Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

TAX RECEIVABLE AGREEMENT AMENDMENT 

This Tax Receivable Agreement Amendment (this “Agreement”) is entered into as of October 20, 2020, by and among Parsley
Energy, Inc., a Delaware corporation (the “Company”), Bryan Sheffield (the “Agent”), and certain TRA Holders (as defined herein) listed on Annex A (collectively, the “Parties”). 

RECITALS 
 WHEREAS, the
Company, the members of Parsley Energy, LLC, a Delaware limited liability company (“Opco LLC”), and the Agent entered into that certain Tax Receivable Agreement, dated as of May 29, 2014 (the “TRA”); 

WHEREAS, the Company, Opco LLC, Pioneer Natural Resources Company, a Delaware corporation (“Parent”), Pearl First Merger Sub
Inc., a Delaware corporation, Pearl Second Merger Sub LLC, a Delaware limited liability company, and Pearl Opco Merger Sub LLC, a Delaware limited liability company, entered into that certain Agreement and Plan of Merger, dated as of
October 20, 2020 (the “Merger Agreement”); 
 WHEREAS, Article IV of the TRA provides for an Early Termination Payment
in the event of a Change of Control, and the definition of “Early Termination Payment” in Section 4.3(b) of the TRA provides the methodology for calculating such Early Termination Payment; 

WHEREAS, Section 4.1(a) of the TRA contemplates that, in addition to the Early Termination Payment, certain other amounts may be required
to be paid in connection with the termination of the TRA; 
 WHEREAS, pursuant to Section 7.6(c) of the TRA, the Parties desire to
amend the TRA pursuant to its terms to clarify that the Early Termination Payments (and any other payments contemplated by the preceding recital) will be calculated using the Calculation Methodology (as defined below); 

WHEREAS, pursuant to Section 7.6(c) of the TRA, the Parties further desire to amend the TRA to clarify that the TRA will be terminated
(and the Company and its Affiliates will be released from all further obligations thereunder) once each person entitled to payment under the TRA (each such person, a “TRA Holder”) receives the applicable Termination Payment (as
defined below). 
 NOW, THEREFORE, in consideration of the promises and the mutual agreements and covenants hereinafter set forth, and
intending to be legally bound, the Parties hereby agree as follows: 
 1.    Definitions; References.
Unless otherwise specifically defined herein, each capitalized term used herein but not otherwise defined herein shall have the meaning assigned to such term in the TRA. This Agreement shall constitute an amendment of the TRA. To the extent there is
a conflict or inconsistency between the terms of this Agreement and the terms of the TRA (prior to giving effect to this Agreement), this Agreement shall govern. 

 2.    TRA Acceleration. The Parties agree that the
consummation of the transactions contemplated by the Merger Agreement will give rise to a “Change of Control” as defined in the TRA (such Change of Control, the “MA Change of Control”). Furthermore, the Parties agree that,
notwithstanding anything to the contrary contained in the TRA and without any further action on the part of any person (including, without limitation, the Parties), the TRA shall be terminated in its entirety upon payment of the Termination
Payments, and thereafter no Party shall have any further obligations under the TRA other than those obligations set forth in this Agreement. 

