than $25.0 million at such time and after giving effect to such prepayment. 

 

	 	In no event may the Borrower voluntarily prepay the Revolving Loans in full and terminate the Revolving Commitments unless the Term Loan has been repaid in full or is contemporaneously being repaid in full in connection
with such prepayment of the Revolving Loans in full and termination of the Revolving Commitments. 

  

	IV.	Certain Conditions 

  

	 Initial Conditions to Closing: 
	The closing of the Facilities will be subject to satisfaction of the conditions precedent deemed reasonably appropriate by the Administrative Agent and the Lenders for similar financings and mutually agreed with the Borrower including, but not
limited to, the following: 

  

	 	(a) The negotiation, execution, and delivery of the Credit Documentation (including security documentation, promissory notes and other usual and customary closing documents, certificates, authorizing resolutions and
other documents reasonably satisfactory to the Administrative Agent) for the Facilities; 

  

	 	(b) Receipt by the Borrower of equity proceeds in an amount not less than $50.0 million on terms and conditions reasonably satisfactory to the Administrative Agent; 

 

	 	(c) To the extent invoiced at least 1 Business Day prior to closing, the Lenders, the Arranger and the Administrative Agent shall have received all reasonable and documented out-of-pocket fees and expenses required to
be paid on or before the Closing Date; 

  

	 	 (d) Receipt and reasonably satisfactory review of (i) Borrower’s audited financial statements for the most recent fiscal
year ending at least 90 days prior to the Closing Date, (ii) Borrower’s unaudited financial statements for the most recent fiscal quarter ending at least 60 days prior to the Closing

  
 Exhibit D - 7 

	 	 
Date, (iii) pro forma financial statements of the Borrower (after giving effect to closing) and (iv) detailed financial projections of the Borrower (prepared on a quarterly basis) for five years
following the Closing Date; 

  

	 	(e) Receipt and reasonably satisfactory review of the reserve reports (i) dated as of January 1, 2016 prepared by Cawley, Gillespie & Associates, Inc. and Ryder Scott and (ii) dated as of October 1, 2016
prepared internally by the Borrower, together with certification by the Borrower as to the accuracy in all material respects, title, and, except as otherwise disclosed, no gas imbalances, take-or-pay or other prepayments, and certain marketing
agreements; 

  

	 	(f) Satisfactory title information as reasonably required by the Administrative Agent on at least 90% of the PV9 of the initial Borrowing Base Properties; 

 

	 	(g) Receipt of mortgages and security agreements providing perfected, first priority (subject to mutually agreed and customary exceptions) liens and security interests on substantially all personal property assets of
the Borrower and the Guarantors, and not less than 95% of the PV9 of the initial Borrowing Base Properties; 

  

	 	(h) A copy of all applicable corporate approvals, authorizations, consents and approvals of each of the Borrower and the Guarantors necessary to enter into the transactions contemplated hereunder; 

 

	 	(i) All governmental and third party approvals necessary in connection with the financing contemplated hereby shall have been obtained and be in full force and effect; 

 

	 	(j) The Administrative Agent shall have received lien search results and be reasonably satisfied that there are no liens and security interests on the Borrower’s and Guarantor’s property other than those being
released or which are otherwise permitted; 

  

	 	(k) The Lenders shall have received such legal opinions, including, as applicable, opinions of local counsel (which opinions shall include, among other things, the enforceability of the Loan Documents under applicable
local law), documents and other instruments as are customary for transactions of this type or as they may reasonably request; 

  

	 	(l) Receipt of “know your customer” documentation at least 10 days prior to closing; 

  

	 	(m) Reasonably satisfactory review of the legal, corporate, and capital structure of the Borrower and its subsidiaries, upon closing; 

 

	 	(n) No material adverse change from the date hereof until closing (excluding the pendency of the bankruptcy cases); 

  

	 	(o) Confirmation of, and adherence to, the Plan (which shall be reasonably satisfactory to the Administrative Agent); 

  

	 	(p) Reasonable satisfaction of the Administrative Agent with the Confirmation Order and the finality thereof; 

  
 Exhibit D - 8 

	 	(q) The effective date of the Plan shall have occurred and the Administrative Agent shall be reasonably satisfied that the claims or interests in the Credit Parties have been satisfied or otherwise addressed as set
forth in the Plan; 

  

	 	(r) After giving effect to closing, the sum of the unused Revolving Commitments and cash on hand shall be not less than $100.0 million; 

 

	 	(s) The Borrower shall, or shall have caused another Credit Party to, enter into swap or collar agreements to hedge notional amounts of crude oil and natural gas, as applicable, covering not less than, (i) for each
calendar month during the calendar year ending December 31, 2017, 80%, (ii) for each calendar month during the calendar year ending December 31, 2018, 60%, and (iii) for each calendar month during the calendar year ending December 31, 2019, 40%, in
each case of the reasonably anticipated production of such crude oil and natural gas constituting proved, developed, producing oil and gas properties for such calendar month as such anticipated production is set forth in the most recently delivered
Reserve Report; provided that, such swap or collar agreements shall have effective floor prices of not less than eighty-five percent (85%) of the closing contract price for the applicable calendar month as quoted on NYMEX as of the date such
swap or collar agreement is entered into; and 

  

	 	(t) Other customary conditions. 

  

	 On-Going Conditions: 
	The Closing Date and the making of each extension of credit shall be conditioned upon (a) the making and accuracy in all material respects (without duplication of any materiality qualifier contained therein) of all representations and warranties
in the Credit Documentation, (b) there being no default, event of default or Borrowing Base deficiency in existence at the time of, or after giving effect to the making of, such extension of credit, (c) the absence of material litigation implicating
such extension of credit and the extension of credit not violating applicable law in any material respect, (d) the Credit Parties shall not have any Excess Cash at such time and such Revolving Loan shall not result in the Credit Parties having any
Excess Cash (after giving effect to the use of proceeds of such Loan on or within 3 business days following the date of such borrowing (which use of proceeds shall be certified to by a responsible officer of the Borrower in the applicable borrowing
request and which shall be for a purpose other than cash on balance sheet)), and (e) timely receipt of a customary borrowing request (that includes the certification referred to in the foregoing clause (d)). 

 

	V.	Documentation 

	 	

	 General: 
	The Credit Documentation shall take the form of amendments and restatements of the prepetition loan documents to preserve lien priority, but the Amended and Restated Credit Agreement will be prepared on a 2016 JPMorgan upstream Credit Agreement
form and will not be based on the Prepetition Credit Agreement. Such Amended and Restated Credit Agreement will incorporate the terms and conditions outlined herein and such other provisions as are mutually agreed. 

  
 Exhibit D - 9 

	 Representations and Warranties: 
	Usual and customary for facilities of this type as mutually agreed (subject to materiality and basket thresholds as mutually agreed) including, without limitation: 

 

	 	a)	Organization; Powers 

  

	 	b)	Authority; Enforceability 

  

	 	c)	Approvals; No Conflicts 

  

	 	d)	Financial Condition; No Material Adverse Change 

  

	 	e)	Absence of Material Litigation 

  

	 	f)	Environmental Matters 

  

	 	g)	Compliance with Laws and Agreements; No Defaults 

  

	 	h)	Investment Company Act 

  

	 	i)	Taxes 

  

	 	j)	ERISA 

  

	 	k)	Disclosure; No Material Misstatements 

  

	 	l)	Insurance 

  

	 	m)	Restrictions on Liens 

  

	 	n)	Subsidiaries 

  

	 	o)	Location of Business and Offices 

  

	 	p)	Properties; Titles, Etc. 

  

	 	q)	Maintenance of Properties 

  

	 	r)	Gas Imbalances, Prepayments 

  

	 	s)	Marketing of Production 

  

	 	t)	Swap Agreements and Qualified ECP Counterparty 

  

	 	u)	Use of Loans and Letters of Credit 

  

	 	v)	Solvency 

  
 Exhibit D - 10 

	 	w)	Anti-Corruption Laws and Sanctions 

  

	 	x)	Security Instruments 

  

	 Affirmative Covenants: 
	Usual and customary for facilities of this type as mutually agreed (subject to materiality, grace periods and basket thresholds as mutually agreed) including, without limitation: 

 

	 	a)	Financial Statements; Other Information 

  

	 	(i)	Concurrently with the delivery of each Reserve Report, the Borrower will provide production reports (prepared on a monthly basis) including volumes, revenue and lease operating expenses attributable to the Borrowing
Base Properties for such prior six month period. 

  

	 	(ii)	The Borrower’s quarterly consolidated balance sheets and related statements of operations, members’ equity and cash flows, in accordance with GAAP, certified by a senior financial officer, within 45 days after
the end of each of the first three fiscal quarters of each year; provided that the public filing of such financial information with the Securities and Exchange Commission shall satisfy the delivery requirement under this clause (ii).

  

	 	(iii)	The Borrower’s annual consolidated financial statements as described above, in accordance with GAAP, certified by a senior financial officer, within 90 days after the end of each fiscal year and audited by an
independent accounting firm of recognized national standing or otherwise reasonably approved by the Administrative Agent; provided that the public filing of such financial information with the Securities and Exchange Commission shall satisfy
the delivery requirement under this clause (iii). 

