Document:

EX-10.2

 Exhibit 10.2 

INVESTMENT MANAGEMENT TRUST AGREEMENT 

This Investment Management Trust Agreement (this “Agreement”) is made effective as of April 12, 2018 by and
between Pure Acquisition Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”). 

WHEREAS, the Company’s registration statement on Form S-1,
No. 333-223845 (the “Registration Statement”) and prospectus (the “Prospectus”) for the initial public offering of the Company’s units (the
“Units”), each of which consists of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), and one-half of
one warrant, each whole warrant entitling the holder thereof to purchase one share of Common Stock (such initial public offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by
the U.S. Securities and Exchange Commission; and 
 WHEREAS, the Company has entered into an Underwriting Agreement (the
“Underwriting Agreement”) with Oppenheimer & Co. Inc. and EarlyBirdCapital, Inc. as representatives (the “Representatives”) of the several underwriters (the
“Underwriters”) named therein; and 
 WHEREAS, as described in the Prospectus, $360,000,000 of the gross proceeds of
the Offering and sale of the Private Placement Warrants (as defined in the Underwriting Agreement) (or $414,000,000 if the Underwriters’ over-allotment option is exercised in full) will be delivered to the Trustee to be deposited and held in a
segregated trust account located at all times in the United States (the “Trust Account”) for the benefit of the Company and the holders of the Common Stock included in the Units issued in the Offering as hereinafter provided
(the amount to be delivered to the Trustee (and any interest subsequently earned thereon) is referred to herein as the “Property,” the stockholders for whose benefit the Trustee shall hold the Property will be referred to as
the “Public Stockholders,” and the Public Stockholders and the Company will be referred to together as the “Beneficiaries”); and 

WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee
shall hold the Property. 
 NOW THEREFORE, IT IS AGREED: 

1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 

(a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust Account established by the
Trustee in the United States of America at J.P. Morgan Chase Bank, N.A. and at a brokerage institution selected by the Trustee reasonably satisfactory to the Company; 

(b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein; 

 (c) In a timely manner, upon the written instruction of the Company, invest and reinvest the
Property in United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less, or in money market funds meeting the conditions of paragraphs
(d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended (or any successor rule), which invest only in direct U.S. government treasury obligations, as
determined by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder and the
Trustee may earn bank credits or other consideration during such periods; 
 (d) Collect and receive, when due, all interest or other income
arising from the Property, which shall become part of the “Property,” as such term is used herein; 
 (e) Promptly
notify the Company and the Representatives of all communications received by the Trustee with respect to any Property requiring action by the Company; 

(f) Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in connection with the
Company’s preparation of the tax returns relating to assets held in the Trust Account; 
 (g) Participate in any plan or proceeding for
protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company to do so; 
 (h) Render to
the Company monthly written statements of the activities of, and amounts in, the Trust Account reflecting all receipts and disbursements of the Trust Account; 

(i) Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a
letter from the Company (“Termination Letter A”) in a form substantially similar to that attached hereto as Exhibit A signed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer,
Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized officer of the Company, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, only
as directed in the Termination Letter A and the other documents referred to therein, or (y) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination Letter B”) in a form substantially
similar to that attached hereto as Exhibit B signed on behalf of the Company by its Chief Executive Officer, President, Chief Financial Officer, Secretary or Chairman of the Board or other authorized officer of the Company, and complete the
liquidation of the Trust Account and distribute the Property in the Trust Account, including interest not previously released to the Company to pay for office space, utilities and secretarial and administrative support of $10,000 per month and its
franchise and income taxes (net of any taxes payable and up to $50,000 for dissolution expenses) only as directed in the Termination Letter B and the other documents referred to therein, or (z) upon the date which is the later of (i) 18 months
after the closing of the Offering and (ii) such later date as may be approved by the Company’s stockholders in accordance with the Company’s second amended and restated certificate of incorporation, if neither a Termination Letter A
nor a Termination Letter B has been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter B attached as Exhibit B and the Property
in 