3.    Payment. The Parties agree that, on the Closing Date (as such term is defined in the Merger Agreement)
(the “Closing Date”) immediately after the Effective Time (as such term is defined in the Merger Agreement), the Company shall make a payment to each TRA Holder listed on Annex B, and that, notwithstanding anything to the
contrary in the TRA, each such payment shall be calculated in a manner consistent with the methodology utilized in the spreadsheet entitled “Parsley ETP Model_$11.00 per Share_With Formulas.xlsx” provided to Parent on October 20,
2020, a summary example of the output of which is attached hereto as Annex C (in calculating such payments, utilizing, for the avoidance of doubt, only those categories of inputs and assumptions set forth in such spreadsheet, but making
necessary updates to the relevant amounts, percentages, rates and dates set forth therein) (such methodology set forth in such spreadsheet, the “Calculation Methodology,” and the amount of the payment to each TRA Holder calculated
using such methodology, the “Termination Payment” and collectively for all of the TRA Holders, the “Termination Payments”). Annex B shall not be amended, modified or otherwise adjusted without the prior
written consent of all of the Parties affected by such amendment. Prior to the Closing (as such term is defined in the Merger Agreement), the Agent and each such TRA Holder shall provide to the Company the bank account information where the
Termination Payments shall be sent by wire transfer. The Agent and each TRA Holder hereby waives its right to receive any schedules, notices and documentation described in Article II or Article IV of the TRA relating to the calculation and payment
of any Termination Payment. Upon receipt by a TRA Holder of its respective Termination Payment, the Company shall have no further obligation under the TRA to such TRA Holder or any other person claiming through such TRA Holder on account of such TRA
Holder’s interest in the TRA, and each TRA Holder hereby accepts such TRA Holder’s respective Termination Payment in full satisfaction of all amounts to which such TRA Holder is or would be entitled under the TRA and releases, remises and
forever discharges the Company, its Affiliates and its and their respective successors, shareholders, directors, officers and employees from any obligation under the TRA, except for such TRA Holder’s right to receive its Termination Payment, as
calculated in a manner consistent with this Agreement. 
 4.    Intended Tax Treatment. Consistent with
the terms of the TRA, the Parties agree that (a) the part of the Termination Payment paid to a TRA Holder hereunder that is attributable to PE Units that were exchanged by the TRA Holder in an Exchange prior to the Closing Date is intended to
be treated for all tax purposes as 

  
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additional consideration to such TRA Holder from the Company for the prior acquisition by the Company of the relevant PE Units in the relevant Exchange, unless otherwise required by law, with a
portion of such additional consideration treated as imputed interest to the extent required by law (as reasonably determined by the Company), and (b) the remainder of the Termination Payment paid to such TRA Holder is intended to be treated for
all tax purposes as additional consideration payable to such TRA Holder from Parent for the PE Units exchanged by such TRA Holder in the Opco Merger (as such term is defined in the Merger Agreement), and none of the Company, any of its Affiliates or
any of the Parties, will take a position for tax reporting purposes inconsistent therewith, except upon a final determination by an applicable taxing authority. In connection with the payment of the Termination Payment to each TRA Holder, such TRA
Holder will be provided a statement, a form of which is attached as Annex D, setting forth the allocation of the Termination Payment (which allocation will be based on the Calculation Methodology) to PE Units exchanged as described in clause
(a) (which will be reflected opposite such TRA Holder’s name under the heading “Payments Attributable to PE Units Exchanged Prior to the Closing Date”) and to PE Units acquired by Parent in the Opco Merger as described in clause (b)
(which will be reflected opposite such TRA Holder’s name on Annex D under the heading “Payments Attributable to PE Units Exchanged in the Opco Merger”). The Company will promptly provide the Agent with such additional
information and assistance as the Agent may reasonably request in connection with tax reporting matters relating to the payments contemplated by this Agreement and the Merger Agreement. 

5.    Agreement Termination. This Agreement shall terminate and be of no force and effect upon (a) the
termination of the Merger Agreement pursuant to its terms, (b) an amendment to the Merger Agreement that changes the form or amount of the Opco Merger Consideration (as such term is defined in the Merger Agreement) or (c) the occurrence of
a Change of Control other than in connection with the transactions contemplated by the Merger Agreement. For the avoidance of doubt, the termination of this Agreement shall not by itself constitute a termination of the TRA. 

6.    No TRA Assignment. Notwithstanding anything to the contrary in Section 7.6 of the TRA, none of
the TRA Holders may directly or indirectly assign all or any portion of such TRA Holder’s interest in the TRA or this Agreement. For the avoidance of doubt, nothing in this Agreement shall restrict any TRA Holder from exercising its Exchange
Right and participating in an Exchange prior to the Closing Date. 
 7.    Amendments; Waivers. The
Parties agree that Section 7.6(c) of the TRA shall be amended and restated in its entirety to read as follows: “No provision of this Agreement may be amended or waived unless such amendment or waiver, as applicable, is approved in writing
by the Corporate Taxpayer and by TRA Holders who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all TRA Holders hereunder if the Corporate Taxpayer had exercised
its right of early termination on the date of the most recent Exchange prior to such amendment or waiver (excluding, for purposes of this sentence, all payments made to any TRA Holder pursuant to this Agreement since the date of such most recent
Exchange); provided, however, that no such amendment or waiver shall be effective if such amendment or waiver, as 