  

	 	(iv)	The Borrower’s twelve (12) month cash flow and capital expenditure forecast, within 90 days after the end of each fiscal year. 

  

	 	(v)	Within 45 days after the end of each of the first three fiscal quarters of each year and within 90 days after the end of each fiscal year, the Borrower will provide (i) a compliance certificate of a financial officer
(A) certifying to whether a default has occurred, (B) setting forth calculations confirming the Borrower’s compliance with all financial covenants and (C) stating whether any change in GAAP or in the application thereof has occurred since the
Closing Date and (ii) a certificate of a financial officer setting forth as of the last business day of such fiscal quarter or fiscal year, all swap agreements of the Credit Parties, the material economic terms thereof, new credit support
agreements, any margin required under any credit support agreement, the counterparty of each such swap agreement, and calculations demonstrating compliance with the affirmative hedging covenant hereunder. 

 

	 	(vi)	Other customary reporting requirements including notices of the opening of any deposit account, securities account or commodities account and notices of material asset sales and swap agreement terminations.

  
 Exhibit D - 11 

	 	b)	Notices of Material Events 

  

	 	c)	Existence; Conduct of Business 

  

	 	d)	Payment of Taxes and other Obligations 

  

	 	e)	Performance of Obligations under the Credit Documentation 

  

	 	f)	Operation and Maintenance of Properties 

  

	 	g)	Insurance 

  

	 	h)	Books and Records; Inspection Rights 

  

	 	i)	Compliance with Laws 

  

	 	j)	Environmental Matters 

  

	 	k)	Further Assurances 

  

	 	l)	Delivery of Reserve Reports as described above in the “Borrowing Base” section (i.e. third party 1/1 report due by 4/1 and internal 7/1 report due by 10/1) along with a customary certificate of a responsible
officer in connection therewith, which certificate shall include reasonably detailed calculations demonstrating compliance with the asset coverage covenant tested on the “as of” date of such Reserve Report; provided, that for the avoidance
of doubt the reporting requirements set forth in this clause (l) shall commence immediately upon the Closing Date regardless of whether there is a Borrowing Base redetermination scheduled for any particular period. 

 

	 	m)	Delivery of satisfactory title information reasonably required by the Administrative Agent with respect to not less than 90% of the PV9 value of the oil and gas properties evaluated by the most recent Reserve Report

  

	 	n)	Additional Collateral; Additional Guarantors; Delivery of Account Control Agreements 

  

	 	o)	ERISA Compliance 

  

	 	p)	Maintenance of all Deposit Accounts with Lenders 

  

	 	q)	Commodity Exchange Act Keepwell 

  

	 Financial Covenants: 
	The Credit Documentation will contain the following financial covenants: 

  
 Exhibit D - 12 

	 	Leverage Ratio: The Borrower will maintain on a consolidated basis, as of the last day of any fiscal quarter, commencing with the fiscal quarter during which the Closing Date occurs, a ratio of total debt of the Credit Parties on such
date (excluding non-cash obligations under the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 815 and accounts payable not delinquent or greater than ninety (90) days past the date of invoice) to
EBITDAX (as defined below) for the Reference Period (as defined below) ending on such date of not less than 3.50 to 1.00. 

  

	 	Current Ratio: The Borrower will maintain on a consolidated basis, as of the last day of any fiscal quarter, commencing with the fiscal quarter during which the Closing Date occurs, a current ratio (as defined below) of not less than 1.00 to
1.00. 

  

	 	Asset Coverage Ratio. The Credit Parties’ ratio of (a) Total Proved PV10 to (b) (i) the aggregate principal amount of the outstanding Loans under the Facilities minus (ii) the amount of the Credit Parties’ unrestricted cash on
hand at such time (up to, in the case of this clause (ii), a maximum of $37,500,000) shall not be less than 1.35 to 1.00 as of each January 1 and July 1 of each year, commencing with the first such date after the Closing Date. 

 

	 	Minimum Liquidity. The Borrower shall not permit the sum of (a) unused Revolving Commitments plus (b) the Credit Parties’ unrestricted cash on hand to be less than $25,000,000 as of the last day of each fiscal quarter, commencing
with the fiscal quarter during which the Closing Date occurs. 

  

	 EBITDAX: 
	The term “EBITDAX” means, for any period, the sum of Consolidated Net Income (as defined below) for such period and the following expenses or charges to the extent deducted from Consolidated Net Income in such period: interest,
income and franchise taxes, depreciation, depletion, amortization, exploration expenses and other non-cash charges (including non-cash losses resulting from mark-to-market in respect of swap agreements), losses from asset dispositions (other than
hydrocarbons produced in the ordinary course of business) and actual fees and transaction costs incurred by the Credit Parties in connection with the bankruptcy cases and the Facilities, minus all gains from asset dispositions (other than
hydrocarbons produced in the ordinary course of business) and all non-cash income, in each case added to Consolidated Net Income; provided that for the purposes of calculating EBITDAX for any period of four consecutive fiscal quarters (each,
a “Reference Period”), if during such Reference Period the Credit Parties shall have made a material disposition or material acquisition (with materiality thresholds to be mutually agreed in the Credit Documentation), EBITDAX
(including Consolidated Net Income) for such Reference Period shall be calculated after giving pro forma effect thereto as if such disposition or acquisition by the Credit Parties occurred on the first day of such Reference Period with such
pro forma adjustments being determined in good faith by a financial officer of the Borrower and reasonably acceptable to the Administrative Agent. 

  
 Exhibit D - 13 

	 Consolidated Net Income: 
	The term “Consolidated Net Income” means with respect to the Credit Parties, for any period, the aggregate of the net income (or loss) of the Credit Parties after allowances for taxes for such period determined on a consolidated
basis in accordance with GAAP; provided that there shall be excluded from such net income (to the extent otherwise included therein) the following: (a) the net income of any Person in which any Credit Party has an interest (which interest
does not cause the net income of such other Person to be consolidated with the net income of Credit Parties in accordance with GAAP), except to the extent of the amount of dividends or distributions actually paid in cash during such period by such
other Person to any Credit Party; (b) the net income (or loss) of any Person acquired in a pooling-of-interests transaction for any period prior to the date of such transaction; (c) any extraordinary non-cash gains or losses during such period and
(d) any gains or losses attributable to write-ups or write-downs of assets, including ceiling test write-downs. 

  

	 Current Ratio: 
	The term “current ratio” means consolidated current assets (excluding non-cash assets under ASC 815 and ASC 410 but including unused Revolving Commitments to the extent the conditions to borrowing would be able to be met at such
time) of the Credit Parties divided by consolidated current liabilities (excluding non-cash obligations under ASC 815 and ASC 410) of the Credit Parties; provided, however, that the current maturities of
long term debt (including the Loans) and non-cash liabilities recorded in connection with stock-based or similar incentive based compensation awards or arrangements shall not be considered consolidated current liabilities for purposes of this ratio.

  

	 Total Proved PV10: 
	The term “Total Proved PV10” means, as of any date of determination, the net present value, discounted at ten percent (10%) per annum, of the future net revenues expected to accrue to the Borrower’s and the Guarantors’
collective interest in its proved oil and gas properties during the remaining expected economic lives of such oil and gas properties. Each calculation of such expected future net revenues shall be made in accordance with SEC guidelines for reporting
proved oil and gas reserves, provided that in any event (a) appropriate deductions shall be made for severance and ad valorem taxes, and for operating, gathering, transportation and marketing costs required for the production and sale of such oil
and gas properties, (b) the pricing assumptions used in determining Total Proved PV10 for any oil and gas properties shall be based upon the 90-day average NYMEX strip pricing, adjusted in a manner reasonably acceptable to Administrative Agent to
reflect the Borrower’s and the Guarantors’ swap agreements then in effect, (c) the cash flows derived from the pricing assumptions set forth in clause (b) above shall be further adjusted to account for the historical basis differential in
a manner reasonably acceptable to the Administrative Agent, and (d) Total Proved PV10 shall be calculated using the reserve engineering information contained in the Reserve Report with an “as of” date that is the same as the applicable
asset coverage test date; provided, however, that for purposes of the calculation of Total Proved PV10, no more than 40% of the Total Proved PV10 shall be attributable to oil and gas properties described in the Reserve Report that constitute
proved developed nonproducing reserves and proved undeveloped reserves. 

  
 Exhibit D - 14 

	 Negative Covenants: 
	Usual and customary for facilities of this type as mutually agreed (subject to materiality, grace periods and basket thresholds as mutually agreed) including, without limitation: 

 

	 	a)	Limitations on Debt; with allowances for unsecured indebtedness; provided that (i) the Credit Parties shall be in pro forma compliance with all financial covenants after giving effect to any such incurrence of
debt, (ii) so long as any Term Loans remain outstanding, 75% of the net cash proceeds of such debt shall be used to prepay Term Loans, (iii) the Borrowing Base shall be automatically reduced on the issue date by an amount equal to 25% of the
principal amount of such unsecured debt; provided that, in the case of this clause (iii), no such reduction shall occur with respect to unsecured debt issued to repay, refinance or replace the Term Loans or other unsecured debt then existing,
up to the principal amount of such refinanced Term Loans or other unsecured debt, (iv) such unsecured debt shall not provide for any amortization of principal or any scheduled or mandatory prepayments or redemptions on any date prior to 180 days
after the Maturity Date (other than customary high yield indenture provisions requiring offers to repurchase in connection with asset sales or any change of control), (iv) such unsecured debt shall have a scheduled maturity date that is no earlier
than 180 days after the Maturity Date, (v) no financial ratio covenant, negative covenant or event of default pertaining to such unsecured debt shall be more onerous than those contained in the Credit Documentation, and (vi) both immediately before
and immediately after giving effect to the incurrence of any such unsecured debt, no Event of Default or Borrowing Base deficiency shall exist after giving effect to any automatic reduction in the Borrowing Base and any concurrent repayment of other
debt with the proceeds of such incurrence. 

