Document:

Fourth Amended and Restated Security

 Exhibit 10.4 
 EXECUTION VERSION 
 FOURTH AMENDED AND RESTATED 

SECURITY AGREEMENT 
 THIS FOURTH AMENDED AND RESTATED SECURITY AGREEMENT (this “Security Agreement”), is entered into as of August 3, 2012, among THE PANTRY, INC., a Delaware corporation
(the “Borrower”), the Domestic Subsidiaries of the Borrower from time to time a party hereto (individually a “Guarantor” and collectively the “Guarantors”; the Guarantors, together with the
Borrower, individually an “Obligor” and collectively the “Obligors”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (successor-by-merger to Wachovia Bank, National Association), in its capacity as Administrative
Agent under the Credit Agreement referred to below (in such capacity, the “Administrative Agent”) for the several banks and other financial institutions as may from time to time become parties to such Credit Agreement (individually
a “Lender” and collectively the “Lenders”). 
 RECITALS 

WHEREAS, pursuant to that certain Third Amended and Restated Credit Agreement dated as of May 15, 2007 (as amended, modified,
extended, restated, renewed, supplemented or replaced, the “Existing Credit Agreement”), among the Borrower, the guarantors party thereto, the lenders party thereto, and the Administrative Agent, the lenders agreed to make loans and
issue and/or acquire participation interests in letters of credit upon the terms and subject to the conditions set forth therein; 
 WHEREAS, pursuant to that certain Fourth Amended and Restated Credit Agreement dated as of the date hereof (as amended, modified, extended, restated, amended and restated, renewed, supplemented or
replaced from time to time, the “Credit Agreement”), among the Borrower, the Guarantors, the Lenders, and the Administrative Agent, the Lenders have agreed to refinance the Existing Credit Agreement and make Loans and issue and/or
acquire participation interests in Letters of Credit upon the terms and subject to the conditions set forth therein; 

WHEREAS, in connection with the Existing Credit Agreement, the Borrower and the Guarantors entered into that certain Third Amended
and Restated Security Agreement dated as of May 15, 2007 (as amended, modified, extended, renewed or replaced, the “Existing Security Agreement”); and 
 WHEREAS, it is a condition precedent to the effectiveness of the Credit Agreement and the obligations of the Lenders to make their respective Loans and to issue and/or acquire participation
interests in Letters of Credit under the Credit Agreement that the Obligors shall have executed and delivered this Security Agreement (which amends and restates the Existing Security Agreement) to the Administrative Agent for the ratable benefit of
the Lenders and the other Secured Parties. 

 NOW, THEREFORE, in consideration of these premises and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1.
Definitions. 
 (a) Unless otherwise defined herein, capitalized terms used herein shall have the meanings
ascribed to such terms in the Credit Agreement, and the following terms which are defined in the Uniform Commercial Code from time to time in effect in the State of New York (the “UCC”) are used herein as so defined: Accessions,
Accounts, As-Extracted Collateral, Chattel Paper, Commercial Tort Claims, Consumer Goods, Control, Deposit Accounts, Documents, Electronic Chattel Paper, Equipment, Farm Products, Fixtures, General Intangibles, Goods, Instruments, Inventory,
Investment Property, Letter-of-Credit Rights, Manufactured Homes, Proceeds, Securities Account, Securities Intermediary, Security, Security Entitlement, Software, Supporting Obligations and Tangible Chattel Paper. 

(b) In addition, the following term shall have the following meaning: 

“Secured Obligations”: means (a) all of the Credit Party Obligations, howsoever evidenced, created,
incurred or acquired, whether primary, secondary, direct, contingent, or joint and several and (b) all expenses and charges, legal and otherwise, incurred by the Administrative Agent and/or the Secured Parties in collecting or enforcing any of
the Credit Party Obligations or in realizing on or protecting any security therefor, including without limitation the security granted hereunder. 
 2. Grant of Security Interest in the Collateral. 
 (a) To
secure the prompt payment and performance in full when due, whether by lapse of time, acceleration, mandatory prepayment or otherwise, of the Secured Obligations, each Obligor hereby grants to the Administrative Agent, for the ratable benefit of the
Secured Parties, a continuing security interest in, and right to set off against, any and all right, title and interest of such Obligor in and to the following, whether now owned or existing or owned, acquired, or arising hereafter (collectively,
the “Collateral”): 
  

	 	(i)	all Accounts; 

  

	 	(ii)	all cash and Cash Equivalents; 

  

	 	(iii)	all Chattel Paper (including Electronic Chattel Paper); 

  

	 	(iv)	those certain Commercial Tort Claims set forth on Schedule 2(a) attached hereto (as such Schedule may be updated from time to time by the Obligors);

  
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	 	(v)	all Copyright Licenses; 

  

	 	(vi)	all Copyrights; 

  

	 	(vii)	all Deposit Accounts; 

  

	 	(viii)	all Documents; 

  

	 	(ix)	all Equipment; 

  

	 	(x)	all Fixtures; 

  

	 	(xi)	all General Intangibles; 

  

	 	(xii)	all Goods; 

  

	 	(xiii)	all Instruments; 

  

	 	(xiv)	all Inventory; 

  

	 	(xv)	all Investment Property; 

  

	 	(xvi)	all Letter-of-Credit Rights; 

  

	 	(xvii)	all Material Contracts and all such other agreements, contracts, leases, licenses, tax sharing agreements or hedging arrangements now or hereafter entered into by an
Obligor, as such agreements may be amended or otherwise modified from time to time (collectively, the “Assigned Agreements”), including without limitation, (A) all rights of an Obligor to receive moneys due and to become due
under or pursuant to the Assigned Agreements, (B) all rights of an Obligor to receive proceeds of any insurance, indemnity, warranty or guaranty with respect to the Assigned Agreements, (C) claims of an Obligor for damages arising out of
or for breach of or default under the Assigned Agreements and (D) the right of an Obligor to terminate the Assigned Agreements, to perform thereunder and to compel performance and otherwise exercise all remedies thereunder;

  

	 	(xviii)	all Patent Licenses; 

  

	 	(xix)	all Patents; 

  

	 	(xx)	all Payment Intangibles; 

  
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	 	(xxi)	all Securities Accounts; 

  

	 	(xxii)	all Software; 

  

	 	(xxiii)	all Supporting Obligations; 

  

	 	(xxiv)	all Trademark Licenses; 

  

	 	(xxv)	all Trademarks; 

  

	 	(xxvi)	all books, records, ledger cards, files, correspondence, computer programs, tapes, disks, and related data processing software (owned by such Obligor or in which it has
an interest) that at any time evidence or contain information relating to any Collateral or are otherwise necessary or helpful in the collection thereof or realization thereupon; 

 

	 	(xxvii)	all other personal property of any kind or type whatsoever owned by such Obligor; and 

 

	 	(xxviii)	to the extent not otherwise included, all Accessions, Proceeds and products of any and all of the foregoing. 

Notwithstanding the foregoing, nothing in this Section 2 or otherwise in this Security Agreement shall constitute a
grant by any Obligor of a security interest in (A) any contract, document, instrument, general intangible, lease, license or other right of any kind to the extent such a grant of a security interest would, after giving effect to the provisions
of subsections 9-406, 9-407 and 9-408 of the UCC, constitute a breach or violation of any term thereof, or invalidate any such property or create a right of termination in favor of the other party thereto, (B) any property to the extent that
such grant of a security interest is prohibited by any Requirement of Law, (C) any Pledged Collateral (as defined in the Pledge Agreement), and (D) any other property in circumstances where the Administrative Agent and the Borrower agree
in writing that the cost, burden or consequences (including adverse tax consequences) of obtaining or perfecting a security interest in such property is excessive in relation to the practical benefit afforded thereby. 

(b) The Obligors and the Administrative Agent, on behalf of the Secured Parties, hereby acknowledge and agree that the
security interest created hereby in the Collateral (i) constitutes continuing collateral security for all of the Secured Obligations, whether now existing or hereafter arising and (ii) is not to be construed as an assignment of any
Intellectual Property. 
 (c) The term “Collateral” shall include any Bank Products and any rights of
the Obligors thereunder only for purposes of this Section 2. 

  
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 (d) Notwithstanding the foregoing grant of a security interest, (i) no
Account, Instrument, Chattel Paper or other obligation or property of any kind due from, owed by, or belonging to, a Sanctioned Person or Sanctioned Entity or (ii) no lease in which the lessee is a Sanctioned Person or Sanctioned Entity shall
be Collateral. 
 (e) The foregoing security interest is granted as security only and shall not subject the
Administrative Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Obligor with respect to or arising out of the Collateral. 
 3. Provisions Relating to Accounts, Contracts and Agreements. 
 (a) Anything herein to the contrary notwithstanding, each of the Obligors shall remain liable under each of its Accounts, contracts and agreements to observe and perform all the conditions and obligations
to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise to each such Account or the terms of such contract or agreement. Neither the Administrative Agent nor any Secured Party shall have any
obligation or liability under any Account (or any agreement giving rise thereto), contract or agreement by reason of or arising out of this Security Agreement or the receipt by the Administrative Agent or any Secured Party of any payment relating to
such Account, contract or agreement pursuant hereto, nor shall the Administrative Agent or any Secured Party be obligated in any manner to perform any of the obligations of an Obligor under or pursuant to any Account (or any agreement giving rise
thereto), contract or agreement, to make any payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party under any Account (or any agreement giving rise
thereto), contract or agreement, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

(b) The Administrative Agent hereby authorizes the Obligors to collect the Accounts; provided, that, upon written
notice to the Obligors, the Administrative Agent may curtail or terminate such authority at any time after the occurrence and during the continuation of an Event of Default. If required by the Administrative Agent at any time after the occurrence
and during the continuation of an Event of Default, any payments of Accounts, when collected by the Obligors (i) shall be forthwith (and in any event within two (2) Business Days) deposited by the Obligors in a collateral account
maintained under the sole dominion and control of the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Secured Parties only as provided in Section 12 hereof, and (ii) until so turned over,
shall be held by the Obligors in trust for the Administrative Agent and the Secured Parties, segregated from other funds of the Obligors. Upon any waiver of such Event of Default, the Administrative Agent shall promptly transfer any deposits held in
the collateral account under this clause (b) to an account designated by the Obligors. 

  
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 (c) Upon the occurrence and during the continuation of an Event of Default,
the Administrative Agent’s request and at the expense of the Obligors, the Obligors shall cause independent public accountants or others satisfactory to the Administrative Agent to furnish to the Administrative Agent reports showing
reconciliations, aging and test verifications of, and trial balances for, the Accounts. Subject to Section 2(a), the Administrative Agent in its own name or in the name of others may communicate with account debtors on the Accounts to verify
with them to the Administrative Agent’s satisfaction the existence, amount and terms of any Accounts. 
 4.
Representations and Warranties. Each Obligor hereby represents and warrants to the Administrative Agent, for the benefit of the Secured Parties, that so long as any of the Secured Obligations remain outstanding (other than contingent
indemnity or reimbursement obligations) or any Credit Document is in effect, and until all of the Commitments shall have been terminated: 
 (a) Chief Executive Office; Books & Records; Legal Name; State of Formation. As of the Closing Date, each Obligor’s chief executive office and chief place of business are (and for the
prior four months has been) located at the locations set forth on Schedule 3.5(c) to the Credit Agreement and as of the Closing Date each Obligor keeps its books and records at such locations. As of the Closing Date, each Obligor’s exact
legal name is as shown in this Security Agreement and its state of incorporation or organization is (and for the prior four months has been) the location set forth on Schedule 3.1-1 to the Credit Agreement. No Obligor has in the four months
preceding the Closing Date changed its name, been party to a merger, consolidation or other change in structure or used any tradename not disclosed on Schedule 4(a) attached hereto. 

(b) Location of Tangible Collateral. As of the Closing Date, the location of all tangible Collateral owned by each
Obligor is as shown on Schedule 3.5(c) to the Credit Agreement. 
 (c) Ownership. Subject to
Permitted Liens, each Obligor is the legal and beneficial owner of its Collateral and has the right to pledge, sell, assign or transfer the same. 
 (d) Security Interest/Priority. This Security Agreement creates a valid security interest in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, in the Collateral of
such Obligor and, when properly perfected by filing, obtaining possession, the granting of Control to the Administrative Agent or otherwise, shall constitute a valid first priority, perfected security interest in such Collateral, to the extent such
security interest can be perfected by filing, obtaining possession, the granting of Control or otherwise under the UCC or by filing an appropriate notice with the United States Patent and Trademark Office or the United States Copyright Office, free
and clear of all Liens except for Permitted Liens. 
 (e) Consents. Except for (i) the filing or
recording of UCC financing statements, (ii) the filing of appropriate notices with the United States Patent and 

  
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Trademark Office and the United States Copyright Office or (iii) obtaining Control to perfect the Liens created by this Security Agreement, no consent or authorization of, filing with, or
other act by or in respect of, any arbitrator or Governmental Authority and no consent of any other Person (including, without limitation, any stockholder, member or creditor of such Obligor), is required (A) for the grant by such Obligor of
the security interest in the Collateral granted hereby or for the execution, delivery or performance of this Security Agreement by such Obligor or (B) for the perfection of such security interest or the exercise by the Administrative Agent of
the rights and remedies provided for in this Security Agreement. 
 (f) Types of Collateral. None of the
Collateral consists of, or is the Proceeds of, As-Extracted Collateral, Consumer Goods, Farm Products, Manufactured Homes or standing timber (as used in the UCC). 

(g) Accounts. With respect to the Accounts of the Obligors: (i) to the extent an Account arises out of goods
sold and/or services furnished, (A) the goods sold and/or services furnished giving rise to each Account, are not subject to any security interest or Lien except the first priority, perfected security interest granted to the Administrative
Agent herein and Permitted Liens and (B) such Account arises out of a bona fide transaction for goods sold and delivered (or in the process of being delivered) by an Obligor or for services actually rendered by an Obligor, which transaction was
conducted in the ordinary course of the Obligor’s business or otherwise permitted by the Credit Agreement; (ii) no Account of an Obligor is evidenced by any Instrument or Chattel Paper unless (x) such Instrument or Chattel Paper
represents an obligation of less than $50,000, or (y) as to any Instrument or Chattel Paper which represents an obligation of $50,000 or more, notice has been given to the Administrative Agent, and at the request of the Administrative Agent,
the same has been endorsed over and delivered to, or submitted to the Control of, the Administrative Agent; (iii) each Account and the papers and documents of the applicable Obligor relating thereto are genuine and in all material respects what
they purport to be; (iv) the amount of each Account as shown on the applicable Obligor’s books and records, and on all invoices and statements which may be delivered to the Administrative Agent with respect thereto, is due and payable to
the applicable Obligor and is not in any way contingent; (v) no Account is evidenced by a judgment, there are no set-offs, counterclaims or disputes existing or asserted with respect to any Account that in the aggregate could reasonably be
expected to have a Material Adverse Effect, and no Obligor has made any agreement with any account debtor for any deduction from any Account except for deductions made in the ordinary course of its business; (vi) there has been no development
or event which individually or in the aggregate has had or could be reasonably expected to have an adverse effect on the validity or enforcement of any Account or tend to reduce the amount payable thereunder as shown on the applicable Obligor’s
books and records and all invoices and statements delivered to the Administrative Agent with respect thereto, which development or event could reasonably be expected to have a Material Adverse Effect; and (vii) the right to receive payment
under each Account is assignable except where the account debtor with respect to such Account is the United States government or any State government or any agency, department or instrumentality thereof, or any other Governmental Authority, to the
extent the assignment of any such right to payment is prohibited or limited by applicable law, regulations, administrative guidelines or contract. 

  
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 (h) Inventory. Except as set forth on Schedule 4(h) attached
hereto, no Inventory of an Obligor is held by a third party pursuant to consignment, sale or return, sale on approval or similar arrangement. 
 (i) Intellectual Property. 
 (i) Schedule 3.21 to the
Credit Agreement includes all Intellectual Property owned by the Obligors as of the date hereof. 
 (ii) Except
as set forth in Schedule 3.21 to the Credit Agreement, all Intellectual Property owned by each Obligor is valid, subsisting, unexpired, and enforceable and has not been abandoned, and each Obligor is legally entitled to use each of its
tradenames. 
 (iii) Except as set forth in Schedule 3.21 to the Credit Agreement, none of the
Intellectual Property owned by the Obligors is the subject of any licensing or franchise agreement. 
 (iv) No
holding, decision or judgment has been rendered by any Governmental Authority which would limit, cancel or question the validity of any Intellectual Property of the Obligors. 

(v) To the knowledge by each Obligor no action or proceeding is pending seeking to limit, cancel or question the validity
of any Intellectual Property of the Obligors, or which, if adversely determined, would have a material adverse effect on the value of any such Intellectual Property. 

(vi) Except as set forth in Schedule 3.21 to the Credit Agreement, all filed applications pertaining to the
Intellectual Property of each Obligor have been duly and properly filed, and all registrations or letters pertaining to such Intellectual Property have been duly and properly filed and issued, and all of such Intellectual Property is valid and
enforceable. 
 (vii) No Obligor has made any assignment or agreement in conflict with the security interest of
the Administrative Agent in the Intellectual Property of each Obligor hereunder. 
 (j) Documents, Instruments
and Chattel Paper. Set forth on Schedule 4(j) is a description of all Documents, Instruments, and Tangible Chattel Paper of the Obligors as of the Closing Date with a value of $50,000 or more. All Documents, Instruments and Chattel Paper
describing, evidencing or constituting Collateral are, to the Obligors’ knowledge, complete, valid, and genuine. 

  
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 (k) Equipment. With respect to each Obligor’s Equipment:
(i) such Obligor has good and marketable title thereto; and (ii) all such Equipment is in normal operating condition and repair, ordinary wear and tear alone excepted, and is suitable for the uses to which it is customarily put in the
conduct of such Obligor’s business. 
 (l) Collateral Requiring Control to Perfect. Set forth on
Schedule 4(l) is a description of all Deposit Accounts, Electronic Chattel Paper, Letter-of-Credit Rights, Securities Accounts and uncertificated Investment Property of the Obligors as of the Closing Date with a value of $50,000 or more,
including the name and address (city and state) of (i) in the case of a Deposit Account, the depository institution, (ii) in the case of Electronic Chattel Paper, the account debtor, (iii) in the case of Letter-of-Credit Rights, the
issuer or nominated person, as applicable, and (iv) in the case of a Securities Account or other uncertificated Investment Property, the Securities Intermediary or issuer, as applicable. 