  
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applicable, would have a disproportionate effect on the payments certain TRA Holders will or may receive under this Agreement unless all such disproportionately affected TRA Holders consent in
writing to such amendment or waiver.” 
 8.    Representations and Warranties of the Company. The
Company represents and warrants to the Agent and the TRA Holders as follows (which representations and warranties shall survive until the expiration of the applicable statute of limitations): 

(a)    Authorization of Transaction. The Company has all requisite corporate power and authority to execute and
deliver this Agreement and to perform its obligations hereunder. The execution and delivery by the Company of this Agreement and the performance by the Company of this Agreement and the consummation by the Company of the transactions contemplated
hereby have been duly and validly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly and validly executed and delivered by the Company and constitutes a valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, except as such enforcement may be limited by general equitable principles or by applicable bankruptcy, insolvency, fraudulent transfer, moratorium, or similar laws, legal requirements and
judicial decisions from time to time in effect which affect creditors’ rights generally. 
 (b)    Non-contravention. Neither the execution and delivery by the Company of this Agreement, nor the consummation by the Company of the transactions contemplated hereby, will (i) conflict with or violate any
provision of the organizational documents of the Company, (ii) require on the part of the Company any notice to or filing with, or any permit, authorization, consent or approval of, any governmental entity or (iii) violate any order, writ,
injunction, decree, statute, rule or regulation applicable to the Company or any of its properties or assets. 

(c)    No Additional Representations. The Company acknowledges that no person has made any representation or
warranty, express or implied, as to the accuracy or completeness of any information regarding the Agent and the TRA Holders furnished or made available to the Company and its representatives except as expressly set forth in this Agreement, the
Merger Agreement or any Voting Agreement (as such term is defined in the Merger Agreement). 

9.    Representations and Warranties of the Agent and the unitholders of Opco LLC party to this Agreement.
Each of the Agent and each TRA Holder listed on Annex A represents and warrants to the other Parties hereto as follows (which representations and warranties shall survive until the expiration of the applicable statute of limitations): 

(a)    Authorization of Transaction. Such Party has all requisite power and authority (corporate or otherwise) to
execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by such Party of this Agreement and the performance by such Party of this Agreement and the consummation by such Party of the transactions
contemplated hereby have been duly and validly authorized by all necessary 

  
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corporate action on the part of such Party. This Agreement has been duly and validly executed and delivered by such Party and constitutes a valid and binding obligation of such Party and each
other person entitled to payment under the TRA, enforceable against such Party and each other person entitled to payment under the TRA in accordance with its terms, except as such enforcement may be limited by general equitable principles or by
applicable bankruptcy, insolvency, fraudulent transfer, moratorium, or similar laws, legal requirements and judicial decisions from time to time in effect which affect creditors’ rights generally. The Agent and the TRA Holders listed on
Annex A collectively constitute “TRA Holders who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all TRA Holders” under the TRA within the meaning
of Section 7.6(c) of the TRA, as of the date hereof. 

(b)    Non-contravention. Neither the execution and delivery by such Party
of this Agreement, nor the consummation by such Party of the transactions contemplated hereby, will (i) conflict with or violate any provision of the organizational documents of such Party, (ii) require on the part of such Party any notice
to or filing with, or any permit, authorization, consent or approval of, any governmental entity or (iii) violate any order, writ, injunction, decree, statute, rule or regulation applicable to such Party or any of its properties or assets. 

(c)    No Additional Representations. Such Party acknowledges that no person has made any representation or
warranty, express or implied, as to the accuracy or completeness of any information regarding the Company furnished or made available to such Party and its representatives except as expressly set forth in this Agreement, the Merger Agreement or any
Voting Agreement (as defined in the Merger Agreement). 
 10.    Third Party Beneficiary. The Parties
agree that Parent is an express third party beneficiary of this Agreement and this Agreement is enforceable by Parent in all respects. None of the provisions of this Agreement, including Annex B, may be amended, modified or otherwise
adjusted, and this Agreement may not be terminated other than pursuant to Paragraph 5 or waived in any respect, by any Party without the prior written consent of Parent (which consent may be withheld by Parent in its sole discretion). 

11.    Governing Law. This Agreement shall be governed by, and construed in accordance with, the law
of the State of Texas, without regard to the conflicts of laws principles thereof that would mandate the application of the laws of another jurisdiction. 