  

	 	b)	Limitations on Liens 

  

	 	c)	Limitations on Restricted Payments 

  

	 	d)	Limitations on Investments, Loans and Advances 

  

	 	e)	Nature of Business; No International Operations 

  

	 	f)	Limitation on Operating Leases 

  

	 	g)	Proceeds of Loans 

  

	 	h)	ERISA Compliance 

  

	 	i)	Sale or Discount of Receivables 

  

	 	j)	Mergers, Etc. 

  
 Exhibit D - 15 

	 	k)	Limitations on Sale of Properties and Termination of Swap Agreements, with allowance for the sale of Borrowing Base Properties and termination of commodity swap agreements provided that (i) upon any
Triggering Disposition, the Borrowing Base shall be automatically reduced by the Borrowing Base value (as determined by the Administrative Agent and approved by the Required Revolving Lenders in each case in their sole discretion and consistent with
their respective customary oil and gas lending criteria as it exists at the particular time) of the Borrowing Base Properties sold and/or swap agreements terminated, as applicable, (ii) no default, Event of Default or Borrowing Base deficiency
shall exist or otherwise result from such sale or termination (including after giving effect to any reduction in the Borrowing Base referred to in clause (i) above), and (iii) the consideration received by the Credit Parties in respect of
such sale or termination shall be not less than 85% cash and not less than fair market value. 

  

	 	l)	Environmental Matters 

  

	 	m)	Transactions with Affiliates 

  

	 	n)	Subsidiaries 

  

	 	o)	Negative Pledge Agreements; Dividend Restrictions 

  

	 	p)	Gas Imbalances, Take-or-Pay or Other Prepayments 

  

	 	q)	Limitations on Swap Agreements (as described below) 

  

	 	r)	Amendments of Organizational Documents 

  

	 	s)	Changes in Fiscal Year 

  

	 	t)	Marketing Activities 

  

	 	u)	Non-Qualified ECP Guarantors 

  

	 	v)	Holding Company covenant for the Borrower 

  

	 Limitations on Commodity Swap Agreements: 
	Limitations on commodity swap arrangements include: 

  

	 	☐	Limited to 60 months in duration. 

  

	 	☐	 Notional volumes of not more than, at the time such swap agreement is entered into, (a) for each calendar month
during the period of the first 24 consecutive full calendar months following the date such swap agreement is entered into (the “Initial Test Period”), 90% and (b) for each calendar month during the 36 month period following Initial
Test Period, 80%, in each case, of reasonably anticipated production from proved reserves of crude oil, natural gas and natural gas liquids (calculated separately) for each calendar month during the five year

  
 Exhibit D - 16 

	 	
period following such test date, as set forth in the most recently delivered Reserve Report. If, after the end of any calendar quarter, commencing with the first full calendar quarter ending
after the Closing Date, the Borrower determines that the aggregate weighted average of the notional volumes of all swap agreements in respect of commodities for such calendar quarter (other than basis differential swaps on volumes already hedged
pursuant to other swap agreements) exceeded 100% of actual production of hydrocarbons in such calendar quarter, then the Borrower (i) shall promptly notify the Administrative Agent of such determination and (ii) shall, within 45 days of
such determination, terminate (only to the extent such terminations are permitted pursuant to the asset sale and hedge unwind negative covenant), create off-setting positions, or otherwise unwind or monetize (only to the extent such unwinds or
monetizations are permitted pursuant to the asset sale and hedge unwind covenant) existing swap agreements such that, at such time, future hedging volumes will not exceed 100% of reasonably anticipated projected production for the then-current and
any succeeding calendar quarters. 

  

	 	☐	The hedge provider must be a Lender (or affiliate of a Lender) or an unsecured counterparty with minimum A3 or A- ratings. 

  

	 	☐	All purchased put options or price floors for hydrocarbons shall be excluded for purposes of the foregoing volume limitations on commodity swaps. 

 

	 Events of Default: 
	Usual and customary for facilities of this type as mutually agreed (subject to materiality, cure periods and basket thresholds as mutually agreed) including, without limitation: 

 

	 	a)	Nonpayment of principal or a reimbursement obligation owing under the Credit Documentation when due 

  

	 	b)	Nonpayment of interest, fees or other amounts within three Business Days of due date 

  

	 	c)	Material inaccuracy of a representation or warranty 

  

	 	d)	Violation of negative covenants and certain affirmative covenants with no cure period 

  

	 	e)	Violation of other covenants, conditions or agreements with 30-day cure period after the occurrence thereof 

  

	 	f)	Cross-default to indebtedness and swap obligations in excess of $10.0 million 

  

	 	g)	Bankruptcy events 

  

	 	h)	Judgment defaults 

  
 Exhibit D - 17 

	 	i)	Actual (or asserted by any Credit Party) invalidity of any Credit Documentation or non-perfection of any security interest in respect of collateral with an individual fair market value in excess of $1,000,000 or an
aggregate fair market value in excess of $2,000,000. 

  

	 	j)	ERISA event 

  

	 	k)	Change of control (including any “change of control” as defined in any documents pertaining to any unsecured debt that the Credit Parties may incur from time to time) 

 

	 Waterfall: 
	All proceeds realized from the liquidation or other disposition of collateral or otherwise received after maturity of the Loans, whether by acceleration or otherwise, shall be applied: 

 

	 	(i) first, to payment or reimbursement of fees, expenses and indemnities payable to the Administrative Agent in its capacity as such; 

 

	 	(ii) second, pro rata to payment or reimbursement of fees, expenses and indemnities payable to the Lenders; 

  

	 	(iii) third, pro rata to payment of accrued interest on the Loans; 

  

	 	(iv) fourth, pro rata to payment of principal outstanding on the Revolving Loans, LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time, and secured swap obligations;

  

	 	(v) fifth, to payment of principal outstanding on the Term Loans; 

  

	 	(vi) sixth, pro rata to any other indebtedness and other obligations secured by the Credit Documentation; 

  

	 	(vii) seventh, to serve as cash collateral to be held by the Administrative Agent to secure the remaining LC Exposure; and 

  

	 	(viii) eighth, any excess, after all of the indebtedness and other obligations secured by the Credit Documentation shall have been paid in full in cash, shall be paid to the Borrower or as otherwise required by
any governmental requirement. 

  

	 Voting: 
	Except as otherwise expressly provided, waivers and amendments to be subject to the approval of Lenders holding a majority (>50%) of the aggregate amount of the Loans, participations in Letters of Credit and unused Revolving Commitments under
the Revolving Facility (the “Majority Lenders”). Decreases and reaffirmations of the Borrowing Base and postponements of any Borrowing Base redetermination to be subject to the approval of the Required Revolving Lenders. The consent
of all Revolving Lenders will be required for increases in the Borrowing Base and amendments to Borrowing Base provisions that result in an increase in the Borrowing Base. 

 

	 	The consent of all Lenders affected thereby will be required with respect to (a) increases in the commitment of such Lenders, (b) reductions of principal, interest (other than waiver of default interest) or fees, and
(c) extensions of scheduled maturities or times for payment; and 

  
 Exhibit D - 18 

	 	The consent of all Lenders will be required with respect to (a) modifications to the voting percentages and pro rata provisions, (b) releases of all or substantially all of the value of the collateral or guarantees
(other than in connection with transactions permitted pursuant to the financing documentation), (c) changes to the description of the obligations secured or the priority of payments after an event of default and (d) certain other customary 100% vote
amendments. 

  

	 Assignments and Participations: 
	Usual and customary as mutually agreed 

  

	 Yield Protection: 
	The Credit Documentation shall contain customary provisions (a) protecting the Lenders against increased costs or loss of yield resulting from changes in reserve, tax, capital adequacy, liquidity requirements and other requirements of law
(provided that (i) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision or by United States or foreign regulatory authorities, in each
case pursuant to Basel III, and (ii) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof, shall in
each case be deemed to be a change in law, regardless of the date enacted, adopted, issued or implemented) and from the imposition of or changes in withholding or other taxes and (b) indemnifying the Lenders for “breakage costs” incurred
in connection with, among other things, any prepayment of a Eurodollar Loan on a day other than the last day of an interest period with respect thereto. 

  

	 Expenses and Indemnification: 
	Usual and customary with customary exceptions as mutually agreed 

  

	 Governing Law: 
	State of New York 

  

	 EU Bail-In Provisions: 
	Usual and customary 

  

	 Counsel to the Administrative Agent: 
	Vinson & Elkins L.L.P. 