  
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 the Trust Account, including interest not previously released to the Company to pay for office space, utilities
and secretarial and administrative support of $10,000 per month and its franchise and income taxes (net of taxes payable and up to $50,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the
Public Stockholders of record as of such date; provided, however, in the event the Trustee receives a Termination Letter B in a form substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the Property because
it has received no such Termination Letter A or Termination Letter B by the date specified in clause (z) of this Section 1(i), the Trustee shall keep the Trust Account open until twelve (12) months following the
date the Property has been distributed to the Public Stockholders; 
 (j) Upon written request from the Company, which may be given from time
to time in a form substantially similar to that attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned on the
Property requested by the Company to cover any income or franchise tax obligation owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be delivered directly to the Company by
electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority; provided, however, to the extent there is not sufficient cash in the Trust Account to pay such tax
obligation, the Trustee shall liquidate such assets held in the Trust Account to make such distribution so long as there is no reduction in the principal amount initially deposited in the Trust Account; provided, further, if the tax to be paid is a
franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise tax bill from the State of Delaware for the Company and a written statement from the principal financial officer of the
Company setting forth the actual amount payable (it being acknowledged and agreed any such amounts, together with any amounts distributed pursuant to paragraph (k) below, in excess of interest income earned on the Property shall not be payable
from the Trust Account). The written request of the Company referenced above shall constitute presumptive evidence the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; 

(k) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as
Exhibit D (an “Administrative Service Withdrawal Instruction”), withdraw from the Trust Account and distribute to the Company the amount of interest earned on the Property requested by the Company to cover any expenses
for office space, utilities and secretarial and administrative support, owed by the Company, not to exceed $10,000 per month (it being acknowledged and agreed any such amounts, together with any amounts distributed pursuant to paragraph
(j) above, in excess of interest income earned on the Property shall not be payable from the Trust Account), which amount shall be delivered directly to the Company by electronic funds transfer or other method of prompt payment. The written
request of the Company referenced above shall constitute presumptive evidence the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request; 

(l) Upon written request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as
Exhibit E (a “Stockholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company the amount requested by the Company to be used to redeem shares of Common Stock from Public
Stockholders properly submitted in connection with a stockholder vote to approve an amendment 

  
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 to the Company’s amended and restated certificate of incorporation to modify the substance or timing of the
Company’s obligation to redeem 100% of its public shares of Common Stock if the Company has not consummated an initial Business Combination within such time as is described in the Company’s amended and restated certificate of
incorporation. The written request of the Company referenced above shall constitute presumptive evidence the Company is entitled to distribute said funds, and the Trustee shall have no responsibility to look beyond said request; and 

(m) Not make any withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j),
(k), or (l) above. 
 2. Agreements and Covenants of the Company. The Company hereby agrees and covenants to: 

(a) Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board, President, Chief Executive
Officer, Chief Financial Officer or Secretary. In addition, except with respect to its duties under Sections 1(i), 1(j), 1(k), and 1(l) hereof, the Trustee shall be entitled to rely on, and shall be protected in relying
on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written instructions, provided that the Company shall promptly confirm such
instructions in writing; 
 (b) Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee
from and against any and all expenses, including reasonable counsel fees and disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in connection with any action, suit or other proceeding brought
against the Trustee involving any claim, or in connection with any claim or demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the Property, except
for expenses and losses resulting from the Trustee’s gross negligence, fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which
the Trustee intends to seek indemnification under this Section 2(b), it shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have
the right to conduct and manage the defense against such Indemnified Claim; provided the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not
agree to settle any Indemnified Claim without the prior written consent of the Company, which such consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel; 

(c) Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration fee, and transaction
processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood the Property shall not be used to pay such fees unless and until it is distributed to the Company pursuant to Sections
1(i) through 1(k) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Trustee shall refund to the Company the annual administration fee (on
a pro rata basis) with respect to any period after the liquidation of the Trust Account. The Company shall not be responsible for any other fees or charges of the Trustee except as set forth in this Section 2(c), Schedule A
and as may be provided in Section 2(b) hereof; 

  
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 (d) In connection with any vote of the Company’s stockholders regarding a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company and one or more businesses (the “Business Combination”), provide to the Trustee an affidavit or
certificate of the inspector of elections for the stockholder meeting verifying the vote of such stockholders regarding such Business Combination; 

(e) Provide the Representatives with a copy of any Termination Letter(s) and/or any other correspondence that is sent to the Trustee with
respect to any proposed withdrawal from the Trust Account promptly after it issues the same; 
 (f) Instruct the Trustee to make only those
distributions permitted under this Agreement, and refrain from instructing the Trustee to make any distributions not permitted under this Agreement. 

