Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

 
 DELTA AIR LINES, INC. 

AND 
 U.S. BANK NATIONAL
ASSOCIATION, 
 Trustee 
  

 
 SECOND
SUPPLEMENTAL INDENTURE 
 Dated as of December 5, 2017 

to 
 INDENTURE 

Dated as of March 6, 2017 
  

 
 2.600% Notes
due 2020 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE ONE DEFINITIONS
	  	 	2	 
	 SECTION 1.01.
	 	Certain Terms Defined	  	 	2	 
		
	 ARTICLE TWO GENERAL TERMS AND CONDITIONS OF THE NOTES
	  	 	6	 
	 SECTION 2.01.
	 	Description and Principal Amount	  	 	6	 
	 SECTION 2.02.
	 	Maturity	  	 	7	 
	 SECTION 2.03.
	 	Additional Issues	  	 	7	 
	 SECTION 2.04.
	 	Payment	  	 	7	 
	 SECTION 2.05.
	 	Global Notes	  	 	7	 
	 SECTION 2.06.
	 	Interest	  	 	7	 
	 SECTION 2.07.
	 	Authorized Denominations	  	 	7	 
	 SECTION 2.08.
	 	Redemption	  	 	7	 
	 SECTION 2.09.
	 	Appointment of Agents	  	 	8	 
		
	 ARTICLE THREE COVENANTS OF THE COMPANY
	  	 	8	 
	 SECTION 3.01.
	 	Limitations on Liens	  	 	8	 
		
	 ARTICLE FOUR EVENTS OF DEFAULT
	  	 	9	 
	 SECTION 4.01.
	 	Events of Default	  	 	9	 
		
	 ARTICLE FIVE REDEMPTION AND REPURCHASE OF THE NOTES
	  	 	9	 
	 SECTION 5.01.
	 	Optional Redemption by Company	  	 	9	 
	 SECTION 5.02.
	 	No Sinking Fund	  	 	10	 
	 SECTION 5.03.
	 	Offer to Repurchase Upon a Change of Control Triggering Event	  	 	11	 
	 SECTION 5.04.
	 	Payment If Date Fixed for Redemption or Repurchase Is Not a Business Day	  	 	12	 
		
	 ARTICLE SIX FORM OF NOTES
	  	 	12	 
	 SECTION 6.01.
	 	Form of Notes	  	 	12	 
		
	 ARTICLE SEVEN AMENDMENTS, SUPPLEMENTS AND WAIVERS
	  	 	12	 
	 SECTION 7.01.
	 	Amendments, Supplements and Waivers	  	 	12	 
		
	 ARTICLE EIGHT MISCELLANEOUS
	  	 	12	 
	 SECTION 8.01.
	 	Ratification of Indenture	  	 	12	 
	 SECTION 8.02.
	 	Conflict with Base Indenture	  	 	12	 
	 SECTION 8.03.
	 	Trustee Not Responsible for Recitals	  	 	12	 
	 SECTION 8.04.
	 	Governing Law	  	 	13	 
	 SECTION 8.05.
	 	Separability	  	 	13	 
	 SECTION 8.06.
	 	Counterparts	  	 	13	 

 Exhibit A        Form of 2020 Note 

  
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 THIS SECOND SUPPLEMENTAL INDENTURE, dated as of December 5, 2017 (the “Second
Supplemental Indenture”), between DELTA AIR LINES, INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter sometimes referred to as the “Company”), and U.S. BANK
NATIONAL ASSOCIATION, a national banking association (hereinafter sometimes referred to as the “Trustee”). 

RECITALS OF THE COMPANY: 

WHEREAS, the Company executed and delivered the indenture, dated as of March 6, 2017 (the “Base Indenture” and as
supplemented by this Second Supplemental Indenture, the “Indenture”), to the Trustee to provide for the issuance of the Company’s unsecured debentures, notes or other evidences of indebtedness (the
“Securities”), to be issued in one or more fully registered series; 
 WHEREAS, pursuant to Section 9.01 of the
Base Indenture, the Company desires to provide for the issuance of $450,000,000 aggregate principal amount of a new series of its Securities to be known as its 2.600% Notes due 2020 (the “Notes”), and to establish the forms of the
Notes thereof, as in Section 2.01 of the Base Indenture provided, and to set forth the terms thereof, as in Section 2.03 of the Base Indenture provided; 

WHEREAS, the Board of Directors of the Company, pursuant to a resolution duly adopted on August 29, 2007, has delegated authority
to the Finance Committee of the Board of Directors to authorize the issuance of certain debt financings, and, pursuant to such authority, the Finance Committee of the Board of Directors, pursuant to a resolution duly adopted on November 2,
2017, has duly authorized the issuance of the Notes, and has authorized the proper officers of the Company to execute any and all documents necessary or appropriate to effect such issuance; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Second Supplemental Indenture; and 

WHEREAS, all things necessary to make this Second Supplemental Indenture a valid agreement of the Company, in accordance with its
terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been done or performed;  

 NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH: 

In consideration of the premises and the purchases of the Notes by the holders thereof, the Company and the Trustee mutually covenant and agree
for the equal and proportionate benefit of the holders of the Notes, as follows: 
 ARTICLE ONE 

DEFINITIONS 

SECTION 1.01. Certain Terms Defined. Unless the context otherwise requires: 

(a) each term defined in the Base Indenture and not otherwise defined herein has the meaning given in the Base Indenture when used in this
Second Supplemental Indenture; 
 (b) the singular includes the plural and vice versa; 

(c) headings are for convenience of reference only and do not affect interpretation; 

(d) a reference to a Section or Article is to a Section or Article of this Second Supplemental Indenture unless otherwise indicated; and 

(e) the following terms have the meanings given to them in this Section 1.01(e) and shall have the meaning set forth below for purposes of
the Indenture with respect to the Notes herein provided for: 
 “Aircraft Assets” means aircraft, airframes, engines
(including spare engines), propellers, parts and other operating assets and pre-delivery payments relating to any of the foregoing. 

“Below Investment Grade Rating Event” means the rating on the Notes is lowered by two of the Rating Agencies and the Notes
are rated below Investment Grade by such Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is
under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control or (2) public notice of the occurrence of a Change of Control or the
Company’s intention to effect a Change of Control; provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change
of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply
do not announce or publicly confirm or inform the Company and the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the
applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

“Business Day” means a day other than a Saturday, a Sunday, or a day on which banking institutions in New York, New York are
authorized or obligated to close. 
 “Capital Lease” means, at any time, a lease with respect to which the lessee is
required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 

  
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 “Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than
any such transaction where the holders of the Company’s Voting Stock immediately before that transaction own, directly or indirectly, not less than a majority of the Voting Stock of the transferee, or the parent thereof, immediately after such
transaction and constituting Voting Stock and in substantially the same proportion as their ownership in the Company before the transaction; 

(2) the adoption of a plan relating to the liquidation or dissolution of the Company; and 

(3) consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or its Subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Company’s Voting Stock or other Voting Stock into which the Company’s Voting Stock is
reclassified, consolidated, exchanged, or changed measured by voting power rather than number of shares, other than any such transaction where: 

(a) the Company’s outstanding Voting Stock is reclassified, consolidated, exchanged, or changed for other Voting Stock of the Company or
for Voting Stock of the surviving corporation; and 
 (b) the holders of the Company’s Voting Stock immediately before that transaction
own, directly or indirectly, not less than a majority of the Company’s Voting Stock or the Voting Stock of the surviving parent corporation immediately after such transaction and in substantially the same proportion as their ownership in the
Company before the transaction. 
 “Change of Control Offer” has the meaning given in Section 5.03. 

“Change of Control Payment Date” has the meaning given in Section 5.03. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by the Quotation Agent as having an actual
or interpolated maturity comparable to the remaining term of the Notes to be redeemed (the “Remaining Life”), that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the Remaining Life. 
 “Comparable Treasury Price” means,
with respect to any redemption date, the average of the Reference Treasury Dealer Quotations for such redemption date. 

  
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 “Consolidated Tangible Assets” means, at any date of determination, the total
assets of the Company and its Subsidiaries as of the end of a fiscal quarter reported on the most recently prepared consolidated balance sheet of the Company filed with the Commission, less all assets shown on such consolidated balance sheet that
are classified and accounted for as intangible assets of the Company or any of its Subsidiaries or that otherwise would be considered intangible assets under GAAP, including, without limitation, franchises, patents and patent applications,
trademarks, brand names, unamortized debt discount and goodwill. 
 “Covered Property” means any property, tangible or
intangible, real or personal, or asset of the Company or any Subsidiary, other than any Aircraft Assets, Slots, Routes or Gate Interests. 

“DTC” means The Depository Trust Company. 

“Event of Default” has the meaning given in Section 4.01. 

“FAA” means the Federal Aviation Administration. 

“FAA Slots” means all “slots” as defined in 14 CFR § 93.213(a)(2), as that section may be amended or re-codified from time to time, or, in the case of slots at New York LaGuardia Airport, as defined in the Final Order, Operating Limitations at New York LaGuardia Airport, 71 Fed. Reg. 77,854 (December 27,
2006), as such order may be amended or re-codified from time to time, and in any subsequent order issued by the FAA related to New York LaGuardia Airport, as such order may be amended or re-codified from time to time, or, in the case of slots at John F. Kennedy International Airport, as defined in the Operating Limitations at John F. Kennedy International Airport, Order Limiting Scheduled Operations
at John F. Kennedy International Airport, 73 Fed. Reg. 3510 (January 18, 2008), as such order may be amended or re-codified from time to time, and in any subsequent order issued by the FAA related to John F.
Kennedy International Airport, as such order may be amended or re-codified from time to time, in each case of the Company and, if applicable, any Subsidiary, now held or hereafter acquired (other than
“slots” which have been permanently allocated to another air carrier and in which the Company and, if applicable, any Subsidiary holds temporary use rights). 

“Fitch” means Fitch, Inc., also known as Fitch Ratings, and its successors. 

“Foreign Slot” means all of the rights and operational authority, now held or hereafter acquired, of the Company and, if
applicable, a Subsidiary to conduct one landing or takeoff operation during a specific hour or other period on a specific day of the week at each non-U.S. airport served in conjunction with the Company’s
or such Subsidiary’s operations over a Route, other than “slots” which have been permanently allocated to another air carrier and in which the Company or, if applicable, such Subsidiary holds temporary use rights. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect from time to time. 

  
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 “Gate Interests” means all of the right, title, privilege, interest, and
authority now or hereafter acquired or held by the Company or, if applicable, a Subsidiary in connection with the right to use or occupy holdroom and passenger boarding and deplaning space in any airport terminal at which the Company or any
Subsidiary conducts scheduled operations. 
 “Indebtedness” means any person’s obligation for borrowed money,
including without limitation all obligations evidenced by bonds, debentures, notes or similar instruments. 
 “Investment
Grade” means a rating of BBB- or better by Fitch (or its equivalent under any successor rating category of Fitch); a rating of Baa3 or better by Moody’s (or its equivalent under any successor
rating category of Moody’s); and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P). 

“Issue Date” means the date on which any Notes are first issued under the Base Indenture. 

“Lien” means any lien (statutory or otherwise), security interest, mortgage, pledge, hypothecation, charge or similar
encumbrance; provided, however, that in no event shall an operating lease, operating sublease or license be deemed to constitute a Lien. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Payment Default” has the meaning given in Section 4.01. 

“Quotation Agent” means one of the Reference Treasury Dealers appointed by the Company. 

“Rating Agency” means (1) each of Fitch, Moody’s, and S&P, and (2) if any of Fitch, Moody’s, or
S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of
the Exchange Act, selected by the Company (as certified by a resolution of its Board of Directors) as a replacement agency for Fitch, Moody’s, or S&P, or all of them, as the case may be. 

“Redemption Date” has the meaning given in Section 5.01. 

“Reference Treasury Dealer” means each of Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities
Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and U.S. Bancorp Investments, Inc. and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government
securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company and the Trustee by such Reference Treasury Dealer
at 3:30 p.m., New York City time, on the third Business Day preceding such redemption date. 

  
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 “Routes” means the routes for which the Company or, if applicable, a Subsidiary
holds or hereafter acquires the requisite authority to operate foreign air transportation pursuant to Title 49 including, without limitation, applicable frequencies, exemption and certificate authorities, Fifth-Freedom Rights and “behind/beyond
rights”, whether or not utilized by the Company or such Subsidiary. 
 “S&P” means S&P Global Ratings and its
successors. 
 “Significant Subsidiary” means, at any date of determination, any of the Company’s Subsidiaries that,
together with its Subsidiaries, (i) for the Company’s most recently completed four full fiscal quarters for which consolidated financial statements have been filed with the Commission, accounted for more than 10.0% of the consolidated
revenues of the Company and its Subsidiaries or (ii) as of the end of the Company’s most recent fiscal quarter for which consolidated financial statements have been filed with the Commission, was the owner of more than 10.0% of the
consolidated assets of the Company and its Subsidiaries. 
 “Slot” means each FAA Slot and each Foreign Slot. 

“Title 49” means Title 49 of the United States Code, which, among other things,
re-codified and replaced the U.S. Federal Aviation Act of 1958, and the rules and regulations promulgated pursuant thereto or any subsequent legislation that amends, supplements or supersedes such provisions.

 “Treasury Rate” means, with respect to any redemption date, the rate per year equal to the semi-annual equivalent yield
to maturity or interpolated yield (on a day count basis) of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
redemption date. The Treasury Rate will be calculated by the Quotation Agent on the third Business Day preceding the redemption date. 

“Voting Stock” of any specified person as of any date means the capital stock of such person that is at the time entitled to
vote generally in the election of the Board of Directors of such person. 
 ARTICLE TWO 

GENERAL TERMS AND CONDITIONS OF THE NOTES 

SECTION 2.01. Description and Principal Amount. There is hereby authorized and established a series of Securities under the
Indenture, designated as the “2.600% Notes due 2020,” which is not limited in aggregate principal amount. The aggregate principal amount of Notes to be issued shall be as set forth in any Company Order for the authentication and delivery
of the Notes, pursuant to Section 2.04 of the Base Indenture. The changes, modifications and supplements to the Base Indenture effected by this Second Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the
Notes and shall not apply to any other series of Securities that may be issued under the Base Indenture unless a supplemental indenture with respect to such other series of Securities specifically incorporates such changes, modifications and
supplements. 

  
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 SECTION 2.02. Maturity. The maturity date of principal of the Notes is
December 4, 2020. If the maturity date is not a Business Day, the Company will make the required payment on the following Business Day with the same force and effect as if made on such maturity date and, unless the Company defaults on the
payment, no interest will accrue for the period after such maturity date. 
 SECTION 2.03. Additional Issues. The Company may
from time to time, without notice to or the consent of the holders of the Notes, create and issue additional Notes. Any such additional Notes will rank equally in right of payment with the Notes and will have the same interest rate, maturity date
and other terms as the Notes herein provided for, except for the issue date, the public offering price, the payment of interest accruing prior to the issue date or except for the first payment of interest following the issue date of such additional
Notes. Any such additional Notes, together with the Notes herein provided for, will constitute a single series of Securities under the Indenture. Any additional Notes may be issued by or pursuant to a supplement to the Indenture. 

SECTION 2.04. Payment. Principal of, premium, if any, and interest on the Notes shall be payable in U.S. dollars. 