  
 Exhibit D - 19 

 ANNEX I to EXHIBIT A 

INTEREST AND CERTAIN FEES 
  

	 Interest Rate Options: 
	The Borrower may elect that the Loans comprising each borrowing bear interest at a rate per annum equal to (a) the Alternate Base Rate plus the Applicable Margin or (b) the Adjusted LIBO Rate, plus the Applicable Margin.

  

	 	As used herein: 

  

	 	“Alternate Base Rate” means the highest of (a) the rate of interest publicly announced by the Administrative Agent as its prime rate in effect at its principal office in New York City (the
“Prime Rate”), (b) the federal funds effective rate from time to time plus 0.50% and (c) the Adjusted LIBO Rate applicable for an interest period of one month plus 1.00%. 

 

	 	“Adjusted LIBO Rate” means the rate (adjusted for statutory reserve requirements for eurocurrency liabilities) for eurodollar deposits for a period equal to one, two, three or six months appearing on
LIBOR01 Page published by Reuters; provided that if the Adjusted LIBO Rate is at any time less than zero, the Adjusted LIBO Rate shall be deemed to be zero. Solely with respect to Term Loans, there shall be a LIBOR floor of 1.0%-.

  

	 	The “Applicable Margin” and “Commitment Fee”, for purposes of determining the applicable interest rate for Revolving Loans, will be determined based upon the Borrowing Base Utilization
(as defined below) then being utilized, as follows: 

  

																					
	 Borrowing Base Utilization
	  	<25%	 	 	>25%
and
<50%	 	 	>50%
and
<75%	 	 	>75%
and
<90%	 	 	>90%	 
	 LIBOR Margin
	  	 	3.00	% 	 	 	3.25	% 	 	 	3.50	% 	 	 	3.75	% 	 	 	4.00	% 
	 ABR Margin
	  	 	2.00	% 	 	 	2.25	% 	 	 	2.50	% 	 	 	2.75	% 	 	 	3.00	% 
	 Commitment Fee
	  	 	.500	% 	 	 	.500	% 	 	 	.500	% 	 	 	.500	% 	 	 	.500	% 

  

	 	The “Applicable Margin” for Term Loans will be 7.75% for Eurodollar Loans and 6.75% for ABR Loans. 

  

	 	“Borrowing Base Utilization” means, as of any day, the fraction expressed as a percentage, the numerator of which is the sum of the principal amount of Revolving Loans and the Letters of Credit
outstanding on such day, and the denominator of which is the Borrowing Base in effect on such day. 

  
 Annex 1 - 1 

	 	“ABR Loans” means Loans bearing interest based upon the Alternate Base Rate. 

  

	 	“Eurodollar Loans” means Loans bearing interest based upon the Adjusted LIBO Rate. 

  

	 Interest Payment Dates: 
	In the case of ABR Loans, quarterly in arrears. 

  

	 	In the case of Eurodollar Loans, on the last day of each relevant interest period and, in the case of any interest period longer than three months, on each successive date three months after the first day of such
interest period. 

  

	 Commitment Fees: 
	The Borrower shall pay a commitment fee calculated at the rate per annum set forth above on the average daily unused portion of the Borrowing Base, payable quarterly in arrears. 

 

	 Letter of Credit Fees: 
	The Borrower shall pay a fee on the face amount of each Letter of Credit at a per annum rate equal to the Applicable Margin then in effect with respect to Eurodollar Loans under the Revolving Credit Facility. Such fee shall be shared ratably
among the Revolving Lenders and shall be payable quarterly in arrears. 

  

	 	A fronting fee in an amount equal to 0.125% per annum on average daily face amount of each Letter of Credit shall be payable quarterly in arrears to the Issuing Lender for its own account. In addition, customary
administrative, issuance, amendment, payment and negotiation charges shall be payable to the Issuing Lender for its own account. 

  

	 Upfront Fees: 
	Payable on the Closing Date for the benefit of the Lenders in an amount for each such Lender equal to the sum of (a) 0.50% of such Lender’s final allocated commitment to the initial Borrowing Base on the Closing Date and (b) 0.50%
of such Lender’s final allocated share of the Term Loans on the Closing Date. 

  

	 Default Rate: 
	 If (a) an Event of Default is continuing as a result of the failure of the Borrower to pay any principal of or interest on any Loan or any fee or
other amount payable by the Credit Parties under the Credit Documentation, whether at stated maturity, upon acceleration or otherwise, or upon a bankruptcy event of default, the overdue amount shall automatically bear interest, after as well as
before judgment, at a rate per annum equal to two percent (2%) plus the rate applicable to ABR Loans (including the Applicable Margin) and (b) any other Event of Default is continuing under the Facilities and the Majority Lenders so
elect, then all outstanding Loans or any other fee or other amount payable by the Credit Parties under the Credit Documentation 

  
 Annex 1 - 2 

	 	 
that is not paid when due, whether at stated maturity, upon acceleration or otherwise, and including any payments in respect of a Borrowing Base deficiency, shall bear interest, after as well as
before judgment, at a rate per annum equal to two percent (2%) plus the rate applicable to ABR Loans (including the Applicable Margin). 

  

	 Rate and Fee Basis: 
	All per annum rates shall be calculated on the basis of a year of 360 days (or 365/366 days, in the case of ABR Loans the interest rate payable on which is then based on the Prime Rate) for actual days elapsed. 

  
 Annex 1 - 3EX-10.4

 Exhibit 10.4 

RETIREMENT AGREEMENT AND GENERAL RELEASE 

This RETIREMENT AGREEMENT AND GENERAL RELEASE (this “Agreement”) dated [], 2016 (the “Agreement Date”), sets
forth the agreement by and between Mark A. Fischer (the “Employee”) and Chaparral Energy, Inc., a Delaware corporation, (the “Company”) concerning his retirement and the corresponding termination of the
Employee’s employment with the Company. 
 WHEREAS, the Employee has served as the Company’s Chief Executive Officer, pursuant to
the employment agreement dated as of April 12, 2010, as amended, (the “Employment Agreement”), a copy of which is attached as Exhibit A; 

WHEREAS, the Company and certain of its subsidiaries commenced voluntary cases under chapter 11 of title 11 of the United States Code, 11
U.S.C. §§ 101–1532, in the United States Bankruptcy Court for the District of Delaware (together with any court with jurisdiction over the Chapter 11 Cases, the “Bankruptcy Court”), which cases are being jointly
administered under the case number 16-11144 (LSS) (together, the “Chapter 11 Cases”); and 
 WHEREAS the Company and the
Employee mutually agree as of the Agreement Date that the Employee will retire as the Company’s Chief Executive Officer and from all positions held with the Company or any affiliated entities as of the Approval Date and thereafter serve as a
consultant to the Company through the Retirement Date (as defined below). 
 In consideration of the premises and mutual covenants set forth
below, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 
  

	 	1.	The Transition Period. 

 (a) The period between the Agreement Date and the Retirement
Date will be a “Transition Period,” during which the following will apply: 
 (i) In the period between the Agreement Date,
and the date that this Agreement is approved by the Bankruptcy Court (the “Approval Date”), the Employee will be expected to report to work, and to continue his responsibilities as Chief Executive Officer on a fulltime basis.

(ii) Effective as of the Approval Date, the Employee’s employment pursuant to the Employment Agreement will cease to be of any further
force and effect, except as specifically set forth herein, and the Employee will be deemed to have resigned from all positions (including any board positions) with the Company and its subsidiaries and affiliates (each entity individually, and
collectively, the “Company Group”). Commencing on the Approval Date, the Employee will provide consulting services to the Company, as requested by the board of directors of the Company (the “Board”), until the
earlier of (i) December 31, 2016 or (ii) the Effective Date (as defined in that certain Backstop Commitment Agreement, dated as of [ ], among the Company, the Chaparral Parties and Commitment Parties signatory thereto (the “Backstop
Commitment Agreement”)) (such date, the “Retirement Date” and such period, the “Consulting Period”), unless terminated earlier as provided below.

 (b) For as long as the Employee remains a consultant to the Company during the Consulting Period,
the Employee will receive a monthly fee of $74,192.09. In consideration of the Employee’s performance of the consulting services and subject to the Employee’s compliance with this Agreement, on the Effective Date the Company will grant to
the Employee a cashless exercise warrant (the “Warrant”) to purchase up to 0.37575% of the Class A Shares of the Company1 issued upon the Effective Date, on a fully diluted basis.
The Warrant will have a strike price that would result in a 100% recovery of all outstanding principal and accrued interest to holders of the Unsecured Notes Claims (as defined in the Plan Support Agreement dated as of [●], 2016 (the
“PSA”)) as of June 30, 2018. The Warrant will expire on June 30, 2018. Without limiting the foregoing, the Warrant will have other terms and conditions as determined by the Required Consenting Noteholders (as defined in the PSA) and
the Company. 
 (c) If, prior to the Approval Date, the Employee’s employment is terminated by the Company “for Cause” (as
defined in the Employment Agreement and in accordance with the process set forth in Section 5(c) therein), the Employee’s termination date shall be accelerated to the date on which notice of termination is given and the Employee will not
receive the Retirement Package described below. 
  