5. Covenants. Each Obligor covenants that, so long as any of the Secured Obligations remain outstanding (other than contingent
indemnity or reimbursement obligations) or any Credit Document is in effect, and until all of the Commitments shall have been terminated, such Obligor shall: 
 (a) Other Liens. Defend the Collateral against the claims and demands of all other parties claiming an interest therein and keep the Collateral free from all Liens, except for Permitted Liens. If
an Obligor proposes to obtain financing permitted under Section 6.1(c) of the Credit Agreement with respect to any asset acquired after the Closing Date (a “Purchase Money Financing”), the Administrative Agent will either
(i) with respect to such asset, subordinate the Lien and security interest created hereunder to the Lien securing the Purchase Money Financing by a subordination agreement reasonably acceptable to the Administrative Agent and the provider
thereof or (ii) if the Obligor has not been able, after reasonable effort, to obtain from the provider of such Purchase Money Financing an agreement to subordinate, the Administrative Agent will release the Lien and security interest granted
hereunder in such asset. 
 (b) Sales and Sale and Lease-Backs of Collateral. Neither the Administrative
Agent nor any Secured Party authorizes any Obligor to, and no Obligor shall, sell, exchange, transfer, assign, lease or otherwise dispose of the Collateral or any interest therein, except as permitted under the Credit Agreement; provided that
in the event the Obligor makes an asset sale or sale and lease-back transaction permitted by the Credit Agreement and the assets subject to such asset sale or sale and lease-back transaction constitute Collateral, the Administrative Agent shall
release the Collateral that is the subject of such asset sale to the Obligor free and clear of any Lien and security interest under this Security Agreement or any other Credit Document concurrently with the consummation of such asset sale or sale
and lease-back transaction. 
 (c) Preservation of Collateral. Keep the Collateral in good order,
condition and repair in all material respects, ordinary wear and tear excepted; not use the Collateral in violation of the provisions of this Security Agreement or any other agreement relating to the Collateral or any policy insuring the Collateral
or any applicable Requirement of Law; 

  
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not permit any Collateral to be or become a fixture to real property or an accession to other personal property unless the Administrative Agent has a valid, perfected and first priority security
interest for the benefit of the Secured Parties in such real or personal property; and not, without the prior written consent of the Administrative Agent, alter or remove any identifying symbol or number on its Equipment. Notwithstanding any other
provision of this Security Agreement, however, (i) nothing in this Security Agreement shall prevent any Obligor from discontinuing the operation or maintenance of any of its assets or properties if such discontinuance is (x) determined by
such Obligor to be desirable in the conduct of its business and (y) permitted by the Credit Agreement, and (ii) nothing in this Security Agreement shall prevent any Obligor from transferring, disposing of, discontinuing the use or
maintenance of, failing to pursue, or otherwise allowing to lapse, terminate or be put into the public domain, any of its Intellectual Property to the extent permitted by the Credit Agreement if such Obligor determines in its reasonable business
judgment that such transfer, disposition or discontinuance is desirable in the conduct of its business. 
 (d)
Possession or Control of Certain Collateral. 
 (i) If (A) any amount payable under or in connection
with any of the Collateral shall be or become evidenced by any Instrument, Tangible Chattel Paper or Supporting Obligation or (B) if any Collateral shall be stored or shipped subject to a Document or (C) if any Collateral shall consist of
Investment Property in the form of certificated securities, in the case of either clause (A) or (B), in an amount of $50,000 or more individually or $250,000 or more in the aggregate, promptly notify the Administrative Agent of the existence of
such Collateral and, upon the request of the Administrative Agent, deliver such Instrument, Chattel Paper, Supporting Obligation, Document or Investment Property (or, in the case of either clause (A) or (B), that portion necessary such that any
Collateral not so delivered does not exceed $50,000 or more individually or $250,000 or more in the aggregate) to the Administrative Agent, duly endorsed in a manner satisfactory to the Administrative Agent, to be held as Collateral pursuant to this
Security Agreement; 
 (ii) If any Collateral shall consist of Electronic Chattel Paper, Letter-of-Credit Rights,
Securities Accounts or uncertificated Investment Property with a value of $50,000 or more individually or $250,000 or more in the aggregate, execute and deliver (and, with respect to any Collateral consisting of a Securities Account or
uncertificated Investment Property with a value of $50,000 or more individually or $250,000 or more in the aggregate, cause the Securities Intermediary or the issuer, as applicable, with respect to such Investment Property to execute and deliver) to
the Administrative Agent all control agreements, assignments, instruments or other documents as reasonably requested by the Administrative Agent or the Required Lenders for the purposes of obtaining and maintaining Control of such Collateral (or
that portion necessary such that any Collateral not under such Control does not exceed $50,000 or more individually or $250,000 or more in the aggregate); provided, that within 90 days of the Closing Date (or such longer period of time as
determined by the Administrative Agent in its sole discretion), such Obligor shall execute and deliver a control agreement with respect to any Securities 

  
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Account existing on the Closing Date that has, as of such time, a value of $50,000 or more individually or $250,000 or more in the aggregate, unless any such account is held with the
Administrative Agent; 
 (iii) If any Collateral shall consist of Deposit Accounts with a value of $100,000 or
more individually or $2,000,000 or more in the aggregate, execute and deliver to the Administrative Agent all control agreements, assignments, instruments or other documents as reasonably requested by the Administrative Agent or the Required Lenders
for the purposes of obtaining and maintaining Control of such Collateral; provided, that within 90 days of the Closing Date (or such longer period of time as determined by the Administrative Agent in its sole discretion), such Obligor shall
execute and deliver a control agreement with respect to any Deposit Account existing on the Closing Date that has, as of such time, a value of $100,000 or more, unless otherwise agreed by the Administrative Agent in its sole discretion; 

(iv) Notwithstanding the foregoing, in no case shall any control agreement be required for any (A) Deposit Account
where the balance is, and shall at all times be, less than $100,000 for any individual Deposit Account or $2,000,000 in the aggregate (unless the Administrative Agent shall request any such Deposit Account Control Agreement at any time an Event of
Default exists), (B) Deposit Account that is specifically and exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of any Obligor’s employees, (C) Deposit Account that is a
zero balance disbursement accounts or (D) Deposit Account held with the Administrative Agent. 
 (e)
Changes in Corporate Structure or Location. Within five (5) days of (i) altering its legal existence or, in one transaction or a series of transactions, merging into or consolidating with any other entity, (ii) changing its
state of incorporation or (iii) changing its registered corporate name, provide written notice to the Administrative Agent and file (or confirm that the Administrative Agent will file) such financing statements and amendments to any previously
filed financing statements as the Administrative Agent may require. 
 (f) Inspection. Allow the
Administrative Agent or its representatives to visit and inspect the Collateral as set forth in Section 5.5 of the Credit Agreement. 
 (g) Perfection of Security Interest. Execute and deliver to the Administrative Agent and/or file such agreements, assignments or instruments (including affidavits, notices, reaffirmations,
amendments and restatements of existing documents, and any document as may be necessary if the law of any jurisdiction other than New York becomes or is applicable to the Collateral or any portion thereof, in each case, as the Administrative Agent
may reasonably request) and do all such other things as the Administrative Agent may reasonably deem necessary or appropriate (i) to assure to the Administrative Agent its security interests hereunder are perfected, including (A) such
financing statements (including continuation statements) or amendments thereof or 

  
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supplements thereto or other instruments as the Administrative Agent may from time to time reasonably request in order to perfect and maintain the security interests granted hereunder in
accordance with the UCC and any other personal property security legislation in the appropriate state(s) or province(s), (B) with regard to Copyrights and Copyright Licenses, a Notice of Grant of Security Interest in Copyrights for filing with
the United States Copyright Office in the form of Exhibit A attached hereto, (C) with regard to Patents and Patent Licenses, a Notice of Grant of Security Interest in Patents for filing with the United States Patent and Trademark Office
in the form of Exhibit B attached hereto and (D) with regard to Trademarks and Trademark Licenses, a Notice of Grant of Security Interest in Trademarks for filing with the United States Patent and Trademark Office in the form of
Exhibit C attached hereto, (ii) to consummate the transactions contemplated hereby and (iii) to otherwise protect and assure the Administrative Agent of its rights and interests hereunder (and, if an Obligor shall fail to do any of
the foregoing promptly upon the request of the Administrative Agent, then the Administrative Agent may execute and/or file any and all such requested documents on behalf of such Obligor pursuant to the power of attorney granted herein). Each Obligor
hereby authorizes the Administrative Agent to prepare and file such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments as the Administrative Agent may from time to time deem
necessary or appropriate in order to perfect and maintain the security interests granted hereunder in accordance with the UCC, including, without limitation, any financing statement that describes the Collateral as “all personal property”
or “all assets” of such Obligor or that describes the Collateral in some other manner as the Administrative Agent deems necessary or advisable. 
 (h) Collateral Held by Warehouseman, Bailee, etc. If any Collateral with a book value of $1,000,000 or more is at any time in the possession or control of a warehouseman, bailee or any agent or
processor of such Obligor, (i) notify the Administrative Agent of such possession, (ii) notify such Person of the Administrative Agent’s security interest for the benefit of the Secured Parties in such Collateral, (iii) instruct
such Person to hold all such Collateral for the Administrative Agent’s account subject to the Administrative Agent’s instructions and (iv) obtain an acknowledgment from such Person that it is holding such Collateral for the benefit of
the Administrative Agent. 
 (i) Treatment of Accounts. (i) Not grant or extend the time for payment
of any Account, or compromise or settle any Account for less than the full amount thereof, or release any person or property, in whole or in part, from payment thereof, or allow any credit or discount thereon, other than as normal and customary in
the ordinary course of an Obligor’s business and (ii) maintain at its principal place of business a record of Accounts consistent with customary business practices. 

(j) Covenants Relating to Inventory. 

(i) Maintain, keep and preserve its Inventory in good salable condition at its own cost and expense, subject to policies
and procedures relating to obsolete, defective, damaged, or slow-moving items and items held for return that are normal and customary in the ordinary course of any Obligor’s business. 

  
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 (ii) Comply with all reporting requirements set forth in the Credit
Agreement with respect to Inventory. 
 (iii) If any of the Inventory with a book value in excess of $100,000 is
at any time evidenced by a document of title, immediately upon request by the Administrative Agent, deliver such document of title to the Administrative Agent. 
 (k) Covenants Relating to Copyrights. 
 (i) Employ the
Copyright for each material Work with such notice of copyright as may be required by law to secure copyright protection. 
 (ii) Other than to the extent not prohibited herein or in the Credit Agreement, or with respect to registrations and applications no longer used or useful, or except as would not, as deemed by the
applicable Obligor in its reasonable business judgment, reasonably be expected to have a Material Adverse Effect, not do any act or knowingly omit to do any act whereby any Copyright may become invalidated and (A) not do any act, or knowingly
omit to do any act, whereby any Copyright material to the conduct of its business may become injected into the public domain; (B) notify the Administrative Agent immediately if it knows, or has reason to know, that any Copyright material to the
conduct of its business may become injected into the public domain or of any adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in any court or
tribunal in the United States or any other country) regarding an Obligor’s ownership of any such Copyright or its validity; (C) take all necessary steps as it shall deem appropriate under the circumstances, to maintain and pursue each
application (and to obtain the relevant registration) and to maintain each registration of each Copyright owned by an Obligor, which any Obligor reasonably determines are material to the conduct of its business, including, without limitation, filing
of applications for renewal where necessary; and (D) promptly notify the Administrative Agent of any material infringement of any Copyright of an Obligor of which it becomes aware (with respect to Copyrights that an Obligor reasonably
determines is material to the conduct of its business) and take such actions as it shall reasonably deem appropriate under the circumstances to protect such Copyright, including, where appropriate, the bringing of suit for infringement, seeking
injunctive relief and seeking to recover any and all damages for such infringement. 
 (iii) Not make any
assignment or agreement in conflict with the security interest in the Copyrights of each Obligor hereunder. 

  
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 (l) Covenants Relating to Patents and Trademarks. 

(i) Other than as excluded or as not prohibited herein or in the Credit Agreement, or with respect to Patents or
Trademarks which are no longer used or useful in the applicable Obligor’s business operations or except where failure to do so would not, as deemed by the applicable Obligor in its reasonable business judgment, reasonably be expected to have a
Material Adverse Effect (A) continue to use each Trademark, which any Obligor reasonably determines is material to the conduct of its business, in order to maintain such Trademark in full force free from any claim of abandonment for non-use,
(B) maintain as in the past the quality of products and services offered under such Trademark, (C) employ such Trademark with the appropriate notice of registration, (D) not adopt or use any mark which is confusingly similar or a
colorable imitation of such Trademark unless the Administrative Agent, for the ratable benefit of the Secured Parties, shall obtain a perfected security interest in such mark pursuant to this Security Agreement, and (E) not (and not permit any
licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any such Trademark may become invalidated. 
 (ii) Not do any act, or omit to do any act, whereby any Patent, which any Obligor reasonably determines is material to the conduct of its business, may become abandoned or dedicated. 

(iii) Promptly notify the Administrative Agent if it knows, or has reason to know, that any application or registration
relating to any Patent or Trademark material to the conduct of its business may become abandoned or dedicated, or of any adverse determination or development (including, without limitation, the institution of, or any such determination or
development in, any proceeding in the United States Patent and Trademark Office or any court or tribunal in any country) regarding an Obligor’s ownership of any such Patent or Trademark or its right to register the same or to keep, maintain and
use the same. 
 (iv) Take commercially reasonable steps, including, without limitation, in any proceeding before
the United States Patent and Trademark Office, or any similar office or agency in any other country or any political subdivision thereof, to maintain and pursue each material application, to obtain the relevant registration and to maintain each
registration of the Patents and Trademarks, which any Obligor reasonably determines is material to the conduct of its business, including, without limitation, filing of applications for renewal, affidavits of use and affidavits of incontestability.

 (v) Promptly notify the Administrative Agent and the Secured Parties after it learns that any Patent or
Trademark included in the Collateral, which any Obligor reasonably determines is material to the conduct of its business, is infringed, misappropriated or diluted by a third party and, if such Patent or Trademark is necessary or desirable for the
conduct of any Obligor’s business and if consistent with good business judgment, then promptly sue for infringement, 

  
 14 

 
misappropriation or dilution, to seek injunctive relief where appropriate and to recover any and all damages for such infringement, misappropriation or dilution, or take such other actions as it
shall reasonably deem appropriate under the circumstances to protect such Patent or Trademark. 
 (vi) Not make
any assignment or agreement in conflict with the security interest in the Patents or Trademarks of any Obligor hereunder. 
 (m) New Patents, Copyrights and Trademarks. Within forty-five (45) days after the last day of each Fiscal Quarter provide the Administrative Agent with (i) a listing of all applications,
if any, for new Copyrights, Patents or Trademarks made during the prior Fiscal Year (together with a listing of the issuance of registrations or letters on present applications) which new applications and issued registrations of letters shall be
subject to the terms and conditions hereunder, and (ii) (A) with respect to Copyrights and Copyright Licenses, a duly executed Notice of Grant of Security Interest in Copyrights, (B) with respect to Patents and Patent Licenses, a duly
executed Notice of Grant of Security Interest in Patents, (C) with respect to Trademarks and Trademark Licenses, a duly executed Notice of Grant of Security Interest in Trademarks or (D) such other duly executed documents as the
Administrative Agent may request in a form acceptable to counsel for the Administrative Agent and suitable for recording to evidence the security interest in the Copyright, Patent or Trademark which is the subject of such new application.

 (n) Commercial Tort Claims; Notice of Litigation. (i) Promptly forward to the Administrative Agent
written notification of any and all Commercial Tort Claims of any Obligor in an amount reasonably estimated by such Obligor to exceed $1,000,000 individually or $5,000,000 in the aggregate, including, but not limited to, any and all actions, suits,
and proceedings before any court or Governmental Authority by or affecting such Obligor or any of its Subsidiaries and (ii) execute and deliver such statements, documents and notices and do and cause to be done all such things as may be
required by the Administrative Agent, or required by law, including all things which may from time to time be necessary under the UCC to fully create, preserve, perfect and protect the priority of the Administrative Agent’s security interest in
any Commercial Tort Claims. 
 (o) Fixtures. At all times maintain the Collateral as personal property and
not affix any of the Collateral to any real property (except real property in which the Administrative Agent has a valid, perfected and first priority security interest) in a manner which would change its nature from personal property to real
property or a Fixture. 
 (p) Insurance. Insure, repair and replace the Collateral of such Obligor as set
forth in the Credit Agreement. Subject to the provisions of the Credit Agreement, all insurance proceeds shall be subject to the security interest of the Administrative Agent hereunder. 

  
 15 

 (q) New Licenses and Leases. Use its commercially reasonable efforts
to ensure that any material license or any material lease obtained or entered into by such Obligor after the Closing Date does not contain legally enforceable restrictions on the granting of a security interest therein. 

6. License of Intellectual Property. The Obligors hereby assign, transfer and convey to the Administrative Agent, effective upon
the occurrence of any Event of Default, the nonexclusive right and license to use all Intellectual Property owned by or used by any Obligor that relate to the Collateral and any other collateral granted by the Obligors as security for the Secured
Obligations (to the extent this license can be granted without violation of the Obligor’s license thereof), together with any goodwill associated therewith, all to the extent necessary to enable the Administrative Agent to use, possess and
realize on the Collateral and to enable any successor or assign to enjoy the benefits of the Collateral; provided, that all of the foregoing rights of the Administrative Agent to use such licenses, sublicenses and other rights, and (to the
extent permitted by the terms of such licenses and sublicenses) all licenses and sublicenses granted thereunder, shall expire immediately upon the termination or waiver of all Events of Default and shall be exercised by the Administrative Agent
solely during the continuance of an Event of Default, and nothing in this Section 6 shall require Obligors to grant any license that is prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes a breach or
default under or results in the termination of any contract, license, agreement, instrument or other document evidencing, giving rise to or theretofore granted, to the extent permitted by the Credit Agreement, with respect to such property or
otherwise unreasonably prejudices the value thereof to the relevant Obligor; provided, that such licenses granted hereunder with respect to Trademarks shall be subject to restrictions, including, without limitation restrictions as to goods or
services associated with such Trademarks and the maintenance of quality standards with respect to the goods and services on which such Trademarks are used, sufficient to preserve the validity and value of such Trademarks. For the avoidance of doubt,
the use of such license by the Administrative Agent may be exercised, at the option of the Administrative Agent, only during the continuation of an Event of Default. This right and license shall inure to the benefit of all successors, assigns and
transferees of the Administrative Agent and its successors, assigns and transferees, whether by voluntary conveyance, operation of law, assignment, transfer, foreclosure, deed in lieu of foreclosure or otherwise. Such right and license is granted
free of charge, without requirement that any monetary payment whatsoever be made to the Obligors. 
 7. Special Provisions
Regarding Inventory. Notwithstanding anything to the contrary contained in this Security Agreement, each Obligor may, unless and until an Event of Default occurs and is continuing and the Administrative Agent instructs such Obligor otherwise,
without further consent or approval of the Administrative Agent, use, consume, sell, lease and exchange its Inventory in the ordinary course of its business as presently conducted, whereupon, in the case of such a sale or exchange, the security
interest created hereby in the Inventory so sold or exchanged (but not in any Proceeds arising from such sale or exchange) shall cease immediately without any further action on the part of the Administrative Agent. 