SECTION 2.05. Global Notes. Upon their original issuance, the Notes will be represented by one or more Global Securities
registered in the name of Cede & Co., the nominee of DTC. The Company will issue the Notes in denominations of $2,000 and integral multiples of $1,000 in excess thereof and will deposit the Global Securities with DTC or its custodian and
register the Global Securities in the name of Cede & Co. 
 SECTION 2.06. Interest. The Notes will bear interest
(computed on the basis of a 360-day year consisting of twelve 30-day months) from their date of issuance at the rate of 2.600% per annum, payable semi-annually; interest
payable on each interest payment date will include interest accrued from December 5, 2017, or from the most recent interest payment date to which interest has been paid or duly provided for; the interest payment dates on which such interest
shall be payable are June 4 and December 4 of each year, commencing on June 4, 2018; and the record date for the interest payable on any interest payment date is the close of business on May 20 or November 20, as the case
may be, next preceding the relevant interest payment date. If any interest payment date falls on a day that is not a Business Day, the Company will make the required payment on the following Business Day with the same force and effect as if made on
such interest payment date and, unless the Company defaults on the payment, no interest will accrue for the period after such interest payment date. 

SECTION 2.07. Authorized Denominations. The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in
excess thereof. 
 SECTION 2.08. Redemption. The Notes are subject to redemption at the option of the Company as described in
Article Five hereof. 

  
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 SECTION 2.09. Appointment of Agents. The Trustee will initially be the Security
registrar and Paying Agent for the Notes. 
 ARTICLE THREE 

COVENANTS OF THE COMPANY 

SECTION 3.01. Limitations on Liens. 

(a) The Company will not, and will not permit any Significant Subsidiary to, at any time subject to any Lien any Covered Property to secure any
Indebtedness or Capital Lease, unless the Notes are expressly secured equally and ratably with any such Indebtedness or Capital Lease so secured, including any guarantee thereof, so long as any such Indebtedness or Capital Lease shall be so secured,
and the Company covenants that if and when any such Lien is created, the Notes will be so secured thereby; provided, that, the foregoing shall not apply to: 

(1) (A) Liens on Covered Property outstanding on the Issue Date securing Indebtedness or Capital Leases outstanding on the Issue Date (and as
in effect on the Issue Date) and (B) Liens on Covered Property incurred after the Issue Date pursuant to the terms of any Indebtedness or Capital Leases outstanding on the Issue Date (and as in effect on the Issue Date); 

(2) any Lien on any Covered Property (A) existing at the time of acquisition of such Covered Property or the entity owning such Covered
Property (including acquisition through merger or consolidation), or (B) given to secure the payment of all or any part of the purchase, lease or acquisition thereof or the cost of construction, repair, refurbishment, modification or
improvement of Covered Property or any real or personal property leased to the Company or any of its Subsidiaries or any Indebtedness or Capital Lease incurred prior thereto, at the time of, or within 180 days after, the completion of the
acquisition, construction, repair, refurbishment, modification or improvement of the relevant Covered Property or any real or personal property leased to the Company or any of its Subsidiaries for the purpose of financing all or part of the
purchase, lease or acquisition thereof or the cost of construction, repair, refurbishment, modification or improvement; 
 (3) Liens by a
Subsidiary as security for Indebtedness or Capital Lease owed to the Company or any Subsidiary; 
 (4) a banker’s lien or right of
offset of the holder of such Indebtedness in favor of any lender of moneys or holder of commercial paper of the Company or any Subsidiary in the ordinary course of business on moneys of the Company or such Subsidiary deposited with such lender or
holder in the ordinary course of business; 
 (5) Liens in favor of credit card processors securing obligations in connection with credit
card processing services incurred in the ordinary course of business and consistent with past practices; 
 (6) any extension, renewal or
replacement (or successive extensions, renewals or replacements), in whole or in part, of any Lien referred to in the foregoing clauses (1) through (5) in connection with the refinancing, amendment, restructuring or other modification of
Indebtedness or Capital Lease of the Company and its Subsidiaries secured by such Lien; and 

  
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 (7) other Liens not permitted by any of the foregoing clauses (1) through (6) on any Covered
Property, now owned or hereafter acquired; provided, that, no such Liens shall be incurred pursuant to this subsection (7) if the aggregate principal amount of outstanding Indebtedness (without duplication for any guarantee of such
Indebtedness) and Capital Leases secured by Liens incurred pursuant to this subsection (7) subsequent to the Issue Date, including the Lien proposed to be incurred, shall exceed 10% of Consolidated Tangible Assets after giving effect to such
incurrence and the use of proceeds of such Indebtedness or Capital Leases. 
 (b) Any Lien that is granted to secure the Notes in accordance
with this Section 3.01 shall be automatically released and discharged at the same time as the release (other than through the exercise of remedies with respect thereto) of each Lien that gave rise to such obligation to secure the Notes. 

ARTICLE FOUR 
 EVENTS OF
DEFAULT 
 SECTION 4.01. Events of Default. The term “Event of Default” as used in the Indenture with
respect to the Notes shall include the following described event in addition to those set forth in Section 5.01 of the Base Indenture: default under any mortgage, indenture or instrument under which there may be issued or by which there may be
secured or evidenced any Indebtedness of the Company or a Subsidiary (or the payment of which is guaranteed by the Company or a Subsidiary), whether such Indebtedness or guarantee now exists, or is created after the Issue Date of the Notes, if that
default: 
 (a) is caused by a failure to pay principal of such Indebtedness at its stated final maturity (a “Payment
Default”); or 
 (b) results in the acceleration of such Indebtedness prior to its express maturity, 

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been
a Payment Default or the maturity of which has been so accelerated, aggregates $200,000,000 or more. 
 ARTICLE FIVE 

REDEMPTION AND REPURCHASE OF THE NOTES 

SECTION 5.01. Optional Redemption by Company. 

(a) The Notes may be redeemed, in whole or in part, at any time (the date of such redemption, a “Redemption Date”) at the
Company’s option. If the Notes are redeemed at any time prior to the maturity date of the Notes, such notes will be redeemed at a redemption price equal to the greater of: 

(1) 100% of the principal amount of the Notes to be redeemed, and 

  
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 (2) the sum of the present values of the remaining scheduled payments of principal and interest
on the Notes to be redeemed (exclusive of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 12.5 basis points, 
 plus, in each of the cases (1) and (2) above,
accrued and unpaid interest on the Notes being redeemed to, but not including, the applicable Redemption Date. 
 Any redemption pursuant to
this Section 5.01(a) is subject to the right of holders of record on the relevant record date to receive interest due on an interest payment date that is on or before the applicable Redemption Date. 

(b) The reference in the first sentence of Section 14.02 of the Base Indenture to “60 days” is hereby replaced with “45
days,” solely with respect to the Notes. 
 (c) Notice of any redemption of the Notes shall be given in the manner and otherwise in
accordance with the provisions of Section 14.02 of the Base Indenture, as amended in Section 5.01(b). If the Company has given notice of redemption as provided in the Base Indenture, as amended in Section 5.01(b), and funds for the
redemption of any Notes called for redemption have been made available on the redemption date referred to in that notice, such Notes will cease to bear interest on such redemption date. Any interest accrued to such redemption date will be paid as
specified in such notice. 
 (d) Any redemption pursuant to this Article Five may, at the Company’s discretion, be conditioned upon
(1) the occurrence of a Change of Control or (2) the closing of another transaction, including a sale of securities or other financing, in each case as specified in the notice in reasonable detail. A notice of conditional redemption will
be of no effect unless all conditions to the redemption have occurred on or before the applicable redemption date or have been waived by the Company on or before the applicable redemption date. The Company will provide notice to the holders of the
Notes subject to the notice of conditional redemption of the satisfaction of all conditions as soon as practicable following occurrence of the conditions. The Company will provide notice to the holders of the Notes subject to the notice of
conditional redemption of any waiver of a condition or failure to meet such conditions no later than the applicable redemption date. 
 (e)
If fewer than all of the Notes are to be redeemed at any time, selection of Notes for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed
or, if such Notes are not listed on a national securities exchange, on a pro rata basis, by lot, or such other method as the Trustee deems appropriate and fair (or such other method as DTC may require); provided, however, that
the Notes will be redeemed only in the minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

SECTION 5.02. No Sinking Fund. The Notes are not entitled to the benefit of any sinking fund. 

  
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 SECTION 5.03. Offer to Repurchase Upon a Change of Control Triggering Event. 

(a) Upon the occurrence of a Change of Control Triggering Event, unless the Company has otherwise exercised its right to redeem the Notes, each
holder of Notes will have the right to require the Company to purchase all or a portion of such holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), at a purchase price equal to 101% of the
principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of purchase, subject to the rights of holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 

(b) Within 30 days following the date upon which the Change of Control Triggering Event occurred, unless the Company has otherwise exercised
its right to redeem the Notes, the Company will be required to deliver a notice to each holder of such Notes, with a copy to the Trustee, which notice will govern the terms of the Change of Control Offer; provided that, at the Company’s
option, the Company may deliver such notice prior to any Change of Control but after the public announcement of the Change of Control. Such notice will state, among other things, the purchase date, which must be no earlier than 30 days nor later
than 60 days from the date such notice is sent, other than as may be required by law (the “Change of Control Payment Date”). The notice, if sent prior to the date of consummation of the Change of Control, will state that the Change
of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. Holders of Notes electing to have Notes purchased pursuant to a Change of Control Offer must surrender their
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice, or transfer their Notes to the Paying Agent by book-entry transfer
pursuant to the applicable procedures of DTC, before the close of business on the third Business Day prior to the Change of Control Payment Date. 

(c) The Company will not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

(d) If holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw the Notes in a
Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company, purchases all of such Notes validly tendered and not withdrawn by such holders, the Company will have the right, upon not less than
20 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain outstanding following such purchase at a redemption price in
cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of redemption (subject to the right of holders of record on the relevant record date to receive interest on the relevant interest
payment date). The provisions of Article Fourteen of the Base Indenture shall apply to any redemption pursuant to this clause (d). 
 (e) The
Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a 

  
 11 

 
Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company
will comply with those securities laws and regulations and will not be deemed to have breached the Company’s obligations under the change of control offer provisions of the Notes by virtue of any such conflict. 

SECTION 5.04. Payment If Date Fixed for Redemption or Repurchase Is Not a Business Day. If any date fixed for redemption or
repayment of any Notes pursuant to this Article Five is not a Business Day, the Company will make the required payment on the following Business Day with the same force and effect as if made on the date fixed for redemption or repayment and, unless
the Company defaults on the payment, no interest shall accrue for the period after such date. 
 ARTICLE SIX 

FORM OF NOTES 

SECTION 6.01. Form of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be
substantially in the forms set forth in Exhibit A hereto. 
 ARTICLE SEVEN 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

SECTION 7.01. Amendments, Supplements and Waivers. The Company and the Trustee may amend, supplement or waive any covenant or
provision set forth in this Second Supplemental Indenture or the Notes as provided in Article Nine of the Base Indenture. 
 ARTICLE EIGHT

 MISCELLANEOUS 

SECTION 8.01. Ratification of Indenture. The Indenture, as supplemented by this Second Supplemental Indenture, is in all respects
ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

SECTION 8.02. Conflict with Base Indenture. If any provision of this Second Supplemental Indenture limits, qualifies or conflicts
with a provision of the Base Indenture, the provision hereof shall control. If any provision of this Second Supplemental Indenture modifies or excludes any provision of the Base Indenture that may be so modified or excluded, the provision hereof
shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
 SECTION 8.03. Trustee Not
Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency
of this Second Supplemental Indenture. 

  
 12 

 SECTION 8.04. Governing Law. This Second Supplemental Indenture and each Note shall
be governed by and construed in accordance with the laws of the State of New York. 
 SECTION 8.05. Separability. In case any
one or more of the provisions contained in this Second Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any
other provisions of this Second Supplemental Indenture or of the Notes, but this Second Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

SECTION 8.06. Counterparts. This Second Supplemental Indenture may be executed in any number of counterparts each of which shall
be an original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile or electronic format (i.e., “pdf” or
“tif”) transmission shall constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. 

[Signature Page Follows] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly
executed as of the date first written above. 
  

			
	DELTA AIR LINES, INC.
		
	By:    	 	/s/ Kenneth W. Morge
		 	Kenneth W. Morge
		 	Vice President and Treasurer

  
 [Signature Page to
Delta Air Lines, Inc. Second Supplemental Indenture dated as of December 5, 2017] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	By:    	 	/s/ J. David Dever
		 	J. David Dever
		 	Vice President

  
 [Signature Page to
Delta Air Lines, Inc. Second Supplemental Indenture dated as of December 5, 2017] 

 Exhibit A 

 Exhibit A 

(FACE OF NOTE) 
 THIS GLOBAL NOTE IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.10 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06 OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 A-1 

 DELTA AIR LINES, INC. 

2.600% Notes due 2020 

CUSIP NO. 247361 ZL5 
 ISIN
NO. US247361ZL55 
  

			
	No. R-[    ]	  	$[            ]

 DELTA AIR LINES, INC., a corporation duly organized and existing under the laws of the State of Delaware
(herein called the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[[            ] ($            )] on December 4, 2020 at the office or agency of the Company in the continental United States
designated for such purpose by the Company (on the date hereof, the principal Corporate Trust Office of the Trustee mentioned below, located at 100 Wall Street, Suite 1600, New York, New York 10005), in such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest on said principal sum semi-annually on June 4 and December 4 of each year, commencing June 4, 2018, at said
office or agency (except as provided below), in like coin or currency, at the rate per annum specified in the title hereof, such interest to accrue from the date of this Note until payment of said principal sum has been made or duly provided for.
The interest so payable, and punctually paid or duly provided for, on any June 4 or December 4 will, except as provided in the Indenture, dated as of March 6, 2017 (the “Base Indenture”), as supplemented by the Second
Supplemental Indenture, dated as of December 5, 2017 (the “Second Supplemental Indenture,” and as so supplemented, the “Indenture”; capitalized terms used and not defined herein shall have the meanings ascribed to such terms
in the Indenture), duly executed and delivered by the Company to U.S. Bank National Association, a national banking association, as trustee (herein called the “Trustee”), be paid to the person in whose name this Note is registered at the
close of business on the next preceding May 20 or November 20, respectively, whether or not a Business Day, and may, at the option of the Company, be paid by check mailed to the registered address of such person. Any such interest
which is payable, but is not so punctually paid or duly provided for, shall forthwith cease to be payable to the registered holder on such record date and shall be paid to the person in whose name this Note is registered at the close of business on
a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest) established by notice sent by or on behalf of the Company to the holders of the Notes not less than 15 days preceding
such subsequent record date. 
 This Note is one of the series of Securities of the Company issued pursuant to the Indenture designated as
the 2.600% Notes due 2020 (herein called the “Notes”), unlimited in aggregate principal amount. 
 Upon due presentment for
exchange or registration of transfer of this Note at the office or agency of the Company in the continental United States, designated for such purpose by the Company (on the date hereof, the principal Corporate Trust Office of the Trustee, located
at 100 Wall Street, Suite 1600, New York, New York 10005), duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee, duly executed by the holder thereof or his attorney duly authorized in
writing, a new Note or Notes of authorized denominations for a like aggregate principal amount and stated maturity will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture. 

No service charge shall be made for any such exchange or registration of transfer, but the Company or the Securities registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 
 Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been manually executed by or on behalf of the Trustee under the Indenture, this Note shall
not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, DELTA AIR LINES, INC. has caused this Note to be duly executed. 

 

							
	Dated:	 		 	DELTA AIR LINES, INC.
				