3. Limitations of Liability. The Trustee shall have no responsibility or liability to: 

(a) Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document other than this Agreement
and that which is expressly set forth herein; 
 (b) Take any action with respect to the Property, other than as directed in
Section 1 hereof, and the Trustee shall have no liability to any party except for liability arising out of the Trustee’s gross negligence, fraud or willful misconduct; 

(c) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding of
any kind with respect to, any of the Property unless and until it shall have received instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any expenses
incident thereto; 
 (d) Refund any depreciation in principal of any Property; 

(e) Assume that the authority of any person designated by the Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 
 (f) The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith and in the Trustee’s best judgment, except for the Trustee’s gross negligence, fraud or
willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s
counsel), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the
Trustee believes, in good faith and 

  
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 with reasonable care, to be genuine and to be signed or presented by the proper person or persons. The Trustee
shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee, signed by the proper party or parties
and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 
 (g) Verify the accuracy
of the information contained in the Registration Statement; 
 (h) Provide any assurance that any Business Combination entered into by the
Company or any other action taken by the Company is as contemplated by the Registration Statement; 
 (i) File information returns with
respect to the Trust Account with any local, state or federal taxing authority or provide periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property; 

(j) Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income generated by, and
activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, franchise and income tax obligations, except pursuant to Section 1(j)
hereof; or 
 (k) Verify calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to
Sections 1(i), 1(j), 1(k), and 1(l) hereof. 
 4. Trust Account Waiver. The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust
Account it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof,
the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account. 

5. Termination. This Agreement shall terminate as follows: 

(a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee, pending which the Trustee shall continue to act in accordance with this Agreement. At such time the Company notifies the Trustee a successor trustee has been appointed and has agreed to become subject to the
terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust Account, whereupon this
Agreement shall terminate; provided, however, in the event the Company does not locate a successor trustee within ninety (90) days of receipt of the resignation notice from the Trustee, the Trustee may submit an application to have the
Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever; or 

  
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 (b) At such time the Trustee has completed the liquidation of the Trust Account and its
obligations in accordance with the provisions of Section 1(i) hereof (which section may not be amended under any circumstances) and distributed the Property in accordance with the provisions of the applicable Termination
Letter, this Agreement shall terminate except with respect to Section 2(b). 
 6. Miscellaneous. 

(a) The Company and the Trustee each acknowledge the Trustee will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party immediately if it has reason to
believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely upon all information supplied to it by the Company, including,
account names, account numbers, and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct,
the Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds. 

(b) This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect
to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This Agreement may be executed in several original or facsimile counterparts, each one of which shall constitute an original, and
together shall constitute but one instrument. 
 (c) This Agreement contains the entire agreement and understanding of the parties hereto
with respect to the subject matter hereof. Except for Sections 1(i) and 1(l) hereof (which sections may not be modified, amended or deleted without the affirmative vote of a majority of the then outstanding shares of Class A
Common Stock and Class B Common Stock, voting as a single class; provided no such amendment will affect any Public Stockholder who has otherwise indicated his election to redeem his shares of Common Stock in connection with a stockholder vote
sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical error) by a writing signed by each of the parties hereto. 

(d) The parties hereto consent to the jurisdiction and venue of any state or federal court located in the City of New York, State of New York,
for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL BY JURY. 

(e) Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and
shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or email transmission: 

  
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 if to the Trustee, to: 

Continental Stock Transfer & Trust Company 

1 State Street 
 30th Floor 
 New York, New York 10004 

Attn: Steven Nelson and Sharmin Carter 

Email: scarter@continentalstock.com 
 if to the
Company, to: 
 Pure Acquisition Corp. 