8. Performance of Obligations; Advances by Administrative Agent. The Administrative Agent may, at its sole option and sole
discretion, perform or cause to be performed any of the following actions on failure of any Obligor to perform the same and in so 

  
 16 

 
doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof: the payment of any insurance premiums, the payment of any taxes, a payment to
obtain a release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures which the Administrative Agent may make for the protection of the security interest hereof or may be compelled to make
by operation of law. All such reasonable sums and amounts so expended shall be repayable by the Obligors on a joint and several basis promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall
bear interest from the date said amounts are expended at the default rate for Alternate Base Rate Loans set forth in Section 2.10 of the Credit Agreement. No such performance of any action by the Administrative Agent on behalf of any Obligor,
and no such advance or expenditure therefor, shall relieve the Obligors of any default under the terms of this Security Agreement or the other Credit Documents. The Administrative Agent may make any payment hereby authorized in accordance with any
bill, statement or estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax
lien, title or claim except to the extent such payment is being contested in good faith by an Obligor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP. 

9. Events of Default. 
 The occurrence of an event which under the Credit Agreement would constitute an Event of Default shall be an event of default hereunder (an “Event of Default”). 

10. Remedies. 
 (a) General Remedies. Upon the occurrence of an Event of Default and during continuation thereof, the Administrative Agent and the Secured Parties shall have, in addition to the rights and remedies
provided herein, in the Credit Documents or by law (including, but not limited to, levy of attachment, garnishment and the rights and remedies set forth in the Uniform Commercial Code of the jurisdiction applicable to the affected Collateral), the
rights and remedies of a secured party under the UCC (regardless of whether the UCC is the law of the jurisdiction where the rights and remedies are asserted and regardless of whether the UCC applies to the affected Collateral), and further, the
Administrative Agent may, with or without judicial process or the aid and assistance of others, (i) to the extent permitted by applicable law, enter on any premises on which any of the Collateral may be located and, without resistance or
interference by the Obligors, take possession of the Collateral, provided that the Administrative Agent shall provide the applicable Obligor with notice thereof prior to such entrance, (ii) subject to Section 10(c) with respect to
leased properties, dispose of any Collateral on any such premises, provided that the Administrative Agent shall provide the applicable Obligor with notice thereof prior to such exercise, (iii) require the Obligors to assemble and make
available to the Administrative Agent at the expense of the Obligors any Collateral at any place and time designated by the Administrative Agent which is reasonably convenient to both parties, (iv) remove any Collateral from any such premises
for the purpose of effecting sale or other disposition thereof, and/or (v) subject to the 

  
 17 

 
mandatory requirements of applicable Law and the notice requirements described below, sell and deliver any or all Collateral held by or for it at public or private sale, by one or more contracts,
in one or more parcels, for cash, upon credit or otherwise, at such prices and upon such terms as the Administrative Agent deems advisable, in its sole discretion (subject to any and all mandatory legal requirements). Neither the Administrative
Agent’s compliance with any applicable state or federal law in the conduct of such sale, nor its disclaimer of any warranties relating to the Collateral, shall be considered to adversely affect the commercial reasonableness of such sale. In
addition to all other sums due the Administrative Agent and the Secured Parties with respect to the Secured Obligations, the Obligors shall pay the Administrative Agent and each of the Secured Parties all reasonable documented costs and expenses
incurred by the Administrative Agent or any such Secured Party, including, but not limited to, reasonable attorneys’ fees and court costs, in obtaining or liquidating the Collateral, in enforcing payment of the Secured Obligations, or in the
prosecution or defense of any action or proceeding by or against the Administrative Agent or the Secured Parties or the Obligors concerning any matter arising out of or connected with this Security Agreement, any Collateral or the Secured
Obligations, including, without limitation, any of the foregoing arising in, arising under or related to a case under the Bankruptcy Code. Each Obligor agrees that any requirement of reasonable notice shall be met if such notice is personally served
on or mailed, postage prepaid, to the Borrower in accordance with the notice provisions of Section 9.2 of the Credit Agreement at least ten (10) days before the time of sale or other event giving rise to the requirement of such
notice. The Administrative Agent and the Secured Parties shall not be obligated to make any sale or other disposition of the Collateral regardless of notice having been given. To the extent permitted by applicable law, any Secured Party may be a
purchaser at any such sale. To the extent permitted by applicable law, each of the Obligors hereby waives all of its rights of redemption with respect to any such sale. Subject to the provisions of applicable law, the Administrative Agent and the
Secured Parties may postpone or cause the postponement of the sale of all or any portion of the Collateral by announcement at the time and place of such sale, and such sale may, without further notice, to the extent permitted by law, be made at the
time and place to which the sale was postponed, or the Administrative Agent and the Secured Parties may further postpone such sale by announcement made at such time and place. 

(b) Remedies Relating to Accounts. Upon the occurrence of an Event of Default and during the continuation thereof,
whether or not the Administrative Agent has exercised any or all of its rights and remedies hereunder, the Administrative Agent shall have the right, subject to applicable law, to enforce any Obligor’s rights against any account debtors and
obligors on such Obligor’s Accounts. Each Obligor acknowledges and agrees that the Proceeds of its Accounts remitted to or on behalf of the Administrative Agent in accordance with the provisions of this Section shall be solely for the
Administrative Agent’s own convenience in administering the provisions of this Security Agreement and that such Obligor shall not have any right, title or interest in such Proceeds or in any such other amounts except as expressly provided
herein. To the extent required by the Administrative Agent, each Obligor agrees to execute any document or instrument, and to take any action, necessary under applicable law (including the Federal Assignment of Claims Act) in order for the
Administrative Agent 

  
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to exercise its rights and remedies (or be able to exercise its rights and remedies at some future date) with respect to any Accounts of such Obligor where the account debtor is a Governmental
Authority. The Administrative Agent and the Secured Parties shall have no liability or responsibility to any Obligor for acceptance of a check, draft or other order for payment of money bearing the legend “payment in full” or words of
similar import or any other restrictive legend or endorsement or be responsible for determining the correctness of any remittance. Each Obligor hereby agrees to indemnify the Administrative Agent and the Secured Parties and their respective
officers, directors, employees, partners, members, counsel, agents, representatives, advisors and affiliates (each, an “Indemnified Party”) from and against all liabilities, damages, losses, actions, claims, judgments, costs,
expenses, charges and reasonable attorneys’ fees suffered or incurred by any such Indemnified Party because of the maintenance of the foregoing arrangements except as relating to or arising out of the gross negligence or willful misconduct of
such Indemnified Party or its officers, directors, employees, partners, members, counsel, agents, representatives, advisors or affiliates. In the case of any investigation, litigation or other proceeding, the foregoing indemnity shall be effective
whether or not such investigation, litigation or proceeding is brought by an Obligor, its directors, shareholders or creditors or by an Indemnified Party or any other Person, and whether or not any other Indemnified Party is a party thereto.

 (c) Access. In addition to the rights and remedies hereunder, upon the occurrence of an Event of
Default and during the continuation thereof, the Obligors shall provide the Administrative Agent with access to the Collateral, without cost or charge to the Administrative Agent, and the reasonable use of the same, together with materials,
supplies, books and records of the Obligors for the purpose of collecting and liquidating the Collateral, or for preparing for sale and conducting the sale of the Collateral, whether by foreclosure, auction or otherwise (except to the extent such
activities are specifically restricted by the terms of any lease; provided, if the foregoing activities are specifically restricted by the terms of any lease, the Obligors shall promptly take all reasonable steps to move the Collateral at
such lease location to a new location satisfactory to the Administrative Agent). In addition, the Administrative Agent may remove Collateral, or any part thereof, from such premises and/or any records with respect thereto, in order to effectively
collect or liquidate such Collateral. If the Administrative Agent exercises its right to take possession of the Collateral, each Obligor shall also at its expense perform any and all other steps reasonably requested by the Administrative Agent to
preserve and protect the security interest hereby granted in the Collateral, such as placing and maintaining signs indicating the security interest of the Administrative Agent, appointing overseers for the Collateral and maintaining inventory
records. 
 (d) Nonexclusive Nature of Remedies. Failure by the Administrative Agent or the Secured
Parties to exercise any right, remedy or option under this Security Agreement, any other Credit Document or as provided by law, or any delay by the Administrative Agent or the Secured Parties in exercising the same, shall not operate as a waiver of
any such right, remedy or option. No waiver hereunder shall be effective unless it is in writing, signed by the party against whom such waiver is sought to be enforced and then only to the extent specifically stated, which in the case of the

  
 19 

 
Administrative Agent or the Secured Parties shall only be granted as provided herein. To the extent permitted by law, neither the Administrative Agent, the Secured Parties, nor any party acting
as attorney for the Administrative Agent or the Secured Parties, shall be liable hereunder for any acts or omissions or for any error of judgment or mistake of fact or law other than their gross negligence or willful misconduct hereunder. The rights
and remedies of the Administrative Agent and the Secured Parties under this Security Agreement shall be cumulative and not exclusive of any other right or remedy which the Administrative Agent or the Secured Parties may have. 

(e) Retention of Collateral. In addition to the rights and remedies hereunder, upon the occurrence and continuance
of an Event of Default, the Administrative Agent may, after providing the notices required by Sections 9-620 and 9-621 (or similar provision) of the UCC (or any successor sections of the UCC) or otherwise complying with the notice requirements of
applicable law of the relevant jurisdiction, accept or retain the Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent shall not be
deemed to have retained any Collateral in satisfaction of any Secured Obligations for any reason. 
 (f)
Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the Secured Parties are legally entitled, the Obligors shall be jointly and severally
liable for the deficiency, together with interest thereon at the default rate for Alternate Base Rate Loans set forth in Section 2.10 of the Credit Agreement, together with the reasonable costs of collection and the reasonable fees of any
attorneys employed by the Administrative Agent to collect such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Obligors or to whomsoever a court of competent jurisdiction
shall determine to be entitled thereto. 
 (g) Other Security. To the extent that any of the Secured
Obligations are now or hereafter secured by property other than the Collateral (including, without limitation, real property and securities owned by an Obligor), or by a guarantee, endorsement or property of any other Person, then the Administrative
Agent shall have the right to proceed against such other property, guarantee or endorsement upon the occurrence of any Event of Default, and the Administrative Agent shall have the right, in its sole discretion, to determine which rights, security,
Liens, security interests or remedies the Administrative Agent shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of them or any of the Administrative Agent’s
and the Secured Parties’ rights or the Secured Obligations under this Security Agreement, under any other of the Credit Documents. 
 11. Rights of the Administrative Agent. 
 (a) Power of
Attorney. In addition to other powers of attorney contained herein, each Obligor hereby designates and appoints the Administrative Agent, on behalf of the Secured Parties, and each of its designees or agents, as attorney-in-fact of such

  
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Obligor, irrevocably and with power of substitution, with authority to take any or all of the following actions only upon the occurrence and during the continuation of an Event of Default:

 (i) to demand, collect, settle, compromise, adjust, give discharges and releases, all as the Administrative
Agent may reasonably determine with respect to the Collateral; 
 (ii) to commence and prosecute any actions at
any court for the purposes of collecting any Collateral and enforcing any other right in respect thereof; 

(iii) to defend, settle, adjust or compromise any action, suit or proceeding brought and, in connection therewith, give
such discharge or release as the Administrative Agent may deem reasonably appropriate with respect to the Collateral; 
 (iv) to receive, open and dispose of mail addressed to an Obligor and endorse checks, notes, drafts, acceptances, money orders, bills of lading, warehouse receipts or other instruments or documents
evidencing payment, shipment or storage of the goods giving rise to the Collateral of such Obligor, or securing or relating to such Collateral, on behalf of and in the name of such Obligor; 

(v) to sell, assign, transfer, make any agreement in respect of, or otherwise deal with or exercise rights in respect of,
any Collateral or the goods or services which have given rise thereto, as fully and completely as though the Administrative Agent were the absolute owner thereof for all purposes; 

(vi) to adjust and settle claims under any insurance policy relating to the Collateral; 

(vii) to execute and deliver and/or file all assignments, conveyances, statements, financing statements, continuation
statements, security agreements, affidavits, notices and other agreements, instruments and documents that the Administrative Agent may determine necessary in order to perfect and maintain the security interests and Liens granted in this Security
Agreement and in order to fully consummate all of the transactions contemplated herein; 
 (viii) to institute
any foreclosure proceedings that the Administrative Agent may deem appropriate; 
 (ix) to do and perform all
such other acts and things as the Administrative Agent may reasonably deem to be necessary, proper or convenient in connection with the Collateral; and 

  
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 (x) to execute any document or instrument, and to take any action, necessary
under applicable law (including the Federal Assignment of Claims Act) in order for the Administrative Agent to exercise its rights and remedies (or to be able to exercise its rights and remedies at some future date) with respect to any Account of an
Obligor where the account debtor is a Governmental Authority. 
 This power of attorney is a power coupled with an interest and
shall be irrevocable for so long as any of the Secured Obligations remain outstanding (other than contingent indemnity or reimbursement obligations) or any Credit Document is in effect, and until all of the Commitments shall have been terminated.
The Administrative Agent shall be under no duty to exercise or withhold the exercise of any of the rights, powers, privileges and options expressly or implicitly granted to the Administrative Agent in this Security Agreement, and shall not be liable
for any failure to do so or any delay in doing so. The Administrative Agent shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except
acts or omissions resulting from its gross negligence or willful misconduct. This power of attorney is conferred on the Administrative Agent solely to protect, preserve and realize upon its security interest in the Collateral. 

(b) Assignment by the Administrative Agent. The Administrative Agent may from time to time assign the Secured
Obligations and any portion thereof and/or the Collateral and any portion thereof to a successor Administrative Agent, and the assignee shall be entitled to all of the rights and remedies of the Administrative Agent under this Security Agreement in
relation thereto. 
 (c) The Administrative Agent’s Duty of Care. Other than the exercise of
reasonable care to assure the safe custody of the Collateral while being held by the Administrative Agent hereunder, the Administrative Agent shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed that
the Obligors shall be responsible for preservation of all rights in the Collateral, and the Administrative Agent shall be relieved of all responsibility for the Collateral upon surrendering it or tendering the surrender of it to the Obligors. The
Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which the Administrative Agent accords its
own property, which shall be no less than the treatment employed by a reasonable and prudent agent in the industry, it being understood that the Administrative Agent shall not have responsibility for taking any necessary steps to preserve rights
against any parties with respect to any of the Collateral. In the event of a public or private sale of Collateral pursuant to Section 10 hereof, the Administrative Agent shall have no obligation to clean-up, repair or otherwise prepare the
Collateral for sale. 
 12. Application of Proceeds. After the exercise of remedies (other than the invocation of default
interest pursuant to Section 2.10 of the Credit Agreement) by the Administrative Agent or the Lenders pursuant to Section 7.2 of the Credit Agreement (or after the Commitments shall automatically terminate and the Loans (with accrued
interest thereon) and all other amounts under the Credit Documents (including without limitation the maximum 

  
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amount of all contingent liabilities under Letters of Credit) shall automatically become due and payable in accordance with the terms of such Section 7.2), all amounts collected or received
by the Administrative Agent or any Secured Party on account of the Secured Obligations and any proceeds of any Collateral will be applied in reduction of the Secured Obligations in the order set forth in Section 2.13(b) of the Credit Agreement,
and each Obligor irrevocably waives the right to direct the application of such payments and proceeds and acknowledges and agrees that the Administrative Agent shall have the continuing and exclusive right to apply and reapply any and all such
payments and proceeds in the Administrative Agent’s sole discretion (but subject in all events to Section 2.13(b) of the Credit Agreement), notwithstanding any entry to the contrary upon any of its books and records. 

13. Costs of Counsel. If at any time hereafter, whether upon the occurrence of an Event of Default or not, the Administrative
Agent employs counsel to prepare or consider amendments, waivers or consents with respect to this Security Agreement, or to take action or make a response in or with respect to any legal or arbitral proceeding relating to this Security Agreement or
relating to the Collateral, or to protect the Collateral or exercise any rights or remedies under this Security Agreement or with respect to the Collateral, then the Obligors agree to promptly pay upon demand any and all such reasonable documented
costs and expenses of the Administrative Agent, all of which costs and expenses shall constitute Secured Obligations hereunder; provided, that, except to the extent a conflict of interest exists that requires separate legal counsel, the
Obligors shall be obligated, collectively, to pay reasonable fees and expenses of only one law firm to act as counsel for the Secured Parties (other than counsel to the Administrative Agent) in each applicable jurisdiction. 

14. Continuing Agreement. 
 (a) Upon this Security Agreement becoming effective in accordance with the terms hereof and of the other Credit Documents, the Existing Security Agreement shall be deemed amended and restated by this
Security Agreement. This Security Agreement shall be a continuing agreement in every respect and shall remain in full force and effect so long as any of the Secured Obligations remain outstanding (other than contingent indemnity or reimbursement
obligations) or any Credit Document is in effect, and until all of the Loans shall have been paid and the Commitments shall have been terminated. Upon such payment and termination, this Security Agreement shall be automatically terminated and the
security interests in the Collateral shall be automatically released and the Administrative Agent and the Secured Parties shall, upon the request and at the expense of the Obligors, promptly execute and deliver all UCC termination statements and/or
other documents reasonably requested by the Obligors evidencing such termination and release. Upon any sale or other transfer by any Obligor of any Collateral that is permitted under the Credit Documents, or upon the effectiveness of any written
consent to the release of the security interest granted hereby in any Collateral pursuant to Section 9.1 of the Credit Agreement, that security interest in such Collateral shall be automatically released and the Administrative Agent and the
Secured Parties shall, upon the request and at the expense of the Obligors, promptly execute and deliver all UCC termination statements and/or other documents reasonably requested by the Obligors evidencing such release. Notwithstanding the
foregoing all releases and indemnities provided hereunder shall survive termination of this Security Agreement. 

  
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 (b) This Security Agreement shall continue to be effective or be
automatically reinstated, as the case may be, if at any time payment, in whole or in part, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any Secured Party as a preference,
fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law, all as though such payment had not been made; provided that in the event payment of all or any part of the Secured Obligations is rescinded or must be
restored or returned, all reasonable costs and expenses (including without limitation any reasonable legal fees and disbursements) incurred by the Administrative Agent or any Secured Party in defending and enforcing such reinstatement shall be
deemed to be included as a part of the Secured Obligations. 
 15. Amendments; Waivers; Modifications. This Security
Agreement and the provisions hereof may not be amended, waived, modified, changed, discharged or terminated except as set forth in Section 9.1 of the Credit Agreement. 

16. Successors in Interest; Release. This Security Agreement shall create a continuing security interest in the Collateral and
shall be binding upon each Obligor, its successors and assigns and shall inure, together with the rights and remedies of the Administrative Agent and the Secured Parties hereunder, to the benefit of the Administrative Agent and the Secured Parties
and their successors and permitted assigns; provided, however, that none of the Obligors may assign its rights or delegate its duties hereunder except as permitted by the Credit Agreement. To the fullest extent permitted by law, each
Obligor hereby releases each Indemnified Party and its successors and assigns from any liability for any act or omission relating to this Security Agreement or the Collateral, except for any liability arising from the gross negligence or willful
misconduct of such Indemnified Party or its officers, directors, employees, partners, members, counsel, agents, representatives, advisors, affiliates, successors and assigns, in each case as determined by a court of competent jurisdiction pursuant
to a final non-appealable judgment. 
 17. Notices. All notices required or permitted to be given under this Security
Agreement shall be in conformance with Section 9.2 of the Credit Agreement. 
 18. Counterparts. This
Security Agreement may be executed in any number of counterparts, each of which where so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this
Security Agreement to produce or account for more than one such counterpart. Delivery of executed counterparts of the Security Agreement by telecopy or other electronic means shall be effective as an original and shall constitute a representation
that an original shall be delivered. 
 19. Headings. The headings of the sections and subsections hereof are provided
for convenience only and shall not in any way affect the meaning, construction or interpretation of any provision of this Security Agreement. 