	 	2.	Rights and Continuing Obligations Unrelated to this Agreement. 

 (a) Regardless of
whether the Employee enters into this Agreement, on the next payroll date following the Approval Date (or sooner if required by law), the Company will pay the Employee for (i) all base salary earned and (ii) any vacation accrued, based on the
Employee’s accrual on record with the Company in accordance with the Company’s policy in effect on the Petition Date (as defined in the PSA), in each case through the Approval Date (or such earlier date if his last day of employment is
accelerated). 
 (b) The Employee acknowledges and agrees that, other than as provided in Section 3(f) hereof, the Employee’s
participation as an active employee under any benefit plan, program, policy or arrangement sponsored or maintained by the Company Group will cease and be terminated as of the Retirement Date or, if sooner, as of the date on which the Employee’s
employment with the Company is terminated by the Company for Cause or the date on which he is no longer eligible to participate in the applicable benefit plan as a result of his change in employment status. The Employee will be given separate
information regarding (i) the Employee’s right to continue coverage under the Company’s group medical plans following the date the Employee’s coverage would otherwise cease, as required by the Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”), (ii) the Employee’s rights with respect to his participation in the Company’s 401(k) plan, and (iii) any rights he may have to convert group participation in Company plans to
individual policies. 
  

	1 	Notwithstanding the foregoing, the Employee may elect to receive the agreed upon aggregate cash value of the Warrant (i.e., $159,297) on the Effective Date (in lieu of the grant) if the Employee notifies the Company of
such election on or before the date that the Company or its affiliates file a motion to approve the disclosure statement for the Company’s plan of reorganization with the Bankruptcy Court. 

  
 2 

 (c) Regardless of whether the Employee executes this Agreement, during the Transition Period and
following the termination of the Employee’s employment for any reason, the following obligations in the Employment Agreement (collectively, the “Continuing Obligations”) will continue according to their terms as if set forth in
their entirety herein: 
 (i) Section 9(c) – Non-Competition, as modified by mutual agreement in Section 7 herein. 

(ii) Section 9(a), (d), (e), (f), and (g) – Non-Disclosure of Confidential Information; Remedies, Continuing Operation, Additional Related
Agreements and Obligations of Executive upon Termination; and 
 (iii) Section 12 – Arbitration; Legal Fees and Expenses 

 

	 	3.	The Retirement Package. 

 Subject to the terms of this Agreement, in consideration of the
General Release (as defined below) and the restrictive covenants provided for herein, and provided that the Employee remains in continuous compliance with the terms of this Agreement (including, but not limited to, Section 5 hereof), the
Company agrees to the following (collectively, the “Retirement Package”): 
 (a) The Initial
Payment. On the Approval Date, the Company will pay to the Employee $2 million, less applicable withholdings and deductions as provided herein (the “Initial Payment”). The Employee agrees and represents that he will
invest the Initial Payment into a segregated account (the “Segregated Account”) and will not otherwise draw on or access the Initial Payment funds unless or until he is able to do so in accordance with this section (the
“Payment Representation”). If at any time, the Employee breaches the Payment Representation, the Employee shall bear any costs and expenses incurred by the Company and/or the Consenting Noteholders in enforcing the Payment
Representation and/or recovering any withdrawn funds. If, as of the fifth business day following the Effective Date (the “Payment Determination Date”), no order has been entered determining the Employee to be in material breach
of this Agreement and no member of the Company Group or Consenting Noteholder has sent to the Employee a notice notifying the Employee that he is in material breach of this Agreement (a “Breach Notice”), the funds in the
Segregated Account (net of any gains or losses pursuant to the Employee’s investment decisions, the “Account Funds”) will be subject to the Employee’s unrestricted use. Any Breach Notice must set forth the
circumstances serving as the basis of the breach and the party providing the Breach Notice will provide a copy of the notice to the other parties in interest (i.e., the Company and/or Consenting Noteholders, as applicable). If, as of the
Payment Determination Date, an order has been entered determining the Employee to be in material breach of this agreement and has become final and unappealable, the entire Initial Payment will be returned to the Company (through the release of the
Account Funds to the Company and supplemented by the Employee to the extent the Account Funds are less than the Initial Payment amount as a result of the Employee’s investments). If, as of the Payment Determination Date, (i) an order has
been entered determining the Employee to be in material breach of this Agreement that has not yet become final and unappealable or (ii) a member of the Company Group or a Consenting Noteholder has sent a Breach Notice to the Employee, then the

  
 3 

 
Account Funds will remain in the Segregated Account without right to use or access by the Employee until a final and unappealable order is entered on the matter or the matter is otherwise
resolved between the parties, at which time the Account Funds (as adjusted for any gains or losses) will be released to (i) the Company if the Employee is found to have been in material breach of this Agreement (supplemented by the Employee as
necessary to repay the entire Initial Payment amount) or (ii) the Employee if the Employee is not found to have been in material breach of this Agreement.

(b) The Effective Date Payment. On the Approval Date, the Company will deposit $1 million into a segregated account (the
“Effective Date Payment”) to be paid to the Employee on the Payment Determination Date if, as of the Payment Determination Date, no final unappealable order has been entered determining the Employee to be in material breach of this
Agreement and no member of the Company Group or Consenting Noteholder has sent to the Employee a Breach Notice. If, as of the Payment Determination Date, (i) an order has been entered determining the Employee to be in material breach of this
Agreement that has not yet become final and unappealable or (ii) a member of the Company Group or a Consenting Noteholder has sent to the Employee a Breach Notice, then the Effective Date Payment will remain in the segregated account until a final
and unappealable order is entered on the matter or the matter is otherwise resolved between the parties, at which time the Effective Date Payment will be (i) paid to the Employee if the Employee is not found to have been in material breach of this
Agreement or (ii) forfeited, if the Employee is found to have been in material breach of this Agreement.
 (c) The Additional
Payment. On the Approval Date, the Company will pay to the Employee an additional payment of $149,454.91, less applicable withholdings and deductions as provided herein (the “Additional Payment”). 

(d) The Initial Payment, Additional Payment and Effective Date Payment and other consideration provided under this Agreement will be in lieu
of any severance payments or benefits that may otherwise have been payable pursuant to the Employment Agreement or otherwise.
 (e)
Transfer of Title; Retention of Certain Property. 
 (i) As soon as practicable after the Effective Date, the Company will transfer to
the Employee title of the company-issued 2013 Lexus Model LS460 (VIN JTHCL5EF3D5016795) currently in use by the Employee (the “Car”). For the avoidance of doubt, the Employee will be entitled to continue to use the Car until
the date of such transfer. 
 (ii) As soon as practicable after the Effective Date, the Company will transfer to the Employee (or
Employee’s designee) title to the Company’s 1987 King Air B300 twin engine turboprop aircraft (Tail # N300CW) (the “Aircraft) and, in connection therewith, the Employee (or such designee) will assume all associated liabilities
and obligations and any related contracts (“Related Contracts”), including any liabilities or obligations associated with the assumption and/or rejection of the Related Contracts by the Company in the Chapter 11 Cases. For the
avoidance of doubt, Related Contracts shall include any 

  
 4 

 
and all independent contractor contracts that the Company has entered into relating to the Aircraft and any non-at will employment contracts that the Company has entered into relating to the
Aircraft that would result in liability to the Company upon termination of the applicable individual’s employment. For avoidance of doubt, the Employee shall not be liable for (i) any severance liability that the Company will incur when
the pilot employed by the Company is terminated or (ii) any other amounts owing to the pilot that accrued prior to his termination. The parties agree to work together in good faith to effect the transfer of the Aircraft to the Employee,
including the transfer of the Aircraft, all associated liabilities and obligations and any Related Contracts; provided that nothing herein will require the Company to incur any additional costs in connection with such transfer. In connection with
the transfer, the Employee shall arrange for registration of the Aircraft with the FAA or other applicable aviation authority and shall maintain the Company as an additional insured in respect of the Aircraft’s liability insurances for a period
of 2 years from the date of transfer. During the period between the Approval Date and the Effective Date, the Employee will have exclusive use of the Aircraft, provided, however that the Employee will be solely liable for any expenses or liabilities
incurred in connection with such use and will hold harmless and defend the Company for all liabilities, losses, damages, or costs relating to the Employee’s use during that period and provided further that the Company and the Employee will
enter into a lease agreement with respect to the Aircraft reasonably acceptable in form and substance to the parties and the Consenting Noteholders. 

(iii) Notwithstanding Section 9 herein, the Company will allow the Employee to retain the personal property listed in Schedule I
delivered to the Company in connection with the execution of this agreement. 
 (f) Benefit Continuation. Subject to Sections
4 and 11(e)(ii) herein, the Company will maintain in full force and effect, for the continued benefit of Employee (and the Employee’s spouse and/or eligible dependents (“Dependents”), as applicable) for a period of
18 months following the Approval Date, participation by Employee (and the Dependents, as applicable) in the medical, hospitalization and dental programs maintained by the Company for the benefit of its senior executive officers as in effect on the
Approval Date, at such level and terms and conditions (including, without limitation, contributions required by the Employee for such benefits) as in effect on the Approval Date; provided, if the Employee (or his spouse) is eligible for Medicare or
a similar type of governmental medical benefit, such benefit shall be the primary provider before Company medical benefits are provided. However, if the Employee becomes reemployed with another employer and is eligible to receive medical,
hospitalization and dental benefits under another employer-provided plan, the medical, hospitalization and dental benefits described herein shall be secondary to those provided under such other plan during the applicable period. If any plan
pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A of the Code under Treasury Regulation Section 1,409A-
1(a)(5), then an amount equal to each remaining premium payment shall thereafter be paid to the Employee as currently taxable compensation in substantially equal monthly installments over the continuation coverage period (or the remaining portion
thereof). 