421 W. 3rd Street, Suite 1000 

Fort Worth, TX 76102 
 Attn: Chief
Financial Officer 
 Email: stholen@highpeakenergy.com 

in each case, with copies to: 

Thompson & Knight, LLP 

One Arts Plaza 
 1722 Routh
Street, Suite 1500 
 Dallas, Texas 75201 

Attn: Amy Curtis, Esq. 
 Email:
amy.curtis@tklaw.com 
 and 

Oppenheimer & Co. 
 85
Broad Street, 23rd Floor 
 New York, New York 10004 

Attn.: Richard Mandery 
 Email:
richard.mandery@opco.com 

  
 8 

 and 

EarlyBirdCapital, Inc. 
 366
Madison Avenue, 8th Floor 
 New York, New York 10017 

Attn.: Steven Levine 
 Email:
slevine@elocap.com 
 and 
 Greenberg Traurig,
LLP. 
 MetLife Building 
 200
Park Avenue 
 New York, New York 10166 

Attn.: Alan Annex 
 Email:
annexa@gtlaw.com 
 (f) Each of the Company and the Trustee hereby represents it has the full right and power and has been duly authorized to
enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees it shall not make any claims or proceed against the Trust Account, including by way of
set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 
 (g)
Each of the Company and the Trustee hereby acknowledges and agrees each of the Representatives, on behalf of the Underwriters, are third party beneficiaries of this Agreement. 

(h) Except as specified herein, no party to this Agreement may assign its rights or delegate its obligations hereunder to any other person or
entity. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust
Agreement as of the date first written above. 
  

			
	 Continental Stock Transfer & Trust Company,

as Trustee

		
	By:	 	 /s/ Francis E. Wolf, Jr.

		 	Name: Francis E. Wolf, Jr.
		 	Title: Vice President
	
	Pure Acquisition Corp.
		
	By:	 	 /s/ Steven W. Tholen

		 	Name: Steven W. Tholen
		 	Title: Chief Financial Officer

 Signature Page to 

Investment Management Trust Agreement 

 SCHEDULE A 
  

							
	 Fee Item
	  	 Time and method of payment
	  	Amount	 
	 Initial set-

up/Acceptance fee
	  	Initial closing of Offering by wire transfer.	  	$	3,500.00	 
			
	IPO closing fee	  	Initial closing of Offering by wire transfer.	  	$	4,500.00	 
			
	 Trustee
 administration fee
	  	Payable annually. First year fee payable at initial closing of Offering by wire transfer; thereafter, payable by wire transfer or check.	  	$	10,000.00	 
			
	 Paying Agent
 services as required

pursuant to Section 1(i)
	  	Billed to Company upon delivery of service pursuant to Section 1(i)	  	 	Prevailing rates	 

 EXHIBIT A 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street 
 30th Floor 
 New York, New York 10004 

Attn: Steven Nelson and Sharmin Carter 
 Re:
Trust Account No. [ ] Termination Letter 
 Gentlemen: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Pure Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of April 12, 2018 (the “Trust Agreement”), this is to advise you the Company
has entered into an agreement with (the “Target Business”) to consummate a business combination with Target Business (the “Business Combination”) on or about [insert date]. The Company shall notify you
at least forty-eight (48) hours in advance of the actual date of the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall have the meanings set forth in
the Trust Agreement. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the
assets of the Trust Account on [insert date], and to transfer the proceeds into the trust checking account at J.P. Morgan Chase Bank, N.A. to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately
available for transfer to the account or accounts the Company shall direct on the Consummation Date. It is acknowledged and agreed while the funds are on deposit in the trust checking account at J.P. Morgan Chase Bank, N.A. awaiting distribution,
the Company will not earn any interest or dividends. 
 On the Consummation Date (i) counsel for the Company shall deliver to you
written notification that the Business Combination has been consummated, or will be consummated concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”) and (ii) the
Company shall deliver to you (a) [an affidavit] [a certificate] of the Chief Executive Officer of the Company, which verifies the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) a
written instruction signed by the Company with respect to the transfer of the funds held in the Trust Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds held in the Trust Account
immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event certain deposits held in the Trust Account may not be liquidated by the Consummation Date without
penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company. Upon the distribution of all the
funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated. 

 In the event the Business Combination is not consummated on the Consummation Date described in
the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall be
reinvested as provided in Section 1(c) of the Trust Agreement on the business day immediately following the Consummation Date as set forth in such written instruction as soon thereafter as possible. 

 

			
	Very truly yours,
	
	Pure Acquisition Corp.
		
	By:	 	  

		 	Name:
		 	Title:

 cc:   Oppenheimer & Co. 

EarlyBirdCapital, Inc. 