  
 24 

 20. Governing Law; Submission to Jurisdiction and Service of Process; Waivers. THIS
SECURITY AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (without giving effect to any conflict of laws rules). Each Obligor
agrees not to assert any claim against the Administrative Agent, any Secured Party (including the Issuing Secured Party), any of their Affiliates, or any of their respective directors, officers, employees, attorneys or agents, on any theory of
liability, for special, indirect, consequential or punitive damages arising out of or otherwise relating to any of the transactions contemplated herein or in any other Credit Document. The terms of Sections 9.13 and 9.16 of the Credit Agreement are
incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 
 21.
Severability. If any provision of this Security Agreement is determined to be illegal, invalid or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed
without giving effect to the illegal, invalid or unenforceable provisions. 
 22. Entirety. This Security Agreement and
the other Credit Documents represent the entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to the Credit
Documents or the transactions contemplated herein and therein. 
 23. Survival. All representations and warranties of the
Obligors hereunder shall survive the execution and delivery of this Security Agreement and the other Credit Documents, and the making of the Loans and the issuance of the Letters of Credit under the Credit Agreement. 

24. Joint and Several Obligations of Obligors. 

(a) Each of the Guarantors as may enter into this Security Agreement from time to time is entering into this Security
Agreement in consideration of the financial accommodation to be provided by the Lenders under the Credit Agreement, for the mutual benefit, directly and indirectly, of each of the Obligors and in consideration of the joint and several undertakings
of each of the Guarantors under the Guaranty provided pursuant to Article X of the Credit Agreement, and each Guarantor is granting the security interests in the Collateral of such Guarantor pursuant to this Security Agreement in support of its
obligations under the Guaranty. 
 (b) Notwithstanding any provision to the contrary contained herein, in any
other of the Credit Documents, to the extent the obligations of an Obligor shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent
conveyances or transfers), then the obligations of such Obligor hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy Code). 

  
 25 

 [remainder of page intentionally left blank] 

  
 26 

 Each of the parties hereto has caused a counterpart of this Security Agreement to be duly
executed and delivered as of the date first above written. 
  

							
	OBLIGOR:	 		 	THE PANTRY, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Berry L. Epley

		 		 	Name:	 	Berry L. Epley
		 		 	Title:	 	Vice President, Assistant Corporate Secretary & Controller

 Accepted and agreed to as of the date first above written. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent
		
	By:	 	 /s/ Andrea S. Chen

	Name:	 	Andrea S. Chen
	Title:	 	Director

 SCHEDULE 2(a) 
 COMMERCIAL TORT CLAIMS 
 The Pantry, Inc. 

The Borrower is a potential member of the plaintiff class in the In Re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation,
MDL No 1720, a class action lawsuit filed in the United States District Court for the Eastern District of New York alleging anticompetitive practices and price fixing in setting interchange fees. A proposed settlement estimated at approximately
$7.25 billion was submitted to the Court on July 13, 2012 and is pending preliminary and final approval. The class consists of those businesses that accepted Visa or Mastercard credit cards or debit cards for payment at any time since
January 1, 2004. At this time, the Borrower is not able to estimate what if any it may receive under any final settlement. 
 The Borrower
is a potential member of the plaintiff class in the In Re Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico, on April 20, 2010, MDL No 2179, a class action lawsuit filed in the United States District Court for
the Eastern District of Louisiana alleging damages as a result of the Deepwater Horizon oil spill. The class consists of all persons and businesses which own or lease property in the Gulf Coast Area who suffered economic losses as a result of the
Deepwater Horizon oil spill. A proposed settlement agreement estimated at approximately $7.8 billion was granted preliminary approval on May 2, 2012. The Court will conduct a fairness hearing on November 8, 2012 and thereafter will decide
whether to approve the proposed settlement agreement. At this time, the Borrower is not able to estimate what if any it may receive under any final settlement. 

 SCHEDULE 4(a) 
 NAME CHANGES/CHANGES IN 
 CORPORATE STRUCTURE/TRADENAMES 

None. 

 SCHEDULE 4(h) 
 INVENTORY 
 None. 

 SCHEDULE 4(j) 
 INSTRUMENTS, TANGIBLE CHATTEL PAPER AND DOCUMENTS 
 None. 

 SCHEDULE 4(l) 
 DEPOSIT ACCOUNTS, ELECTRONIC CHATTEL PAPER, LETTER-OF-CREDIT RIGHTS, SECURITIES ACCOUNTS AND UNCERTIFICATED INVESTMENT PROPERTY 
 Deposit Accounts 
  

							
	Bank Name	  	Type	  	Bank Account	  	Address
	Wells Fargo	  	Concentration Account	  	2073089595370	  	Charlotte, NC
	First Financial	  	Money Network	  	73969019300000011	  	Statement printed thru Money Network
	Jonestown	  	Return Checks	  	811836	  	Jonestown, PA
	Wells Fargo	  	ZBA /Rent	  	2000010102718	  	Charlotte, NC
	Wells Fargo	  	EBT	  	2090002761672	  	Charlotte, NC
	Wells Fargo	  	ZBA /Payroll	  	2073089595817	  	Charlotte, NC
	Wells Fargo	  	ZBA/Disbursement	  	2079985323307	  	Charlotte, NC
	Wells Fargo	  	ZBA/Fleet	  	2073089596256	  	Charlotte, NC
	Wells Fargo	  	FL Workers Comp	  	2135000703526	  	Charlotte, NC
	Wells Fargo	  	ZBA/Lottery	  	2073089707689	  	Charlotte, NC
	Wells Fargo	  	ZBA/ Consolidated Ret Cks	  	2000045264391	  	Charlotte, NC
	Wells Fargo	  	ZBA/Beer	  	2000049242416	  	Charlotte, NC
	JP Morgan	  	Cigna Health	  	475749901	  	Statement printed thru Cigna Site
	Wells Fargo	  	Store Depository	  	2000057665865	  	Charlotte, NC
	Wells Fargo	  	Store Depository	  	2112610959958	  	Charlotte, NC
	Wells Fargo	  	Store Depository	  	2000035294698	  	Charlotte, NC
	BB&T	  	Store Depository	  	1801006880	  	Sanford, NC
	First Citizens Bank	  	Store Depository	  	3841967651	  	Sanford, NC
	First Tennessee	  	Store Depository	  	9760954	  	Knoxville, TN
	Bank of America	  	Store Depository	  	3750010622	  	Charlotte, NC
	First Citizens Bank, SC	  	Store Depository	  	750970185501	  	Columbia, SC
	NBSC	  	Store Depository	  	00687049601	  	Summerville, SC
	Fifth Third Bank	  	Store Depository	  	5170105135	  	Madisonville, KY
	Sebree Deposit Bank	  	Store Depository	  	1464320	  	Sebree, KY
	Integra Bank	  	Store Depository	  	0171354601	  	Clay. KY
	First Southern	  	Store Depository	  	010615101	  	Russellville, KY
	Ohio Valley National	  	Store Depository	  	6023458	  	Henderson, KY
	Old National Bank	  	Store Depository	  	411002236	  	Evansville, IN
	Citizens State	  	Store Depository	  	1388128701	  	Winslow, IN
	PNC Bank	  	Store Depository	  	5323766548	  	Pittsburgh, PA
	F & M Bank	  	Store Depository	  	0308552	  	Rockwell, NC
	SC Bank & Trust	  	Store Depository	  	870032273	  	Ridgeland, SC
	Heritage Bank	  	Store Depository	  	2001016645	  	Kenly, NC
	US Bank	  	Store Depository	  	493870893	  	Cincinnati, OH

							
	Bank Name	  	Type	  	Bank Account	  	Address
	Anderson Brothers	  	Store Depository	  	650006927	  	Mullins, SC
	Regions Bank	  	Store Depository	  	6801008617	  	Thomsom, GA
	Athens First	  	Store Depository	  	00042804	  	Monroe, GA
	Community B & T	  	Store Depository	  	0212241	  	Cornelia, GA
	Hamilton State Bank	  	Store Depository	  	00904524	  	Stockbridge, GA
	Farmers & Merchants	  	Store Depository	  	940002389	  	St Stephen, SC
	Southern Bank	  	Store Depository	  	6621003561	  	Sharpsburg, NC
	Provident Community	  	Store Depository	  	0000001557615	  	Union, SC
	BanCorpSouth	  	Store Depository	  	60375672	  	Hattiesburg, MS
	Trustmark	  	Store Depository	  	1007124464	  	Jackson, MS
	Priority One Bank	  	Store Depository	  	0228510	  	Collins, MS
	Bankplus	  	Store Depository	  	1820003869	  	Picayune, MS
	Community Bank	  	Store Depository	  	6006720155	  	Forest, MS
	Bank of Wiggins	  	Store Depository	  	5485118	  	Wiggins, MS
	Hancock	  	Store Depository	  	011540513	  	Gulfport, MS
	Capital One	  	Store Depository	  	5601258961	  	Irving TX
	First Guaranty	  	Store Depository	  	500013659	  	Kentwood, LA
	United Community	  	Store Depository	  	0144063	  	Dawsonville, GA
	Compass	  	Store Depository	  	0001001701	  	Birnimgham, AL
	Merchants & Southern	  	Store Depository	  	0071216	  	Hawthorne, FL
	United Southern	  	Store Depository	  	0169293	  	Umatilla, FL
	Bank of America	  	Store Depository	  	3751000440	  	Charlotte, NC
	Southeastern	  	Store Depository	  	11807	  	Darien, GA
	Capital City	  	Store Depository	  	1200116001	  	Inglis, FL
	Center State	  	Store Depository	  	1610002394	  	East Palatka, FL
	SunTrust	  	Store Depository	  	0070003768139	  	Orlando, FL
	First National Chatsworth	  	Store Depository	  	75032433	  	Chatsworth, GA
	American City	  	Store Depository	  	5712343	  	Manchester, TN
	Bank of Dade	  	Store Depository	  	0028639	  	Trenton, GA
	Bank of Lafayette	  	Store Depository	  	0041475	  	Lafayette, GA
	Citizens Tri-County	  	Store Depository	  	800018493	  	Dunlap, TN
	Cohutta Banking Co	  	Store Depository	  	1000010106	  	Chatsworth, GA
	FSG	  	Store Depository	  	1348960	  	Chattanooga, TN
	Northwest GA	  	Store Depository	  	0164542706	  	Ringgold, GA
	First Bank of TN	  	Store Depository	  	51009520	  	Benton, TN
	Mountain Valley	  	Store Depository	  	02003597	  	Dunlap, TN
	First Century	  	Store Depository	  	8300000585	  	Bluefield, WV
	Frontier	  	Store Depository	  	74052705	  	Sylacuga, AL
	Citizens Bank & Trust	  	Store Depository	  	0632597	  	Marks, MS
	Peoples South	  	Store Depository	  	2420001717	  	Colquit, GA
	Bank of Terrell	  	Store Depository	  	0127968201	  	Dawson, GA
	Wakulla	  	Store Depository	  	0116235301	  	Crawfordville, FL

							
	Bank Name	  	Type	  	Bank Account	  	Address
	Flint River National	  	Store Depository	  	06001812	  	Camilla, GA
	First Security	  	Store Depository	  	240346	  	Batesville, MS
	United Bank	  	Store Depository	  	0154037601	  	Atmore, AL
	Century Bank	  	Store Depository	  	0913693	  	Grand Bay, AL
	Peoples Bank	  	Store Depository	  	00124420	  	Carrolton, GA
	Citizens State	  	Store Depository	  	0000113540	  	Hugoton, KS
	Farmers State	  	Store Depository	  	003557	  	Jetmore, KS
	Montezuma State	  	Store Depository	  	104027	  	Montezuma, KS
	Kearny County	  	Store Depository	  	8922560501	  	Lakin, KS
	Arvest Bank	  	Store Depository	  	0011821566	  	Gardner, KS
	Emprise Bank	  	Store Depository	  	74253557	  	Wichita, KS
	Centera Bank	  	Store Depository	  	135356	  	Sublette, KS
	FNB of Cimarron	  	Store Depository	  	008370	  	Cimarron, KS
	Western State	  	Store Depository	  	1573750401	  	Garden City, KS
	TD Bank	  	Store Depository	  	7600882245	  	Keene, NH

 Letter-Of-Credit Rights 

 

													
	Store #	 	  	L/C #	  	Amount	 	  	Expiry Date	  	Issuing Institution
	 	4127	  	  	440	  	 	20,000	  	  	6/12/2013	  	 Traders Bank

	 	4136	  	  	148-002	  	 	20,000	  	  	12/15/2012	  	 Fidelity Bank

	 	4137	  	  	37-379	  	 	20,000	  	  	2/20/2013	  	 First Bank

	 	4140	  	  	7020022223	  	 	20,000	  	  	5/5/2013	  	 Capital Bank

	 	4654	  	  	IS0003924	  	 	20,000	  	  	10/6/2012	  	 Wells Fargo - NC

	 	4657	  	  	1535	  	 	20,000	  	  	10/31/2012	  	 Green Bank - TN

	 	4658	  	  	7110417713	  	 	20,000	  	  	11/1/2012	  	 Bank of Hampton Roads - NC

	 	4659	  	  	7110417695	  	 	20,000	  	  	11/1/2012	  	 Bank of Hampton Roads - NC

	 	4660	  	  	7110417704	  	 	20,000	  	  	11/1/2012	  	 Bank of Hampton Roads - NC

	 	4663	  	  	4403355	  	 	20,000	  	  	11/30/2012	  	 Yadkin Valley Bank & Trust - NC

	 	4664	  	  	3526795	  	 	20,000	  	  	1/17/2013	  	 Community Bank - AL

	 	4147	  	  	7820012347	  	 	20,000	  	  	8/5/2013	  	 Capital Bank - NC

	 	4716	  	  	40412	  	 	15,000	  	  	9/23/2012	  	 The Farmers Bank

	 	4720	  	  	600243330	  	 	25,000	  	  	10/28/2012	  	 Pinnacle National Bank

	 	4725	  	  	1227	  	 	25,000	  	  	10/20/2012	  	 High Point Bank

	 	4726	  	  	4403347	  	 	40,000	  	  	12/1/2012	  	 Yadkin Valley Bank & Trust

	 	4727	  	  	978	  	 	25,000	  	  	10/24/2012	  	 SCBT, N.A.

	 	4729	  	  	7110418973	  	 	40,000	  	  	1/13/2013	  	 Bank of Hampton Roads - NC

	 	4741	  	  	SB3674	  	 	25,000	  	  	5/1/2013	  	 First Citizens - NC

	 	4742	  	  	711	  	 	25,000	  	  	5/1/2013	  	 Community Trust

 Electronic Chattel Paper, Securities Accounts 

and Uncertificated Investment Property 
 None. 

 EXHIBIT A 
 [FORM OF] 
 NOTICE 

OF 
 GRANT OF
SECURITY INTEREST 
 IN 
 COPYRIGHTS 
 [United States Copyright Office][Canadian Intellectual Property Office] 

Ladies and Gentlemen: 
 Please
be advised that pursuant to the Fourth Amended and Restated Security Agreement dated as of August 3, 2012 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Security Agreement”) by and
among the Obligors party thereto (each an “Obligor” and collectively, the “Obligors”) and Wells Fargo Bank, National Association, as Administrative Agent (the “Administrative Agent”) for the lenders
referenced therein (the “Lenders”), the undersigned Obligor has granted a continuing security interest in and continuing lien upon [the copyrights, copyright licenses and copyright applications] shown on Schedule 1 attached
hereto (the “Copyrights”) to the Administrative Agent for the ratable benefit of the Lenders. 
 The Obligors
and the Administrative Agent, on behalf of the Lenders, hereby acknowledge and agree that the security interest in the Copyrights (i) may only be terminated in accordance with the terms of the Security Agreement and (ii) is not to be
construed as an assignment of any Copyright. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 
			
	Very truly yours,
	
	[OBLIGOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Acknowledged and Accepted: 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Administrative Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Schedule 1 

 EXHIBIT B 
 [FORM OF] 
 NOTICE 

OF 
 GRANT OF
SECURITY INTEREST 
 IN 
 PATENTS 
 [United States Patent and Trademark Office][Canadian Intellectual Property Office]

 Ladies and Gentlemen: 
 Please be advised that pursuant to the Third Amended and Restated Security Agreement dated as of August 3, 2012 (as amended, modified, extended, restated, replaced, or supplemented from time to time,
the “Security Agreement”) by and among the Obligors party thereto (each an “Obligor” and collectively, the “Obligors”) and Wells Fargo Bank, National Association, as Administrative Agent (the
“Administrative Agent”) for the lenders referenced therein (the “Lenders”), the undersigned Obligor has granted a continuing security interest in and continuing lien upon [the patents, patent licenses and patent
applications] shown on Schedule 1 attached hereto (the “Patents”) to the Administrative Agent for the ratable benefit of the Lenders. 
 The Obligors and the Administrative Agent, on behalf of the Lenders, hereby acknowledge and agree that the security interest in the Patents (i) may only be terminated in accordance with the terms of
the Security Agreement and (ii) is not to be construed as an assignment of any Patent. 
 [REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK] 

 
			
	Very truly yours,
	
	[OBLIGOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Acknowledged and Accepted: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Administrative Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Schedule 1 

 EXHIBIT C 
 [FORM OF] 
 NOTICE 

OF 
 GRANT OF
SECURITY INTEREST 
 IN 
 TRADEMARKS 
 [United States Patent and Trademark Office][Canadian Intellectual Property Office]

 Ladies and Gentlemen: 
 Please be advised that pursuant to the Third Amended and Restated Security Agreement dated as of August 3, 2012 (as amended, modified, extended, restated, replaced, or supplemented from time to time,
the “Security Agreement”) by and among the Obligors party thereto (each an “Obligor” and collectively, the “Obligors”) and Wells Fargo Bank, National Association, as Administrative Agent (the
“Administrative Agent”) for the lenders referenced therein (the “Lenders”), the undersigned Obligor has granted a continuing security interest in and continuing lien upon [the trademarks, trademark licenses and
trademark applications] shown on Schedule 1 attached hereto (the “Trademarks”) to the Administrative Agent for the ratable benefit of the Lenders. 
 The Obligors and the Administrative Agent, on behalf of the Lenders, hereby acknowledge and agree that the security interest in the Trademarks (i) may only be terminated in accordance with the terms
of the Security Agreement and (ii) is not to be construed as an assignment of any Trademark. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

 
			
	Very truly yours,
	
	[OBLIGOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Acknowledged and Accepted: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as Administrative Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Schedule 1Form of Notice of Grant of Performance Share Units

 Exhibit 10.1 
 [To Be Placed on Oasis Petroleum Inc. Letterhead] 
  

					
		  	                             
       , 20        	  	
			
	 	  		  	
	 	  		  	
	 	  		  	

 NOTICE OF GRANT OF PERFORMANCE SHARE UNITS 

Pursuant to the terms and conditions of the Oasis Petroleum Inc. 2010 Long Term Incentive Plan, attached as Appendix B (the
“Plan”), and the associated Performance Share Unit Agreement, attached as Appendix C or which has previously been provided to you (the “Agreement”), you are hereby granted an award of the number
of Performance Share Units set forth below, whereby each Performance Share Unit that becomes earned, as determined by the Committee in its sole and absolute discretion, represents the right to receive one share of common stock of the Company, par
value $0.001 per share (“Stock”), plus rights to certain Dividend Equivalents described in Section 3 of the Agreement, under the terms and conditions set forth below, in the Agreement, and in the Plan (the
“Performance Share Units”). Capitalized terms used but not defined herein shall have the meanings set forth in the Plan or the Agreement. 
  