		 		 	By:   	 	 
		 		 		 	Name:
		 		 		 	Title:

  
 [Signature Page to
Delta Air Lines, Inc. 2020 Global Note] 
 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 
		 	Authorized Officer

  
 [Signature Page to
Delta Air Lines, Inc. 2020 Global Note] 
 A-4 

 REVERSE OF NOTE 

This Note is one of the duly authorized issue of debt securities (hereinafter called the “Securities”) of the Company, of the series
specified on the face hereof, all issued or to be issued under and pursuant to the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the rights and limitations of rights, obligations,
duties and immunities thereunder of the Trustee, and any agent of the Trustee, any Paying Agent, the Company and the holders of the Securities and the terms upon which the Securities are issued and are to be authenticated and delivered. To the
extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into supplemental indentures to the
Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the holders of the Securities of each series under the Indenture with
the consent of the holders of not less than a majority in principal amount of the Securities at the time outstanding of each series to be affected thereby on behalf of the holders of all Securities of such series. The Indenture also permits the
holders of a majority in principal amount of the Securities at the time outstanding of each series on behalf of the holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain
past defaults and their consequences with respect to such series under the Indenture. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note or such other Note. 

Registrar and Paying Agent 
 The Company
shall maintain in the continental United States, an office or agency where Notes may be surrendered for registration of transfer or exchange and an office or agency where Notes may be presented for payment or for exchange. The Company has initially
appointed the Trustee, U.S. Bank National Association, as its Security registrar and Paying Agent. The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent or Security registrar, to appoint additional or
other Paying Agents or other Security registrars and to approve any change in the office through which any Paying Agent or Security registrar acts. 

Optional Redemption of the Notes 
 The
Notes may be redeemed, in whole or in part, at any time (the “Redemption Date”) at the Company’s option, at a redemption price (the “Redemption Price”) equal to the greater of: 

(a) 100% of the principal amount of the Notes to be redeemed, and 

(b) the sum of the present values of the remaining scheduled payments for principal and interest on the Notes to be redeemed (exclusive of
interest accrued to the applicable Redemption Date) discounted to the applicable Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 12.5 basis points; 
 plus, in each of the cases (a) and (b) above,
accrued and unpaid interest on the Notes being redeemed to, but not including, the applicable Redemption Date. 
 Notice of any redemption
of the Notes shall be given in the manner and otherwise in accordance with the provisions of Section 14.02 of the Base Indenture, as amended by Section 5.01(b) of the Second Supplemental Indenture. If the Company has given notice of
redemption as provided in the Base Indenture, as amended by Section 5.01(b) of the Second Supplemental Indenture, and funds for the redemption of any Notes called for redemption have been made available on the Redemption Date referred to in
that notice, such Notes will cease to bear interest on such Redemption Date. Any interest accrued to the Redemption Date will be paid as specified in such notice. 

  
 A-5 

 Change of Control Triggering Event 

Upon the occurrence of a Change of Control Triggering Event, the Company will be obligated to offer to repurchase this Note in the manner and
subject to the conditions provided in the Indenture. 
 Additional Issues 

The Company may from time to time, without notice to or the consent of the holders of the Notes, create and issue additional Notes. Any such
additional Notes will rank equally in right of payment with the Notes and will have the same interest rate, maturity date and other terms as the Notes herein provided for, except for the issue date, the public offering price, the payment of interest
accruing prior to the issue date or except for the first payment of interest following the issue date of such additional Notes. Any such additional Notes, together with the Notes herein provided for, will constitute a single series of
Securities under the Indenture. Any additional Notes may be issued by or pursuant to a supplement to the Indenture. 
 Transfer and Exchange 

The transfer of the Notes may be registered and Notes may be exchanged as provided in the Indenture. 

Sinking Fund 
 The Notes will not be
subject to any sinking fund. 
 Default 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of all the Notes may be declared due and payable
in the manner, with the effect and subject to the conditions provided in the Indenture. 
 Miscellaneous 

The registered holder of a Note may be treated as its owner for all purposes. 

Unless otherwise required by mandatory provisions of escheat or abandoned or unclaimed property laws, any moneys deposited with the Trustee or
any Paying Agent, or then held by the Company, for the payment of principal of, premium, if any, or interest on this Note that remains unclaimed for two years after the date upon which such payment shall have become due, shall be repaid to the
Company by the Trustee or by such Paying Agent on demand; or, if then held by the Company, shall be discharged from such trust. After that time, the holder of this Note shall, unless otherwise required by mandatory provisions of applicable escheat
or abandoned or unclaimed property laws, thereafter look only to the Company for any payment to which such holder may be entitled to collect. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, and any premium and any interest on, this Note at the place, rate and respective times and in the coin or currency herein and in the Indenture prescribed. 

As provided in the Indenture and subject to the satisfaction of certain conditions therein set forth, including the deposit of certain trust
funds in trust, at the Company’s option, either the Company shall be deemed to have paid and discharged the entire indebtedness represented by, and the obligations under, the Notes and to have satisfied all the obligations (with certain
exceptions) under the Indenture relating to the Notes or the Company shall cease to be under any obligation to comply with any term, provision or condition of certain restrictive covenants or provisions with respect to the Notes. 

The Notes are issuable in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
Notes may be exchanged for a like aggregate principal amount and stated maturity of Notes of other authorized denominations at the office or agency of the Company in the continental United States, designated for such purpose by the Company (on the
date hereof, the principal Corporate Trust Office of the Trustee, located at 100 Wall Street, Suite 1600, New York, New York 10005), and in the manner and subject to the limitations provided in the Indenture. 

  
 A-6 

 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any
Paying Agent and any Security registrar shall deem and treat the person in whose name this Note is registered upon the books of the Company on the applicable record date as the absolute owner hereof (whether or not this Note is overdue and
notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal of, premium, if any, and interest on such Security and for all other purposes; and neither the Company nor the
Trustee nor any Paying Agent nor any Security registrar shall be affected by any notice to the contrary. 
 This Note shall be construed in
accordance with and governed by the internal law of the State of New York without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 

  
 A-7 

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to
Section 5.03 of the Second Supplemental Indenture, check the box below: 
 ☐  Section 5.03 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 5.03 of the Second Supplemental
Indenture, state the amount you elect to have purchased: 

$                         
        
 Date:
                                         
    
  

			
	Your Signature:	 	 
		 	 (Sign exactly as your name appears

on the face of this Note)

  

			
	Tax Identification No.:	 	 
		 	

 Signature Guarantee*:
                                         
            
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-8EX-10.1

 Exhibit 10.1 

EXHIBIT D 
 FORM OF 

STOCKHOLDERS AGREEMENT 
 OF 

[NEW PARENT] 
 Dated as of
[●], 2018 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I GOVERNANCE MATTERS	 
			
	 1.1
	 	 Board Composition; Representation
	  	 	1	 
	 1.2
	 	 Vacancies
	  	 	4	 
	 1.3
	 	 Compensation; Indemnification
	  	 	4	 
	 1.4
	 	 Selection of Board Representatives; Committees
	  	 	4	 
	 1.5
	 	 Nomination of Non-Investor Directors
	  	 	4	 
	
	ARTICLE II RESTRICTED ACTIVITIES; PREEMPTIVE RIGHTS; VOTING	 
			
	 2.1
	 	 Transfer Restrictions
	  	 	5	 
	 2.2
	 	 Restricted Activities
	  	 	6	 
	 2.3
	 	 Preemptive Rights
	  	 	8	 
	 2.4
	 	 ATM Offer and Election to Purchase
	  	 	10	 
	 2.5
	 	 Voting
	  	 	10	 
	 2.6
	 	 Amendment to Parent Certificate of Incorporation
	  	 	11	 
	 2.7
	 	 Removal and Replacement of the Chief Executive Officer
	  	 	12	 
	 2.8
	 	 Indebtedness
	  	 	12	 
	 2.9
	 	 Controlled Company
	  	 	12	 
	
	ARTICLE III REGISTRATION RIGHTS	 
			
	 3.1
	 	 Registration
	  	 	12	 
	 3.2
	 	 Expenses of Registration
	  	 	15	 
	 3.3
	 	 Obligations of the Company
	  	 	15	 
	 3.4
	 	 Suspension of Sales
	  	 	18	 
	 3.5
	 	 Termination of Registration Rights
	  	 	19	 
	 3.6
	 	 Furnishing Information
	  	 	19	 
	 3.7
	 	 Indemnification
	  	 	19	 
	 3.8
	 	 Assignment of Registration Rights
	  	 	21	 
	 3.9
	 	 Holdback; Lockup
	  	 	22	 
	 3.10
	 	 Rule 144
	  	 	22	 
	 3.11
	 	 Definitions
	  	 	23	 
	 3.12
	 	 Voluntary Forfeiture
	  	 	24	 
	
	ARTICLE IV DEFINITIONS	 
			
	 4.1
	 	 Defined Terms
	  	 	24	 
	 4.2
	 	 Terms Generally
	  	 	29	 

  
 -i- 

							
	ARTICLE V MISCELLANEOUS	 
			
	 5.1
	 	 Term
	  	 	29	 
	 5.2
	 	 Representations and Warranties
	  	 	29	 
	 5.3
	 	 Legends; Securities Act Compliance
	  	 	30	 
	 5.4
	 	 No Inconsistent Agreements
	  	 	31	 
	 5.5
	 	 Amendments and Waivers
	  	 	31	 
	 5.6
	 	 Successors and Assigns
	  	 	31	 
	 5.7
	 	 Severability
	  	 	31	 
	 5.8
	 	 Counterparts
	  	 	32	 
	 5.9
	 	 Entire Agreement
	  	 	32	 
	 5.10
	 	 Governing Law; Jurisdiction
	  	 	32	 
	 5.11
	 	 WAIVER OF JURY TRIAL
	  	 	32	 
	 5.12
	 	 Specific Performance
	  	 	32	 
	 5.13
	 	 No Third-Party Beneficiaries
	  	 	33	 
	 5.14
	 	 Notices
	  	 	33	 

  

			
	 Exhibits
	  	
		
	 Exhibit A
	  	 Initial Board Representatives

	 Exhibit B
	  	 Company Competitors

  
 -ii- 

 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement, dated as of [●], 2018 (as it may be amended from time to time, this “Agreement”), is made
by and among [New Parent], a Delaware corporation (the “Company”), [Rio Grande Energy Company, LLC], a Delaware limited liability company (the “Investor”) and solely for the purposes of
Section 2.2, the [Controlling Member] (the “Fund”). 
 R E C I T A L S 

WHEREAS, the Company, Fifth Creek Energy Operating Company, LLC, a Delaware limited liability company, Bill Barrett Corporation, a Delaware
corporation, Rio Merger Sub, LLC, a Delaware limited liability company and a direct wholly owned Subsidiary of the Company and Rider Merger Sub, Inc., a Delaware corporation and a direct wholly owned Subsidiary of the Company have entered into that
certain Agreement and Plan of Merger dated as of the date hereof (as it may be amended from time to time, the “Merger Agreement”), pursuant to which, upon the terms and subject to the conditions set forth in the Merger Agreement, on
the Closing Date, Parent and Rio Grande will become wholly owned subsidiaries of the Company in connection with the consummation of the mergers (the “Mergers”) contemplated by the Merger Agreement; 

WHEREAS, on the Closing Date, the Investor will receive shares of common stock, par value $[0.001] per share, of the Company (“Company
Common Stock”) in accordance with the terms of the Merger Agreement (the shares of Company Common Stock received by the Investor on the Closing Date, the “Shares”) representing, in the aggregate, approximately [●]% of
the outstanding shares of Company Common Stock, after giving effect to the issuance of such Shares; and 
 WHEREAS, each of the parties
hereto wishes to set forth in this Agreement certain terms and conditions regarding the Investor’s ownership of the Shares and certain rights and obligations related thereto. 

NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained in this Agreement, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows: 

ARTICLE I 
 GOVERNANCE MATTERS 

1.1    Board Composition; Representation. 

(a)    At the Effective Time, the Company will cause the Board Representatives and
Non-Investor Directors listed in Exhibit A hereto to be appointed to the Board of Directors of the Company (the “Board”). Following the Effective Time until the Board Designation
Expiration Date, the Company shall take any and all necessary action to cause the Board to be comprised of no more than a total of eleven authorized directorships, and, without Company Non-Affiliate Approval,
not less than eleven authorized directorships, and in no event shall the 

 
total number of authorized directorships be less than the number that is one more than two times the Investor Director Number at such time; provided, however, that the Company, at
the direction of the Investor, shall be required to increase the size of the Board if required in order to permit the number of Board Representatives entitled to be designated by the Investor pursuant to this Section 1.1 to
be included on the Board. 
 (b)    From and after the date of the Closing until the Board Designation Expiration Date,
the manner for selecting nominees for election to the Board will be as follows: 
 (i)    In connection
with each annual or special meeting of stockholders of the Company at which directors are to be elected (each such annual or special meeting, an “Election Meeting”), the Investor shall have the right to designate for nomination a
number of Board Representatives as follows: (A) for so long as the Investor Percentage Interest is greater than or equal to 40% (provided that for the period ending on the six-month anniversary of the
Closing Date such percentage shall be 35%) of all of the outstanding shares of Company Common Stock, five (5) Board Representatives; provided, that at least two (2) of such Board Representatives must be Independent Directors;
(B) for so long as the Investor Percentage Interest is less than 40% (provided that for the period ending on the six-month anniversary of the Closing Date such percentage shall be 35%) but greater than or
equal to 30%, four (4) Board Representatives; provided, that at least one (1) of such Board Representatives must be an Independent Director; (C) for so long as the Investor Percentage Interest is less than 30% but greater than
or equal to 20%, two (2) Board Representatives; (D) for so long as the Investor Percentage Interest is less than 20% but greater than or equal to 10%, one (1) Board Representative; and (E) if the Investor Percentage Interest is
less than 10%, no Board Representatives. 
 (ii)    The Investor shall give written notice to the
Governance Committee (as defined below) of each such Board Representative no later than the date that is sixty (60) days before the first anniversary of the date that the Company’s annual proxy for the prior year was first mailed to the
Company’s stockholders and the Investor shall provide, or cause such individual(s) to provide, to the Company, such information about such individuals and the nomination to the Company, at such times as the Company may reasonably request in
order to ensure compliance with the Exchange Rules and the applicable securities Laws, and to enable the Board of any committee thereof to make determinations with respect to the qualifications of the individual(s) to be Board Representative(s) (the
“Required Information”); provided, however, that if the Investor fails to give such notice or the Required Information in a timely manner, then the Investor shall be deemed to have nominated the incumbent Board
Representative or Board Representatives, as applicable, in a timely manner; provided, further, that if the number of incumbent Board Representatives is less than the number of Board Representatives the Investor is entitled to designate
pursuant to Section 1.1(b)(i), the Company and the Investor shall use their respective reasonable best efforts to mutually agree on the Board Representative or Board Representatives, as applicable, for such Election
Meeting. 
 (iii)    In the event that the Company amends its certificate of incorporation to provide
that the Board shall be classified into separate classes of 

  
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directors, then proper provision shall be made such that the designees of the Investor shall be distributed as evenly as possible among such classes of directors in order to preserve the
designation rights of the Investor in accordance with this Section 1.1. 
 (c)    From and
after the date of the Closing until the Board Designation Expiration Date, the Company shall take all actions necessary (to the extent such actions are permitted by Law) to cause the Board to include the Board Representative(s) entitled to be
designated by the Investor pursuant to Section 1.1(b) and otherwise to reflect the Board composition contemplated by Section 1.1, including the following: (i) at each Election Meeting, include
(x) the Board Representative(s) entitled to be designated by the Investor pursuant to Section 1.1(b) and (y) the Nominated Non-Investor Directors in the slate of nominees
recommended by the Board to the Company’s stockholders for election as directors, (ii) to solicit proxies in order to obtain stockholder approval of the election of the Board Representative(s) and the Nominated Non-Investor Directors, including causing officers of the Company who hold proxies (unless otherwise directed by the Company stockholder submitting such proxy) to vote such proxies in favor of the election of such
Board Representative(s) and the Nominated Non-Investor Directors, (iii) to cause the Board Representative(s) and the Nominated Non-Investor Directors to be elected
to the Board, including recommending that the Company’s stockholders vote in favor of the Board Representative(s) and the Nominated Non-Investor Directors in any proxy statement used by the Company to
solicit the vote of its stockholders in connection with each Election Meeting, (iv) if necessary, expanding the size of the Board and filling any resulting vacancies with individuals designated by the Investor pursuant to this
Section 1.1 and (v) causing any director resignation or other similar policy of the Company to not be applicable to the Board Representatives. 