12.    Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be
considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Parties, it being understood that all Parties need not sign the same counterpart.
Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

13.    Entire Agreement. The Merger Agreement, the TRA (as amended by this Agreement) and this Agreement
constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof. 

  
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 14.    Further Assurances. If any Party reasonably
determines or is reasonably advised that any further instruments, actions, or things are necessary or desirable to carry out the terms of this Agreement, each Party shall execute and deliver such instruments, perform all such actions and provide all
such things reasonably necessary and proper to carry out the terms of this Agreement. 
 [Signature Page Follows] 

  
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 IN WITNESS THEREOF, the undersigned has executed this Agreement as of the day and year first
above written. 
  

			
	PARSLEY ENERGY, INC., a Delaware corporation

			
		
	By:	 	 /s/ Matt Gallagher

	Name:	 	Matt Gallagher
	Title:	 	President and Chief Executive Officer

 [Signature Page to TRA Amendment] 

			
	TRA HOLDERS:
	
	RYAN DALTON
		
	By:	 	 /s/ Ryan Dalton

	Name:	 	Ryan Dalton
	
	MATT GALLAGHER
		
	By:	 	 /s/ Matt Gallagher

	Name:	 	Matt Gallagher
	
	MICHAEL HINSON
		
	By:	 	 /s/ Michael Hinson

	Name:	 	Michael Hinson
	
	BRYAN SHEFFIELD
		
	By:	 	 /s/ Bryan Sheffield

	Name:	 	Bryan Sheffield
	
	PAUL TREADWELL
		
	By:	 	 /s/ Paul Treadwell

	Name:	 	Paul Treadwell

			
	AGENT:
		
	By:	 	 /s/ Bryan Sheffield

	Name:	 	Bryan Sheffield
	Title:	 	AgentEX-10.2

 Exhibit 10.2 

Execution Version 
  

 
  

TENTH AMENDMENT 
 TO

 CREDIT AGREEMENT 

Dated as of October 19, 2020 

Among 
 PARSLEY ENERGY,
LLC, 
 as Borrower, 

PARSLEY ENERGY, INC., 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent, 

JPMORGAN CHASE BANK, N.A. and 

BMO HARRIS BANK, N.A. 
 as
Syndication Agents, 
 CITIBANK, N.A., CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

ROYAL BANK OF CANADA and U.S. BANK NATIONAL ASSOCIATION 

as Documentation Agents, 

and 
 The Lenders Party
Thereto 
  
  

WELLS FARGO SECURITIES, LLC 

Sole Lead Arranger and Sole Bookrunner 
  

 
  

 
  

 TENTH AMENDMENT TO CREDIT AGREEMENT 

THIS TENTH AMENDMENT TO CREDIT AGREEMENT (this “Tenth Amendment”) dated as of October 19, 2020, is among Parsley
Energy, LLC, a Delaware limited liability company (the “Borrower”); Parsley Energy, Inc., a Delaware corporation (“PEI”), each of the undersigned guarantors (the “Guarantors”, and together with the
Borrower, the “Obligors”); each of the Lenders party hereto; and Wells Fargo Bank, National Association (in its individual capacity, “Wells Fargo”), as administrative agent for the Lenders (in such capacity,
together with its successors in such capacity, the “Administrative Agent”). 
 R E C I T A L S 

A. The Borrower, PEI, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of October 28, 2016
(as amended, modified, supplemented or restated from time to time prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain credit available to and on behalf of the Borrower. 

B. The Borrower and the Guarantors are parties to that certain Guarantee and Collateral Agreement, dated as of October 28, 2016 made by
the Borrower and each of the other Grantors party thereto in favor of the Administrative Agent (as amended, modified, supplemented or restated from time to time prior to the date hereof, the “Guaranty Agreement”). 

C. The Borrower has requested and the Administrative Agent and the Lenders party hereto have agreed to amend the Credit Agreement, subject to
the terms and conditions of this Tenth Amendment. 
 D. NOW, THEREFORE, to induce the Administrative Agent and the Lenders to enter into
this Tenth Amendment and in consideration of the promises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1. Defined Terms. Each capitalized term used herein but not otherwise defined herein has the meaning given such term in
the Credit Agreement, as amended by this Tenth Amendment. Unless otherwise indicated, all section references in this Tenth Amendment refer to sections of the Credit Agreement. 