			
	Grantee:	  	  

		
	Date of Grant:	  	July 30, 2012 (“Date of Grant”)
		
	Number of Performance Share Units:	  	                        (the “Initial
Performance Units”). The number of shares of Stock that may be deliverable in respect of this Award may range from 0% to 200% of the number of Initial Performance Units.
		
	Performance Cycle:	  	The Performance Cycle applicable to the Performance Share Units begins on August 1, 2012 and ends on July 31, 2015; provided, that, if less than 200% of the Initial Performance
Units become Earned Performance Units as of the end of the Performance Cycle, the last day of the Performance Cycle will be extended to July 31, 2016 (the “Extended Performance Cycle”). 
		
	Vesting Requirements:	  	Your right to receive Stock in respect of Performance Share Units is generally contingent, in whole or in part, upon (a) except as otherwise provided below, your continuous active
service with the Company through the end of the Performance Cycle (and the Extended Performance Cycle, if applicable) (the “Continuous Service Requirement”), and (b) the level of achievement of the TSR Vesting Objective as
outlined below and in Appendix A.

  

			
		  	
	Page 2	  	
	  

                         
   ,          
	  	

  

			
		  	 The “TSR Vesting Objective” means the Company’s relative ranking in respect of the Performance Cycle
(and the Extended Performance Cycle, if applicable) with regard to Total Shareholder Return (as defined in Appendix A attached hereto) as compared to Total Shareholder Return of the Peer Companies (as defined in Appendix A), and the
level of achievement of the TSR Vesting Objective shall be determined in accordance with Appendix A. After the end of the Performance Cycle (and the Extended Performance Cycle, if applicable), the Committee will determine the Company’s
Total Shareholder Return as compared to Total Shareholder Return of the Peer Companies and will certify the level of achievement with respect to the TSR Vesting Objective and what percentage of the Initial Performance Units have been earned in
accordance with the table set forth in Appendix A (such number of Performance Share Units that become earned shall hereinafter be called the “Earned Performance Units”), subject to your satisfaction of the Continuous
Service Requirement.
  
 Notwithstanding anything to the contrary herein, in
the Agreement, in the Plan or in any other arrangement between you and the Company (including any employment agreement or the Amended and Restated Executive Change in Control and Severance Benefit Plan, if you participate in such plan):

 
 (a) if a Change in Control occurs prior to the end of the
Performance Cycle (and the Extended Performance Cycle, if applicable) (the date of such occurrence, the “Change in Control Date”) and you have remained in continuous service with the Company through the Change in Control
Date, then, upon the occurrence of such Change in Control, you shall be deemed to have earned a number of Performance Share Units equal to the number of Earned Performance Units you would have earned in accordance with Appendix A, but
assuming that (i) the Performance Cycle ended on the Change in Control Date, and (ii) the determination of whether, and to what extent, the TSR Vesting Objective is achieved shall be based on actual performance against the stated criteria through
the Change in Control Date. For purposes of this Award, “Change in Control” shall have the meaning given such term in the Plan; provided, that, in the event of any Business Combination following which both Thomas B. Nusz and
Taylor L. Reid remain as Chief Executive Officer and Chief Operating Officer, respectively, and as members of the board of directors or similar governing body, of the entity resulting from such Business Combination (not including any subsidiary
thereof), the Board of the pre-Business Combination Company may determine, in its sole discretion, that no Change in Control has occurred for purposes of this Award.

  

			
		  	
	Page 3	  	
	  

                         
   ,          
	  	

  

			
	 	  	 (b) if your employment or service relationship with the Company or any of its Subsidiaries is
terminated
due to your death or Disability prior to the end of the Performance Cycle (or the Extended Performance Cycle,
if applicable), then you shall be deemed to have earned a number of Performance Share Units equal to 200%
of the
Initial Performance Units. For purposes of this Award, “Disability” shall have the meaning given such
term in any employment agreement between you and the Company; provided, however, that if there is no
existing
employment agreement between you and the Company, the term “Disability” shall mean your
inability to perform the essential functions of your position with or without reasonable accommodation, if
required by law, due to physical or
mental impairment. The existence of any such Disability shall be certified,
at the Company’s discretion, by either the Company’s disability carrier or a physician acceptable to both you
and the Company. If the parties are not able to
agree on the choice of physician, each party shall select a
physician who, in turn, shall select a third physician to render such certification. In no event will your
employment be terminated as a result of Disability, unless otherwise agreed
to by you and the Company, until
at least 180 consecutive days of leave have elapsed and the Company has provided you with written notice of
termination.
  

(c) if your employment or service relationship with the Company or any of its Subsidiaries is terminated
prior to the end of the
Performance Cycle (or the Extended Performance Cycle, if applicable) by the Company
or a Subsidiary without “Cause” or by you for “Good Reason” (in each case, as such terms are defined in
any
employment agreement between you and the Company or in the Amended and Restated Executive Change in
Control and Severance Benefit Plan, if you participate in such plan), then you shall be deemed to have earned,
as of the end of the
Performance Cycle (and the Extended Performance Cycle, if applicable), the number of
Earned Performance Units that you would have earned in accordance with Appendix A had you remained
employed through the end of the Performance Cycle
(and the Extended Performance Cycle, if applicable).
  
 Any of your
Performance Share Units that are eligible to be earned but that do not become Earned
Performance Units as of the end of the Extended Performance Cycle shall terminate and be cancelled upon the
expiration of such Extended Performance
Cycle.

  

			
		  	
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   ,          
	  	

  

			
	Date of Settlement:            	  	 Payment in respect of Earned Performance Units shall be made no later than March 15 of the calendar year following the calendar
year in which the last day of the Performance Cycle occurs, except that (a) in the event that the Extended Performance Cycle becomes applicable, Performance Share Units earned as of the last day of the Performance Cycle shall be paid as provided
above and any additional Performance Share Units earned as of the last day of the Extended Performance Cycle shall be paid no later than March 15 of the calendar year following the calendar year in which the last day of the Extended Performance
Cycle occurs; (b) in the event of your death or Disability, payments in respect of Earned Performance Units shall be made no later than the 30th day following your death or termination for Disability (which, in the event your death or Disability
occurs during the final 12 month period of the Extended Performance Cycle (if applicable), such payment shall only be made with respect to any additional Earned Performance Units that become due as a result of your death or Disability); and (c) in
the event of a Change in Control, payments in respect of Earned Performance Units shall be made no later than five (5) business days after the Change in Control Date (which, in the event the Change in Control Date occurs during the final 12 month
period of the Extended Performance Cycle (if applicable), such payment shall only be made with respect to any additional Earned Performance Units that become due as a result of the Change in Control) (in each case, the “Date of
Settlement”).
  
 All payments with respect to Earned Performance
Units shall be made in freely transferable shares of Stock.
  
 Upon full
settlement of the Performance Share Units hereunder and pursuant to Section 3 of the Agreement, no additional payments will be made pursuant to this Award and the Award shall terminate.

 By your signature and the signature of the Company’s representative below, you and the Company
hereby acknowledge receipt of the Performance Share Units issued on the Date of Grant indicated above, which have been granted under the terms and conditions contained herein and in the Plan and the Agreement. Alternatively, you acknowledge your
agreement to be bound to the terms of this Notice, the Agreement and the Plan in connection with your acceptance of the Performance Share Units issued hereby through procedures, including electronic procedures, provided by or on behalf of the
Company. 
 You acknowledge and agree that (a) you are not relying upon any written or oral statement or representation of
the Company, its affiliates, or any of their respective employees, directors, officers, attorneys or agents (collectively, the “Company Parties”) regarding the tax effects associated with your execution of this Notice of
Grant of Performance Share Units and your receipt and holding of and the vesting of the Performance Share Units, and (b) in deciding to enter into this Agreement, you are relying on your own judgment and the judgment of the professionals of
your choice with whom you have consulted. You hereby release, acquit and 

  

			
		  	
	Page 5	  	
	  

                         
   ,          
	  	

  

 forever discharge the Company Parties from all actions, causes of actions, suits, debts, obligations,
liabilities, claims, damages, losses, costs and expenses of any nature whatsoever, known or unknown, on account of, arising out of, or in any way related to the tax effects associated with your execution of the Agreement and your receipt and holding
of and the vesting of the Performance Share Units. 
 You further acknowledge receipt of a copy of the Plan and the Agreement
and agree to all of the terms and conditions of the Plan and the Agreement, which are incorporated herein by reference. 
 Note: To accept
the Performance Share Units, execute this form and return an executed copy to                         (the “Designated
Recipient”) by                         , 20        . Failure to return the executed
copy to the Designated Recipient by such date will render this issuance invalid. 

  

			
		  	
	Page 6	  	
	  

                         
   ,          
	  	

  

 OASIS PETROLEUM INC., 
 a Delaware corporation 
  

			
		
	By:	 	 
	 Name:
	 	 
	 Title:
	 	 
	
	Accepted by:
		
	 	 	 
	[insert name of Grantee]
		
	 Date:
	 	 
		
	 	 	 
	[insert name of Designated Recipient]

  

			
		
	Date Received:	 	 

  

	Attachments:	Appendix A – Total Shareholder Return Vesting Objective 

 Appendix B – Oasis Petroleum Inc. 2010 Long Term Incentive Plan 
 Appendix C
– Performance Share Unit Agreement 

 Appendix A 
 Total Shareholder Return Vesting Objective 
 The TSR Vesting
Objective for the Performance Share Units is outlined in this Appendix A below. The “TSR Vesting Objective” means the Company’s relative ranking in respect of the Performance Cycle (or the Extended Performance
Cycle, if applicable) with regard to Total Shareholder Return as compared to the Total Shareholder Return of the Peer Companies. The Committee shall have the sole discretion for determining the level of achievement with respect to the TSR Vesting
Objective and the number of Earned Performance Units and any such determinations shall be conclusive. 
  

	 	1.	Defined Terms. 

(a) “Total Shareholder Return” means, as to the Company and each of the Peer Companies, the annualized rate of
return shareholders receive through stock price changes and the assumed reinvestment of dividends paid over the Performance Cycle (or the Extended Performance Cycle, if applicable). Dividends per share paid other than in the form of cash shall have
a value equal to the amount of such dividends reported by the issuer to its shareholders for purposes of Federal income taxation. For purposes of determining the Total Shareholder Return for the Company and each of the Peer Companies, the change in
the price of the Company’s Stock and of the common stock of each Peer Company, as the case may be, shall be based upon the volume weighted average of the stock prices of the Company and each such Peer Company on each trading day in the 30-day
period preceding each of the start (the “Initial Value”) and the end (the “Closing Value”) of the Performance Cycle (and the Extended Performance Cycle, if applicable). The Initial Value of the Stock
to be used to determine Total Shareholder Return over the Performance Cycle (and the Extended Performance Cycle, if applicable) is [$            ]. 

(b) “Peer Company” means a company that (A) has a class of common equity securities listed to trade under
Section 12(g) of the Exchange Act, during each day of the Performance Cycle (and the Extended Performance Cycle, if applicable), and (B) is listed below. 
  

			
	Berry Petroleum Company	  	Forest Oil Corporation
	Bill Barrett Corp.	  	Gulfport Energy Corp.
	Cabot Oil and Gas Corporation	  	Kodiak Oil & Gas Corp.
	Carrizo Oil and Gas, Inc.	  	Quicksilver Resources Inc.
	Comstock Resources Inc.	  	Resolute Energy Corp.
	Concho Resources Inc.	  	Rosetta Resources Inc.
	Continental Resources, Inc.	  	Swift Energy Company
	EXCO Resources, Inc.	  	Whiting Petroleum Corporation

 In addition, the Standard & Poor’s Oil & Gas Exploration & Production Select Industry
Index, weighted as a single company, shall also be included as a Peer Company. 

 If, prior to the end of the Performance Cycle (or the Extended Performance Cycle, if applicable), a company
listed above ceases to have a class of common equity securities listed to trade under Section 12(g) of the Exchange Act, then such company shall cease to qualify as a Peer Company and shall not be considered for purposes of the Total
Shareholder Return calculation described in Section 2 below. 
  

	 	2.	Calculation of Ranking; Earned Performance Units. 

 (a) After the end of the Performance Cycle, the Committee will calculate the Company’s Total Shareholder Return as compared to Total Shareholder Return of the Peer Companies in accordance with the
following formula: 
 1 – (the Company’s Total Shareholder Return ranking/ 

Total Number of Peer Companies at the end of the Performance Cycle (including the Company)) 

= the Company’s “TSR Percentage” 
 Once the Company’s TSR Percentage has been determined, the Committee will then certify the level of achievement with respect to the TSR Vesting Objective and determine the number of Earned
Performance Units, which will be calculated based on which quartile the Company’s TSR Percentage falls in accordance with the table below: 
  

					
	 Quartile Ranking

(Percentile Range)
	  	Percentage of 
Initial
Performance Units Earned	 
	 75th percentile or above
	  	 	200	% 
	 50th to 74.99th percentile
	  	 	125	% 
	 25th to 49.99th percentile
	  	 	75	% 
	 Less than 25th percentile
	  	 	0	% 

 (b) If less than 200% of the Initial Performance Units become Earned Performance Units as of the end of
the Performance Cycle, then the Extended Performance Cycle shall become applicable and additional Performance Share Units may be earned. For purposes of determining the Total Shareholder Return of the Company and each Peer Company for the Extended
Performance Cycle, the Closing Value shall be the volume weighted average of the stock prices of the Company and each such Peer Company on each trading day in the 30-day period preceding the last day of the Extended Performance Cycle. After the end
of the Extended Performance Cycle, the Committee will determine the Company’s Total Shareholder Return as compared to Total Shareholder Return of the Peer Companies for the entirety of the Extended Performance Cycle and will certify the level
of achievement with respect to the TSR Vesting Objective and the number of Earned Performance Units in accordance with the table above. To the extent the number of Earned Performance Units for the Extended Performance Cycle exceeds the number of
Earned Performance Units for the Performance Cycle, the additional Earned Performance Units will be paid at the time specified in the Notice of Grant. 
 (c) Notwithstanding the foregoing, no Performance Share Units will become Earned Performance Units unless you also satisfy the Continuous Service Requirement in accordance with the terms of the Agreement
and the Notice of Grant. 

 Appendix B 
 Oasis Petroleum Inc. 2010 Long Term Incentive Plan 

 OASIS PETROLEUM INC. 

2010 LONG TERM INCENTIVE PLAN 

 TABLE OF CONTENTS 

 

									
	 	  	 	  	 	  	Page	 
			
	 1.
	  	 Purpose
	  	 	1	  
			
	 2.
	  	 Definitions
	  	 	1	  
			
	 3.
	  	 Administration
	  	 	5	  
		  	(a)	  	 Authority of the Committee
	  	 	5	  
		  	(b)	  	 Manner of Exercise of Committee Authority
	  	 	6	  
		  	(c)	  	 Limitation of Liability
	  	 	6	  
			
	 4.
	  	 Stock Subject to Plan
	  	 	7	  
		  	(a)	  	 Overall Number of Shares Available for Delivery
	  	 	7	  
		  	(b)	  	 Application of Limitation to Grants of Awards
	  	 	7	  
		  	(c)	  	 Availability of Shares Not Issued under Awards
	  	 	7	  
		  	(d)	  	 Stock Offered
	  	 	7	  
			
	 5.
	  	 Eligibility
	  	 	7	  
			
	 6.
	  	 Specific Terms of Awards
	  	 	7	  
		  	(a)	  	 General
	  	 	7	  
		  	(b)	  	 Options
	  	 	8	  
		  	(c)	  	 Stock Appreciation Rights
	  	 	9	  
		  	(d)	  	 Restricted Stock
	  	 	10	  
		  	(e)	  	 Restricted Stock Units
	  	 	11	  
		  	(f)	  	 Bonus Stock and Awards in Lieu of Obligations
	  	 	11	  
		  	(g)	  	 Dividend Equivalents
	  	 	12	  
		  	(h)	  	 Other Stock-Based Awards
	  	 	12	  
			
	 7.
	  	 Certain Provisions Applicable to Awards
	  	 	12	  
		  	(a)	  	 Termination of Employment
	  	 	12	  
		  	(b)	  	 Stand-Alone, Additional, Tandem, and Substitute Awards
	  	 	12	  
		  	(c)	  	 Term of Awards
	  	 	13	  
		  	(d)	  	 Form and Timing of Payment under Awards
	  	 	13	  
		  	(e)	  	 Exemptions from Section 16(b) Liability
	  	 	13	  
		  	(f)	  	 Non-Competition Agreement
	  	 	13	  
			
	 8.
	  	 Performance Awards
	  	 	14	  
		  	(a)	  	 Performance Conditions
	  	 	14	  
		  	(b)	  	 Performance Awards Granted to Designated Covered Employees
	  	 	14	  
		  	(c)	  	 Written Determinations
	  	 	16	  
		  	(d)	  	 Status of Section 8(b) Performance Awards under Section 162(m) of the Code
	  	 	16	  
			
	 9.
	  	 Subdivision or Consolidation; Recapitalization; Change in Control; Reorganization
	  	 	17	  
		  	(a)	  	 Existence of Plans and Awards
	  	 	17	  

  
 i 

									
		  	(b)	  	 Subdivision or Consolidation of Shares
	  	 	17	  
		  	(c)	  	 Corporate Recapitalization
	  	 	18	  
		  	(d)	  	 Additional Issuances
	  	 	18	  
		  	(e)	  	 Change in Control
	  	 	18	  
		  	(f)	  	 Change in Control Price
	  	 	19	  
		  	(g)	  	 Impact of Corporate Events on Awards Generally
	  	 	19	  
			
	 10.
	  	 General Provisions
	  	 	20	  
		  	(a)	  	 Transferability
	  	 	20	  
		  	(b)	  	 Taxes
	  	 	21	  
		  	(c)	  	 Changes to this Plan and Awards
	  	 	21	  
		  	(d)	  	 Limitation on Rights Conferred under Plan
	  	 	22	  
		  	(e)	  	 Unfunded Status of Awards
	  	 	22	  
		  	(f)	  	 Nonexclusivity of this Plan
	  	 	22	  
		  	(g)	  	 Fractional Shares
	  	 	22	  
		  	(h)	  	 Severability
	  	 	22	  
		  	(i)	  	 Governing Law
	  	 	23	  
		  	(j)	  	 Conditions to Delivery of Stock
	  	 	23	  
		  	(k)	  	 Section 409A of the Code
	  	 	23	  
		  	(l)	  	 Plan Effective Date and Term
	  	 	23	  

  
 ii 

 OASIS PETROLEUM INC. 