 EXHIBIT B 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street 
 30th Floor 
 New York, New York 10004 

Attn: Steven Nelson and Sharmin Carter 
 Re:
Trust Account No. [ ] Termination Letter 
 Gentlemen: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Pure Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of April 12, 2018 (the “Trust Agreement”), this is to advise you the Company
has been unable to effect a business combination with a Target Business within the time frame specified in the Company’s Amended and Restated Certificate of Incorporation, as described in the Company’s Prospectus relating to the Offering.
Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 
 In accordance with the terms of
the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account on [ ], 20[ ] and to transfer the total proceeds into the trust checking account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public
Stockholders. The Company has selected [ ]1 as the record date for the purpose of determining the Public Stockholders entitled to receive their share of the liquidation proceeds. You agree to be
the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds (net of taxes payable and up to $50,000 for dissolution expenses) directly to the Public Stockholders in accordance with the terms of the Trust
Agreement and the Amended and Restated Certificate of Incorporation of the Company. Upon the distribution of all the funds, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations
under the Trust Agreement shall be terminated, except to the extent otherwise provided in Section 1(j) of the Trust Agreement. 
  

			
	Very truly yours,
	
	Pure Acquisition Corp.
		
	By:	 	  

		 	Name:
		 	Title:

 cc:   Oppenheimer & Co. 

EarlyBirdCapital, Inc. 
  

	1 	18 months from the closing of the Offering. 

 EXHIBIT C 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street 
 30th Floor 
 New York, New York 10004 

Attn: [Accounting Department: •] 
 Re: Trust
Account No. [ ] Tax Payment Withdrawal Instruction 
 Gentlemen: 

Pursuant to Section 1(j) of the Investment Management Trust Agreement between Pure Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of April 12, 2018 (the “Trust Agreement”), the Company hereby requests you
deliver to the Company $[ ] of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

The Company needs such funds to pay for the tax obligations as set forth on the attached tax return or tax statement. In accordance with the
terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at: 

[WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	Pure Acquisition Corp.
		
	By:	 	  

		 	Name:
		 	Title:

 cc:   Oppenheimer & Co. 

EarlyBirdCapital, Inc. 

 EXHIBIT D 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street 
 30th Floor 
 New York, New York 10004 

Attn: [Accounting Department: •] 
 Re: Trust
Account No. [ ] Administrative Service Withdrawal Instruction 
 Gentlemen: 

Pursuant to Section 1(k) of the Investment Management Trust Agreement between Pure Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of April 12, 2018 (the “Trust Agreement”), the Company hereby requests you
deliver to the Company $[ ] of the interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust Agreement. 

The Company needs such funds to pay for office space, utilities and secretarial and administrative expenses. In accordance with the terms of
the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Company’s operating account at: 

[WIRE INSTRUCTION INFORMATION] 
  

			
	Very truly yours,
	
	Pure Acquisition Corp.
		
	By:	 	  

		 	Name:
		 	Title:

 cc:   Oppenheimer & Co. 

EarlyBirdCapital, Inc. 

 EXHIBIT E 

[Letterhead of Company] 

[Insert date] 
 Continental Stock
Transfer & Trust Company 
 1 State Street 
 30th Floor 
 New York, New York 10004 

Attn: Steven Nelson and Sharmin Carter 
 Re: Trust
Account No. [ ] Stockholder Redemption Withdrawal Instruction 
 Gentlemen: 

Pursuant to Section 1(l) of the Investment Management Trust Agreement between Pure Acquisition Corp. (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of April 12, 2018 (the “Trust Agreement”), the Company hereby requests you
deliver to the redeeming Public Stockholders of the Company $[ ] of the principal and interest income earned on the Property as of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth in the Trust
Agreement. 
 The Company needs such funds to pay its Public Stockholders who have properly elected to have their shares of Common Stock
redeemed by the Company in connection with a stockholder vote to approve an amendment to the Company’s second amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of
its public shares of Common Stock if the Company has not consummated an initial Business Combination within such time as is described in the Company’s second amended and restated certificate of incorporation. As such, you are hereby directed
and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the redeeming Public Stockholders in accordance with your customary procedures. 

 

			
	Very truly yours,
	
	Pure Acquisition Corp.
		
	By:	 	  

		 	Name:
		 	Title:

 cc:   Oppenheimer & Co. 