(d)    If at any time the number of Board Representatives serving on the Board exceeds the Investor Director Number, then
unless otherwise requested by the Board by action of the Non-Affiliated Directors, the Investor shall promptly (and in any event prior to the time the Board next takes any action, whether at a meeting or by
written consent) cause one or more such Board Representative(s) to resign from the Board such that, following such resignation(s), the number of Board Representatives serving on the Board does not exceed the Investor Director
Number.    If at any time any Board Representative that was required pursuant to Section 1.2(b) to be an Independent Director ceases to be an Independent Director and as a result the number of Board
Representatives that constitute Independent Directors is less than the number of Board Representatives required to be Independent Directors pursuant to Section 1.1(b)(i), then unless otherwise requested by the Board by
action of the Non-Affiliated Directors, the Investor shall promptly (and in any event prior to the time the Board next takes any action, whether at a meeting or by written consent) cause such Board
Representative to resign from the Board, it being understood that the Investor shall be entitled to fill the vacancy resulting therefrom in accordance with Section 1.2(a). 

(e)    On the date that the Investor Percentage Interest is less than ten percent (10%), or at such earlier time that the
Investor delivers an irrevocable written waiver of its rights under this Section 1.1 and Section 1.2 to the Company, the Investor will have no further rights under this
Section 1.1 and Section 1.2. 

  
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 1.2    Vacancies. 

(a)    Subject to Sections 1.1 and 1.4, if at any time the number of Board Representatives serving on the
Board is less than the total number of Board Representatives the Investor is entitled to designate pursuant to Section 1.1(b), whether due to the death, resignation, retirement, disqualification or removal from office as a
member of the Board of a Board Representative or otherwise, the Board shall take all action (to the extent permitted by Law) required to fill the vacancy resulting therefrom with such replacement designated by the Investor as promptly as
practicable. In furtherance thereof, the Board shall use its reasonable best efforts, if requested by the Investor, to fill such vacancy prior to the time the Board next takes action on any other matter. 

(b)    In the event of any vacancy on the Board occurring due to the death, resignation, retirement, disqualification or
removal from office as a member of the Board of any Non-Investor Director, the Board shall take all action (to the extent permitted by Law) required to fill the vacancy resulting therefrom with such
replacement selected by the Non-Investor Directors acting by Company Non-Affiliate Approval as promptly as practicable. 

1.3    Compensation; Indemnification. Each Board Representative shall be entitled to the same
expense reimbursement and advancement, exculpation and indemnification in connection with his or her role as a director as the other members of the Board, as well as reimbursement for documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board or any committee of the Board of which such Board Representative is a member, if any, in each case to the same extent as the other members of
the Board. Each Board Representative shall be also entitled to any retainer, equity compensation or other fees or compensation paid to the non-employee Directors of the Company for their services as a
director, including any service on any committee of the Board; provided, however, that any such Board Representative that is an employee of the Fund or any of its Affiliates shall not receive any such equity compensation, but in lieu
thereof shall be entitled to receive cash compensation equal to twice the amount of any cash retainer or other cash fees or cash compensation paid to the non-employee Directors of the Company for their
services as a director, including any service on any committee of the Board. 
 1.4    Selection of
Board Representatives; Committees. For purposes of this Agreement, “Board Representative” means any person designated by the Investor to be elected or appointed to the Board, or his or her replacement designated in
accordance with Section 1.2, provided, that such person’s service as a director must not be prohibited by Law. The parties hereto agree that the persons listed on Exhibit A to this Agreement are qualified for service
pursuant to the foregoing sentence. Subject to applicable Law and stock exchange rules, until the Board Designation Expiration Date, each committee of the Board shall include at least one Board Representative. 

1.5    Nomination of Non-Investor Directors. Anything in the Certificate
of Incorporation and the By-Laws of the Company notwithstanding and subject to Section 1.2(b), the Governance Committee shall take all actions necessary to nominate incumbent Non-Investor Directors for election at an Election Meeting, unless otherwise approved by the Non-Affiliated Directors acting by Company
Non-Affiliate Approval. 

  
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 ARTICLE II 

RESTRICTED ACTIVITIES; PREEMPTIVE RIGHTS; VOTING 

2.1    Transfer Restrictions. 

(a)    Other than solely in the case of a Transfer to an Affiliate of the Fund, or, if the Fund ceases to be an Affiliate
of the Investor, to an Affiliate of the Investor (provided that such Affiliate (i) has executed a customary joinder to this Agreement, in form and substance reasonably acceptable to the Company, in which such Affiliate agrees to be bound by the
terms and conditions of this Agreement applicable to the Investor and (ii) remains an Affiliate of the Fund, or the Investor, if applicable, throughout the Restricted Period), the Investor shall not Transfer any shares of Company Common Stock
prior to the date that is ninety (90) days after the Closing (such period, the “Restricted Period”). Following the Restricted Period, the Investor shall be free to Transfer any shares of Company Common Stock subject only to the
restrictions set forth in this Agreement and applicable Law. 
 (b)    Until the Sunset Date, without Company Non-Affiliate Approval, the Investor shall not Transfer any shares of Company Common Stock to any Person or Group who: 

(i)    is a Company Competitor; 

(ii)    individually or in the aggregate with all Affiliates, Beneficially Owns, or would, after giving
effect to such Transfer, Beneficially Own, 15% or more of the outstanding shares of Company Common Stock; provided that in the cases of clauses (i) and (ii) the restriction shall not apply to (A) Transfers into the public market
effected through an underwritten offering that qualifies as a “public offering” pursuant to the rules and regulations of the NYSE or that is otherwise broadly marketed, in each case, pursuant to an exercise of the registration rights
provided for in this Agreement; (B) Transfers in open market transactions through an ordinary brokerage transaction; provided that such Transfers are not undertaken with the purpose or intent of circumventing this
Section 2.1; or (C) a Transfer to (1) an Affiliate of the Fund (provided that such Affiliate has executed a customary joinder to this Agreement, in form and substance reasonably acceptable to the Company, in which
such Affiliate agrees to be bound by the terms and conditions of this Agreement applicable to the Investor), it being understood, for the avoidance of doubt, that any direct or indirect Transfer of such Person that results in such Person ceasing to
remain an Affiliate shall be treated as a Transfer that is subject to the provisions of this Section 2.1 or (2) any party or parties not affiliated with the Investor who are acquiring direct or indirect ownership of
the Company in a merger, tender offer or other transaction approved or recommended by the Board; or 

(iii)    is an Affiliate of the Fund or, if the Fund ceases to be an Affiliate of the Investor, is an
Affiliate of the Investor unless such Affiliate has executed a customary joinder to this Agreement, in form and substance reasonably acceptable to the Company, in which such Affiliate agrees to be bound by the terms and conditions of this Agreement
applicable to the Investor for so long as such Person remains an Affiliate of the Fund or the Investor, as applicable, it being understood, for the avoidance of doubt, that any direct or indirect Transfer of such Person that results in such Person
ceasing to remain an Affiliate shall be treated as a Transfer that is subject to the provisions of this Section 2.1. 

  
 -5- 

 (c)    Any Transfer or attempted Transfer of Company Common Stock in
violation of this Section 2.1 shall, to the fullest extent permitted by applicable Law, be null and void ab initio, and the Company shall not, and shall instruct its transfer agent and other third parties not to,
record or recognize any such purported transaction on the share register of the Company. 
 In connection with any Transfer of Company
Common Stock to an Affiliate of the Fund or the Investor, that is permitted pursuant to this Agreement, the Company shall grant such approvals and take all other actions as are necessary to exempt such transaction from Section 203 of the DGCL.

 2.2    Restricted Activities. 

(a)    The Investor and the Fund shall not and shall cause their respective Controlled Affiliates not to, directly or
indirectly, without the Company’s prior written consent: 
 (i)    make any statement or proposal
to the Board, any of the Company’s Representatives, or any of the Company’s stockholders regarding, or make any public announcement, proposal or offer (including any “solicitation” of “proxies” as such terms are defined
or used in Regulation 14A of the Securities Exchange Act of 1934, as amended) with respect to, or otherwise solicit, seek or offer to effect (including, for the avoidance of doubt, indirectly by means of communication with the press or
media) (1) any business combination, merger, tender offer, exchange offer or similar transaction involving the Company or any of its Subsidiaries, (2) any restructuring, recapitalization, liquidation or similar transaction involving the
Company or any of its Subsidiaries, or (3) subject to clause (vi) below, any acquisition of any of the Company’s loans, debt securities, equity securities or assets, or rights or options to acquire interests in any of the
Company’s loans, debt securities, equity securities or assets; provided, however, that nothing in this Section 2.2(a)(i) shall prohibit the Fund or a Controlled Affiliate of the Fund from privately
communicating any such statement or proposal to the directors or Chief Executive Officer of the Company so long as such private communications do not, and would not reasonably be expected to, trigger public disclosure obligations of or for any
Person (including, without limitation, the filing of a Schedule 13D or Schedule 13G or any amendment thereof); 

(ii)    deposit any Voting Securities into a voting trust or similar contract or subject any Voting
Securities to any voting agreement, pooling arrangement or similar arrangement or other contract (other than solely between (A) the Investor and its Affiliates or (B) the Investor and any Permitted Transferee with respect any shares of
Company Common Stock Transferred to any such Permitted Transferee by the Investor as permitted by this Agreement) or grant any proxy with respect to any Voting Securities (other than (A) pursuant to Section 2.5 or
(B) otherwise to the Company or a Person specified by the Company in a proxy card provided to stockholders of the Company by or on behalf of the Company); 

  
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 (iii)    form, join or in any way participate in any Group
with any Person with respect to any Voting Securities other than forming, joining or in any way participating in a Group solely between or among (A) the Investor and its Affiliates or (B) the Investor and any Permitted Transferee with
respect any shares of Company Common Stock Transferred to any such Permitted Transferee by the Investor as permitted by this Agreement; 

(iv)    enter, agree to enter, propose or offer to enter into any merger, business combination,
recapitalization, restructuring, change in control transaction or other similar extraordinary transaction involving the Company or any of its Subsidiaries (unless such transaction is affirmatively publicly recommended by the Board and there has
otherwise been no breach of this Section 2.2 in connection with or relating to such transaction); 

(v)    otherwise act with any Person, including by providing financing for another party, to seek to
control or influence the management, the Board or the policies of the Company; 
 (vi)    acquire, agree
or propose to acquire any Voting Securities of the Company or any Subsidiary thereof, other than as a result of any stock split or stock dividend of Voting Securities or exercise of preemptive rights pursuant to
Section 2.3; 
 (vii)    call, or seek to call, a meeting of the stockholders
of the Company or initiate any stockholder proposal for action by stockholders of the Company, including nominating any Person to the Board (except pursuant to Section 1.1); 

(viii)    publicly disclose any intention, plan or arrangement prohibited by, or inconsistent with, the
foregoing; or 
 (ix)    knowingly instigate, facilitate, encourage or assist any third party to do any
of the foregoing; 
 provided that this Section 2.2 shall in no way limit (x) the activities of any director of the
Company, so long as such activities are undertaken solely in his or her capacity as a director of the Company or (y) any non-public communications by and between (A) the Investor and its Affiliates
or (B) the Investor and any Permitted Transferee with respect to any shares of Company Common Stock Transferred to any such Permitted Transferee by the Investor as permitted by this Agreement; provided, further that (other than as
may be a violation of clauses (i) and (ii) above) the right or ability of the Investor or its Controlled Affiliates to exercise their rights under this Agreement or the exercise by the Investor or its Controlled Affiliates of
their right to vote shall not, in either case be deemed a breach of this Section 2.2. For purposes of this Section 2.2, the term “Voting Securities” shall be deemed to include any
security of the company that is convertible into a Voting Security at any time. 
 (b)    The Investor further agrees,
it shall not and shall cause its Controlled Affiliates not to, without the prior written consent of the Company, publicly request the Company to amend or waive any provision of this Section 2.2 (including this sentence) or
do so in a manner that would require the Company to publicly disclose such request. 

  
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 (c)    The provisions in this Section 2.2 shall
terminate on the Sunset Date. 
 (d)    For the purposes of this Section 2.2, consent of the
Company shall require Company Non-Affiliate Approval. 

2.3    Preemptive Rights. 

(a)    Subject to the provisions of this Section 2.3 (including
Section 2.3(f)), the Company hereby grants to the Investor the right, subject to applicable Law, to purchase the Investor’s Pro Rata Portion of any additional shares of Voting Securities, other equity securities or any
securities convertible into, or exchangeable for Voting Securities or equity securities of the Company equity securities that the Company may from time to time propose to issue (collectively, the “New Securities”); provided
that, for the avoidance of doubt, no Proposed Issuance (including any issuance of New Securities to the Investor) completed in compliance with this Section 2.3 shall be applied in a circular manner to this
Section 2.3 so as to result in duplicative or iterative pre-emptive rights. 

(b)    The Company shall undertake commercially reasonable efforts to provide the Investor with advance written notice of
any proposed issuance subject to this Section 2.3 (a “Proposed Issuance”). Prior to or in connection with the consummation of a Proposed Issuance, the Company shall promptly notify the Investor in writing
(an “Issuance Notice”). The Investor shall have a right to purchase the New Securities of the kind offered in such Proposed Issuance on the following terms: 

(i)    In the event a Proposed Issuance is conducted as a registered public offering, the Investor shall
be entitled to purchase such New Securities at the public offering price for such Proposed Issuance and on the same terms and at the same time as the New Securities are proposed to be Issued by the Company. 

(ii)    In the event the Proposed Issuance includes a separate closing for the issuance of New Securities
pursuant to the underwriters’ over-allotment or similar option, the Company shall provide a separate Issuance Notice to the Investor with respect to such issuance. 