  
 5 

 (g) Acknowledgment. The Employee acknowledges that he will not be entitled to an annual
bonus with respect to the 2016 fiscal year and that any outstanding equity-based awards will be cancelled as of the Approval Date without payment of any further consideration therefor and without any further action on the part of any party. 

 

	 	4.	Release of Claims. 

 (a) Notwithstanding anything to the contrary in this Agreement, the
Company will not be obligated to provide, and the Employee will not be entitled to receive or retain, the Retirement Package described in Section 3 unless and until (i) the Employee executes and delivers to the Company
the Release of Claims attached hereto as Exhibit B, (the “General Release”) as required therein, and (ii) such General Release becomes effective and irrevocable by the Employee under all applicable law
and its terms. The Employee agrees that he will consent to the same third party releases as other parties under the plan of reorganization. 

(b) Pursuant to the PSA, the Company and the Consenting Noteholders agree to use commercially reasonable efforts to obtain approval of a plan
of reorganization containing a release of all claims against the Employee and his successors and assigns, excluding (a) Employee’s breach of any terms and conditions of this Agreement or (b) fraud, gross negligence or willful misconduct of the
Employee. 

  
 6 

	 	5.	Non-Solicitation. 

 The Employee will not, during the Transition Period and for a period
of 24 months following the Retirement Date (the “Non-Solicitation Period”), either personally or by or through his agent or by letters, circulars or advertisements and whether for himself or on behalf of any other person or entity,
hire, solicit or seek to hire any employee or consultant of the Company or any affiliated entity, or in any other manner attempt, directly or indirectly, to persuade any such employee or consultant to discontinue his/her status of employment or
consultancy with the Company or any affiliated entity or to become hired in any business or activities likely to be competitive with the Company’s or an affiliated entity’s business. Additionally, during the Non-Solicitation Period,
the Employee shall not, for himself or on behalf of any person or entity, directly or indirectly, solicit, divert or attempt to solicit or divert any customer of the Company or any affiliated entity for the purpose of causing such customer to reduce
or refrain from doing any business with the Company or any affiliated entity. The Employee further agrees that, during the Non-Solicitation Period, he will not, directly or indirectly, request or advise any customers of the Company or an
affiliated entity to withdraw, curtail or cancel their business with the Company or any affiliated entity. For purposes of this Agreement, a “customer” of the Company or any affiliated entity shall mean those customers of the Company
or an affiliated entity who held a deposit account or otherwise transacted business with the Company or an affiliated entity at any time within the 12 months preceding termination of the Employee’s employment. Nothing contained in
this Agreement is intended to prohibit general advertising or solicitation not specifically directed at any or all of the Company’s or an affiliated entity’s customers or employees. 

 

	 	6.	Non-Disparagement. 

 The Employee agrees that he will not make or cause to be made any
negative, adverse or derogatory comments or communications that could constitute disparagement of any member of the Company Group or any Consenting Noteholder, or their respective owners, officers or directors, or that may be considered to be
derogatory or detrimental to the good name or business reputation of any of the foregoing, including but not limited to the business affairs, financial condition or prospects of any of the Company Group, including, without limitation, comments to
any media outlet, industry group, financial institution, client, customer or employee of the Company Group. The Company will instruct its executive officers and its board of directors not to disparage or defame the Employee. Each Consenting
Noteholder agrees not to disparage or defame the Employee. 

  
 7 

	 	7.	Non-Competition.

 In consideration for the Retirement Package, the Employee agrees that
the Covered Period for the purposes of Section 9(c) of the Employment Agreement will mean the Transition Period and 24 months following the Retirement Date; provided, however that “Competing Business” shall be defined by reference to the
Company’s regions of operation as of the Agreement Date. For the avoidance of doubt, the Employee will not serve as a member of the board of directors of any Competitor in the regions in which Chaparral operates. 

 

	 	8.	Cooperation.

 The Employee hereby agrees to cooperate fully with the Company, if
so requested, with respect to any internal or external investigation or inquiry, as well as any issues, claims or litigation (whether or not currently pending) involving the Company Group and its employees and any transactions contemplated in the
Backstop Commitment Agreement or PSA. Such cooperation may include providing information and assistance and being reasonably available upon reasonable notice to meet with attorneys or representatives of the Company for reasonable time periods in
connection with any matter that occurred during his employment in which he was involved or about which he has knowledge. In addition, the Employee agrees he shall not file any pleading in the Chapter 11 Cases other than as required to enforce
the terms of this Agreement, nor will he support any other party in its objection to the Backstop Commitment Agreement or PSA or consummation of the transactions contemplated thereby. The Employee also agrees that he will support the
transactions contemplated by the PSA in his individual capacity (including the Employee’s designee on the Board, subject to such designee’s fiduciary duties) and will not take any action to undermine any emergence or sale transaction
supported by the Company and the Consenting Noteholders in connection with the Chapter 11 Cases. 
  

	 	9.	Return of Company Property.

 Except as provided herein, on the Approval Date, the
Employee shall return to the Company all property of the Company Group then in the Employee’s possession, including without limitation any and all identification badges, keys, security cards, credit cards, phone cards, parking cards, computers,
phones, electronic devices, storage devices, equipment, manuals, security and access codes, and documents of any kind.
  

	 	10.	Enforcement. 

 The Employee acknowledges that the Employee’s obligations as set
forth in this Agreement are reasonable and necessary for the protection of the Company and that the Company may be irrevocably damaged if such obligations are not specifically enforced. Accordingly, the Employee agrees that, in addition to any
other relief to which the Company may be entitled in the form of damages (including, but not limited to, refusing to deliver the Retirement Package), the Company shall be entitled to seek and obtain injunctive relief (without the necessity of
posting bond) from a court of competent jurisdiction for the purpose of restraining the Employee from any actual or threatened breach of such obligations. 

  
 8 

	 	11.	Miscellaneous. 

 (a) Severability and Reformation. Each of the provisions of
this Agreement constitutes independent and separable covenants. Any portion of this Agreement that is determined by a court of competent jurisdiction to be overly broad in scope, duration or area of applicability or in conflict with any
applicable statute or rule will be deemed, if possible, to be modified or altered so that it is not overly broad or in conflict or, if not possible, to be omitted from this Agreement. The invalidity of any portion of this Agreement will not
affect the validity of the remaining sections of this Agreement. 
 (b) No Waiver. The failure of a party to insist upon strict
adherence to any term of this Agreement on any occasion will not be considered a waiver thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

(c) Successors and Assigns. This Agreement and any rights herein granted are personal to the parties hereto and will not be
assigned or otherwise transferred by either party without the prior written consent of the other party, and any attempt at violative assignment or any other transfer, whether voluntary or by operation of law, will be void and of no force and effect,
except that this Agreement may be assigned by the Company to any successor in interest to the business of the Company. This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors, affiliates and any person
or other entity that succeeds to all or substantially all of the business, assets or property of the Company. This Agreement and all of the Employee’s rights hereunder shall inure to the benefit of and be enforceable by the Employee’s
heirs and estate. 
 (d) No Conflict; Governing Law. Each party represents that the performance of all of the terms of this
Agreement will not result in a breach of, or constitute a conflict with, any other agreement or obligation of that party. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of
Oklahoma without regard to its conflicts of law principles.
 (e) Taxes. 

(i) All payments made by the Company to the Employee pursuant to this Agreement will be reduced by applicable tax withholdings and any other
deductions as required by law. 
 (ii) Code Section 409A. The intent of the parties is that payments and benefits under this
Agreement shall comply with or be exempt from Internal Revenue Code Section 409A and applicable guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted,
this Agreement shall be interpreted in accordance therewith. In no event whatsoever shall the Company be liable for any tax, interest or penalties that may be imposed on the Employee by Code Section 409A or any damages for failing to
comply with Code Section 409A. To the extent any taxable expense reimbursement or in-kind benefits under this Agreement is subject to Code Section 409A, the amount thereof eligible in any calendar year shall not

  
 9 

 
affect the amount eligible for any other calendar year, in no event shall any expenses be reimbursed after the last day of the calendar year following the year in which the Employee incurred such
expenses, and in no event shall any right to reimbursement or receipt of in-kind benefits be subject to liquidation or exchange for another benefit. Notwithstanding any provisions of this Agreement to the contrary, if the Employee is a
“specified employee” (within the meaning of Code Section 409A and determined pursuant to any policies adopted by the Company consistent with Code Section 409A), at the time of the Employee’s separation from service, and if any portion
of the payments or benefits to be received by the Employee upon separation from service would be considered deferred compensation under Code Section 409A and cannot be paid or provided to the Employee without the Employee incurring taxes, interest
or penalties under Code Section 409A, amounts that would otherwise be payable pursuant to this Agreement and benefits that would otherwise be provided pursuant to this Agreement, in each case, during the six-month period immediately following the
Employee’s separation from service will instead be paid or made available on the earlier of (i) the first business day of the seventh month following the date of the Employee’s separation from service or (ii) the Employee’s
death. Each payment under this Agreement is intended to be a “separate payment” and not one of a series of payments for purposes of Code Section 409A. 