EarlyBirdCapital, Inc.EX-10.3

 Exhibit 10.3 

STOCK ESCROW AGREEMENT 

STOCK ESCROW AGREEMENT, dated as of April 12, 2018 (“Agreement”), by and among PURE ACQUISITION CORP., a Delaware
corporation (“Company”), HIGHPEAK PURE ACQUISITION, LLC., a Delaware limited liability company (the “Sponsor”), the other parties hereto named on Exhibit A attached hereto (together with Sponsor and any permitted
transferee of the Sponsor or such other parties after the date hereof in accordance with the terms hereof being referred to individually as an “Initial Stockholder or collectively as the “Initial Stockholders”) and
CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”). 
 WHEREAS, the Company has
entered into an Underwriting Agreement, dated April 12, 2018 (“Underwriting Agreement”), with Oppenheimer & Co. and EarlyBirdCapital, Inc. (the “Representatives”) acting as representatives of the
several underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase 36,000,000 units (“Units”) of the Company, plus an additional 5,400,000 Units
if the Representatives exercise the over-allotment option in full. Each Unit consists of one share of the Company’s Class A common stock, par value $.0001 per share (“Common Stock”), and one half of one Warrant, each whole
Warrant to purchase one share of Class A Common Stock, in the Company’s initial public offering (the “IPO”), all as more fully described in the Company’s final Prospectus, dated April 12, 2018
(“Prospectus”) comprising part of the Company’s Registration Statement on Form S-1 (File No. 333-223845) under the Securities Act of 1933, as
amended (“Registration Statement”), declared effective on April 12, 2018 (“Effective Date”). 

WHEREAS, the Initial Stockholders have agreed as a condition of the sale of the Units to deposit its 10,350,000 shares (the “Escrow
Shares”) of Class B Common Stock of the Company, up to 1,350,000 of which shares will be forfeited by the Sponsor if the Underwriters’ over-allotment option in connection with the IPO is not exercised in full, in escrow as
hereinafter provided. 
 WHEREAS, the Company and the Initial Stockholders desire the Escrow Agent to accept the Escrow Shares, in escrow,
to be held and disbursed as hereinafter provided. 
 IT IS AGREED: 

1. Escrow Agent. The Company and the Initial Stockholders hereby appoint the Escrow Agent to act in accordance with and subject to the
terms of this Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms. 

2. Deposit of Shares. On or before the Effective Date, the Initial Stockholders shall have delivered to the Escrow Agent certificates
representing the Initial Stockholders’ shares, to be held and disbursed subject to the terms and conditions of this Agreement. The Initial Stockholders acknowledge the certificates representing the Initial Stockholders’ shares are legended
to reflect the deposit of such shares under this Agreement. 

 3. Disbursement of the Escrow Shares. 

3.1 If the Underwriters do not exercise in full their over-allotment option to purchase up to an additional 5,400,000 Units of the Company
within 45 days of the date of the Prospectus (as described in the Underwriting Agreement), the Sponsor agrees the Escrow Agent shall return to the Company for cancellation, at no cost, a number of Escrow Shares determined by multiplying 1,350,000 by
a fraction, (i) the numerator of which is 5,400,000 minus the number of shares of Common Stock, if any, purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is 5,400,000. The
Company shall promptly provide notice to the Escrow Agent of the expiration or termination of the Underwriters’ over-allotment option and the number of Units, if any, purchased by the Underwriters in connection with their exercise thereof. 

3.2 Except as otherwise set forth herein, the Escrow Agent shall hold the Escrow Shares until (i) with respect to 50% of the Escrow Shares
(or, if any Escrow Shares are cancelled pursuant to Section 3.1 hereof, 50% of the remaining Escrow Shares after giving effect to such cancellation), on the earlier of (x) one year after the date of the consummation of the Company’s
initial merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities (“Business Combination”), and (y) the date on
which the closing price of the Company’s Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any
30-trading day period commencing after the Company’s initial Business Combination and (ii) with respect to the remaining Escrow Shares, one year after the date of the consummation of an initial
Business Combination (the “Escrow Period”). The Company shall promptly provide notice of the consummation of a Business Combination to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall disburse such
amount of each Initial Stockholder’s Escrow Shares (and any applicable share power) to such Initial Stockholder; provided, however, if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being
liquidated because it failed to consummate a Business Combination within the time period specified in the Prospectus, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares; provided further, however, if, within
one year after the Company consummates a Business Combination, the Company (or the surviving entity) subsequently consummates a liquidation, merger, stock exchange or other similar transaction which results in all of the stockholders of such entity
having the right to exchange their shares of Common Stock for cash, securities or other property, then the Escrow Agent will, upon receipt of a notice executed by the Chairman of the Board, Chief Executive Officer or other authorized officer of the
Company, in form reasonably acceptable to the Escrow Agent, certifying such transaction is then being consummated or such conditions have been achieved, as applicable, release the Escrow Shares to the Initial Stockholders. The Escrow Agent shall
have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section 3. 

