Document:

EX-10.3

 Exhibit 10.3 

Execution Copy 
  

 
 EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made effective as of September 17, 2019 (the “Effective
Date”), by and among William Lyon Homes, a Delaware corporation (“Parent”), William Lyon Homes, Inc., a California corporation (the “Company”), and Jason R. Liljestrom, an individual
(“Executive”) (collectively the “Parties” and individually a “Party”), with respect to the following facts and circumstances: 

RECITALS 

A.    Executive currently holds the position of Senior Vice President, General Counsel and Corporate Secretary of the
Company and Parent, and is employed on the terms and conditions of that certain Employment Agreement dated April 1, 2013 (the “Prior Agreement”). 

B.    The Company and Executive have agreed to enter into this Agreement, which supersedes and replaces the Prior
Agreement, pursuant to which Executive shall continue to serve as Senior Vice President, General Counsel and Corporate Secretary of the Company and Parent under the terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth herein, the Parties agree as follows: 

ARTICLE 1 
 EMPLOYMENT
AND TERM 
 1.1    Employment. The Company agrees to continue to engage Executive in the capacity as Senior
Vice President, General Counsel and Corporate Secretary of the Company and Parent, pursuant to the terms and conditions set forth in this Agreement (which supersedes and replaces the Prior Agreement), and Executive hereby accepts such engagement by
the Company upon the terms and conditions herein. 
 1.2    Term. The term of Executive’s employment by the
Company shall be for a one-year period commencing on the Effective Date, which shall automatically renew for additional one-year periods annually (each commencing on an anniversary of the Effective Date)
unless either Party provides the other with written notice of non-renewal at least sixty (60) days prior to the expiration of the Term. Notwithstanding the foregoing, Executive’s employment hereunder
may be terminated earlier in accordance with the provisions of Article VI. The term of Executive’s employment hereunder is hereinafter referred to as the “Term.” 

 ARTICLE 2 

DUTIES OF EXECUTIVE 

2.1    Duties. During the Term, Executive shall serve as Senior Vice President, General Counsel and Corporate
Secretary and shall report directly to the President and Chief Executive Officer (the “CEO”) of the Company. In such capacity, Executive shall have the duties, functions, responsibilities, and authority customarily appertaining to
that position and shall have such other duties, functions, responsibilities, and authority consistent with such position as are from time to time delegated to him or her by the CEO. Executive shall perform the services contemplated herein
faithfully, diligently, to the best of his or her ability and in the best interests of the Company. Executive shall, in all material respects, at all times perform such services in compliance with, and to the extent of his or her authority, shall to
the best of his or her ability cause the Company to be in compliance with, any and all laws, rules and regulations applicable to the Company. Executive may rely on any guidance provided to the Company by its counsel. Executive shall, at all times
during the Term, in all material respects adhere to and obey any and all written internal rules and regulations governing the conduct of the Company’s employees, as established or modified from time to time; provided, however, in the event of
any conflict between the provisions of this Agreement and any such rules or regulations, the provisions of this Agreement shall control. 

2.2    Location of Services. Executive’s principal place of employment shall be at 4695 MacArthur Court,
Newport Beach, California or, subject to Section 6.3, such location as shall be designated by the CEO. Executive understands he or she will be required to travel to the Company’s various operations as part of his or
her employment. 
 2.3    Exclusive Service. Except as otherwise expressly provided herein, Executive shall
devote his or her entire business time, attention, energies, skills, learning and best efforts to the business of the Company. Executive may participate in social, civic, charitable, religious, business, educational or professional associations so
long as such participation does not materially interfere with the duties and obligations of Executive hereunder. Subject to the Company’s Code of Business Conduct and Ethics, this Section 2.3 shall not be construed to
prevent Executive from making passive outside investments so long as such investments do not require material time of Executive or otherwise interfere with the performance of Executive’s duties and obligations hereunder and Executive shall not
make any investment in an enterprise that competes with the Company without the prior written approval of the Company after full disclosure of the facts and circumstances; provided, however, that this sentence shall not preclude Executive from
owning up to five percent (5%) of the securities of a publicly traded entity (a “Permissible Investment”). 