2010 Long Term Incentive Plan 
 1. Purpose. The purpose of the Oasis Petroleum Inc. 2010 Long Term Incentive Plan (the “Plan”) is to provide a means through which Oasis Petroleum Inc., a Delaware
corporation (the “Company”), and its Subsidiaries may attract and retain able persons as employees, directors and consultants and provide a means whereby those persons, upon whom the responsibilities of the successful
administration and management rest and whose present and potential contributions to the welfare of the Company and its Subsidiaries are of importance, can acquire and maintain stock ownership or awards, the value of which is tied to the performance
of the Company, thereby strengthening their concern for the welfare of the Company and its Subsidiaries and their desire to remain employed. A further purpose of this Plan is to provide such employees, directors and consultants with additional
incentive and reward opportunities designed to enhance the profitable growth of the Company. Accordingly, this Plan primarily provides for the granting of Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted
Stock Awards, Restricted Stock Units, Bonus Stock, Dividend Equivalents, and Other Stock-Based Awards, any of which may be further designated as Performance Awards. 
 2. Definitions. For purposes of this Plan, the following terms shall be defined as set forth below, in addition to such terms defined in Section 1 hereof: 

(a) “Award” means any Option, SAR (including Limited SAR), Restricted Stock Award, Restricted Stock Unit, Bonus
Stock, Dividend Equivalent or Other Stock-Based Award, including any of the foregoing that is designated as a Performance Award, together with any other right or interest granted to a Participant under this Plan. 

(b) “Beneficiary” means one or more persons, trusts or other entities which have been designated by a
Participant, in his or her most recent written beneficiary designation filed with the Committee, to receive the benefits specified under this Plan upon such Participant’s death or to which Awards or other rights are transferred if and to the
extent permitted under Section 10(a) hereof. If, upon a Participant’s death, there is no designated Beneficiary or surviving designated Beneficiary, then the term Beneficiary means the persons, trusts or other entities entitled by will or
the laws of descent and distribution to receive such benefits. 
 (c) “Board” means the Company’s
Board of Directors. 
 (d) “Bonus Stock” means Stock granted as a bonus pursuant to Section 6(f).

 (e) “Business Day” means any day other than a Saturday, a Sunday, or a day on which banking
institutions in the state of Texas are authorized or obligated by law or executive order to close. 

  
 1 

 (f) “Change in Control” means the occurrence of any of the following
events: 
 (i) The consummation of an agreement to acquire or a tender offer for beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Exchange Act by any Person, of 50% or more of either (x) the then outstanding shares of Stock (the “Outstanding Stock”) or (y) the combined voting power of the then outstanding
voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this paragraph (i), the following acquisitions
shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or
any entity controlled by the Company or (D) any acquisition by any entity pursuant to a transaction that complies with clauses (A), (B) and (C) of paragraph (iii) below; 

(ii) Individuals who constitute the Incumbent Board cease for any reason to constitute at least a majority of the Board; 

(iii) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets
of the Company or an acquisition of assets of another entity (a “Business Combination”), in each case, unless, following such Business Combination, (A) the Outstanding Stock and Outstanding Company Voting Securities
immediately prior to such Business Combination represent or are converted into or exchanged for securities which represent or are convertible into more than 50% of, respectively, the then outstanding shares of common stock or common equity interests
and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors or other governing body, as the case may be, of the entity resulting from such Business Combination (including, without
limitation, an entity which as a result of such transaction owns the Company, or all or substantially all of the Company’s assets either directly or through one or more subsidiaries), (B) no Person (excluding any employee benefit plan (or
related trust) of the Company or the entity resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock or common equity interests of the entity
resulting from such Business Combination or the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors or other governing body of such entity except to the extent that such ownership
results solely from ownership of the Company that existed prior to the Business Combination, and (C) at least a majority of the members of the board of directors or similar governing body of the entity resulting from such Business Combination
were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
 (iv) Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 
 For purposes of an Award that provides for a deferral of compensation under the Nonqualified Deferred Compensation Rules, to the extent the impact of a Change in Control on such Award would subject a
Participant to additional taxes under the Nonqualified Deferred Compensation Rules, a Change in Control for purposes of such Award will mean both a Change in Control and a “change in the ownership or effective control of a corporation, or a
change in the ownership of a substantial portion of the assets of a corporation” within the meaning of the Nonqualified Deferred Compensation Rules. 

  
 2 

 (g) “Code” means the Internal Revenue Code of 1986, as amended from
time to time, including regulations thereunder and successor provisions and regulations thereto. 
 (h)
“Committee” means a committee of two or more directors designated by the Board to administer this Plan; provided, however, that, unless otherwise determined by the Board, the Committee shall consist solely of two or more
directors, each of whom shall be a Qualified Member (except to the extent administration of this Plan by “outside directors” is not then required in order to qualify for tax deductibility under section 162(m) of the Code). 

(i) “Covered Employee” means an Eligible Person who is a Covered Employee as specified in Section 8(d) of
this Plan. 
 (j) “Dividend Equivalent” means a right, granted to an Eligible Person under
Section 6(g), to receive cash, Stock, other Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other periodic payments. 

(k) “Effective Date” means as of the closing of the initial public offering. 

(l) “Eligible Person” means all officers and employees of the Company or of any of its Subsidiaries, and other
persons who provide services to the Company or any of its Subsidiaries, including directors of the Company. An employee on leave of absence may be considered as still in the employ of the Company or any of its Subsidiaries for purposes of
eligibility for participation in this Plan. 
 (m) “Exchange Act” means the Securities Exchange Act of
1934, as amended from time to time, including rules thereunder and successor provisions and rules thereto. 
 (n)
“Fair Market Value” means, as of any specified date, (i) if the Stock is listed on a national securities exchange, the closing sales price of the Stock, as reported on the stock exchange composite tape on that date (or
if no sales occur on that date, on the last preceding date on which such sales of the Stock are so reported); (ii) if the Stock is not traded on a national securities exchange but is traded over the counter at the time a determination of its
fair market value is required to be made under the Plan, the average between the reported high and low bid and asked prices of Stock on the most recent date on which Stock was publicly traded; (iii) in the event Stock is not publicly traded at
the time a determination of its value is required to be made under the Plan, the amount determined by the Committee in its discretion in such manner as it deems appropriate, taking into account all factors the Committee deems appropriate including,
without limitation, the Nonqualified Deferred Compensation Rules; or (iv) on the date of a Qualifying Public Offering of Stock, the offering price under such Qualifying Public Offering. 

(o) “Incentive Stock Option” or “ISO” means any Option intended to be and designated as
an incentive stock option within the meaning of section 422 of the Code or any successor provision thereto. 

  
 3 

 (p) “Incumbent Board” means the portion of the Board constituted of
the individuals who are members of the Board as of the Effective Date, and any individual who becomes a director of the Company after the Effective Date and whose election or appointment by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board. 

(q) “Nonqualified Deferred Compensation Rules” means the limitations or requirements of section 409A of the Code
and the guidance and regulations promulgated thereunder. 
 (r) “Nonqualified Stock Option” means any
Option that is not intended to be and that is not designated as an Incentive Stock Option. 
 (s)
“Option” means a right, granted to an Eligible Person under Section 6(b) hereof, to purchase Stock or other Awards at a specified price during specified time periods. 

(t) “Other Stock-Based Awards” means Awards granted to an Eligible Person under Section 6(h) hereof.

 (u) “Participant” means a person who has been granted an Award under this Plan which remains
outstanding, including a person who is no longer an Eligible Person. 
 (v) “Performance Award” means a
right, granted to an Eligible Person under Section 8 hereof, to receive Awards based upon performance criteria specified by the Committee. 
 (w) “Performance Share Unit” means a Restricted Stock Unit that has been designated hereunder as a Performance Award. 

(x) “Person” means any person or entity of any nature whatsoever, specifically including an individual, a firm, a
company, a corporation, a partnership, a limited liability company, a trust or other entity; a Person, together with that Person’s Affiliates and Associates (as those terms are defined in Rule 12b-2 under the Exchange Act, provided that
“registrant” as used in Rule 12b-2 shall mean the Company), and any Persons acting as a partnership, limited partnership, joint venture, association, syndicate or other group (whether or not formally organized), or otherwise acting jointly
or in concert or in a coordinated or consciously parallel manner (whether or not pursuant to any express agreement), for the purpose of acquiring, holding, voting or disposing of securities of the Company with such Person, shall be deemed a single
“Person.” 
 (y) “Qualifying Public Offering” means a firm commitment underwritten public
offering of Stock for cash where the shares of Stock registered under the Securities Act are listed on a national securities exchange. 

  
 4 

 (z) “Qualified Member” means a member of the Committee who is a
“nonemployee director” within the meaning of Rule 16b-3(b)(3) and an “outside director” within the meaning of Treasury Regulation §1.162-27 under section 162(m) of the Code. 

(aa) “Restricted Stock” means Stock granted to an Eligible Person under Section 6(d) hereof, that is subject
to certain restrictions and to a risk of forfeiture. 
 (bb) “Restricted Stock Unit” means a right,
granted to an Eligible Person under Section 6(e) hereof, to receive Stock, cash or a combination thereof at the end of a specified vesting or deferral period. 
 (cc) “Rule 16b-3” means Rule 16b-3, promulgated by the Securities and Exchange Commission under section 16 of the Exchange Act, as from time to time in effect and applicable to
this Plan and Participants. 
 (dd) “Securities Act” means the Securities Act of 1933 and the rules and
regulations promulgated thereunder, or any successor law, as it may be amended from time to time. 
 (ee)
“Stock” means the Company’s Common Stock, par value $0.001 per share, and such other securities as may be substituted (or resubstituted) for Stock pursuant to Section 9. 

(ff) “Stock Appreciation Rights” or “SAR” means a right granted to an Eligible Person
under Section 6(c) hereof. 
 (gg) “Subsidiary” means, with respect to the Company, any corporation
or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by the Company. 
 3. Administration. 
 (a) Authority of the Committee. This Plan shall
be administered by the Committee except to the extent the Board elects to administer this Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.” Subject to the express
provisions of the Plan and Rule 16b-3, the Committee shall have the authority, in its sole and absolute discretion, to (i) adopt, amend, and rescind administrative and interpretive rules and regulations relating to the Plan; (ii) determine
the Eligible Persons to whom, and the time or times at which, Awards shall be granted; (iii) determine the amount of cash and/or the number of Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Units, Bonus Stock,
Dividend Equivalents, or Other Stock-Based Awards, including any of the foregoing that are designated as Performance Awards, as applicable, or any combination thereof, that shall be the subject of each Award; (iv) determine the terms and
provisions of each Award agreement (which need not be identical), including provisions defining or otherwise relating to (A) the term and the period or periods and extent of exercisability of the Options, (B) the extent to which the
transferability of shares of Stock issued or transferred pursuant to any Award is restricted, (C) except as otherwise provided herein, the effect of termination of employment, or termination of the service relationship with the Company, of a
Participant on the Award, and (D) the effect of 

  
 5 

 
approved leaves of absence (consistent with any applicable regulations of the Internal Revenue Service); (v) accelerate the time of exercisability of any Award that has been granted;
(vi) construe the respective Award agreements and the Plan; (vii) make determinations of the Fair Market Value of the Stock pursuant to the Plan; (viii) delegate its duties under the Plan to such agents as it may appoint from time to
time, provided that the Committee may not delegate its duties where such delegation would violate state corporate law, or with respect to making Awards to, or otherwise with respect to Awards granted to, Eligible Persons who are subject to section
16(b) of the Exchange Act or who are Covered Employees receiving Awards that are intended to constitute “performance-based compensation” within the meaning of section 162(m) of the Code; (ix) subject to Section 10(c), terminate,
modify or amend the Plan; and (x) make all other determinations, perform all other acts, and exercise all other powers and authority necessary or advisable for administering the Plan, including the delegation of those ministerial acts and
responsibilities as the Committee deems appropriate. Subject to Rule 16b-3 and section 162(m) of the Code, the Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan, in any Award, or in any Award agreement
in the manner and to the extent it deems necessary or desirable to carry the Plan into effect, and the Committee shall be the sole and final judge of that necessity or desirability. The determinations of the Committee on the matters referred to in
this Section 3(a) shall be final and conclusive. 
 (b) Manner of Exercise of Committee Authority. At any time that
a member of the Committee is not a Qualified Member, any action of the Committee relating to an Award granted or to be granted to an Eligible Person who is then subject to section 16 of the Exchange Act in respect of the Company, or relating to an
Award intended by the Committee to qualify as “performance-based compensation” within the meaning of section 162(m) of the Code and regulations thereunder, may be taken either (i) by a subcommittee, designated by the Committee,
composed solely of two or more Qualified Members, or (ii) by the Committee but with each such member who is not a Qualified Member abstaining or recusing himself or herself from such action; provided, however, that, upon such abstention or
recusal, the Committee remains composed solely of two or more Qualified Members. Such action, authorized by such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee
for purposes of this Plan. Any action of the Committee shall be final, conclusive and binding on all Persons, including the Company, its Subsidiaries, stockholders, Participants, Beneficiaries, and transferees under Section 10(a) hereof or
other persons claiming rights from or through a Participant. The express grant of any specific power to the Committee, and the taking of any action by the Committee, shall not be construed as limiting any power or authority of the Committee. The
Committee may delegate to officers or managers of the Company or any of its Subsidiaries, or committees thereof, the authority, subject to such terms as the Committee shall determine, to perform such functions, including administrative functions, as
the Committee may determine, to the extent that such delegation will not result in the loss of an exemption under Rule 16b-3 for Awards granted to Participants subject to section 16 of the Exchange Act in respect of the Company and will not cause
Awards intended to qualify as “performance-based compensation” under section 162(m) of the Code to fail to so qualify. The Committee may appoint agents to assist it in administering the Plan. 

(c) Limitation of Liability. The Committee and each member thereof shall be entitled to, in good faith, rely or act upon any
report or other information furnished to him or her by any officer or employee of the Company or any of its Subsidiaries, the Company’s legal 

  
 6 

 
counsel, independent auditors, consultants or any other agents assisting in the administration of this Plan. Members of the Committee and any officer or employee of the Company or any of its
Subsidiaries acting at the direction or on behalf of the Committee shall not be personally liable for any action or determination taken or made in good faith with respect to this Plan, and shall, to the fullest extent permitted by law, be
indemnified and held harmless by the Company with respect to any such action or determination. 
 4. Stock Subject to
Plan. 
 (a) Overall Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with any
adjustment made pursuant to Section 9, the total number of shares of Stock reserved and available for issuance in connection with Awards under this Plan shall not exceed 7,200,000 shares. 

(b) Application of Limitation to Grants of Awards. No Award may be granted if the number of shares of Stock to be delivered in
connection with such Award exceeds the number of shares of Stock remaining available under this Plan minus the number of shares of Stock issuable in settlement of or relating to then-outstanding Awards. The Committee may adopt reasonable counting
procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute awards) and make adjustments if the number of shares of Stock actually delivered differs from the number of shares previously
counted in connection with an Award. 
 (c) Availability of Shares Not Issued under Awards. Shares of Stock subject to an
Award under this Plan that expire or are canceled, forfeited, settled in cash or otherwise terminated without an issuance of shares to the Participant, including (i) shares forfeited with respect to Restricted Stock, (ii) the number of
shares withheld in payment of any exercise or purchase price of an Award or taxes relating to Awards, and (iii) the number of shares surrendered in payment of any exercise or purchase price of an Award or taxes relating to any Award, will again
be available for Awards under this Plan, except that if any such shares could not again be available for Awards to a particular Participant under any applicable law or regulation, such shares shall be available exclusively for Awards to Participants
who are not subject to such limitation. 
 (d) Stock Offered. The shares to be delivered under the Plan shall be made
available from (i) authorized but unissued shares of Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired by the Company, including shares purchased on the open market.

 5. Eligibility. Awards may be granted under this Plan only to Persons who are Eligible Persons at the time of grant
thereof. 
 6. Specific Terms of Awards. 
 (a) General. Awards may be granted on the terms and conditions set forth in this Section 6. In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or
thereafter (subject to Section 10(c)), such additional terms and conditions, not inconsistent with the provisions of this Plan, as the Committee shall determine, including 

  
 7 

 
terms requiring forfeiture of Awards in the event of termination of employment by the Participant, or termination of the Participant’s service relationship with the Company, and terms
permitting a Participant to make elections relating to his or her Award. The Committee shall retain full power and discretion to accelerate, waive or modify, at any time, any term or condition of an Award that is not mandatory under this Plan;
provided, however, that the Committee shall not have any discretion to accelerate, waive or modify any term or condition of an Award that is intended to qualify as “performance-based compensation” for purposes of section 162(m) of the Code
if such discretion would cause the Award to not so qualify or to accelerate the terms of payment of any Award that provides for deferral of compensation under the Nonqualified Deferred Compensation Rules if such acceleration would subject a
Participant to additional taxes under the Nonqualified Deferred Compensation Rules. 
 (b) Options. The Committee is
authorized to grant Options, which may be designated as either Incentive Stock Options or Nonqualified Stock Options, to Eligible Persons on the following terms and conditions: 

(i) Exercise Price. Each Option agreement shall state the exercise price per share of Stock (the “Exercise
Price”); provided, however, that the Exercise Price per share of Stock subject to an Option shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the
Stock as of the date of grant of the Option (or in the case of the grant of an ISO to an individual who owns stock possessing more than 10 percent of the total combined voting power of all classes of stock of the Company or its parent or any
subsidiary, 110% of the Fair Market Value per share of the Stock on the date of grant). 
 (ii) Time and Method of
Exercise. The Committee shall determine the time or times at which or the circumstances under which an Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the
methods by which such Exercise Price may be paid or deemed to be paid, the form of such payment, including without limitation cash, Stock, other Awards or awards granted under other plans of the Company or any Subsidiary, or other property
(including notes or other contractual obligations of Participants to make payment on a deferred basis), and the methods by or forms in which Stock will be delivered or deemed to be delivered to Participants, including, but not limited to, the
delivery of Restricted Stock subject to Section 6(d). In the case of an exercise whereby the Exercise Price is paid with Stock, such Stock shall be valued as of the date of exercise. 