(iii)    In the event the Proposed Issuance is conducted as an offering other than a public offering
(e.g., a private placement), Purchaser shall be entitled to purchase such New Securities at the same price that was paid by the purchasers of New Securities in such Proposed Issuance and on the same terms and at the same time as the New Securities
are proposed to be Issued by the Company. 
 (c)    The Investor shall have seven (7) calendar days from the
receipt of an Issuance Notice (the “Exercise Period”) to elect to purchase its Pro Rata Portion of the New Securities, at an all-cash purchase price per New Security (the “Per Security
Offering Price”) equal to: (i) in the case of all-cash consideration proposed to be received by the Company in respect of the Proposed Issuance, the cash purchase price per New Security set forth

  
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in the Issuance Notice or (2) in the case of consideration other than all-cash consideration proposed to be received by the Company in respect of the
Proposed Issuance, the per New Security price derived from the aggregate fair market value of all consideration proposed to be received by the Company as of the date of closing of the Proposed Issuance. The Investor may exercise its election by
delivering a written notice to the Company during the Exercise Period. Such notice must indicate the specific amount of New Securities that the Investor desires to purchase and may not be conditioned in any manner not also available to other
potential purchasers of the Proposed Issuance, except that it may be conditioned on the consummation of the Proposed Issuance. The Investor, if so exercising its election, shall be entitled and obligated to purchase, that portion of the New
Securities so offered to the Investor specified in the Investor’s notice on the terms and conditions set forth in this Section 2.3. The failure of the Investor to exercise its election to purchase of its allotment of
the New Securities during the Exercise Period shall be deemed a waiver by the Investor of its rights under this Section 2.3 with respect to such Proposed Issuance. The closing of any purchase by the Investor shall be
consummated concurrently with the consummation of the Proposed Issuance; provided, however, that the closing of any purchase by any the Investor may be extended beyond the closing of the consummation of the Proposed Issuance to the
extent necessary to obtain required governmental approvals (a “Closing Extension”), but for the avoidance of doubt the Company shall not be required to delay or extend the closing of the other portion of the Proposed Issuance to the
extent not subject to such governmental approval requirement. In the event of a Closing Extension, the Investor’s Investor Percentage Interest during such period shall be calculated as if such purchase of New Securities by the Investor had been
consummated concurrently with the closing of the other portion of the Proposed Issuance not subject to any governmental approval requirement. 

(d)    Subject to Section 2.3(e), if the Investor fails to purchase its allotment of the New
Securities within the time period described in Section 2.3(c), the Company shall be free to complete the Proposed Issuance within sixty (60) days following the date of the Issuance Notice to the extent and with respect
to which the Investor failed to exercise the option set forth in this Section 2.3 on terms no less favorable to the Company (including with respect to consideration) than those set forth in the Issuance Notice (except that
the amount of New Securities to be issued or sold by the Company may be reduced). If the Company has not completed the sale of New Securities in accordance with the foregoing sentence, the Company shall provide a new Issuance Notice to the Investor
on the terms and provisions set forth in Section 2.3. 
 (e)    In the event that the Company
has been advised by its outside counsel that the issuance of New Securities in full to the Investor pursuant to this Section 2.3 would require the approval of the Company’s stockholders under applicable Law, including
the rules of the New York Stock Exchange (the “NYSE”) or the rules of such other national securities exchange on which the Company Common Stock is then listed or trading , the excess amount of such New Securities to the extent
otherwise triggering such stockholder approval requirement will be excluded from the total number of New Securities that the Investor would otherwise have a right to purchase pursuant to this Section 2.3. 

(f)    The preemptive rights under this Section 2.3 shall not apply to (i) issuance or
sales of New Securities to employees, officers, directors, managers or consultants of the Company or any of its Subsidiaries pursuant to employee benefits or similar employee or 

  
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management equity incentive plans or arrangements of the Company or any Subsidiary thereof approved by the Compensation Committee by unanimous vote or approved by a majority of the issued and
outstanding Company Common Stock; (ii) issuances or sales to a Person (who are not affiliates of the Company) in connection with an acquisition (or series of related acquisitions), joint venture, business combination or merger;
(iii) issuances of New Securities by the Company to a wholly owned Subsidiary of the Company; or (iv) an ongoing at-the-market offering of equity securities or
other similar offering of equity securities (an “ATM Offering”). 
 2.4    ATM Offer
and Election to Purchase. The foregoing notwithstanding, if the Company conducts an ATM Offering, the Company shall not be required to provide the Investor with advance notice of any such ATM Offering; provided, however, that the
Company shall be required to offer (an “ATM Offer”) the Investor the opportunity to purchase New Securities of the same kind offered by the Company in the ATM Offering on a quarterly basis in arrears up to such aggregate amount as
would enable the Investor to maintain its Investor Percentage Interest, on the following terms: 
 (a)    The ATM Offer
shall be made in writing to the Investor promptly following the end of each calendar quarter during which any New Securities were sold pursuant to an ATM Offering, but in any event no later than the tenth (10th) Business Day following the end of such calendar quarter, which offer shall include the purchase price and number and type of New Securities that may be purchased; 

(b)    The Investor shall be entitled to purchase such New Securities at a price equal to the volume weighted average
price at which such New Securities were sold by the Company pursuant to such ATM Offering over the immediately preceding calendar quarter. 

(c)    The Investor shall have seven (7) calendar days from the date of its receipt of the ATM Offer pursuant to this
Section 2.4 to elect to purchase, and to fully fund the purchase of, of any such New Securities. If the Investor does not elect to purchase any New Securities and/or does not provide immediately available funds for the
purchase of such New Securities to the Company within such seven (7) calendar day period, the Investor’s rights to purchase such New Securities shall terminate. 

2.5    Voting. From and after the date of this Agreement, until the Sunset Date, the Investor agrees
(i) to cause all Voting Securities held by the Investor or any of its Controlled Affiliates or over which the Investor or any of its Subsidiaries otherwise has voting discretion or control to be present at any Election Meeting either in person
or by proxy; (ii) to vote such Voting Securities Beneficially Owned by it or any of its Subsidiaries or over which the Investor or any of its Subsidiaries otherwise has voting discretion or control (A) in favor of all director nominees
nominated by the Company’s Nominating and Corporate Governance Committee (the “Governance Committee”) (including the Board Representatives and Non-Investor Directors nominated to the
Board pursuant to Sections 1.2(b) and 1.5 (such nominated Non-Investor Directors, the “Nominated Non-Investor Directors”)), (B) against
any other nominees and (C) against the removal of any Non-Investor Director unless the Governance Committee so recommends in favor of such removal (such recommendation not to be made without the approval
of the Non-Affiliated Directors acting by Company Non-Affiliated Approval), 

  
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(iii) for so long as the Investor Percentage Interest is greater than or equal to 30%, not to vote such Voting Securities in favor of any proposals by stockholders of the Company (including under
Rule 14a-8 of the Exchange Act), except at the Investor’s discretion either (A) in a manner that is proportionate to the manner in which all shares of Company Common Stock owned by other holders of
Company Common Stock who are not Controlled Affiliates of the Investor are voted with respect to such matter, so that, for any such matter, the shares of Company Common Stock owned by Investor or any of its Controlled Affiliates or over which the
Investor or any of its Subsidiaries otherwise has voting discretion or control shall reflect voting results with respect to “shares voted for,” “shares voted against,” “shares abstained,” “shares withheld” and
“broker non-votes” proportionate to the aggregate voting results for shares of Company Common Stock that are owned by other holders of Company Common Stock that are not Controlled Affiliates of the
Investor or over which the Investor or any of its Subsidiaries otherwise does not have voting discretion or control and that are deemed present in person or by proxy at such stockholder meeting, or (B) in a manner that is consistent with the
recommendation of the Board, (iv) to not vote such Voting Securities in favor of any Change of Control Transaction submitted to the Company’s stockholders for approval or adoption pursuant to which the
per-share consideration to be received by the Investor or any of its Affiliates in respect of their shares of Company Common Stock in such Change of Control Transaction is different in amount or form from the per-share consideration to be received by other holders of Company Common Stock who are not Affiliates of the Investor or the Company in respect of their shares of Company Common Stock in such Change of Control
Transaction, disregarding any right to select cash and/or securities as consideration in such Change of Control Transaction that is offered generally to holders of Company Common Stock in such Change of Control Transaction, unless such Change of
Control Transaction is approved by the Board with Company Non-Affiliate Approval or any dissenters’ rights, and (v) not to take, alone or in concert with any other Persons, any action to remove or
oppose any Non-Investor Director or to seek to change the size or composition of the Board or otherwise seek to expand the Investor’s representation on the Board in each case in a manner inconsistent with
Section 1.1(b). As promptly as practicable following the record date for an Election Meeting or any annual or special meeting at which directors are to be removed, the Investor shall provide the Company a proxy for purposes
of effecting the immediately preceding sentence. For the avoidance of doubt, nothing in this Section 2.5 shall require the Investor to vote any Voting Securities or cause any such Voting Securities to be voted in accordance
with the Board’s recommendation with respect to any other matter requiring stockholder approval under Law that is not expressly addressed above. 

2.6    Amendment to Parent Certificate of Incorporation. The Company shall not amend, or propose to
amend, the Parent Certificate of Incorporation in any manner that is inconsistent with or would nullify or supersede any of the terms of this Agreement or would prevent any party hereto from complying with its obligations hereunder unless such
proposed amendment is approved by a majority of the entire Board as well as (1) a majority of the Board Representatives and (2) a majority of the Non-Investor Directors, in each case then serving on
the Board. 

  
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 2.7    Removal and Replacement of the Chief Executive
Officer. From the Effective Time until the Sunset Date, the Company agrees that the removal and/or replacement of the Chief Executive Officer of the Company, or appointment of a new Chief Executive Officer in the event of a vacancy in such
office, shall require approval of a majority of the Board including Company Non-Affiliate Approval.

2.8    Indebtedness. During the period beginning on the Closing Date and ending on the one year
anniversary of the Closing Date, the Company shall not incur any Indebtedness, other than Indebtedness under the Existing Credit Facility, without the approval of a majority of the Board Representatives. 

2.9    Controlled Company. From the Effective Time until the Sunset Date, the Company shall not
elect to be treated as a “controlled company” under, nor avail itself of any “controlled company” exceptions to the corporate governance requirements of, the rules and regulations of the NYSE or any similar rules of such other
national securities exchange on which the Company Common Stock is then listed or trading, without the approval of a majority of the Board including Company Non-Affiliate Approval.  

ARTICLE III 
 REGISTRATION RIGHTS

 3.1    Registration. 

(a)    The Company shall, as soon as practicable after the Closing Date, file a shelf registration statement under the
Securities Act to permit the public resale of all the Registrable Securities held by the Investor from time to time as permitted by Rule 415 under the Securities Act (or any successor or similar provision adopted by the SEC then in effect) (a
“Shelf Registration Statement”) and use reasonable best efforts to cause such Shelf Registration Statement to be declared effective as promptly as practicable (but in any event, prior to expiration of the Restricted Period). Subject
to Section 3.4, the Company shall use reasonable best efforts to keep such Shelf Registration Statement continuously effective, to be supplemented and amended to the extent necessary to ensure that such Shelf Registration
Statement is available or, if not available, that another registration statement is available, for the resale of all the Registrable Securities held by the Investor and other Holders and in compliance with the Securities Act and usable for resale of
such Registrable Securities for a period from the date of its initial effectiveness until the earlier of (i) the date on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance with
the plan and method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or otherwise cease to be Registrable Securities, and (ii) the date on which this Agreement terminates pursuant to
Section 5.1. If the Company is a well-known seasoned issuer (as defined in Rule 405 under the Securities Act) at the time of filing of the Shelf Registration Statement with the SEC, such Shelf Registration Statement shall
be designated by the Company as an automatic Shelf Registration Statement. 
 (b)    Subject to the eligibility of the
Company to use a registration statement on Form S-3 (a “Form S-3”), any registration pursuant to this Section 3.1 shall be
effected by means of a Form S-3 providing for an offering to be made on a continuous basis pursuant to Rule 415 

  
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under the Securities Act in accordance with the methods and distribution set forth in the Shelf Registration Statement and Rule 415. If the Investor or any other holder of Registrable Securities
to whom the registration rights conferred by this Agreement have been transferred in compliance with this Agreement intends to distribute any Registrable Securities included by it on the Shelf Registration Statement by means of an underwritten
offering (a “Underwritten Shelf Take-Down ”), it shall promptly so advise the Company in writing and the Company shall take all reasonable steps to facilitate such distribution, including amending or supplementing the Shelf
Registration Statement as necessary in order to enable such Registrable Securities to be distributed pursuant to the Underwritten Shelf Take-Down and the actions required pursuant to Section 3.3; provided that the
Company shall not be required to facilitate, and the Investor (together with all other Holders) shall not be entitled to request, (i) more than six (6) Underwritten Shelf Take-Downs in the aggregate or (ii) an Underwritten Shelf
Take-Down unless the expected gross proceeds from such Underwritten Shelf Take-Down exceed $50,000,000. The lead underwriters in any such distribution shall be selected by the holders of a majority of the Registrable Securities to be distributed;
provided that such selections are reasonably acceptable to the Company. 
 (c)    The Company shall not be
required to effect a registration (including a resale of Registrable Securities from an effective Shelf Registration Statement) or an underwritten offering pursuant to this Section 3.1: (i) with respect to securities
that are not Registrable Securities or (ii) during any Permitted Black-out Period; provided that such right to delay a registration or underwritten offering shall be exercised by the Company only
if the Company has generally exercised (or is concurrently exercising) similar black-out rights against holders of similar securities that have registration rights. 

(d)    If, during a period when the Shelf Registration Statement is not effective or available (provided, for the
avoidance of doubt, that the failure of the Shelf Registration Statement to be effective or available shall not be a requirement for the Investor or any Holder to exercise its rights pursuant to this Section 3.1(d) and
Section 3.1(e) with respect to any Piggyback Registration that is proposed to be an underwritten offering), the Company proposes to file a Registration Statement or prospectus supplement with respect to an offering of its
equity securities, other than a registration pursuant to Section 3.1(a) or a Special Registration, and the registration form to be filed may be used for the registration or qualification for distribution of Registrable
Securities, the Company will give prompt written notice to the Investor and all other Holders of its intention to effect such a registration (but in no event less than ten (10) Business Days prior to the anticipated filing date) and (subject to
clause (f) below) will include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein within five (5) Business Days after the date of the Company’s
notice (a “Piggyback Registration”). Any such person that has made such a written request may withdraw its Registrable Securities from such Piggyback Registration by giving written notice to the Company and the managing underwriter,
if any, on or before the pricing date of such Piggyback Registration. The Company may terminate or withdraw any registration under this Section 3.1(d) prior to the effectiveness of such registration, whether or not the
Investors or any other Holders have elected to include Registrable Securities in such registration. “Special Registration” means the registration of (i) equity securities and/or options or other rights in respect thereof solely
registered on Form S-4 or Form S-8 (or successor form) or (ii) shares of equity securities and/or options or other rights in respect thereof to be offered to
directors, members of management, employees, consultants, customers, lenders or vendors of the Company or its subsidiaries or in connection with dividend reinvestment plans. 

  
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 (e)    If the registration referred to in
Section 3.1(d) is proposed to be underwritten, the Company will so advise the Investor and all other Holders as a part of the written notice given pursuant to Section 3.1(d). In such event, the
right of any Investor and all other Holders to registration pursuant to this Section 3.1 will be conditioned upon such persons’ participation in such underwriting and the inclusion of such persons’ Registrable
Securities in the underwriting, and each such person will (together with the Company and the other persons distributing their securities through such underwriting) enter into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting by the Company. Any Holder so participating shall not be required to make any representations or warranties to or agreements with the Company or the underwriters in connection with such underwriting
agreement other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s authority to sell the Registrable Securities, such Holder’s intended method of
distribution, absence of liens with respect to the Registrable Securities, enforceability of the applicable underwriting agreement as against such Holder, receipt of all consents and approvals with respect to the entry into such underwriting
agreement and the sale of such Registrable Securities by such Holder and any other representations required to be made by such Holder under applicable law, rule or regulation, and the aggregate amount of the liability of such Holder in
connection with such underwriting agreement shall not exceed such Holder’s net proceeds from such underwritten offering (i.e., less underwriting discounts and commissions). If any participating person disapproves of the terms of the
underwriting, such person may elect to withdraw therefrom by written notice to the Company and the managing underwriter prior to the execution of the underwriting agreement with respect thereto. 