Section 2. Amendments to Credit Agreement. 

2.1 Amendments to Section 1.02. 

(a) Each of the following definitions is hereby amended and restated in its entirety to read as follows: 

“Aggregate Elected Borrowing Base Commitments” means (a) on the Tenth Amendment Effective Date,
$1,100,000,000, and (b) at any time thereafter, an amount determined in accordance with Section 2.07(h). 

  
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 “Agreement” means this Credit Agreement, including any
schedules and exhibits hereto, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment, the Seventh Amendment, the Eighth Amendment, the Ninth Amendment and the
Tenth Amendment, and as the same may from time to time be amended, modified, supplemented or restated. 
 (b) The following definitions are
hereby added where alphabetically appropriate to read as follows: 
 “Tenth Amendment” means that certain
Tenth Amendment to Credit Agreement, dated as of October 19, 2020, among the Borrower, PEI, the Guarantors, the Administrative Agent and the Lenders party thereto. 

“Tenth Amendment Effective Date” has the meaning assigned to such term in the Tenth Amendment. 

2.2 Amendment to Section 9.18. Section 9.18 is hereby amended replacing each reference to the phrase
“entered into by the Borrower in respect of” contained therein with the phrase “entered into by the Borrower or any Restricted Subsidiary in respect of”. 

2.3 Amendment to Section 12.06(a). Section 12.06(a) is hereby amended and restated in its entirety to read as
follows: 
 (a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any notices delivered under this Agreement, may be executed by means of (a) an electronic signature that
complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic signatures law; (b) an original manual signature;
or (c) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original
manual signature. The Administrative Agent reserves the right, in its sole discretion, to accept, deny, or condition acceptance of any electronic signature of this Agreement or any notice delivered to the Administrative Agent under this Agreement.

 Section 3. Conditions of Effectiveness. This Tenth Amendment will become effective on the date on which each of the following
conditions precedent is satisfied or waived in accordance with Section 12.02 of the Credit Agreement (the “Tenth Amendment Effective Date”): 

3.1 The Administrative Agent shall have received from the Borrower, PEI, each Guarantor, the Issuing Bank and the Lenders, counterparts (in
such number as may be requested by the Administrative Agent) of this Tenth Amendment signed on behalf of such Person. 

  
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 3.2 The Administrative Agent and the Lenders shall have received all fees and other amounts
due and payable on or prior to the Tenth Amendment Effective Date, including all reasonable and documented out-of-pocket expenses required to be reimbursed or paid by
the Borrower under the Credit Agreement (including reasonable and documented out-of-pocket fees and expenses invoiced by Paul Hastings LLP at least two (2) Business
Days prior to the Tenth Amendment Effective Date). 
 3.3 The Administrative Agent shall have received such other documents as the
Administrative Agent or its special counsel may reasonably require. 
 The Administrative Agent shall, and is hereby authorized and directed
to, declare this Tenth Amendment to be effective when it has received documents confirming compliance with the conditions set forth in this Section 3 or the waiver of such conditions as agreed to by the Majority Lenders.
Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes. 
 Section 4.
Increase in Aggregate Elected Borrowing Base Commitments; Reallocation of Commitments and Aggregate Maximum Credit Amounts. 
 4.1 The
Borrower has informed the Lenders that it desires to increase the Aggregate Elected Borrowing Base Commitments. Each of the Lenders (other than Frost Bank, a Texas State Bank (“Frost Bank”), BOKF NA dba Bank of Texas; BBVA USA, and
Morgan Stanley Bank, N.A.) has agreed to increase its Commitment under the Credit Agreement (such Lenders, the “Increasing Lenders”). Frost Bank has agreed to reduce its Commitment under the Credit Agreement. 