  
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 ARTICLE 3 

COMPENSATION 

3.1    Salary. In consideration for Executive’s services hereunder, the Company shall pay Executive a salary
at an annual rate, of not less than $350,000 per year during the Term, payable in accordance with the Company’s regular payroll schedule from time to time (less any deductions required for Social Security, state, federal and local withholding
taxes, and any other authorized or mandated similar withholdings). The annual salary shall be reviewed by the Compensation Committee of the Board no less frequently than annually and may be increased (but not decreased) at the discretion of the
Compensation Committee of the Board during the Term. If Executive’s annual salary is increased, the increased amount shall not be reduced for the remainder of the Term. 

3.2    Bonus. Executive shall be entitled to earn a cash bonus for each fiscal year during the Term under the
senior executive bonus program established by the Compensation Committee of the Board and shall participate at a level commensurate with his or her position with the Company. The Compensation Committee of the Board shall set a target cash bonus for
Executive each fiscal year during the Term (a “Target Cash Bonus”), in its sole and absolute discretion. 

3.3    Equity Awards. Executive shall be eligible to participate in the William Lyon Homes Amended and Restated
2012 Equity Incentive Plan (as may be amended or superseded, the “Equity Incentive Plan”), as such plan may be amended from time to time, including any long-term incentive program established thereunder, in the sole and absolute
discretion of the Compensation Committee of the Board. 
 ARTICLE 4 

EXECUTIVE BENEFITS 

4.1    Vacation. Executive shall be entitled to vacation during the Term without reduction in compensation in
accordance with the general policies of the Company, as such policies may be in effect from time to time. Except as otherwise limited by the general policies of the Company, as such policies may be in effect from time to time, any accrued vacation
that is unused during the Term may be carried forward to and used in subsequent years. 
 4.2    Company Executive
Benefits. Executive shall receive all group insurance and pension plan benefits and any other benefits on the same basis as they are available generally to senior management of the Company under the Company personnel policies and employee
retirement and welfare benefit plans as in effect from time to time. Executive shall also be entitled to a monthly automobile allowance as determined by the Compensation Committee of the Board (or its delegate(s)), but not less than $500, payable in
accordance with the Company’s regular payroll schedule from time to time, and Company-paid gasoline, in lieu of any mileage or other reimbursement, for use of his or her personal vehicle for business purposes. 

  
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 4.3    Indemnification. Executive shall have the benefit of
indemnification to the fullest extent permitted by applicable law pursuant to the Company’s indemnification policy, which indemnification shall continue after the termination of this Agreement for such period as may be necessary to continue to
indemnify Executive for his or her acts during the Term. In addition, the Company shall cause Executive to be covered by the current policies of directors and officer’s liability insurance covering directors and officers of the Company, copies
of which have been provided to Executive, in accordance with their terms, to the maximum extent of the coverage available for any director or officer of the Company. The Company shall use commercially reasonable efforts to cause the current policies
of directors and officers liability insurance covering directors and officers of the Company to be maintained throughout the Term and for such period thereafter as may be necessary to continue to cover acts of Executive during the Term (provided
that the Company may substitute therefor, or allow to be substituted therefor, policies of at least the same coverage and amounts containing terms and conditions which are, in the aggregate, no less advantageous to the insured in any material
respect). In the event of any merger or other acquisition of the Company, the Company shall no later than immediately prior to consummation of such transaction purchase the longest applicable “tail” coverage available under the directors
and officers liability insurance in effect at the time of such merger or acquisition. 
 ARTICLE 5 

REIMBURSEMENT FOR EXPENSES 

5.1    Reimbursement. Executive shall be reimbursed by the Company for all reasonable ordinary and necessary
expenses incurred by Executive in the performance of his or her duties or otherwise in furtherance of the business of the Company in accordance with the policies of the Company in effect from time to time. Executive shall keep accurate and complete
records of all such expenses, including but not limited to, proof of payment and purpose. Executive shall account fully for all such expenses to the Company. 

ARTICLE 6 
 TERMINATION

 6.1    Termination for Cause. The Company shall have the right to terminate Executive’s employment by
giving written notice of such termination to Executive, without further obligation or liability to Executive, upon the occurrence of any one or more of the following events, which events shall be deemed termination for cause
(“Cause”): 
 6.1.1    Gross Negligence. If Executive engages in conduct that constitutes gross
negligence in the performance of his or her duties under this Agreement and that is materially detrimental to the Company, is either incurable or, if curable, Executive fails to cure his or her gross negligence within thirty (30) days after
receipt of written notice thereof; 
 6.1.2    Breach of Agreement. If Executive willfully commits a breach of
Section 7.4, a material breach of Section 7.1, or of his or her fiduciary duty to the Company, and is either incurable or, if curable, Executive fails to cure such breach, within thirty
(30) days after receipt of written notice thereof; 