(f)    If, in connection with a Piggyback Registration under Section 3.1(d), the managing
underwriters advise the Company that in their reasonable opinion the number of securities requested to be included in such offering exceeds the number which can be sold without adversely affecting the marketability of such offering (including an
adverse effect on the per share offering price), the Company will include in such registration or prospectus only such number of securities that in the reasonable opinion of such underwriters can be sold without adversely affecting the marketability
of the offering (including an adverse effect on the per share offering price), which securities will be so included in the following order of priority: 

(i)    if the Piggyback Registration relates to an offering for the Company’s own account, then
(A) first, the securities the Company proposes to sell, (B) second, Registrable Securities of the Investor and all other Holders who have requested registration of Registrable Securities pursuant to
Section 3.1(d), as applicable, pro rata on the basis of the aggregate number of such securities or shares owned by each such person, and (C) third, any other securities of the Company that have been requested to
be so included, subject to the terms of this Agreement; or 
 (ii)    if the Piggyback Registration
relates to an offering other than for the Company’s own account, then (A) first, (1) if such registration is being made at the request of Investor or any Holder pursuant to this Section 3.1, all Registrable

  
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Securities of the Investor and all other Holders who have requested registration of Registrable Securities pursuant to Section 3.1(b) or 3.1(d), as applicable, pro rata on the
basis of the aggregate number of such securities or shares owned by each such person, or (ii) if such registration is not being made at the request of Investor or any Holder pursuant to this Section 3.1, the securities
sought to be registered by Persons who have sought to have securities of the Company registered pursuant to rights to demand such registration and the Registrable Securities of the Investor and all other Holders who have requested registration of
Registrable Securities pursuant to Section 3.1(d), pro rata on the basis of the aggregate number of such securities or shares owned by each such person and (B) second, the securities the Company proposes to
sell. 
 3.2    Expenses of Registration. All Registration Expenses incurred in connection with
any registration, qualification or compliance hereunder shall be borne by the Company. All Selling Expenses incurred in connection with any registrations hereunder shall be borne by the holders of the securities so registered pro rata on the basis
of the aggregate offering or sale price of the securities so registered. 
 3.3    Obligations of the
Company. The Company shall use its reasonable best efforts for so long as there are Registrable Securities outstanding, to take such actions as are under its control to remain a well-known seasoned issuer (as defined in Rule 405 under the
Securities Act) if it becomes eligible for such status in the future (and not become an ineligible issuer (as defined in Rule 405 under the Securities Act)). In addition, whenever required to effect the registration of any Registrable Securities or
facilitate the distribution of Registrable Securities pursuant to an effective Shelf Registration Statement, the Company shall, as expeditiously as reasonably practicable: 

(a)    Prepare and file with the SEC a prospectus supplement with respect to a proposed offering of Registrable Securities
pursuant to an effective Registration Statement, subject to this Section 3.3, keep such Registration Statement effective or such prospectus supplement current until the securities described therein are no longer Registrable
Securities. 
 (b)    Prepare and file with the SEC such amendments and supplements to the applicable Registration
Statement and the prospectus or prospectus supplement used in connection with such Registration Statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such
Registration Statement. 
 (c)    Furnish to the Holders and any underwriters such number of copies of the applicable
Registration Statement and each such amendment and supplement thereto (including in each case all exhibits) and of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents
as they may reasonably request in order to facilitate the disposition of Registrable Securities owned or to be distributed by them. 

(d)    Use its reasonable best efforts to register and qualify the securities covered by such Registration Statement under
such other securities or blue sky laws of such jurisdictions as shall be reasonably requested by the Holders or any managing underwriter(s), to keep such 

  
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registration or qualification in effect for so long as such Registration Statement remains in effect, and to take any other action which may be reasonably necessary to enable such seller to
consummate the disposition in such jurisdictions of the securities owned by such Holder; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent
to service of process in any such states or jurisdictions. 
 (e)    Notify promptly each Holder of Registrable
Securities at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the applicable prospectus, as then in effect, includes an untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. 

(f)    Give prompt written notice to the Holders: 

(i)    when any Registration Statement filed pursuant to Section 3.1 or any
amendment thereto has been filed with the SEC (except for any amendment effected by the filing of a document with the SEC pursuant to the Exchange Act) and when such Registration Statement or any post-effective amendment thereto has become
effective; 
 (ii)    of any request by the SEC for amendments or supplements to any Registration
Statement or the prospectus included therein or for additional information; 
 (iii)    of the issuance
by the SEC of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for that purpose; 

(iv)    of the receipt by the Company or its legal counsel of any notification with respect to the
suspension of the qualification of Company Common Stock for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

(v)    of the happening of any event that requires the Company to make changes in any effective
Registration Statement or the prospectus related to the Registration Statement in order to make the statements therein not misleading (which notice shall be accompanied by an instruction to suspend the use of the prospectus until the requisite
changes have been made); and 
 (vi)    if at any time the representations and warranties of the Company
contained in any underwriting agreement contemplated by Section 3.3(j) cease to be true and correct. 

(g)    Use its reasonable best efforts to prevent the issuance or obtain the withdrawal of any order suspending the
effectiveness of any Registration Statement referred to in Section 3.3(f)(iii) at the earliest practicable time. 

  
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 (h)    Upon the occurrence of any event contemplated by
Section 3.3(e) or 3.3(f)(v), promptly prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus or file any other required document so that, as thereafter delivered
to the Holders and any underwriters, the prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. 
 (i)    Use reasonable best efforts to procure the cooperation of the Company’s transfer agent in
settling any offering or sale of Registrable Securities. 
 (j)    If an Underwritten Shelf Take-Down is requested
pursuant to Section 3.1(b), enter into an underwriting agreement in customary form, scope and substance and take all such other actions reasonably requested by the Holders of a majority of the Registrable Securities being
sold in connection therewith or by the managing underwriter(s), if any, to expedite or facilitate the underwritten disposition of such Registrable Securities, and in connection therewith in any underwritten offering (including making members of
management and executives of the Company reasonably available to participate in “road shows,” similar sales events and other marketing activities), (i) make such representations and warranties to the Holders that are selling
stockholders and the managing underwriter(s), if any, with respect to the business of the Company and its subsidiaries, and the Shelf Registration Statement, prospectus and documents, if any, incorporated or deemed to be incorporated by reference
therein, in each case, in customary form, substance and scope, and, if true, confirm the same if and when requested, (ii) use its reasonable best efforts to furnish the underwriters with opinions of counsel to the Company, addressed to the
managing underwriter(s), if any, covering the matters customarily covered in such opinions requested in underwritten offerings, (iii) use its reasonable best efforts to obtain “cold comfort” letters from the independent certified
public accountants and reserve engineers of the Company (and, if necessary, any other independent certified public accountants of any business acquired by the Company for which financial statements and financial data are included in the Shelf
Registration Statement) who have certified the financial statements included in such Shelf Registration Statement, addressed to each of the managing underwriter(s), if any, such letters to be in customary form and covering matters of the type
customarily covered in “cold comfort” letters, (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures customary in underwritten offerings, and (v) deliver such
documents and certificates as may be reasonably requested by the Holders of a majority of the Registrable Securities being sold in connection therewith, their counsel and the managing underwriter(s), if any, to evidence the continued validity of the
representations and warranties made pursuant to clause (i) above and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. Notwithstanding anything
contained herein to the contrary, the Company shall not be required to enter into any underwriting agreement or permit any underwritten offering absent an agreement by the applicable underwriter(s) to indemnify the Company in form, scope and
substance as is customary in underwritten offerings by the Company. 
 (k)    (A) make available for inspection by a
representative of Holders that are selling stockholders, the managing underwriter(s), if any, and any attorneys or accountants retained by such Holders or managing underwriter(s), at the offices where normally kept, upon

  
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reasonable advance notice and during reasonable business hours, financial and other records, pertinent corporate documents and properties of the Company, and cause the officers, directors and
employees of the Company to supply all information in each case reasonably requested (and of the type customarily provided in connection with due diligence conducted in connection with a registered public offering of securities) by any such
representative, managing underwriter(s), attorney or accountant in connection with such Shelf Registration Statement and (B) use reasonable best efforts to procure customary legal opinions and auditor and reserve engineer “comfort”
letters in connection with the sale of Registrable Securities the Investor or any other Holder utilizing the Shelf Registration Statement. 

(l)    Cause all such Registrable Securities to be listed on each securities exchange on which similar securities issued
by the Company are then listed or, if no similar securities issued by the Company are then listed on any securities exchange, use its reasonable best efforts to cause all such Registrable Securities to be listed on the NYSE or the NASDAQ Stock
Market, as determined by the Company. 
 (m)    If requested by Holders of a majority of the Registrable Securities
being registered and/or sold in connection therewith, or the managing underwriter(s), if any, promptly include in a prospectus supplement or amendment such information as the Holders of a majority of the Registrable Securities being registered
and/or sold in connection therewith or managing underwriter(s), if any, may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus supplement or such amendment as
soon as practicable after the Company has received such request. 
 (n)    Timely provide to its security holders
earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 

3.4    Suspension of Sales. During (i) any Permitted
Black-out Period or (ii) upon receipt of written notice from the Company that a Registration Statement, prospectus or prospectus supplement contains or may contain an untrue statement of a material fact
or omits or may omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or that circumstances exist that make inadvisable use of such Registration Statement, prospectus or prospectus
supplement, each Holder of Registrable Securities shall forthwith discontinue disposition of Registrable Securities until termination of such Permitted Black-out Period or until such Holder has received copies
of a supplemented or amended prospectus or prospectus supplement, or until such Holder is advised in writing by the Company that the use of the prospectus and, if applicable, prospectus supplement may be resumed, and, if so directed by the Company,
such Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the prospectus and, if applicable, prospectus supplement covering such Registrable
Securities current at the time of receipt of such notice. The total number of days that any such suspension described in clause (ii) of this paragraph may be in effect in any 180-day period shall
not exceed 30 days. The total number of days that any suspension periods described in clause (ii), together with any Permitted Blackouts Periods, may collectively be in effect during any 12-month period shall
not exceed 120 days.

  
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 3.5    Termination of Registration Rights. A
Holder’s registration rights as to any securities held by such Holder shall terminate on the date such securities cease to qualify as Registrable Securities. 

3.6    Furnishing Information. 

(a)    Neither any Investor nor any Holder shall use any free writing prospectus (as defined in Rule 405) in connection
with the sale of Registrable Securities without the prior written consent of the Company. 
 (b)    It shall be a
condition precedent to the obligations of the Company to take any action pursuant to Section 3.3 that the Investors and/or the selling Holders shall furnish to the Company such information regarding themselves, the
Registrable Securities held by them and the intended method of disposition of such securities as shall be reasonably required to effect the registered offering of their Registrable Securities. 

3.7    Indemnification. 

(a)    The Company agrees to indemnify each Holder and, if a Holder is a person other than an individual, such
Holder’s direct or indirect partners, members or stockholders and each of such partner’s, member’s or stockholder’s partners, members or stockholders and, with respect to all of the foregoing Persons, each of their respective
Affiliates, employees, directors, officers, trustees or agents and controlling Persons within the meaning of the Securities Act and each of their respective representatives (each, an “Indemnitee”), against any and all Losses, joint
or several, arising out of or based upon (i) any untrue statement or alleged untrue statement of material fact contained in any Registration Statement, including any preliminary prospectus or final prospectus contained therein or any amendments
or supplements thereto or any documents incorporated therein by reference or contained in any free writing prospectus (as such term is defined in Rule 405) prepared by the Company or authorized by it in writing for use by such Holder (or any
amendment or supplement thereto) or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided,
that the Company shall not be liable to such Indemnitee in any such case to the extent that any such loss, claim, damage, liability (or action or proceeding in respect thereof) or expense arises out of or is based upon (A) an untrue statement
or omission made in such Registration Statement, including any such preliminary prospectus or final prospectus contained therein or any such amendments or supplements thereto or contained in any free writing prospectus (as such term is defined in
Rule 405) prepared by the Company or authorized by it in writing for use by such Holder (or any amendment or supplement thereto), in reliance upon and in conformity with information regarding such Indemnitee or its plan of distribution or ownership
interests which was furnished in writing to the Company by such Indemnitee expressly for use in connection with such Registration Statement, including any such preliminary prospectus or final prospectus contained therein or any such amendments or
supplements thereto, or (B) offers or sales effected by or on behalf such Indemnitee “by means of” (as defined in Rule 159A) a “free writing prospectus” (as such term is defined in Rule 405) that was not authorized in
writing by the Company; (ii) any violation or alleged violation by the Company of any federal, state or common law rule or regulation applicable to the Company or any of its subsidiaries in connection with

  
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any such registration, qualification, compliance or sale of Registrable Securities; (iii) any failure to register or qualify Registrable Securities in any state where the Company or its
agents have affirmatively undertaken or agreed in writing that the Company (the undertaking of any underwriter being attributed to the Company) will undertake such registration or qualification on behalf of the Holders of such Registrable Securities
(provided that in such instance the Company shall not be so liable if it has undertaken its reasonable best efforts to so register or qualify such Registrable Securities); or (iv) any actions or inactions or proceedings in respect of the
foregoing whether or not an Indemnitee is a party thereto, whether such Registration Statement, final prospectus, preliminary prospectus, free writing prospectus (as defined in Rule 405) or other document is issued pursuant to this Agreement or
otherwise. 
 (b)    In connection with any Registration Statement in which a Holder is participating, each such Holder
shall, severally and not jointly, indemnify the Company, its directors and officers, and each Person, if any, who controls the Company within the meaning of the Securities Act to the same extent as the foregoing indemnity provided for in
Section 3.7(a) from the Company to the Holders, but only to the extent arising out of or based upon information furnished in writing by such Holder, or on such Holder’s behalf, expressly for use in any Registration
Statement or any prospectus, including any amendment or supplement thereto. In no event shall the liability of such Holder hereunder be greater in amount than the dollar amount of the net proceeds (less underwriting discounts and commissions)
received by such Holder under the sale of Registrable Securities giving rise to such indemnification obligation. 

(c)    Any Person entitled to indemnification hereunder (the “Indemnified Party”) shall give prompt
written notice to the Person against whom such indemnity may be sought (the “Indemnifying Party”) of any claim with respect to which it seeks indemnification; provided, however, the failure to give such notice shall
not release the Indemnifying Party from its obligation, except to the extent that the Indemnifying Party has been actually and materially prejudiced by such failure to provide such notice on a timely basis. 