4.2 Effective as of the Tenth Amendment Effective Date: 

(a) the Commitment of each Increasing Lender shall increase as follows: 

 

									
	 Lender
	  	Existing
Commitment	 	  	New
Commitment	 
	 Wells Fargo Bank, National Association
	  	$	120,000,000.00	 	  	$	121,000,000.00	 
	 BMO Harris Bank, N.A.
	  	$	110,000,000.00	 	  	$	111,000,000.00	 
	 JPMorgan Chase Bank, N.A.
	  	$	110,000,000.00	 	  	$	111,000,000.00	 
	 Citibank, N.A.
	  	$	78,750,000.00	 	  	$	80,000,000.00	 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	78,750,000.00	 	  	$	80,000,000.00	 
	 Royal Bank of Canada
	  	$	78,750,000.00	 	  	$	80,000,000.00	 
	 U.S. Bank National Association
	  	$	78,750,000.00	 	  	$	80,000,000.00	 
	 The Bank of Nova Scotia, Houston Branch
	  	$	64,000,000.00	 	  	$	72,000,000.00	 
	 Canadian Imperial Bank of Commerce-New York
Branch
	  	$	61,750,000.00	 	  	$	70,000,000.00	 
	 PNC Bank, National Association
	  	$	50,000,000.00	 	  	$	53,000,000.00	 
	 Morgan Stanley Senior Funding, Inc.
	  	$	30,413,043.48	 	  	$	32,413,043.48	 

  
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 (b) Frost Bank’s Commitment under the Credit Agreement shall be reduced from
$48,500,000.00 to $44,250,000.00; and 
 (c) The Aggregate Maximum Credit Amounts of the Lenders will be reallocated so that after giving
effect to the increase to the Aggregate Elected Borrowing Base Commitments, each Lender will hold a Maximum Credit Amount equal to such Lender’s portion of the Aggregate Elected Borrowing Base Commitments. With respect to such reallocation,
each Lender shall be deemed to have acquired the Maximum Credit Amount and Commitment allocated to it from each of the other Lenders pursuant to the terms of an Assignment and Assumption. Notwithstanding Section 12.04(b)(ii) of the Credit
Agreement, no Person shall be required to pay a processing and recordation fee of $3,500 to the Administrative Agent. On the Tenth Amendment Effective Date, the Administrative Agent shall take the actions specified in Section 12.04(b)(iv) of
the Credit Agreement, including recording the assignments described herein in the Register, and such assignments shall be effective for purposes of the Credit Agreement. If on the Tenth Amendment Effective Date, any Eurodollar Loans have been
funded, then the Borrower shall be obligated to pay any breakage fees or costs that are payable pursuant to Section 5.02 of the Credit Agreement, in connection with the reallocation of such outstanding Eurodollar Loans to effectuate the
provisions of this paragraph. On the Tenth Amendment Effective Date, immediately after giving effect to such reallocations, (1) Annex I to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Annex I
attached to this Tenth Amendment (the “Amended and Restated Annex I”) and (2) the Maximum Credit Amount and Commitment of each Lender shall be as set forth on the Amended and Restated Annex I. 

Section 5. Miscellaneous. 

5.1 Confirmation. The provisions of the Credit Agreement, as amended by this Tenth Amendment, shall remain in full force and effect
following the effectiveness of this Tenth Amendment. 
 5.2 Ratification and Affirmation; Representations and Warranties. Each of PEI
and each Obligor hereby: (a) acknowledges the terms of this Tenth Amendment; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document to which it is a party and
agrees that each Loan Document to which it is a party remains in full force and effect, except as expressly amended hereby; (c) agrees that from and after the Tenth Amendment Effective Date each reference to the Credit Agreement in the other
Loan Documents shall be deemed to be a reference to the Credit Agreement, as amended by this Tenth Amendment; and (d) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Tenth Amendment:
(i) all of the representations and 

  
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warranties contained in each Loan Document to which it is a party are true and correct in all material respects (except that any representation and warranty that is qualified by materiality shall
be true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material
respects (except that any representation and warranty that is qualified by materiality shall be true and correct in all respects) as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing and
(iii) no event, development or circumstance has occurred or exists that has resulted in, or could reasonably be expected to have, a Material Adverse Effect. 

5.3 Counterparts. This Tenth Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and
all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Tenth Amendment by telecopy, facsimile, as an attachment to an email or other similar
electronic means shall be effective as delivery of a manually executed counterpart of this Tenth Amendment. This Tenth Amendment may be executed by means of (a) an electronic signature that complies with the federal Electronic Signatures in
Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic signatures law; (b) an original manual signature; or (c) a faxed, scanned, or photocopied manual
signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. The Administrative Agent reserves the
right, in its sole discretion, to accept, deny, or condition acceptance of any electronic signature of this Tenth Amendment. 
 5.4 NO
ORAL AGREEMENT. THIS TENTH AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH AND THEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR UNWRITTEN ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. 
 5.5
GOVERNING LAW. THIS TENTH AMENDMENT (INCLUDING, BUT NOT LIMITED TO, THE VALIDITY AND ENFORCEABILITY HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS. 