  
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 6.1.3    Failure to Perform Duties. If Executive
(A) willfully fails to comply with a reasonable direction of the CEO, or such other person as Executive is assigned to report to pursuant to this Agreement or (B) neglects to perform the material duties of his or her employment under this
Agreement in a professional and businesslike manner, other than due to his or her becoming Disabled (as defined below), which failure to comply or perform continues for a period of fifteen (15) days after receipt by Executive of written notice
thereof; 
 6.1.4    Breach of Policies or Applicable Law. If Executive materially breaches any (A) written
policy adopted by the Company concerning conflicts of interest, political contributions, standards of business conduct or nondiscrimination, or (B) procedures with respect to compliance with applicable laws described in any policies and
procedures manual of the Company, which breach continues for a period of fifteen (15) days after receipt by Executive of written notice thereof; and 

6.1.5    Wrongful Acts. If Executive is convicted of or pleads nolo contendere to a felony or commits fraud,
misrepresentation, embezzlement or other acts of material or willful misconduct against the Company or its shareholders that would make the continuance of his or her employment by the Company materially detrimental to the Company, as determined by
the Board in its reasonable discretion. 
 6.2    Termination Without Cause. Notwithstanding anything to the
contrary herein, the Company shall have the right to terminate Executive’s employment under this Agreement at any time without Cause by giving written notice of such termination to Executive, subject to the Company’s obligation to pay to
Executive the amounts set forth in Section 6.6.2 below. 
 6.3    Termination by Executive
for Good Reason. Executive may terminate his or her employment under this Agreement on thirty (30) days prior written notice to the Company for good reason (“Good Reason”). For purposes of this Agreement, “Good
Reason” shall mean and be limited to (a) a material breach of this Agreement by the Company (including without limitation any material diminution in the authority or duties of Executive or material reduction in base salary) and the failure
of the Company to remedy such breach within thirty (30) days after the Company’s receipt of written notice, (b) any relocation of Executive’s or the Company’s principal place of business more than fifty (50) miles from
Newport Beach, California (without Executive’s prior written consent), or (c) a Change in Control. Notice of termination for Good Reason must be given within sixty (60) days of the event or events giving rise to Good Reason, and must
specify a termination date not later than sixty (60) days after the date of such notice. 
 6.3.1    For purposes
of this Agreement, “Change in Control,” shall mean the occurrence of any of the following events: 
  

	 	(a)	 the acquisition, directly or indirectly, by any Person or Group, other than the Lyon Group, of Beneficial
Ownership of 

  
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securities entitled to vote generally in the election of directors (“voting securities”) of Parent that represent 50% or more of the combined voting power of Parent’s then
outstanding voting securities, other than: 

  

	 	(i)	 an acquisition by a trustee or other fiduciary holding securities under any employee benefit plan (or related
trust) sponsored or maintained by Parent, the Company or any Person controlled by Parent or the Company or by any employee benefit plan (or related trust) sponsored or maintained by Parent or the Company or any Person controlled by Parent or the
Company, or 

  

	 	(ii)	 an acquisition of voting securities by Parent or a corporation owned, directly or indirectly, by the
stockholders of Parent in substantially the same proportions as their ownership of the stock of Parent, or 

  

	 	(iii)	 an acquisition of voting securities directly from Parent, or 

 

	 	(iv)	 an acquisition of voting securities pursuant to a transaction described in clause (c) below that would not
be a Change in Control under clause (c). 

 Notwithstanding the foregoing, neither of the following events shall
constitute an “acquisition” by any Person or Group for purposes of this clause (a): (x) a change in the voting power of Parent’s voting securities based on the relative trading values of Parent’s then outstanding securities as
determined pursuant to Parent’s or the Company’s Articles of Incorporation, as applicable, or (y) an acquisition of Parent’s securities by the Parent or the Company which, either alone or in combination only with the other event,
causes Parent’s voting securities beneficially owned by a Person or Group other than the Lyon Group, to represent 50% or more of the combined voting power of the Parent’s or the Company’s then outstanding voting securities;
provided, however, that if a Person or Group shall become the beneficial owner of 50% or more of the combined voting power of Parent’s then outstanding voting securities by reason of share acquisitions by Parent as described above and
shall, after such share acquisitions by Parent, become the beneficial owner of any additional voting securities of Parent, then such acquisition shall constitute a Change in Control; 