(d)    In any case in which any such action is brought against any Indemnified Party, and it notifies an Indemnifying
Party of the commencement thereof, the Indemnifying Party will be entitled to participate therein, and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party, and after notice
from the Indemnifying Party to such Indemnified Party of its election so to assume the defense thereof and acknowledging the obligations of the Indemnifying Party with respect to such proceeding, the Indemnifying Party will not (so long as it shall
continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such Indemnified Party hereunder for any legal or other expense subsequently incurred by such Indemnified Party
in connection with the defense thereof other than reasonable costs of investigation, supervision and monitoring (unless (i) such indemnified party reasonably objects to such assumption on the grounds that there may be defenses available to it
which are different from or in addition to the defenses available to such Indemnifying Party and, as a result, a conflict of interest exists or (ii) the Indemnifying Party shall have failed within a reasonable period of time to assume such
defense and the Indemnified Party is or would reasonably be expected to be materially prejudiced by such delay, in either event the indemnified party shall be promptly reimbursed by the Indemnifying Party for the reasonable expenses incurred in
connection with retaining one separate legal counsel (for the avoidance of doubt, for all 

  
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indemnified parties in connection therewith)). For the avoidance of doubt, notwithstanding any such assumption by an Indemnifying Party, the indemnified party shall have the right to employ
separate counsel in any such matter and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified party except as provided in the previous sentence. An Indemnifying Party shall not be
liable for any settlement of an action or claim effected without its consent (which consent shall not be unreasonably withheld, conditioned or delayed). No matter shall be settled by an Indemnifying Party without the consent of the indemnified party
(which consent shall not be unreasonably withheld, conditioned or delayed), unless such settlement (x) includes as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability
in respect to such claim or litigation, (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified party, and (z) does not involve any injunctive or equitable
relief that would be binding on the indemnified party or any payment that is not covered by the indemnification hereunder. 

(e)    The indemnification provided for under this Agreement shall survive the Transfer of the Registrable Securities and
the termination of this Agreement. 
 (f)    If the indemnification provided for in this
Section 3.7 is unavailable to a Indemnified Party from the Person against the Indemnifying Party with respect to any Losses or is insufficient to hold the Indemnified Party harmless as contemplated therein, then the
Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the
Indemnified Party, on the one hand, and the Indemnifying Party, on the other hand, in connection with the statements or omissions which resulted in such Losses as well as any other relevant equitable considerations. The relative fault of the
Indemnifying Party, on the one hand, and of the Indemnified Party, on the other hand, shall be determined by reference to, among other factors, whether the untrue statement of a material fact or omission to state a material fact relates to
information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; the Company and each Holder agree
that it would not be just and equitable if contribution pursuant to this Section 3.7(f) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in this Section 3.7. No Indemnified Party guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Indemnifying Party if
the Indemnifying Party was not guilty of such fraudulent misrepresentation. 
 3.8    Assignment of
Registration Rights. The rights of any Holder to registration of Registrable Securities pursuant to Article 3 (but no other rights hereunder) may be assigned by such Holder to a transferee or assignee of Registrable Securities
(i) that is a Permitted Transferee of such Holder to which there is Transferred at least $5,000,000 in Registrable Securities or (ii) to which there is Transferred to such transferee no less than $50,000,000 in Registrable Securities, as
otherwise permitted by this Agreement; provided, however, that the transferor shall, within ten (10) days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the
number and type of Registrable Securities that are being assigned. 

  
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 3.9    Holdback; Lockup. With respect to any
underwritten offering of Registrable Securities by the Investors or other Holders pursuant to this Article III, (i) the Company agrees not to effect (other than pursuant to such registration or pursuant to a Special
Registration) any public sale or distribution, or to file any Registration Statement (other than such registration or a Special Registration) covering any of its equity securities, or any securities convertible into or exchangeable or exercisable
for such securities, during the period not to exceed ten (10) days prior and sixty (60) days following the date of execution of the underwriting agreement with respect to such underwritten offering or such longer period up to ninety
(90) days as may be requested by the managing underwriter and (ii) the Company agrees to cause each of its directors and senior executive officers to execute and deliver, and each Holder also agrees to execute and deliver, customary lockup
agreements in such form and for such time period up to ninety (90) days as may be requested by the managing underwriter; provided that each Holder shall not be required to execute and deliver any lockup agreement different in form or substance
as any lockup executed by the Company’s directors and senior executive officers. 
 3.10    Rule
144. With a view to making available to the Investor and Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its
reasonable best efforts to: 
 (a)    make and keep public information available, as those terms are understood and
defined in Rule 144(c)(1) or any similar or analogous rule promulgated under the Securities Act, at all times after the effective date of this Agreement; 

(b)    file with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange
Act; 
 (c)    so long as an Investor or a Holder owns any Registrable Securities, furnish to such Investor or such
Holder forthwith upon request: a written statement by the Company as to its compliance with the reporting requirements of Rule 144 under the Securities Act, and of the Exchange Act; a copy of the most recent annual or quarterly report of the
Company; and such other reports and documents as the Investor or Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any such securities without registration; and 

(d)    take such further action as any Holder may reasonably request (including, without limitation (i) making its
Chief Executive Officer and Chief Financial Officer reasonably available to potential purchasers in a reasonable manner (by telephone where feasible) and except during periods when the Company has restricted access to investors in accordance with
its Regulation FD procedures and other policies and procedures required by applicable law; and (ii) executing a customary engagement letter that will provide for customary indemnification of a placement agent with respect to such placement),
all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act, and provided that the commission and fees for such placement shall be at the expense of the requesting
Holder 

  
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 3.11    Definitions. As used in this
Article III, the following terms shall have the following respective meanings: 

(a)    “Holder” means the Investor and any other holder of Registrable Securities to whom the
registration rights conferred by this Agreement have been transferred in compliance with Section 3.8. 

(b)    “Holders’ Counsel” means one counsel for the selling Holders chosen by Holders holding a
majority interest in the Registrable Securities being registered. 
 (c)    “Permitted Black-out Period” means, in the event that the Company determines in good faith that the registration would (x) reasonably be expected to materially adversely affect or materially interfere with any
bona fide material financing of the Company or any material transaction under consideration by the Company or (y) would require disclosure of material information that the Company has a bona fide business purpose for not disclosing and that has
not been, and is not otherwise required to be, disclosed to the public, a period of up to sixty (60) days; provided, that a Permitted Blackout Period described in this clause (ii) may not occur more than twice in any period of
twelve (12) consecutive months. 
 (d)    “Register,” “registered,” and
“registration” shall refer to a registration effected by preparing and (a) filing a Registration Statement in compliance with the Securities Act and applicable rules and regulations thereunder, and the declaration or ordering
of effectiveness of such Registration Statement or (b) filing a prospectus and/or prospectus supplement in respect of an appropriate effective Registration Statement on Form S-3. 

(e)    “Registrable Securities” means (A) all Company Common Stock held by the Holders from time to
time and (B) any equity securities issued or issuable directly or indirectly with respect to the securities referred to in the foregoing clause (A) by way of stock dividend or stock split or in connection with a combination of shares,
recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other reorganization, provided that, once issued, such securities will cease to constitute Registrable Securities upon the earliest to occur of (i) when
they are sold pursuant to an effective Registration Statement under the Securities Act, (ii) when they are sold pursuant to Rule 144 and the transferee thereof does not receive “restricted securities” as defined in Rule 144,
(iii) when they shall have ceased to be outstanding or (iv) when they have been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the transferee of the securities; provided,
however, that any Registrable Security shall cease to be a Registrable Security at such time that (A) the holder thereof (together with its Affiliates) ceases to hold at least 5.0% of the outstanding Company Common Stock, (B) such
Registrable Security may be sold by the holder thereof pursuant to Rule 144 without limitation thereunder on volume or manner of sale or information requirements thereunder and (C) at least two years have elapsed since the Closing Date. No
Registrable Securities may be registered under more than one Registration Statement at one time. 

(f)    “Registration Expenses” means all expenses incurred by the Company in effecting any registration
pursuant to this Agreement (whether or not any registration or prospectus becomes effective or final) or otherwise complying with its obligations under this Article III, including all registration, filing and listing fees,
printing expenses, fees and 

  
 -23- 

 
disbursements of counsel for the Company, blue sky fees and expenses, expenses incurred by the Company in connection with any “road show,” the reasonable fees and disbursements of
Holders’ Counsel, and expenses of the Company’s independent accountants in connection with any regular or special reviews or audits incident to or required by any such registration, but shall not include Selling Expenses and the
compensation of regular employees of the Company, which shall be paid in any event by the Company. 

(g)    “Rule 144,” “Rule 144A,” “Rule 158,” “Rule
159A,” “Rule 405” and “Rule 415” mean, in each case, such rule promulgated under the Securities Act (or any successor provision), as the same shall be amended from time to time. 

(h)    “Selling Expenses” means all discounts, selling commissions and stock transfer taxes applicable to
the sale of Registrable Securities and fees and disbursements of counsel for any Holder (other than the fees and disbursements of Holders’ Counsel included in Registration Expenses). 

3.12    Voluntary Forfeiture. At any time, any holder of Registrable Securities (including any
Holder) may elect to forfeit its rights set forth in this Article III from that date forward; provided, that a Holder forfeiting such rights shall nonetheless be entitled to participate under Sections
3.1(d)-(f) in any Pending Underwritten Offering to the same extent that such Holder would have been entitled to if the holder had not withdrawn; and provided, further, that no such forfeiture shall terminate a Holder’s rights
or obligations under Section 3.5 with respect to any prior registration or Pending Underwritten Offering. “Pending Underwritten Offering” means, with respect to any Holder forfeiting its rights pursuant to
this Section 3.12, any underwritten offering of Registrable Securities in which such Holder has advised the Company of its intent to register its Registrable Securities either pursuant to
Section 3.1(b) or 3.1(d) prior to the date of such Holder’s forfeiture. In addition, Investor or any other Holder may deliver written notice (an “Opt-Out
Notice”) to the Company requesting that such Investor or Holder not receive notice from the Corporation of any proposed Underwritten Offering; provided, however, that Investor or other Holder, as applicable, may later revoke
any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Investor or other Holder (unless subsequently revoked), the Company shall not, and shall
not be required to, deliver any notice to Investor or such other Holder, as applicable, pursuant to Section 3.1. 

ARTICLE IV 
 DEFINITIONS 

4.1    Defined Terms. Capitalized terms when used in this Agreement have the following meanings:

 “Action” means any claim, action, suit, arbitration, litigation or proceeding. 

“Affiliate” means, with respect to any Person, any Person who directly or indirectly Controls, is Controlled by, or is under
common Control with the specified Person. Notwithstanding the foregoing, the Company shall be deemed to not be an Affiliate of the Fund and the Investor for purposes of this Agreement. 

  
 -24- 

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

“ATM Offering” has the meaning set forth in Section 2.4. 

“Beneficially Own” with respect to any securities shall mean having “beneficial ownership” of such securities (as
determined pursuant to Rule 13d-3 under the Exchange Act without giving effect to the sixty (60)-day limitation on determining beneficial ownership contained in Rule 13d-3(d)), including pursuant to any agreement, arrangement or understanding, whether or not in writing. 

“Board” has the meaning set forth in Section 1.1. 

“Board Designation Expiration Date” means the earlier of (i) the date on which the Investor Percentage Interest is less
than 10% and (ii) the date on which this Agreement is validly terminated pursuant to Section 5.1. 

“Board Representative” has the meaning set forth in Section 1.4. 

“Business Day” means any day on which banks are not required or authorized to close in the City of New York. 

“Change of Control Transaction” means the existence or occurrence of any of the following: (a) the sale, conveyance or
disposition of all or substantially all of the assets of the Company; (b) the consolidation, merger or other business combination of the Company with or into any other entity, immediately following which the then current stockholders of the
Company fail to own, directly or indirectly, at least Majority Voting Power; (c) a transaction or series of transactions in which any person or “group” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) acquires
Majority Voting Power (other than (i) a reincorporation or similar corporate transaction in which the Company’s stockholders own, immediately thereafter, interests in the new parent company in essentially the same percentage as they owned
in the Company immediately prior to such transaction, or (ii) a transaction described in clause (b) (such as a triangular merger) in which the threshold in clause (b) is not passed) or (d) the replacement of a majority of the Board of
Directors with individuals who were not nominated or elected by at least a majority of the directors at the time of such replacement. 

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

“Closing Date” has the meaning set forth in the Merger Agreement. 

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

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

“Company Competitor” means (a) any Person listed on Exhibit A hereto, or any Controlled Affiliate thereof or
(b) (1) any Person whose primary business is oil and natural gas exploration and development in the Denver-Julesburg Basin or (2) any Affiliate of such Person (other than (i) a private equity or similar firm that Controls the Person
described in clause (b)(1) and (ii) such private equity or similar firm’s Affiliates, other than such Person and its Controlled Affiliates). 

  
 -25- 

 “Company Non-Affiliate Approval” means
the approval of a majority of the total number of Non-Affiliated Directors. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 “DGCL” means the
General Corporation Law of the State of Delaware, as amended. 
 “Effective Time” has the meaning set forth in the Merger
Agreement. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Existing Credit Facility” means that certain Third Amended and Restated Credit Agreement, dated as of March 16, 2010,
by among Bill Barrett Corporation, the financial institutions from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as amended, restated, supplemented or otherwise modified. 

“Form S-3” has the meaning set forth in Section 3.1(b).

 “Governance Committee” has the meaning set forth in Section 2.4. 

“Group” has the meaning assigned to such term in Section 13(d)(3) of the Exchange Act. 

“Indebtedness” means all indebtedness, liabilities and obligations, now existing or hereafter arising, for money borrowed by
a Person, or any contingent liability for or guaranty by a Person of any obligation of any other Person (including the pledge of any collateral or grant of any security interest by a Person in any property as security for any such liability,
guaranty or obligation) whether or not any of the foregoing is evidenced by any note, indenture, guaranty or agreement, but excluding all trade payables incurred in the ordinary course of business. 

“Indemnified Party” has the meaning set forth in Section 3.7(c). 

“Indemnifying Party” has the meaning set forth in Section 3.7(c). 

“Indemnitee” has the meaning set forth in Section 3.7(a). 

“Investor” has the meaning set forth in the recitals hereto, provided that, for the avoidance of doubt, any transferee of
securities of the Company that is required to enter into, or enters into, a joinder agreeing to be bound by the terms of Sections 2.1, 2.2 and 2.5 of this Agreement applicable to Investors shall be deemed to be an Investor for
purposes of Sections 2.1, 2.2 and 2.5 of this Agreement. 

  
 -26- 

 “Independent Director” means a director who (i) is not an officer,
director, principal, managing partner or employee of the Investor or the Fund or any of its Affiliates or any spouse, parent, child or sibling of any of the foregoing , (ii) would qualify as an “Independent Director” pursuant to the
listing standards of the NYSE, or, if the Company Common Stock is not then listed for trading on the NYSE, pursuant to the rules of the national securities exchange on which the Company Common Stock is then listed or trading, with respect to the
Company, and (iii) receives no compensation from the Fund, the Investor or any Affiliate thereof for or related to his or her service as a director of the Company and such Person’s actual investment in the Fund does not exceed
$1 million during such director’s service as a director of the Company. 
 “Investor Director Number” means the
number of Board Representatives that the Investor is at such time (or would then be if an Election Meeting were to be held at such time) entitled to designate pursuant to Section 1.1(b)(i). 

“Investor Percentage Interest” means, as of any date of determination, the percentage represented by the quotient of
(i) the number of Voting Securities that are then-Beneficially Owned by the Investor and its Affiliates and (ii) the number of all then-outstanding Voting Securities. 

“Law” means any applicable federal, state, local, foreign or international law, statute, code, ordinance, order, rule, rule
of common law, regulation, judgment, decree, injunction or treaty. 
 “Losses” means all losses, costs, interest, charges,
expenses (including reasonable attorneys’ fees), obligations, liabilities, settlement payments, awards, judgments, fines, penalties, damages, assessments or deficiencies. 

“Majority Voting Power” of the Company means a majority of the ordinary voting power in the election of directors of all the
outstanding Voting Securities of the Company. 
 “Mergers” has the meaning set forth in the recitals. 