5.6 Loan Document. This Tenth Amendment is a “Loan Document” as defined and described in the Credit Agreement and all of the
terms and provisions of the Credit Agreement relating to Loan Documents shall apply hereto. 
 5.7 Payment of Expenses. In accordance
with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable and documented out-of-pocket
costs and expenses incurred in connection with this Tenth Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent. 

  
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 5.8 Severability. Any provision of this Tenth Amendment which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 5.9 Successors and Assigns.
This Tenth Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Tenth Amendment to be duly executed
and delivered by their proper and duly authorized officer(s) as of the day and year first above written. 
  

							
	BORROWER:	 		 	PARSLEY ENERGY, LLC
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  

							
	PEI:	 		 	PARSLEY ENERGY, INC.
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  

							
	GUARANTOR:	 		 	PARSLEY GP, LLC
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  

							
	GUARANTOR:	 		 	PARSLEY ENERGY, L.P.
			
		 		 	BY: PARSLEY GP, LLC, its general partner
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  
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	GUARANTOR:	 		 	PARSLEY ENERGY OPERATIONS, LLC
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  

							
	GUARANTOR:	 		 	PARSLEY ADMINISTRATION, LLC
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  

							
	GUARANTOR:	 		 	PARSLEY MINERALS, LLC
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  

							
	GUARANTOR:	 		 	PARSLEY FINANCE CORP.
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  
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	GUARANTOR:	 		 	PARSLEY DE LONE STAR LLC
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  

							
	GUARANTOR:	 		 	PARSLEY DE OPERATING LLC
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  

							
	GUARANTOR:	 		 	PARSLEY VERITAS ENERGY PARTNERS, LLC
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  

							
	GUARANTOR:	 		 	PARSLEY NOVUS LAND SERVICES LLC
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  
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	GUARANTOR:	 		 	JAGGED PEAK ENERGY LLC
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  

							
	GUARANTOR:	 		 	PARSLEY SODE WATER LLC
				
		 		 	By:	 	/s/ Ryan Dalton
		 		 	Name:	 	Ryan Dalton
		 		 	Title:	 	Executive Vice President—Chief Financial Officer

  
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	ADMINISTRATIVE AGENT, ISSUING BANK AND LENDER: 	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ Edward Pak
		 		 	Name:	 	Edward Pak
		 		 	Title:	 	Director

  
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	LENDER:	 		 	JPMORGAN CHASE BANK, N.A.
				
		 		 	By:	 	/s/ Anca Loghin
		 		 	Name:	 	Anca Loghin
		 		 	Title:	 	Authorized Officer

  
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	LENDER:	 		 	BMO HARRIS BANK, N.A.
				
		 		 	By:	 	/s/ Matthew L. Davis
		 		 	Name:	 	Matthew L. Davis
		 		 	Title:	 	Director

  
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	LENDER:	 		 	MORGAN STANLEY BANK, N.A.
				
		 		 	By:	 	/s/ Julie Lilienfeld
		 		 	Name:	 	Julie Lilienfeld
		 		 	Title:	 	Authorized Signatory

  

							
	LENDER:	 		 	MORGAN STANLEY SENIOR FUNDING, INC.
				
		 		 	By:	 	/s/ Julie Lilienfeld
		 		 	Name:	 	Julie Lilienfeld
		 		 	Title:	 	Authorized Signatory

  
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	LENDER:	 		 	 CREDIT SUISSE AG, CAYMAN ISLANDS

BRANCH

				
		 		 	By:	 	/s/ Nupur Kumar
		 		 	Name:	 	Nupur Kumar
		 		 	Title:	 	Authorized Signatory
				
		 		 	By:	 	/s/ Jessica Gavarkos
		 		 	Name:	 	 Jessica Gavarkos

		 		 	Title:	 	Authorized Signatory

  
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	LENDER:	 		 	BOKF NA DBA BANK OF TEXAS
				