 4. Rights of Initial Stockholders in Escrow Shares. 

4.1 Voting Rights as a Stockholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof and except as
herein provided, the Initial Stockholders shall retain all of their rights as stockholders of the Company as long as any shares are held in escrow pursuant to this Agreement, including, without limitation, the right to vote such shares. 

4.2 Dividends and Other Distributions in Respect of the Escrow Shares. For as long as any shares are held in escrow pursuant to this
Agreement, all dividends payable in cash with respect to the Escrow Shares shall be paid to the Initial Stockholders, but all dividends payable in stock or other non-cash property (“Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any. 
 4.3 Restrictions on Transfer. During the Escrow
Period, no sale, transfer or other disposition may be made of any or all of the Escrow Shares by the holder thereof except (i) to the Sponsor’s or the Company’s officers, directors, consultants or their affiliates, (ii) to such
holder’s members upon such holder’s liquidation, in each case if the holder is an entity, (iii) in the case of an individual, by bona fide gift to a member of the applicable holder’s immediate family or to a trust, the
beneficiary of which is such holder or a member of such holder’s immediate family for estate planning purposes, (iv) in the case of an individual, by virtue of the laws of descent and distribution upon death, (v) in the case of an
individual, pursuant to a qualified domestic relations order, (vi) to the Company for no value for cancellation in connection with the consummation of a Business Combination or (vii) in connection with the consummation of an initial
Business Combination, by private sales of the Escrow Shares at prices no greater than the price at which the Escrow Shares were originally purchased; provided, however, except for clause (vi) or with the Company’s prior written consent,
such permissive transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed by the Sponsor. 

4.4 Insider Letter. The Initial Stockholders have executed a letter agreement with the Company and the Representatives, dated as
indicated on Exhibit A hereto, the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of the Initial Stockholders in certain events, including, but not
limited to, the liquidation of the Company and certain voting obligations in respect of the Escrow Shares. 
 5. Concerning the Escrow
Agent. 
 5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in
the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report
or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information 

 
therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand,
or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall
have given its prior written consent thereto. 
 5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the
Company from and against any expenses, including reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly,
arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly
after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow
Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it
may retain the Escrow Shares pending receipt of a final, non-appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares are
to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below. 

5.3 Compensation. The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it
hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all reasonable expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all counsel, advisors’ and
agents’ fees and disbursements and all taxes or other governmental charges. 
 5.4 Further Assurances. From time to time on and
after the date hereof, the Company and the Initial Stockholders shall deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably
request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder. 

5.5 Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the
other parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company
and approved by the Representatives, which approval will not be unreasonably withheld, conditioned or delayed, the Escrow Shares held hereunder. If no new escrow agent is so appointed within the 60-day period
following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate in the State of New York. 

 5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its
duties as escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly, provided, however, such resignation shall become effective only upon acceptance of appointment by a successor escrow agent as provided in
Section 5.5. 
 5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from
liability hereunder for its own gross negligence, fraud or willful misconduct. 
 5.8 Waiver. The Escrow Agent hereby waives any right
of set-off or any other right, title, interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust
Agreement, dated as of the date hereof, by and between the Company and the Escrow Agent as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason
whatsoever. 
 6. Miscellaneous. 

6.1 Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws
of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. Each of the parties hereby agrees that any action, proceeding or claim against it
arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such personal
jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. 

6.2 Third Party Beneficiaries. The Initial Stockholders hereby acknowledge the Underwriters are third party beneficiaries of this
Agreement. 
 6.3 Entire Agreement. This Agreement and each Insider Letter contain the entire agreement of the parties hereto with
respect to the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to be charged. 