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

“Nominated Non-Investor Directors” has the meaning set forth in
Section 2.5. 
 “Non-Affiliated Directors” means a
director who qualifies as “independent” under the rules of the NYSE or the rules of such other national securities exchange on which the Company Common Stock is then listed or trading and who is not a Board Representative. 

“Non-Investor Director” means a director who is not a Board Representative. 

“NYSE” has the meaning set forth in Section 2.3(e). 

“Pending Underwritten Offering” has the meaning set forth in Section 3.12. 

  
 -27- 

 “Permitted Transferee” means (i) any Affiliate of the Investor and
(ii) any holder of membership interests in the Investor and each of such holders’ direct and indirect equity holders. 

“Person” means an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an
unincorporated organization or a government or department or agency thereof. 
 “Piggyback Registration” has the meaning
set forth in Section 3.1(d). 
 “Pro Rata Portion” means, with respect to the Investor, on any
issuance date for New Securities, the number of New Securities equal to the product of (i) the total number of New Securities to be issued by the Company on such date and (ii) the Investor Percentage Interest, determined immediately prior
to such issuance date. 
 “Registration Statement” means the prospectus and other documents filed with the SEC to effect a
registration under the Securities Act. 
 “Representatives” has the meaning set forth in the Merger Agreement. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Shares” has the meaning set forth in the recitals. 

“Shelf Registration Statement” has the meaning set forth in Section 3.1(b). 

“Special Registration” has the meaning set forth in Section 3.1(d). 

“Subsidiary” means, with respect to any Person, another Person, (a) an amount of the voting securities, other voting
ownership or voting partnership interests of which is sufficient to elect at least a majority of its board of directors or other governing Person or body or (b) more than fifty (50%) percent of the equity interests of which is owned directly or
indirectly by such first Person. 
 “Sunset Date” means the earlier of: (i) the last day of the first period of six
continuous months during which the Investor Percentage Interest is less than 20% and (ii) the last day of the first period of six continuous months ending on or after the fifth (5th)
anniversary of the Closing Date during which the Investor Percentage Interest is less than 30%. 
 “Transfer” means
(i) any direct or indirect offer, sale, lease, assignment, encumbrance, pledge, hypothecation, disposition or other transfer (by operation of law or otherwise), either voluntary or involuntary, or entry into any contract, option or other
arrangement or understanding with respect to any offer, sale, lease, assignment, encumbrance, pledge, hypothecation, disposition or other transfer (by operation of law or otherwise), of any capital stock or interest in any capital stock or
(ii) in respect of any capital stock or interest in any capital stock, to enter into any swap or any other agreement, transaction or series of 

  
 -28- 

 
transactions that hedges or transfers, in whole or in part, directly or indirectly, the economic consequence of such ownership of such capital stock or interest in capital stock, whether any such
transaction, swap or series of transactions is to be settled by delivery of securities, in cash or otherwise. Notwithstanding anything to the contrary in this Agreement, a sale, transfer or other change in the ownership of any equity interests in a
Person shall not be deemed to result in the Transfer of capital stock or any interest in capital stock held by such Person unless such sale, transfer or other change in ownership results in a change of Control of such Person. 

“Underwritten Shelf Take-Down ” has the meaning set forth in Section 3.1(b). 

“Voting Securities” means shares of Company Common Stock and any other securities of the Company entitled to vote generally
at any annual or special meeting of the Company’s stockholders. 
 4.2    Terms Generally.
The words “hereby,” “herein,” “hereof,” “hereunder” and words of similar import refer to this Agreement as a whole and not merely to the specific section, paragraph or clause in which such word appears. All
references herein to Articles and Sections shall be deemed references to Articles and Sections of this Agreement unless the context shall otherwise require. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” References to “$” or “dollars” means United States dollars. The definitions given for terms in this Article IV and elsewhere in this
Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. References herein to any agreement or
letter (including the Merger Agreement) shall be deemed references to such agreement or letter as it may be amended, restated or otherwise revised from time to time. If, and as often as, there is any change in the outstanding shares of Company
Common Stock by reason of a share dividend or distribution, or stock split or other subdivision, or in connection with a combination of stock, recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other
reorganization or other similar capital transaction, appropriate anti-dilution adjustments will be made in the provisions of this Agreement so as to fairly and equitably preserve the rights and obligations set forth herein. 

ARTICLE V 
 MISCELLANEOUS 

5.1    Term. This Agreement will be effective as of the Closing Date and, except as otherwise set
forth herein will continue in effect thereafter until the earlier of (a) the time when no shares of Company Common Stock are held by the Investor or any other Holder and (b) its termination by the consent of all parties hereto or their
respective successors in interest. 
 5.2    Representations and Warranties . Each party
hereto hereby represents and warrants to each other party to this Agreement that as of the date such party executes this Agreement: (a) it is duly organized, validly existing and in good standing under the Laws of the jurisdiction of its
organization; (b) this Agreement has been duly 

  
 -29- 

 
and validly executed and delivered by such party and this Agreement constitutes a legal and binding obligation of such party , enforceable against the such party in accordance with its terms;
(c) the execution, delivery and performance by such party of this Agreement and the consummation by such party of the transactions contemplated hereby will not, with or without the giving of notice or lapse of time, or both (i) violate any
Law applicable to it, or (ii) conflict with, or result in a breach or default under, any term or condition of any agreement or other instrument to which such party is a party or by which such party is bound, except for such violations,
conflicts, breaches or defaults that would not, in the aggregate, materially affect such party’s ability to perform its obligations hereunder. The Investor herby represents and warrants to the Company that: (i) is acquiring its shares of
Company Common Stock for its own account, solely for investment and not with a view toward, or for sale in connection with, any distribution thereof in violation of any federal or state securities or “blue sky” laws, or with any present
intention of distributing or selling such shares of Company Common Stock in violation of any such laws, (ii) has such knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating
the merits and risks of its investment in the shares of Company Common Stock and of making an informed investment decision and (iii) is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act.

 5.3    Legends; Securities Act Compliance. 

(a)    A copy of this Agreement shall be filed with the Secretary of the Company and kept with the records of the Company.
Each Holder agrees that all certificates, book entry shares or other instruments representing such Shares will bear a legend substantially in to the following effect: 

THE SECURITIES EVIDENCED BY THIS CERTIFICATE MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENTS FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT THE SECURITIES MAY BE SOLD PURSUANT TO RULE 144 OR ANOTHER
AVAILABLE EXEMPTION UNDER THE SECURITIES ACT AND THE RULES AND REGULATIONS THEREUNDER. THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO A STOCKHOLDERS AGREEMENT WITH CERTAIN RESTRICTIONS ON TRANSFER, COPIES OF WHICH MAY BE OBTAINED FROM
THE COMPANY OR FROM THE HOLDER OF THIS CERTIFICATE. ANY ATTEMPTED TRANSFER OR DISPOSITION OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IN VIOLATION OF THE STOCKHOLDERS’ AGREEMENT SHALL BE NULL, VOID AND OF NO EFFECT. 

(b)    Notwithstanding Section 5.3(a), at the request of the Investor or other applicable
Holder, (i) at such time as the restrictions described in the foregoing are no longer applicable to the Investor or such other Holder and (ii) with respect to restrictions that refer to the Securities Act or other Laws, upon receipt by the
Company of an opinion of counsel to the 

  
 -30- 

 
effect that the first sentence of the foregoing legend is no longer required under the Securities Act or other Laws, as the case may be, the Company will promptly cause such legend to be removed
from any certificate or book entry share for any Shares held by the Investor or such other Holder. 

5.4    No Inconsistent Agreements. The Company will not hereafter enter into any agreement with
respect to its securities that violates or is inconsistent or conflicts with the rights granted to the holders of Registrable Securities in this Agreement. 

5.5    Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement
may be amended or waived only upon the prior written consent of (i) the Company by Company Non-Affiliate Approval and (ii) the Investor. No failure or delay by any party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies provided by applicable law. 

5.6    Successors and Assigns. Except as set forth in Section 3.8, neither
this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto, in whole or in part (whether by operation of law or otherwise), without the prior written consent of the other party;
provided, however, that the Investor may assign it rights under (i) Article I to any Affiliate of the Investor; provided that such Affiliate (x) has executed a customary joinder to this Agreement, in form and
substance reasonably acceptable to the Company, in which such Affiliate agrees to be subject to the terms and conditions of this Agreement applicable to the Investor and (y) remains an Affiliate of the Fund for so long as Article I
remains in Effect; provided, further, that no more than one Person shall be entitled to exercise the rights of the Investor under Article I at any time, and (ii) Section 2.3, in whole or in part, to any Affiliate of
the Investor, provided that such Affiliate (x) has executed a customary joinder to this Agreement, in form and substance reasonably acceptable to the Company, in which such Affiliate agrees to be subject to the terms and conditions of this
Agreement applicable to the Investor and (y) remains an Affiliate of the Fund for so long as Section 2.3 remains in effect. This Agreement will be binding upon, inure to the benefit of and be enforceable by the parties
and their respective permitted successors and assigns. Any attempted assignment in violation of this Section 5.6 shall be void. 

5.7    Severability. Whenever possible, each provision of this Agreement will be interpreted in such
manner as to be effective and valid under Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 

  
 -31- 

 5.8    Counterparts. This Agreement may be executed in
two or more counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that each party need
not sign the same counterpart. 
 5.9    Entire Agreement. This Agreement (including the documents
and the instruments referred to in this Agreement), together with the Merger Agreement, constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject
matter of this Agreement. 
 5.10    Governing Law; Jurisdiction. This Agreement shall be governed
by and construed in accordance with the Laws of the state of Delaware applicable to contracts executed and to be performed wholly within such State and without reference to the choice or conflict of law principles (whether of the state of Delaware
or any other jurisdiction) that would result in the application of the Laws of a different jurisdiction. Each party hereto irrevocably submits to the jurisdiction of the Court of Chancery of the state of Delaware (or solely if such courts decline
jurisdiction in any federal court located in the state of Delaware) any Action arising out of or relating to this Agreement, and hereby irrevocably agrees that all claims in respect of such Action may be heard and determined in such court. Each
party hereto hereby irrevocably waives, and agrees not to assert by way of motion, defense, counterclaim, or otherwise, the defense of an inconvenient forum to the maintenance of such Action. The parties hereto further agree, (i) to the extent
permitted by Law, that final and nonappealable judgment against any of them in any Action contemplated above shall be conclusive and may be enforced in any other jurisdiction within or outside the United States by suit on the judgment, a certified
copy of which shall be conclusive evidence of the fact and amount of such judgment and (ii) that service of process upon such party in any such action or proceeding shall be effective if notice is given in accordance with
Section 5.14. 
 5.11    WAIVER OF JURY TRIAL. Each party hereto
knowingly, intentionally, and voluntarily waives to the fullest extent permitted by applicable Law trial by jury in any action, proceeding or counterclaim brought by any of them against the other arising out of or in any way connected with this
Agreement, or any other agreements executed in connection herewith or the administration thereof or any of the transactions contemplated herein or therein. No party hereto shall seek a jury trial in any lawsuit, proceeding, counterclaim or any other
litigation procedure based upon, or arising out of, this Agreement or any related instruments or the relationship between the parties hereto. No party hereto will seek to consolidate any such action in which a jury trial has been waived with any
other action in which a jury trial cannot be or has not been waived. Each party hereto certifies that it has been induced to enter into this agreement or instrument by, among other things, the mutual waivers and certifications set forth above in
this Section 5.11. No party hereto has in any way agreed with or represented to any other party that the provisions of this Section 5.11 will not be fully enforced in all instances. 

5.12    Specific Performance. The parties hereto agree that irreparable damage would occur if any
provision of this Agreement were not performed in accordance 

  
 -32- 

 
with the terms hereof and that, except as otherwise provided in Section 5.10, the parties shall be entitled to an injunction or injunctions or other equitable relief to
prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any court set forth in Section 5.10, in addition to any other remedy to which they are entitled at law or
in equity. 
 5.13    No Third-Party Beneficiaries. Nothing in this Agreement shall confer any
rights upon any Person other than the parties hereto and each such party’s respective heirs, successors and permitted assigns, all of whom shall be third-party beneficiaries of this Agreement; provided that (i) any Person (other
than the Investors) that becomes an Investor shall be an intended third-party beneficiary hereof and (ii) the Persons indemnified under Article III are intended third-party beneficiaries of
Article III. 
 5.14    Notices. All notices and other communications to
be given to any party hereunder shall be sufficiently given for all purposes hereunder if in writing and upon delivery if delivered by hand, one Business Day after being sent by courier or overnight delivery service, three (3) Business Days
after being mailed by certified or registered mail, return receipt requested, with appropriate postage prepaid, or when sent in the form of a facsimile or e-mail and receipt confirmation is received, and shall
be directed to the address, facsimile number or e-mail set forth below (or at such other address or facsimile number as such party shall designate by like notice): 

If to the Company, to: 

[●] 
 [●] 

Attention:        [●] 

E-mail:            [●] 

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

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York,
New York 10019 
 Attention:        Mark Gordon 

E-mail:            MGordon@wlrk.com 

If to the Investor, to: 

[●] 
 [●] 

Attention:        [●] 

E-mail:            [●] 

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

Vinson & Elkins L.L.P. 

1001 Fannin Street, Suite 2500 

Houston, Texas 77002 

Attention:      Douglas E. McWilliams 

E-mail: DMcWilliams@velaw.com 

  
 -33- 

 If to the Fund, to: 

[●] 
 [●] 

Attention:        [●] 

E-mail:            [●] 

[The remainder of this page left intentionally blank.] 

  
 -34- 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement by their authorized
representatives as of the date first above written. 
  

			
	[NEW PARENT]
		
	By:	 	  

		 	Name: [●]
		 	Title:   [●]

  
 [Signature Page to
Stockholders Agreement] 

					
	[●]	 		 	
			
	By:	 		 	[●]
			
		 	By:	 	  

		 		 	Name:  [●]
		 		 	Title:    [●]

  
 [Signature Page to
Stockholders Agreement] 

 Exhibit A 

Initial Company Directors 

Board Representatives 
  

	 	•	 	Scott Gieselman 

  

	 	•	 	Craig Glick 

  

	 	•	 	Michael Starzer 

  

	 	•	 	[●] 

  

	 	•	 	[●] 

 Non-Investor Directors 

 

	 	•	 	Jim W. Mogg 

  

	 	•	 	William F. Owens 

  

	 	•	 	Edmund P. Segner 

  

	 	•	 	Randy I. Stein 

  

	 	•	 	Michael E. Wiley 

  

	 	•	 	R. Scot Woodall 

 Exhibit B 

Company Competitors 
 Approach
Resources, Inc. 
 Anadarko Petroleum Corporation 
 Bayswater
Exploration and Production, LLC 
 Bonanza Creek Energy, Inc. 

Callon Petroleum Company 
 Carrizo Oil & Gas, Inc. 

Clayton Williams Energy, Inc. 
 Comstock Resources, Inc. 

Confluence Energy, LLC 
 Crestone Peak Resources 

EOG Resources, Inc. 
 EXCO Resources, Inc. 

Jones Energy, Inc. 
 Laredo Petroleum, Inc. 

Matador Resources Company 
 Noble Energy Inc. 

PDC Energy, Inc. 
 Resolute Energy Corporation 

RSP Permian, Inc. 
 Samson Energy Company, LLC 

Sanchez Energy Corporation 
 Sandridge Energy, Inc. 

Synergy Resources Corporation 
 Verdad Oil & Gas
Corporation 
 Whiting Petroleum Corporation

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