(iii) ISOs. The terms of any ISO granted under this Plan shall comply in all respects with the provisions of section 422 of the
Code. Except as otherwise provided in Section 9, no term of this Plan relating to ISOs (including any SAR in tandem therewith) shall be interpreted, amended or altered, nor shall any discretion or authority granted under this Plan be exercised,
so as to disqualify either this Plan or any ISO under section 422 of the Code, unless the Participant has first requested the change that will result in such disqualification. ISOs shall not be granted more than ten years after the earlier of the
adoption of this Plan or the approval of this Plan by the Company’s stockholders. Notwithstanding the foregoing, the Fair Market Value of shares of Stock subject to an ISO and the aggregate Fair Market Value of shares of stock of any parent or
subsidiary corporation (within the meaning of sections 424(e) and (f) of the Code) 

  
 8 

 
subject to any other ISO (within the meaning of section 422 of the Code) of the Company or a parent or subsidiary corporation (within the meaning of sections 424(e) and (f) of the Code) that
first becomes purchasable by a Participant in any calendar year may not (with respect to that Participant) exceed $100,000, or such other amount as may be prescribed under section 422 of the Code or applicable regulations or rulings from time to
time. As used in the previous sentence, Fair Market Value shall be determined as of the date the ISOs are granted. Failure to comply with this provision shall not impair the enforceability or exercisability of any Option, but shall cause the excess
amount of shares to be reclassified in accordance with the Code. 
 (c) Stock Appreciation Rights. The Committee is
authorized to grant SARs to Eligible Persons on the following terms and conditions: 
 (i) Right to Payment. An SAR
shall confer on the Participant to whom it is granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market Value of one share of Stock on the date of exercise over (B) the grant price of the SAR as determined by the
Committee. 
 (ii) Rights Related to Options. An SAR granted pursuant to an Option shall entitle a Participant, upon
exercise, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount computed pursuant to Section 6(c)(ii)(B). That Option shall then cease to be exercisable to the extent surrendered. SARs
granted in connection with an Option shall be subject to the terms of the Award agreement governing the Option, which shall comply with the following provisions in addition to those applicable to Options: 

(A) An SAR granted in connection with an Option shall be exercisable only at such time or times and only to the extent that the related
Option is exercisable and shall not be transferable except to the extent that the related Option is transferable. 
 (B) Upon
the exercise of an SAR related to an Option, a Participant shall be entitled to receive payment from the Company of an amount determined by multiplying: 
 (1) the difference obtained by subtracting the Exercise Price with respect to a share of Stock specified in the related Option from the Fair Market Value of a share of Stock on the date of exercise of the
SAR, by 
 (2) the number of shares as to which that SAR has been exercised. 

(iii) Right Without Option. An SAR granted independent of an Option shall be exercisable as determined by the Committee and set
forth in the Award agreement governing the SAR, which Award agreement shall comply with the following provisions: 
 (A) Each
Award agreement shall state the total number of shares of Stock to which the SAR relates. 

  
 9 

 (B) Each Award agreement shall state the time or periods in which the right to exercise the
SAR or a portion thereof shall vest and the number of shares of Stock for which the right to exercise the SAR shall vest at each such time or period. 
 (C) Each Award agreement shall state the date at which the SARs shall expire if not previously exercised. 
 (D) Each SAR shall entitle a Participant, upon exercise thereof, to receive payment of an amount determined by multiplying: 
 (1) the difference obtained by subtracting the Fair Market Value of a share of Stock on the date of grant of the SAR from the Fair Market Value of a share of Stock on the date of exercise of that SAR, by

 (2) the number of shares as to which the SAR has been exercised. 

(iv) Terms. Except as otherwise provided herein, the Committee shall determine at the date of grant or thereafter, the time or
times at which and the circumstances under which an SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the method of exercise, method of settlement, form of
consideration payable in settlement, method by or forms in which Stock will be delivered or deemed to be delivered to Participants, whether or not an SAR shall be in tandem or in combination with any other Award, and any other terms and conditions
of any SAR. SARs may be either freestanding or in tandem with other Awards. 
 (d) Restricted Stock. The Committee is
authorized to grant Restricted Stock to Eligible Persons on the following terms and conditions: 
 (i) Grant and
Restrictions. Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times,
under such circumstances (including based on achievement of performance goals and/or future service requirements), in such installments or otherwise, as the Committee may determine at the date of grant or thereafter. During the restricted period
applicable to the Restricted Stock, the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Participant. 
 (ii) Certificates for Stock. Restricted Stock granted under this Plan may be evidenced in such manner as the Committee shall determine. If certificates representing Restricted Stock are registered
in the name of the Participant, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, that the Company retain physical possession of the
certificates, and that the Participant deliver a stock power to the Company, endorsed in blank, relating to the Restricted Stock. 
 (iii) Dividends and Splits. As a condition to the grant of an Award of Restricted Stock, the Committee may require or permit a Participant to elect that any cash

  
 10 

 
dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of additional Awards under this Plan or deferred
without interest to the date of vesting of the associated Award of Restricted Stock; provided, that, to the extent applicable, any such election shall comply with the Nonqualified Deferred Compensation Rules. Unless otherwise determined by the
Committee, Stock distributed in connection with a Stock split or Stock dividend, and other property (other than cash) distributed as a dividend, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock
with respect to which such Stock or other property has been distributed. 
 (e) Restricted Stock Units. The Committee is
authorized to grant Restricted Stock Units (including Performance Share Units), which are rights to receive Stock or cash (or a combination thereof) at the end of a specified deferral period (which may or may not be coterminous with the vesting
schedule of the Award), to Eligible Persons, subject to the following terms and conditions: 
 (i) Award and
Restrictions. Settlement of an Award of Restricted Stock Units shall occur upon expiration of the deferral period specified for such Restricted Stock Unit by the Committee (or, if permitted by the Committee, as elected by the Participant). In
addition, Restricted Stock Units shall be subject to such restrictions (which may include a risk of forfeiture) as the Committee may impose, if any, which restrictions may lapse at the expiration of the deferral period or at earlier specified times
(including based on achievement of performance goals and/or future service requirements), separately or in combination, in installments or otherwise, as the Committee may determine. Restricted Stock Units shall be satisfied by the delivery of cash
or Stock in the amount equal to the Fair Market Value of the specified number of shares of Stock covered by the Restricted Stock Units, or a combination thereof, as determined by the Committee at the date of grant or thereafter. 

(ii) Dividend Equivalents. Unless otherwise determined by the Committee at date of grant, Dividend Equivalents on the specified
number of shares of Stock covered by an Award of Restricted Stock Units shall be either (A) paid with respect to such Restricted Stock Units on the dividend payment date in cash or in shares of unrestricted Stock having a Fair Market Value
equal to the amount of such dividends, or (B) deferred with respect to such Restricted Stock Units and the amount or value thereof automatically deemed reinvested in additional Restricted Stock Units, other Awards or other investment vehicles,
as the Committee shall determine or permit the Participant to elect. 
 (f) Bonus Stock and Awards in Lieu of
Obligations. The Committee is authorized to grant Bonus Stock, or to grant Stock or other Awards in lieu of obligations to pay cash or deliver other property under this Plan or under other plans or compensatory arrangements; provided, that, in
the case of Participants subject to section 16 of the Exchange Act, the amount of such grants remains within the discretion of the Committee to the extent necessary to ensure that acquisitions of Stock or other Awards are exempt from liability under
section 16(b) of the Exchange Act. Stock or Awards granted hereunder shall be subject to such other terms as shall be determined by the Committee. In the case of any grant of Stock to an officer of the Company or any of its Subsidiaries in lieu of
salary or other cash compensation, the number of shares granted in place of such compensation shall be reasonable, as determined by the Committee. 

  
 11 

 (g) Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents
to an Eligible Person, entitling a Participant to receive cash, Stock, other Awards, or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other periodic payments. Dividend Equivalents may be
awarded on a free-standing basis or in connection with another Award. The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or shall be deemed to have been reinvested in additional Stock, Awards, or other
investment vehicles, and subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify. 

(h) Other Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Eligible
Persons such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Stock, as deemed by the Committee to be consistent with the purposes of this Plan, including without
limitation convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with value and payment contingent upon performance of the Company or any other factors designated by the
Committee, and Awards valued by reference to the book value of Stock or the value of securities of, or the performance of, specified Subsidiaries of the Company. The Committee shall determine the terms and conditions of such Other Stock-Based
Awards. Stock delivered pursuant to an Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation,
cash, Stock, other Awards, or other property, as the Committee shall determine. Cash awards, as an element of or supplement to any other Award under this Plan, may also be granted pursuant to this Section 6(h). 

7. Certain Provisions Applicable to Awards. 
 (a) Termination of Employment. Except as provided herein, the treatment of an Award upon a termination of employment or any other service relationship by and between a Participant and the Company
or any Subsidiary shall be specified in the agreement controlling such Award. 
 (b) Stand-Alone, Additional, Tandem, and
Substitute Awards. Awards granted under this Plan may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution or exchange for, any other Award or any award granted under another plan of
the Company, or any of its Subsidiaries, or of any business entity to be acquired by the Company or any of its Subsidiaries, or any other right of an Eligible Person to receive payment from the Company or any of its Subsidiaries. Such additional,
tandem and substitute or exchange Awards may be granted at any time. If an Award is granted in substitution or exchange for another Award, the Committee shall require the surrender of such other Award in consideration for the grant of the new Award.
Notwithstanding the foregoing, but subject to Section 9 of the Plan, without the approval of stockholders, the terms of outstanding Awards may not be amended to reduce the Exercise Price of outstanding Options or SARs or to cancel outstanding
Options and SARs in exchange for cash, other Awards, or Options or SARs with an Exercise Price that is less than the Exercise Price of the original Options or SARs. Awards under this Plan may be granted in lieu of cash compensation, including in
lieu of cash amounts payable under other plans of the Company or any of its 

  
 12 

 
Subsidiaries, in which the value of Stock subject to the Award is equivalent in value to the cash compensation. Awards granted pursuant to the preceding sentence shall be designed, awarded and
settled in a manner that does not result in additional taxes under the Nonqualified Deferred Compensation Rules. 
 (c) Term
of Awards. Except as specified herein, the term of each Award shall be for such period as may be determined by the Committee; provided, that in no event shall the term of any Option or SAR exceed a period of ten years (or such shorter term as
may be required in respect of an ISO under section 422 of the Code). 
 (d) Form and Timing of Payment under Awards.
Subject to the terms of this Plan and any applicable Award agreement, payments to be made by the Company or any of its Subsidiaries upon the exercise of an Option or other Award or settlement of an Award may be made in such forms as the Committee
shall determine, including without limitation cash, Stock, other Awards or other property, and may be made in a single payment or transfer, in installments, or on a deferred basis; provided, however, that any such deferred payment will be set forth
in the agreement evidencing such Award and/or otherwise made in a manner that will not result in additional taxes under the Nonqualified Deferred Compensation Rules. Except as otherwise provided herein, the settlement of any Award may be
accelerated, and cash paid in lieu of Stock in connection with such settlement, in the discretion of the Committee or upon occurrence of one or more specified events (in addition to a Change in Control). Installment or deferred payments may be
required by the Committee (subject to Section 10(c) of this Plan, including the consent provisions thereof in the case of any deferral of an outstanding Award not provided for in the original Award agreement) or permitted at the election of the
Participant on terms and conditions established by the Committee and in compliance with the Nonqualified Deferred Compensation Rules. Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on
installment or deferred payments or the grant or crediting of Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in Stock. Any deferral shall only be allowed as is provided in a separate deferred
compensation plan adopted by the Company and shall be made pursuant to the Nonqualified Deferred Compensation Rules. This Plan shall not constitute an “employee benefit plan” for purposes of section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended. 
 (e) Exemptions from Section 16(b) Liability. It is the intent of the Company
that the grant of any Awards to or other transaction by a Participant who is subject to section 16 of the Exchange Act shall be exempt from such section pursuant to an applicable exemption (except for transactions acknowledged in writing to be
non-exempt by such Participant). Accordingly, if any provision of this Plan or any Award agreement does not comply with the requirements of Rule 16b-3 as then applicable to any such transaction, such provision shall be construed or deemed amended to
the extent necessary to conform to the applicable requirements of Rule 16b-3 so that such Participant shall avoid liability under section 16(b) of the Exchange Act. 
 (f) Non-Competition Agreement. Each Participant to whom an Award is granted under this Plan may be required to agree in writing as a condition to the granting of such Award not to engage in conduct
in competition with the Company or any of its Subsidiaries for a period after the termination of such Participant’s employment with the Company and its Subsidiaries as determined by the Committee. 

  
 13 

 8. Performance Awards. 

(a) Performance Conditions. The right of an Eligible Person to receive a grant, and the right of a Participant to exercise or
receive settlement of any Award, and the timing thereof, may be subject to such performance conditions as may be specified by the Committee. The Committee may use such business criteria and other measures of performance as it may deem appropriate in
establishing any performance conditions, and may exercise its discretion to reduce or increase the amounts payable under any Award subject to performance conditions, except as limited under Section 8(b) hereof in the case of a Performance Award
intended to qualify under section 162(m) of the Code. 
 (b) Performance Awards Granted to Designated Covered Employees.
If the Committee determines that a Performance Award to be granted to an Eligible Person who is designated by the Committee as likely to be a Covered Employee should qualify as “performance-based compensation” for purposes of section
162(m) of the Code, the grant, exercise and/or settlement of such Performance Award may be contingent upon achievement of preestablished performance goals and other terms set forth in this Section 8(b). 

(i) Performance Goals Generally. The performance goals for such Performance Awards shall consist of one or more business criteria
or individual performance criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Section 8(b). Performance goals shall be objective and shall otherwise
meet the requirements of section 162(m) of the Code and regulations thereunder (including Treasury Regulation §1.162-27 and successor regulations thereto), including the requirement that the level or levels of performance targeted by the
Committee result in the achievement of performance goals being “substantially uncertain” at the time the Committee actually establishes the performance goal or goals. The Committee may determine that such Performance Awards shall be
granted, exercised, and/or settled upon achievement of any one performance goal or that two or more of the performance goals must be achieved as a condition to grant, exercise, and/or settle such Performance Awards. Performance goals may differ for
Performance Awards granted to any one Participant or to different Participants. In establishing or adjusting a performance goal, the Committee may exclude the impact of any of the following events or occurrences which the Committee determines should
appropriately be excluded: (a) any amounts accrued by the Company or its Subsidiaries pursuant to management bonus plans or cash profit sharing plans and related employer payroll taxes for the fiscal year; (b) any discretionary or matching
contributions made to a savings and deferred profit-sharing plan or deferred compensation plan for the fiscal year; (c) asset write-downs; (d) litigation, claims, judgments or settlements; (e) the effect of changes in tax law or other such
laws or regulations affecting reported results; (f) accruals for reorganization and restructuring programs; (g) any extraordinary, unusual or nonrecurring items as described in the Accounting Standards Codification Topic 225, as the same
may be amended or superseded from time to time; (h) any change in accounting principle as defined in the Accounting Standards Codification Topic 250, as the same may be amended or superseded from time to time; (i) any loss from a discontinued
operation as described in the Accounting Standards Codification Topic 360, as the 

  
 14 

 
same may be amended or superseded from time to time; (j) goodwill impairment charges; (k) operating results for any business acquired during the applicable performance period; (l) third
party expenses associated with any acquisition by the Company or any Subsidiary; and (m) any other extraordinary events or occurrences identified by the Committee. 
 (ii) Business and Individual Performance Criteria. 
 (A) Business
Criteria. One or more of the following business criteria for the Company, on a consolidated basis, and/or for specified Subsidiaries or business or geographical units of the Company (except with respect to the total stockholder return and
earnings per share criteria), shall be used by the Committee in establishing performance goals for such Performance Awards: (1) earnings per share; (2) increase in revenues; (3) increase in cash flow; (4) increase in cash flow
from operations; (5) increase in cash flow return; (6) return on net assets; (7) return on assets; (8) return on investment; (9) return on capital; (10) return on equity; (11) economic value added;
(12) operating margin; (13) contribution margin; (14) net income; (15) net income per share; (16) pretax earnings; (17) pretax earnings before interest, depreciation and amortization; (18) pretax operating earnings
after interest expense and before incentives, service fees, and extraordinary or special items; (19) total stockholder return; (20) debt reduction; (21) market share; (22) change in the Fair Market Value of the Stock;
(23) operating income; (24) reserve growth; (25) reserve replacement; (26) production growth; (27) finding/ development costs; (28) lease operating expense; and (29) any of the above goals determined on an absolute
or relative basis or as compared to the performance of a published or special index deemed applicable by the Committee including, but not limited to, the Standard & Poor’s 500 Stock Index or a group of comparable companies. 

(B) Individual Performance Criteria. The grant, exercise and/or settlement of Performance Awards may also be contingent upon
individual performance goals established by the Committee, including individual business objectives and criteria specific to an individual’s position and responsibility with the Company or its Subsidiaries. If required for compliance with
section 162(m) of the Code, such criteria shall be approved by the stockholders of the Company. 
 (iii) Performance Period;
Timing for Establishing Performance Goals. Achievement of performance goals in respect of such Performance Awards shall be measured over a performance period of up to ten years, as specified by the Committee. Performance goals shall be
established not later than 90 days after the beginning of any performance period applicable to such Performance Awards, or at such other date as may be required or permitted for “performance-based compensation” under section 162(m) of the
Code. 
 (iv) Performance Award Pool. The Committee may establish a Performance Award pool, which shall be an unfunded
pool, for purposes of measuring performance of the Company in connection with Performance Awards. The amount of such Performance Award pool shall be based upon the achievement of a performance goal or goals based on one or more of the criteria set
forth in Section 8(b)(ii) hereof during the given performance period, as specified by the Committee in accordance with Section 8(b)(iii) hereof. The Committee may, in its discretion, adjust the amount of such Performance Award pool to
reflect the events or occurrences set forth in Section 8(b)(i). The Committee may specify the 

  
 15 

 
amount of the Performance Award pool as a percentage of any such criteria, a percentage thereof in excess of a threshold amount, or as another amount which need not bear a strictly mathematical
relationship to such criteria. 
 (v) Settlement of Performance Awards; Other Terms. After the end of each performance
period, the Committee shall determine (A) the amount, if any, of the Performance Award pool, and the maximum amount of the potential Performance Award payable to each Participant who is designated to participate in the Performance Award pool,
or (B) the amount of the potential Performance Award otherwise payable to each Participant. Settlement of such Performance Awards shall be in cash, Stock, other Awards or other property, in the discretion of the Committee. The Committee may, in its
discretion, reduce the amount of a settlement otherwise to be made in connection with such Performance Awards, and/or adjust the amount of a settlement otherwise to be made in connection with such Performance Awards to reflect the events or
occurrences set forth in Section 8(b)(i), but may not exercise discretion to increase any such amount payable to a Covered Employee in respect of a Performance Award subject to this Section 8(b). The Committee shall specify the
circumstances in which such Performance Awards shall be paid or forfeited in the event of termination of employment by the Participant prior to the end of a performance period or settlement of Performance Awards. 