6.4 Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation thereof. 
 6.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties
hereto and their legal representatives, successors and assigns. 

 6.6 Notices. Any notice or other communication required or which may be given hereunder
shall be in writing and either be delivered personally, by email transmission, or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given when so delivered
personally or, if mailed, four business days after the date of mailing, as follows: 
 If to the Company, to: 

Pure Acquisition Corp. 
 421 W.
3rd Street, Suite 1000 
 Fort Worth, Texas 76102 

Attn: Chief Financial Officer 

Email: stholen@highpeakenergy.com 

with a copy to: 

Thompson & Knight, LLP 

One Arts Plaza 
 1722 Routh
Street, Suite 1500 
 Dallas, Texas 75201 

Attn: Amy Curtis, Esq. 
 Email:
amy.curtis@tklaw.com 
 If to any of the Initial Stockholders, to its address set forth in Exhibit A. 

and if to the Escrow Agent, to: 

Continental Stock Transfer & Trust Company 

1 State Street Plaza 
 New York,
New York 10004 
 Attn: Steven Nelson and Sharmin Carter 

Email: scarter@continentalstock.com 

A copy of any notice sent hereunder shall be sent to: 

Oppenheimer & Co. 
 85
Broad Street, 23rd Floor 
 New York, New York 10004 

Attn: Richard Mandery 
 Email:
richard.mandery@opco.com 
 EarlyBirdCapital, Inc. 

366 Madison Avenue, 8th Floor 

New York, New York 10017 
 Attn:
Steven Levine 
 Email: slevine@elocap.com 

 with a copy to: 

Greenberg Traurig, LLP 
 Met
Life Building 
 200 Park Avenue 

New York, New York 10166 
 Attn:
Alan I. Annex, Esq. 
 Email: annexa@gtlaw.com 

The parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice to any
such change in the manner provided herein for giving notice. 
 6.7 Liquidation of the Company. The Company shall give the Escrow
Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period specified in the Prospectus. 

6.8 Counterparts. This Agreement may be executed in several counterparts, each one of which shall constitute an original and may be
delivered by facsimile transmission and together shall constitute one instrument. 
 [Signature Page Follows] 

 WITNESS the execution of this Agreement as of the date first above written. 

 

			
	PURE ACQUISITION CORP.
		
	By:	 	 /s/ Steven W. Tholen

		 	Name: Steven W. Tholen
Chief Financial Officer
	
	SPONSOR:
	
	HIGHPEAK PURE ACQUISITION, LLC
		
	By:	 	 /s/ Jack Hightower

		 	Name: Jack Hightower
		 	Title: Chief Executive Officer
	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	 /s/ Henry Farrell

		 	Name: Henry Farrell
		 	Title: Vice President
	
	 /s/ Sylvia K. Barnes

Sylvia K. Barnes

	
	 /s/ M. Gregory Colvin

M. Gregory Colvin

	
	 /s/ Jared S. Sturdivant

Jared S. Sturdivant

 Signature Page to Stock Escrow Agreement 

 EXHIBIT A 
  

					
	 Name and Address
	  	Number
of Shares	  	Date of
Insider Letter
	 HighPeak Pure Acquisition, LLC

421 W. 3rd Street, Suite 1000

Fort Worth, Texas 76102

Email: jhightower@highpeak.com
	  	10,206,000	  	April 12, 2018
	  
	  	  
	  	  

	 Sylvia K. Barnes

c/o Pure Acquisition Corp.

421 W. 3rd Street, Suite 1000

Fort Worth, Texas 76102

Email: sylvia@tandaresourcesllc.com
	  	48,000	  	April 12, 2018
	  
	  	  
	  	  

	 M. Gregory Colvin

c/o Pure Acquisition Corp.

421 W. 3rd Street, Suite 1000

Fort Worth, Texas 76102

Email: greg@colvinllc.com
	  	48,000	  	April 12, 2018
	  
	  	  
	  	  

	 Jared S. Sturdivant

c/o Pure Acquisition Corp.

421 W. 3rd Street, Suite 1000

Fort Worth, Texas 76102

Email: jared@platformgrouplp.com
	  	48,000	  	April 12, 2018

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