(f) Notices. All notices and other communications hereunder must be in writing and will be deemed duly given if delivered
personally or sent by registered or certified mail, return receipt requested, postage prepaid or by overnight courier, and addressed to the intended recipient at the addresses maintained in the Company’s records. Notices sent to the
Company should be directed to: 
 Joseph O. Evans 

Chaparral Energy, Inc. 
 701 Cedar
Lake Boulevard 
 Oklahoma City, OK 73114 

(g) Counterpart Agreements. This Agreement may be executed in counterparts, and each counterpart will be deemed an original for
all purposes. 
 (h) Captions and Headings. The captions and headings are for convenience of reference only and will not be used
to construe the terms or meaning of any provisions of this Agreement. 
 (i) Entire Agreement. This Agreement and the General
Release, together with the surviving obligations of the Employment Agreement as set forth herein, set forth the entire agreement between the parties with respect to the subject matter hereof, and all references to either document shall be deemed to
be a reference to both. This Agreement supersedes any and all prior understandings and agreements between the parties and neither party will have any obligation toward the other except as set forth herein. Without limiting the generality
of the foregoing, the Employee agrees that the execution of this Agreement and the payments made hereunder will constitute satisfaction in full of the Company’s obligations to the Employee under any and all plans, programs or arrangements of
the Company under which the Employee may be 

  
 10 

 
entitled to payments and/or benefits in connection with the termination of his employment. This Agreement may not be superseded, amended, or modified except in writing signed by both
parties. 
 (j) Third Party Beneficiaries. Initial signatories to the Backstop Commitment Agreement shall be third party
beneficiaries of this Agreement, solely with respect to the Employee’s obligations set forth in Sections 6 and 8 of this Agreement. The Consenting Noteholders shall be third party beneficiaries to Section 4 of this
Agreement and the General Release. 
  

	 	12.	Consideration Period.

 By signing this Agreement and the General Release in the spaces
indicated, the Employee is confirming his acceptance of the terms and conditions set forth herein and is acknowledging the following: 
 (a)
The obligations as set out in this Agreement and the General Release represent a complete waiver and release of all rights and claims that the Employee has against the Released Parties (as defined in the General Release). Accordingly, the Employee
understands his obligation to review this Agreement and the General Release carefully before signing in the first spaces. The Employee further acknowledges and agrees that the consideration provided for herein is adequate consideration for the
Employee’s obligations under the General Release. 
 (b) The Employee understands that he can take up to twenty-one (21) days from his
receipt of this Agreement (the “Consideration Period”) to consider its meaning and effect and to determine whether or not he wishes to enter into it by signing this Agreement in the first space provided below. In addition, in
order to receive the Retirement Package, the Employee will be required to reaffirm his signature on the Retirement Date in the second space provided below. Before signing this Agreement in either space, the Employee is advised to consult with
an attorney. If the Employee chooses to sign this Agreement and the General Release before the end of the Consideration Period, he is doing so voluntarily.

(c) The Employee may revoke his signature within seven (7) days after signing this Agreement in the first space (the “First Revocation
Period”). Further, the Employee may revoke his signature within seven (7) days after signing this Agreement in the second space (the “Second Revocation Period”). Any revocation of this Agreement is requested to be
in writing. 
 (d) The Employee will forward the original of this Agreement once signed by him in the first space, as well as any notice of
his desire to revoke his signature, to:
 Joseph O. Evans 

Chaparral Energy, Inc. 
 701 Cedar
Lake Boulevard 
 Oklahoma City, OK 73114 

Joe.evans@chaparralenergy.com 

  
 11 

 The Employee shall also send a copy of this Agreement, once signed, and any notice of his
intention to revoke in pdf format via email to the above address. 
 (e) The Employee understands that if he fails to sign this Agreement in
all spaces as required, or he signs but exercises his right to revoke his signature in any space, his right to receive the Retirement Package will not vest on the Effective Date and will not become due and owing to him.

 

	 	13.	Protected Disclosures. 

 (a) Nothing in this Agreement or in any other document,
agreement or policy relating to the Employee’s employment by the Company prohibits or restricts the Employee or the Company from disclosing relevant and necessary information or documents in any action, investigation or proceeding relating to
Employee’s employment by the Company, or initiating communications directly with, cooperating with, providing relevant information to, testifying before, or otherwise assisting in an investigation or proceeding by any governmental or regulatory
body; provided that, if and to the extent permitted by law, upon receipt of any subpoena, court order or other legal process compelling the disclosure of any such information or documents, the Employee shall give prompt written notice to the Company
to permit the Company to protect its interests in confidentiality to the fullest extent possible. 
 (b) The Employee cannot be held
criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (1) is made: (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney;
and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. As a result, the Company and
the Employee shall have the right to disclose trade secrets in confidence to federal, state, and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law.

(c) Both the Company and the Employee also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but
only if the filing is made under seal and protected from public disclosure.
 (d) Nothing in this Agreement is intended to conflict with
that right or to create liability for disclosures of trade secrets that are expressly allowed by the foregoing. 
  

	14.	Independent Contractor.

 The Employee warrants that, during the Consulting Period, the
Employee will at all times be and remain an independent contractor, and the Employee will not be considered the agent, partner, principal or employee of the Company or any of its subsidiaries or affiliates. The Employee acknowledges and agrees
that, during the Consulting Period, the Employee will not be treated as an employee of the Company or any of its subsidiaries or affiliates for purposes of federal, state or local income or other tax withholding, nor unless otherwise specifically
provided by law, for purposes of the Federal Insurance Contributions Act, the Social Security Act, the Federal Unemployment Tax Act or any Workers’ Compensation law of any state or country (or subdivision thereof), or for purposes of benefits
provided to employees of the Company or any of 

  
 12 

 
its subsidiaries or affiliates under any employee benefit plan, program, policy or arrangement (including, without limitation, vacation, holiday and sick leave benefits, insurance coverage and
retirement benefits). The Employee acknowledges and agrees that, as an independent contractor, the Employee will be required, during the Consulting Period, to pay any applicable taxes on the fees paid to the Employee, and to provide
workers’ compensation insurance and any other coverage required by law. The Employee will at all times indemnify, hold harmless and defend the Company for all liabilities, losses, damages, costs (including, without limitation, legal costs
and other professional fees on an indemnity basis) and expenses of whatsoever nature incurred or suffered by the Company or any of its subsidiaries or affiliates arising from the Employee’s performance of or breach of the Employee’s
obligations or warranties under this Agreement, including, without limitation: (a) any income taxes or other taxes due on amounts paid to or on behalf of the Employee by the Company, or any other required remittances to any governmental entities,
agencies or programs (including but not limited to any interest, penalties or gross-ups thereon) arising in respect of the Employee for which the Company or any subsidiary or affiliate of the Company is called upon to account to the relevant taxing
authority; (b) any act, neglect or default of the Employee and any claim that the Company or any subsidiary or affiliate of the Company is vicariously liable for the Employee’s acts or omissions; (c) any liability for any employment-related
claim or any claim based on worker status brought by the Employee against the Company or any subsidiary or affiliate of the Company arising out of or in connection with the Employee’s provision of services pursuant to this Agreement; and (d)
any breach by the Employee of the Employee’s obligations under this Agreement resulting in a successful claim by a third party. The Employee hereby acknowledges that the Employee will have no recourse against the Company (or any of its
directors, officers, personnel, representatives, agents, successors, subsidiaries or affiliates) for any such liability, loss, damage, cost or expense. 

[Remainder of page intentionally left blank. 

Signatures on following page.] 

  
 13 

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

							
	 Chaparral Energy, Inc.
	 		 		 	
				
	  
	 		 	 Date:
	 	  

	 By:    Joseph O. Evans
	 		 		 	
	 Title: Chief Financial Officer
	 		 		 	
				
	 MARK A. FISCHER
	 		 		 	
				
	  
	 		 	 Date:
	 	  

				
	 (FIRST SPACE)
	 		 		 	
	
	  

	 DO NOT SIGN BELOW UNTIL THE RETIREMENT DATE (SECOND SPACE)

	 I hereby reaffirm my signature above:
	 		 		 	
				
	  
	 		 	Date:	 	             ,
201    

	 MARK A. FISCHER
	 		 		 	

  
 14 

 EXHIBIT A 

EMPLOYMENT AGREEMENT 

 EXHIBIT B 

RELEASE OF CLAIMS 
  

	1.	Terms of Release. This Release of Claims (this “General Release”) is being executed by Mark A. Fischer (“the Employee”) for the benefit of Chaparral Energy, Inc. (the
“Company”) and the other Released Parties (as defined below), pursuant to the terms of the Agreement to which this General Release is attached, which provides the Employee with certain significant benefits, subject to the
Employee’s executing this General Release. 