(c) Written Determinations. All determinations by the Committee as to the establishment of performance goals, the amount of any
Performance Award pool or potential individual Performance Awards, and the achievement of performance goals relating to and final settlement of Performance Awards under Section 8(b) shall be made in writing in the case of any Award intended to
qualify under section 162(m) of the Code. The Committee may not delegate any responsibility relating to such Performance Awards. 
 (d) Status of Section 8(b) Performance Awards under Section 162(m) of the Code. It is the intent of the Company that Performance Awards under Section 8(b) hereof granted to Persons
who are designated by the Committee as likely to be Covered Employees within the meaning of section 162(m) of the Code and the regulations thereunder (including Treasury Regulation §1.162-27 and successor regulations thereto) shall, if so
designated by the Committee, constitute “performance-based compensation” within the meaning of section 162(m) of the Code and regulations thereunder. Accordingly, the terms of Sections 8(b), (c), and (d), including the definitions of
Covered Employee and other terms used therein, shall be interpreted in a manner consistent with section 162(m) of the Code and regulations thereunder. The foregoing notwithstanding, because the Committee cannot determine with certainty whether a
given Eligible Person will be a Covered Employee with respect to a fiscal year that has not yet been completed, the term “Covered Employee” as used herein shall mean only a Person designated by the Committee, at the time of grant of a
Performance Award, who is likely to be a Covered Employee with respect to that fiscal year. If any provision of this Plan as in effect on the date of adoption of any agreements relating to Performance Awards that are designated as intended to comply
with section 162(m) of the Code does not comply or is inconsistent with the requirements of section 162(m) of the Code or regulations thereunder, such provision shall be construed or deemed amended to the extent necessary to conform to such
requirements. Notwithstanding anything to the contrary in this Section 8(d) or elsewhere in this Plan, the Company intends to rely on the transition relief described in Treasury Regulation §1.162-27(f), and hence the deduction limitation
imposed by section 162(m) of the Code shall not be 

  
 16 

 
applicable to the Company until the earliest to occur of (i) the material modification of the Plan within the meaning of Treasury Regulation § 1.162-27(b)(1)(iii); (ii) the
issuance of the number of shares of Stock set forth in Section 4(a); or (iii) the first meeting of stockholders of the Company at which directors are to be elected that occurs after December 31, 2013 (the “Transition
Period”), and during the Transition Period, Performance Awards to Covered Employees shall only be required to comply with the transition relief described in this Section 8(d). 

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

(a) Existence of Plans and Awards . The existence of this Plan and the Awards granted hereunder shall not affect in any way the
right or power of the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company,
any issue of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other
corporate act or proceeding. In no event will any action taken by the Committee pursuant to this Section 9 result in the creation of deferred compensation within the meaning of the Nonqualified Deferred Compensation Rules. 

(b) Subdivision or Consolidation of Shares. The terms of an Award and the number of shares of Stock authorized pursuant to
Section 4 for issuance under the Plan shall be subject to adjustment from time to time, in accordance with the following provisions: 
 (i) If at any time, or from time to time, the Company shall subdivide as a whole (by reclassification, by a Stock split, by the issuance of a distribution on Stock payable in Stock, or otherwise) the
number of shares of Stock then outstanding into a greater number of shares of Stock or in the event the Company distributes an extraordinary cash dividend, then, as appropriate, (A) the maximum number of shares of Stock available for the Plan
or in connection with Awards as provided in Section 4 shall be increased proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of
shares or securities) that may be acquired under any then outstanding Award shall be increased proportionately, and (C) the price (including the exercise price) for each share of Stock (or other kind of shares or securities) subject to then
outstanding Awards shall be reduced proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 

(ii) If at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, by reverse Stock split, or
otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, (A) the maximum number of shares of Stock for the Plan or available in connection with Awards as provided in Section 4 shall be decreased
proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired under any then outstanding Award
shall be decreased 

  
 17 

 
proportionately, and (C) the price (including the exercise price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be increased
proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 
 (iii) Whenever the number of shares of Stock subject to outstanding Awards and the price for each share of Stock subject to outstanding Awards are required to be adjusted as provided in this
Section 9(b), the Committee shall promptly prepare a notice setting forth, in reasonable detail, the event requiring adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the change in price and the
number of shares of Stock, other securities, cash, or property purchasable subject to each Award after giving effect to the adjustments. The Committee shall promptly provide each affected Participant with such notice. 

(iv) Adjustments under Sections 9(b)(i) and (ii) shall be made by the Committee, and its determination as to what adjustments shall
be made and the extent thereof shall be final, binding, and conclusive. No fractional interest shall be issued under the Plan on account of any such adjustments. 
 (c) Corporate Recapitalization. If the Company recapitalizes, reclassifies its capital stock, or otherwise changes its capital structure (a “recapitalization”) without the occurrence of a
Change in Control, the number and class of shares of Stock covered by an Option or an SAR theretofore granted shall be adjusted so that such Option or SAR shall thereafter cover the number and class of shares of stock and securities to which the
holder would have been entitled pursuant to the terms of the recapitalization if, immediately prior to the recapitalization, the holder had been the holder of record of the number of shares of Stock then covered by such Option or SAR and the share
limitations provided in Section 4 shall be adjusted in a manner consistent with the recapitalization. 
 (d) Additional
Issuances. Except as hereinbefore expressly provided, the issuance by the Company of shares of stock of any class or securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the
exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by
reason thereof shall be made with respect to, the number of shares of Stock subject to Awards theretofore granted or the purchase price per share, if applicable. 
 (e) Change in Control. Upon a Change in Control, the Committee, acting in its sole discretion without the consent or approval of any holder, shall affect one or more of the following alternatives,
which may vary among individual holders and which may vary among Options or SARs (collectively “Grants”) held by any individual holder: (i) accelerate the time at which Grants then outstanding may be exercised so that
such Grants may be exercised in full for a limited period of time on or before a specified date (before or after such Change in Control) fixed by the Committee, after which specified date all unexercised Grants and all rights of holders thereunder
shall terminate, (ii) require the mandatory surrender to the Company by selected holders of some or all of the outstanding Grants held by such holders (irrespective of 

  
 18 

 
whether such Grants are then exercisable under the provisions of this Plan) as of a date, before or after such Change in Control, specified by the Committee, in which event the Committee shall
thereupon cancel such Grants and pay to each holder an amount of cash per share equal to the excess, if any, of the amount calculated in Section 9(f) (the “Change in Control Price”) of the shares subject to such Grants
over the Exercise Price(s) under such Grants for such shares (except to the extent the Exercise Price under any such Grant is equal to or exceeds the Change in Control Price, in which case no amount shall be payable with respect to such Grant), or
(iii) make such adjustments to Grants then outstanding as the Committee deems appropriate to reflect such Change in Control; provided, however, that the Committee may determine in its sole discretion that no adjustment is necessary to Grants
then outstanding; provided, further, however, that the right to make such adjustments shall include, but not require or be limited to, the modification of Grants such that the holder of the Grant shall be entitled to purchase or receive (in lieu of
the total number of shares of Stock as to which an Option or SAR is exercisable (the “Total Shares”) or other consideration that the holder would otherwise be entitled to purchase or receive under the Grant (the
“Total Consideration”)), the number of shares of stock, other securities, cash or property to which the Total Shares or Total Consideration would have been entitled to in connection with the Change in Control (A) (in the
case of Options), at an aggregate exercise price equal to the Exercise Price that would have been payable if the Total Shares had been purchased upon the exercise of the Grant immediately before the occurrence of the Change in Control, and
(B) in the case of SARs, if the SARs had been exercised immediately before the occurrence of the Change in Control. 
 (f)
Change in Control Price. The “Change in Control Price” shall equal the amount determined in the following clause (i), (ii), (iii), (iv) or (v), whichever is applicable, as follows: (i) the price per share offered to
holders of Stock in any merger or consolidation, (ii) the per share Fair Market Value of the Stock immediately before the Change in Control without regard to assets sold in the Change in Control and assuming the Company has received the
consideration paid for the assets in the case of a sale of the assets, (iii) the amount distributed per share of Stock in a dissolution transaction, (iv) the price per share offered to holders of Stock in any tender offer or exchange offer
whereby a Change in Control takes place, or (v) if such Change in Control occurs other than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 9(f), the Fair Market Value per share of the Stock
that may otherwise be obtained with respect to such Grants or to which such Grants track, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Grants. In the event that the
consideration offered to stockholders of the Company in any transaction described in this Section 9(f) or in Section 9(e) consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the
consideration offered which is other than cash and such determination shall be binding on all affected Participants to the extent applicable to Awards held by such Participants. 

(g) Impact of Corporate Events on Awards Generally. In the event of changes in the outstanding Stock by reason of a
recapitalization, reorganization, merger, consolidation, combination, exchange or other relevant change in capitalization occurring after the date of the grant of any Award and not otherwise provided for by this Section 9, any outstanding
Awards and any Award agreements evidencing such Awards shall be subject to adjustment by the Committee at its discretion, which adjustment may, in the Committee’s discretion, be described in the Award agreement and may include, but not be
limited to, adjustments as to the number and 

  
 19 

 
price of shares of Stock or other consideration subject to such Awards, accelerated vesting (in full or in part) of such Awards, conversion of such Awards into awards denominated in the
securities or other interests of any successor Person, or the cash settlement of such Awards in exchange for the cancellation thereof. In the event of any such change in the outstanding Stock, the aggregate number of shares of Stock available under
this Plan may be appropriately adjusted by the Committee, whose determination shall be conclusive. 
 10. General
Provisions. 
 (a) Transferability. 
 (i) Permitted Transferees. The Committee may, in its discretion, permit a Participant to transfer all or any portion of an Option or SAR, or authorize all or a portion of an Option or SAR to be
granted to an Eligible Person to be on terms which permit transfer by such Participant; provided that, in either case, the transferee or transferees must be a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse,
sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, in each case with respect to the Participant, an individual sharing the Participant’s
household (other than a tenant or employee of the Company), a trust in which any of the foregoing individuals have more than fifty percent of the beneficial interest, a foundation in which any of the foregoing individuals (or the Participant)
control the management of assets, or any other entity in which any of the foregoing individuals (or the Participant) own more than fifty percent of the voting interests (collectively, “Permitted Transferees”); provided further that,
(A) there may be no consideration for any such transfer and (B) subsequent transfers of Options or SARs transferred as provided above shall be prohibited except subsequent transfers back to the original holder of the Option or SAR and transfers
to other Permitted Transferees of the original holder. Agreements evidencing Options or SARs with respect to which such transferability is authorized at the time of grant must be approved by the Committee, and must expressly provide for
transferability in a manner consistent with this Section 10(a)(i). 
 (ii) Qualified Domestic Relations Orders. An
Option, Stock Appreciation Right, Restricted Stock Unit Award, Restricted Stock Award or other Award may be transferred, to a Permitted Transferee, pursuant to a domestic relations order entered or approved by a court of competent jurisdiction upon
delivery to the Company of written notice of such transfer and a certified copy of such order. 
 (iii) Other Transfers.
Except as expressly permitted by Sections 10(a)(i) and 10(a)(ii), Awards shall not be transferable other than by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this Section 10, an Incentive Stock
Option shall not be transferable other than by will or the laws of descent and distribution. 
 (iv) Effect of Transfer.
Following the transfer of any Award as contemplated by Sections 10(a)(i), 10(a)(ii) and 10(a)(iii), (A) such Award shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, provided that the
term “Participant” shall be deemed to refer to the Permitted Transferee, the recipient under a qualified domestic relations order, or the estate or heirs of a deceased 

  
 20 

 
Participant or other transferee, as applicable, to the extent appropriate to enable the Participant to exercise the transferred Award in accordance with the terms of this Plan and applicable law
and (B) the provisions of the Award relating to exercisability shall continue to be applied with respect to the original Participant and, following the occurrence of any applicable events described therein the Awards shall be exercisable by the
Permitted Transferee, the recipient under a qualified domestic relations order, or the estate or heirs of a deceased Participant, as applicable, only to the extent and for the periods that would have been applicable in the absence of the transfer.

 (v) Procedures and Restrictions. Any Participant desiring to transfer an Award as permitted under Sections 10(a)(i),
10(a)(ii) or 10(a)(iii) shall make application therefor in the manner and time specified by the Committee and shall comply with such other requirements as the Committee may require to assure compliance with all applicable securities laws. The
Committee shall not give permission for such a transfer if (A) it would give rise to short swing liability under section 16(b) of the Exchange Act or (B) it may not be made in compliance with all applicable federal, state and foreign
securities laws. 
 (vi) Registration. To the extent the issuance to any Permitted Transferee of any shares of Stock
issuable pursuant to Awards transferred as permitted in this Section 10(a) is not registered pursuant to the effective registration statement of the Company generally covering the shares to be issued pursuant to this Plan to initial holders of
Awards, the Company shall not have any obligation to register the issuance of any such shares of Stock to any such transferee. 

(b) Taxes. The Company and any of its Subsidiaries are authorized to withhold from any Award granted, or any payment relating to
an Award under this Plan, including from a distribution of Stock, amounts of withholding and other taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem
advisable to enable the Company and Participants to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Stock or other property and
to make cash payments in respect thereof in satisfaction of a Participant’s tax obligations, either on a mandatory or elective basis in the discretion of the Committee. 
 (c) Changes to this Plan and Awards. The Board may amend, alter, suspend, discontinue or terminate this Plan or the Committee’s authority to grant Awards under this Plan without the consent of
stockholders or Participants, except that any amendment or alteration to this Plan, including any increase in any share limitation, shall be subject to the approval of the Company’s stockholders not later than the annual meeting next following
such Board action if such stockholder approval is required by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the Stock may then be listed or quoted, and the Board may otherwise, in
its discretion, determine to submit other such changes to this Plan to stockholders for approval; provided, that, without the consent of an affected Participant, no such Board action may materially and adversely affect the rights of such Participant
under any previously granted and outstanding Award. The Committee may waive any conditions or rights under, or amend, alter, suspend, discontinue or terminate any Award theretofore granted and any Award agreement relating thereto, except as
otherwise provided in this Plan; provided, 

  
 21 

 
however, that, without the consent of an affected Participant, no such Committee action may materially and adversely affect the rights of such Participant under such Award. For purposes of
clarity, any adjustments made to Awards pursuant to Section 9 will be deemed not to materially or adversely affect the rights of any Participant under any previously granted and outstanding Award and therefore may be made without the consent of
affected Participants. 
 (d) Limitation on Rights Conferred under Plan. Neither this Plan nor any action taken hereunder
shall be construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or any of its Subsidiaries, (ii) interfering in any way with the
right of the Company or any of its Subsidiaries to terminate any Eligible Person’s or Participant’s employment or service relationship at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under
this Plan or to be treated uniformly with other Participants and/or employees and/or other service providers, or (iv) conferring on a Participant any of the rights of a stockholder of the Company unless and until the Participant is duly issued
or transferred shares of Stock in accordance with the terms of an Award. 
 (e) Unfunded Status of Awards. To the extent
applicable, Awards under this Plan are unfunded and unsecured. 
 (f) Nonexclusivity of this Plan. Neither the adoption
of this Plan by the Board nor its submission to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem
desirable, including incentive arrangements and awards which do not qualify under section 162(m) of the Code. Nothing contained in this Plan shall be construed to prevent the Company or any of its Subsidiaries from taking any corporate action which
is deemed by the Company or such Subsidiary to be appropriate or in its best interest, whether or not such action would have an adverse effect on this Plan or any Award made under this Plan. No employee, beneficiary or other person shall have any
claim against the Company or any of its Subsidiaries as a result of any such action. 
 (g) Fractional Shares. No
fractional shares of Stock shall be issued or delivered pursuant to this Plan or any Award. The Committee shall determine whether cash, other Awards or other property shall be issued or paid in lieu of such fractional shares or whether such
fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
 (h) Severability. If any provision
of this Plan is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and the Plan shall be construed and enforced as if the illegal
or invalid provision had never been included herein. If any of the terms or provisions of this Plan or any Award agreement conflict with the requirements of Rule 16b-3 (as those terms or provisions are applied to Eligible Persons who are subject to
section 16(b) of the Exchange Act) or section 422 of the Code (with respect to Incentive Stock Options), then those conflicting terms or provisions shall be deemed inoperative to the extent they so conflict with the requirements of Rule 16b-3
(unless the Board or Committee, as appropriate, has expressly determined that the Plan or such Award should not comply with Rule 16b-3) or section 422 of the Code. With respect to Incentive Stock Options, if this Plan does not contain any provision

  
 22 

 
required to be included herein under section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that provision had been set out at
length herein; provided, further, that, to the extent any Option that is intended to qualify as an Incentive Stock Option cannot so qualify, that Option (to that extent) shall be deemed an Option not subject to section 422 of the Code for all
purposes of the Plan. 
 (i) Governing Law. All questions arising with respect to the provisions of the Plan and Awards
shall be determined by application of the laws of the State of Texas, without giving effect to any conflict of law provisions thereof, except to the extent Texas state law is preempted by federal law. The obligation of the Company to sell and
deliver Stock hereunder is subject to applicable federal and state laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Stock. 

(j) Conditions to Delivery of Stock. Nothing herein or in any Award granted hereunder or any Award agreement shall require the
Company to issue any shares with respect to any Award if that issuance would, in the opinion of counsel for the Company, constitute a violation of the Securities Act or any similar or superseding statute or statutes, any other applicable statute or
regulation, or the rules of any applicable securities exchange or securities association, as then in effect. At the time of any exercise of an Option or Stock Appreciation Right, or at the time of any grant of a Restricted Stock Award, Restricted
Stock Unit, or other Award the Company may, as a condition precedent to the exercise of such Option or Stock Appreciation Right or settlement of any Restricted Stock Award, Restricted Stock Unit or other Award, require from the Participant (or in
the event of his or her death, his or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s intentions with regard to the retention or disposition of the shares of Stock being
acquired pursuant to the Award and such written covenants and agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to the Company, may be necessary to ensure that any disposition by that holder (or in the
event of the holder’s death, his or her legal representatives, heirs, legatees, or distributees) will not involve a violation of the Securities Act or any similar or superseding statute or statutes, any other applicable state or federal statute
or regulation, or any rule of any applicable securities exchange or securities association, as then in effect. No Option or Stock Appreciation Right shall be exercisable and no settlement of any Restricted Stock Award or Restricted Stock Unit shall
occur with respect to a Participant unless and until the holder thereof shall have paid cash or property to, or performed services for, the Company or any of its Subsidiaries that the Committee believes is equal to or greater in value than the par
value of the Stock subject to such Award. 
 (k) Section 409A of the Code. In the event that any Award granted
pursuant to this Plan provides for a deferral of compensation within the meaning of the Nonqualified Deferred Compensation Rules, such Award will be designed to comply with the Nonqualified Deferred Compensation Rules. 

(l) Plan Effective Date and Term. This Plan was adopted by the Board on May 17, 2010, and approved by the stockholders of the
Company on May 17, 2010, to be effective as of the Effective Date. No Awards may be granted under this Plan on and after ten years after the Effective Date. 

  
 23 

 Appendix C 
 Performance Share Unit Agreement

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