		 		 	By:	 	/s/ Clayton W. Williford
		 		 	Name:	 	Clayton W. Williford
		 		 	Title:	 	Assistant Vice President

  
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	LENDER:	 		 	FROST BANK, A TEXAS STATE BANK
				
		 		 	By:	 	/s/ Jack Herndon
		 		 	Name:	 	Jack Herndon
		 		 	Title:	 	Senior Vice President

  
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	LENDER:	 		 	ROYAL BANK OF CANADA
				
		 		 	By:	 	/s/ Grace Garcia
		 		 	Name:	 	Grace Garcia
		 		 	Title:	 	Authorized Signatory

  
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	LENDER:	 		 	U.S. BANK NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ Bruce Hernandez
		 		 	Name:	 	Bruce Hernandez
		 		 	Title:	 	Senior Vice President

  
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	LENDER:	 		 	 THE BANK OF NOVA SCOTIA, HOUSTON BRANCH

				
		 		 	By:	 	/s/ Scott Nickel
		 		 	Name:	 	Scott Nickel
		 		 	Title:	 	Director

  
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	LENDER:	 		 	 BBVA USA

				
		 		 	By:	 	/s/ Julia Barnhill
		 		 	Name:	 	Julia Barnhill
		 		 	Title:	 	Vice President

  
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	LENDER:	 		 	CANADIAN IMPERIAL BANK OF COMMERCE-NEW YORK BRANCH
				
		 		 	By:	 	/s/ Trudy Nelson
		 		 	Name:	 	Trudy Nelson
		 		 	Title:	 	 Authorized Signatory

				
		 		 	By:	 	/s/ Scott W. Danvers
		 		 	Name:	 	Scott W. Danvers
		 		 	Title:	 	 Authorized Signatory

  
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	LENDER:	 		 	CITIBANK, N.A.
				
		 		 	By:	 	/s/ Cliff Vaz
		 		 	Name:	 	Cliff Vaz
		 		 	Title:	 	Vice President

  
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	LENDER:	 		 	 PNC BANK, NATIONAL ASSOCIATION

				
		 		 	By:	 	/s/ Molly Schultz
		 		 	Name:	 	Molly Schultz
		 		 	Title:	 	Assistant Vice President

  
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 ANNEX I 

LIST OF MAXIMUM CREDIT AMOUNTS 
  

									
	 Name of Lender
	  	Applicable
Percentage	 	 	Maximum Credit
Amount	 
	Wells Fargo Bank, National Association	  	 	11.000000000	% 	 	$	550,000,000.00	 
	BMO Harris Bank, N.A.	  	 	10.090909091	% 	 	$	504,545,454.55	 
	JPMorgan Chase Bank, N.A.	  	 	10.090909091	% 	 	$	504,545,454.55	 
	Citibank, N.A.	  	 	7.272727273	% 	 	$	363,636,363.65	 
	Credit Suisse AG, Cayman Islands Branch	  	 	7.272727273	% 	 	$	363,636,363.65	 
	Royal Bank of Canada	  	 	7.272727273	% 	 	$	363,636,363.65	 
	U.S. Bank National Association	  	 	7.272727273	% 	 	$	363,636,363.65	 
	The Bank of Nova Scotia, Houston Branch	  	 	6.545454545	% 	 	$	327,272,727.25	 
	Canadian Imperial Bank of Commerce-New York Branch	  	 	6.363636364	% 	 	$	318,181,818.20	 
	BBVA USA	  	 	5.818181818	% 	 	$	290,909,090.90	 
	BOKF NA dba Bank of Texas	  	 	5.613636364	% 	 	$	280,681,818.20	 
	PNC Bank, National Association	  	 	4.818181818	% 	 	$	240,909,090.90	 
	Frost Bank, a Texas State Bank	  	 	4.022727273	% 	 	$	201,136,363.65	 
	Morgan Stanley Bank, N.A.	  	 	3.598814228	% 	 	$	179,940,711.40	 
	Morgan Stanley Senior Funding, Inc.	  	 	2.946640316	% 	 	$	147,332,015.80	 
		  	  
	  
	 	 	  
	  
	 
	TOTAL	  	 	100.0000000000	% 	 	$	5,000,000,000.00	 
		  	  
	  
	 	 	  
	  
	 

  
 Annex I

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