  

	2.	General Release. In exchange for and in consideration of the Retirement Package described in the Agreement, the Employee, on behalf of himself, his agents, representatives, administrators, receivers,
trustees, estates, spouse, heirs, devisees, assignees, transferees, legal representatives and attorneys, past or present (collectively the “Releasors”), hereby irrevocably and unconditionally releases, discharges, and acquits all of
the Released Parties from any and all claims, promises, demands, liabilities, contracts, debts, losses, damages, attorneys’ fees and causes of action of every kind and nature, known and unknown, which the Employee may have against them at any
time up to the date the Employee signs this General Release in the first space provided below, and covering the period between such date and the date the Employee reaffirms his signature in the second space provided, as described in
Section 13 below, including but not limited to causes of action, claims or rights arising out of, or which might be considered to arise out of or to be connected in any way with: (a) the Employee’s employment with the
Company or any of its subsidiaries or the termination thereof; (b) any treatment of the Employee by any of the Released Parties, which includes, without limitation, any treatment or decisions with respect to hiring, placement, promotion, work hours,
discipline, transfer, termination, compensation, performance review or training; (c) any damages or injury that the Employee may have suffered, including without limitation, emotional or physical injury, or compensatory damages (but excluding any
claims for workers’ compensation benefits); (d) employment discrimination, which shall include, without limitation, any individual or class claims of discrimination on the basis of age, disability, sex, race, religion, national origin,
citizenship status, marital status, sexual orientation, or any other basis whatsoever; and (e) all such other claims that the Employee could assert against any, some, or all of the Released Parties, including any claims in the Chapter 11 Cases
(collectively, with the release of claims set forth in Section 3, the “Released Claims”).

  

	3.	 Broad Construction. This General Release shall be construed as broadly as possible and shall also
extend to release each and all of the Released Parties, without limitation, from any and all claims that the Employee or any of the Releasors has alleged or could have alleged, whether known or unknown, based on acts, omissions, transactions or
occurrences which occurred up to the date the Employee signs this General Release in the first space provided below, and covering the period between such date and the date the Employee reaffirms his signature in the second space, including any
violation(s) of any of the following, in each case, as amended: the National Labor Relations Act; Title VII of the Civil Rights Act of 1964; the Age Discrimination in Employment Act (including the

	 	
Older Workers Benefit Protection Act of 1990); the Civil Rights Act of 1991; Sections 1981-1988 of Title 42 of the United States Code; the Equal Pay Act; the Employee Retirement Income Security
Act of 1974; the Immigration Reform and Control Act; the Americans with Disabilities Act of 1990; the Fair Labor Standards Act; the Occupational Safety and Health Act; the Sarbanes-Oxley Act of 2002; the Oklahoma Anti-Discrimination Act; the
Oklahoma Minimum Wage Act, any other federal, state, local or foreign law, ordinance and/or regulation; any public policy, whistleblower, contract, tort, or common law claim; and any demand for costs or litigation expenses, including but not limited
to attorneys’ fees. The payments and other rights of the Employee expressly provided under the Agreement are excluded from this General Release. 

  

	4.	Released Parties. The term “Released Parties” or “Released Party” as used herein shall mean and include: (a) the Company; (b) the Company’s former, current and future
parents, subsidiaries and affiliates; (c) each predecessor, successor and affiliate of any entity listed in clauses (a) and (b); and (d) each former, current, and future officer, director, agent, representative, employee, owner, stakeholder
(including any Consenting Noteholder), partner, joint venturer, attorney, employee benefit plan, employee benefit plan administrator, insurer, administrator, and fiduciary of any of the persons listed in clauses (a) through (c), and (f) any
other person acting by, through, under, or in concert with any of the persons or entities listed herein. 

  

	5.	Rights Reserved. Nothing in this General Release shall prohibit or restrict the Employee from responding to any inquiry, or otherwise communicating with, any federal, state or local administrative or
regulatory agency or authority, including, but not limited to, the Securities and Exchange Commission (SEC), the Equal Employment Opportunity Commission (EEOC) or the National Labor Relations Board (NLRB), if applicable to his employment, about the
Agreement or this General Release or its underlying facts and circumstances or filing a charge with or participating in an investigation conducted by any governmental agency or authority; however, the Agreement and this General Release do prevent
the Employee, to the maximum extent permitted by law, from obtaining any monetary or other personal relief for any of the claims he has released in this General Release. This General Release shall not affect the Employee’s rights
under the Older Workers Benefit Protection Act of 1990 (“OWBPA”) to have a judicial determination of the validity of this General Release and does not purport to limit any right the Employee may have to file a charge under the ADEA
or other civil rights statute or to participate in an investigation or proceeding conducted by the EEOC or other investigative agency. This General Release does, however, waive and release any right to recover damages under the ADEA or other
civil rights statute. 

  

	6.	OWBPA and ADEA Release. Pursuant to the OWBPA, the Employee understands and acknowledges that by executing this General Release and releasing all claims against each and all of the Released Parties, he has
waived any and all rights or claims that he has or could have against any Released Party under the Age Discrimination in Employment Act (“ADEA”), which includes, but is not limited to, any claim that any Released Party discriminated
against the Employee on account of his age.

  
 2 

	7.	Representations by the Employee. The Employee confirms that no claim, charge or complaint against any of the Released Parties has been brought by him before any federal, state, or local court or
administrative agency. The Employee represents and warrants that he has no knowledge of any improper or illegal actions or omissions by the Company or any of its affiliates. This expressly includes, but is not limited to, any and all
conduct that potentially could give rise to claims under the Sarbanes-Oxley Act of 2002 (Public Law 107-204). 

  

	8.	No Admission of Liability. The Employee agrees that neither this General Release nor the furnishing of the consideration for this General Release as set forth in the Agreement shall be deemed or construed at
any time for any purpose as an admission by the Released Parties of any liability or unlawful conduct of any kind.

  

	9.	Governing Law. This General Release shall be shall be governed by the laws of the State of Oklahoma without regard to its conflicts of law principles. If any provision of this General Release is
declared legally or factually invalid or unenforceable by any arbitrator or court of competent jurisdiction and cannot be modified to be enforceable to any extent or in any application that is acceptable to the Company, then, in the discretion of
the Company, such provision immediately may be deemed become null and void, leaving the remainder of this General Release in full force and effect. 

  

	10.	Prior Agreements. This General Release, together with the Agreement to which it is attached (and including the surviving obligations of the Employment Agreement as set forth therein) and the PSA, sets forth
the entire agreement between the Employee and the Company and supersedes any and all prior agreements or understandings, whether written or oral, between the parties, except as otherwise specified in this General Release. The Employee
acknowledges that he has not relied on any representations, promises, or agreements of any kind made to him in connection with his decision to sign this General Release, except for those set forth in the Agreement and this General Release.

  

	11.	Amendment. This General Release may not be amended except by a written agreement signed by both parties, which specifically refers to this General Release. 

 

	12.	Counterparts; Execution Signatures. This General Release may be executed in counterparts, each of which when so executed and delivered shall be deemed to be an original and both of which when taken together
shall constitute one and the same agreement. 

  

	13.	Consideration Period. By signing the Agreement and this General Release in the spaces indicated, the Employee is confirming his acceptance of the terms and conditions set forth herein and is acknowledging
the following: 

  

	 	(a)	This General Release represents a complete waiver and release of all rights and claims that the Employee has against the Released Parties. Accordingly, the Employee understands his obligation to review this General
Release carefully before signing in the first space. 

  
 3 

	 	(b)	The Employee understands that he can take up to twenty-one (21) days from his receipt of the Agreement and this General Release (the “Consideration Period”) to consider its meaning and effect and to
determine whether or not he wishes to enter into it. In addition, in order to receive the Retirement Package, the Employee will be required to reaffirm his signature on the Retirement Date in the second space provided below. Before signing
this Agreement in either space, the Employee is advised to consult with an attorney. If the Employee chooses to sign the Agreement and this General Release before the end of the Consideration Period, he is doing so voluntarily.

  

	 	(c)	In addition, the Employee may revoke his signature within seven (7) days after signing this Agreement in the first space (the “First Revocation Period”). Further, the Employee may revoke his
signature within seven (7) days after signing this Agreement in the second space (the “Second Revocation Period”). Any revocation of this Agreement is requested to be in writing. 

 

	 	(d)	The Employee will forward the Agreement and this General Release once signed by him in the first space, as well as any notice of his desire to revoke his signature, to:

[                ] 

[    ]@[    ].com2 

The Employee shall also send a copy of this Agreement, once signed by him in the second space, and any notice of his intention to revoke in pdf
format via email to the above address. 
  

	2 	To be updated in advance of the hearing to approve this Agreement. 

  
 4 

 IN WITNESS WHEREOF, MARK A. FISCHER has executed this General Release as of the dates set forth below. 

 

			
	MARK A. FISCHER
	
	  

		
	Date:	 	  

  
  

DO NOT SIGN BELOW UNTIL THE RETIREMENT DATE 
 I hereby
reaffirm my signature above: 
  

					
	  
	 		 	Date:             , 201[6]
	MARK A. FISCHER	 		 	

  
 5

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