 

	 	(b)	 individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for
any reason to constitute at least a majority of the Board; provided, however, that any 

  
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individual becoming a director subsequent to the date hereof whose election, or nomination for election by Parent’s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual
or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

 

	 	(c)	 the consummation by Parent (whether directly involving Parent or indirectly involving Parent through one or
more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of Parent’s or the Company’s assets or (z) the acquisition of assets
or stock of another entity, in each case, other than a transaction 

  

	 	(i)	 which results in Parent’s voting securities outstanding immediately before the transaction continuing to
represent (either by remaining outstanding or by being converted into voting securities of Parent or the Person that, as a result of the transaction, controls, directly or indirectly, Parent or owns, directly or indirectly, all or substantially all
of Parent’s or the Company’s assets or otherwise succeeds to the business of Parent or the Company (Parent or such Person, the “Successor Entity”)) directly or indirectly, at least 50% of the combined voting power of the
Successor Entity’s outstanding voting securities immediately after the transaction, and 

  

	 	(ii)	 after which more than 50% of the members of the board of directors of the Successor Entity were members of the
Incumbent Board at the time of the Board’s approval of the agreement providing for the transaction or other action of the Board approving the transaction, and 

 

	 	(iii)	 after which no Person or Group other than the Lyon Group, beneficially owns (individually or collectively)
voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no Person or Group shall be treated for purposes of this clause (c) as beneficially owning 50% or more of combined
voting power of the Successor Entity solely as a result of the voting power held in Parent prior to the consummation of the transaction; or 

  
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	 	(d)	 a liquidation or dissolution of Parent or the Company. 

For purposes of clause (a) above, the calculation of voting power shall be made as if the date of the acquisition were a record date for a vote of
Parent’s shareholders, as applicable, and for purposes of clause (c) above, the calculation of voting power shall be made as if the date of the consummation of the transaction were a record date for a vote of Parent’s shareholders.

 6.3.2    The term “Lyon Group” shall mean William Lyon and William H. Lyon, their siblings, spouses
and lineal descendants (including by step-, adoptive and similar relationships), any entities wholly owned by one or more of the foregoing persons, and any trusts or other estate planning vehicles for the benefit of any of the foregoing. 

6.3.3    The terms “Person,” “Group,” “Beneficial Owner,” and
“Beneficial Ownership” shall have the meanings used in the Securities Exchange Act of 1934, as amended, and the regulations thereunder. Notwithstanding the foregoing, (A) Persons shall not be considered to be acting as a
“Group” solely because they purchase or own stock of Parent or the Company at the same time, or as a result of the same public offering, (B) however, Persons will be considered to be acting as “Group” if they are owners of a
corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction, with Parent or the Company, and (C) if a Person, including an entity, owns stock both in Parent or the Company and in a
corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar transaction, with Parent or the Company, such shareholders shall be considered to be acting as a Group with other shareholders only with respect to
the ownership in the corporation before the transaction. 
 6.4    Termination due to Death or Disability.
Executive’s employment shall terminate upon his or her death. The Company may terminate Executive’s employment due to Executive becoming Disabled. For the purposes of this Agreement, Executive shall be considered to be
“Disabled” (a) upon a determination by the Board (or its delegate(s)) supported by a reputable independent physician that Executive will be unable to resume, within the ensuing six (6) months, his or her duties hereunder, due
to physical or mental illness, or (b) upon written notice of termination by the Company to Executive after Executive has been unable to substantially perform his or her duties hereunder for ninety (90) or more consecutive days, or more
than one hundred and twenty (120) days in any twelve-month period due to physical or mental illness. 

6.5    Effectiveness on Notice. Any termination under this Article 6 shall be effective upon receipt of
written notice by Executive or the Company, as the case may be, of such termination or upon such other later date as may be provided herein or specified by the Company or Executive in such written notice (the “Termination Date”). In
the event of Executive’s death, no written notice shall be required and the Termination Date shall be the date of his or her death. 

  
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 6.6    Effect of Termination. 

6.6.1    Payment of Accrued Obligations. Except as provided in Section 6.6.2 if
applicable, upon the termination of Executive’s employment by the Company, by Executive or due to death or due to Executive becoming Disabled, all benefits provided to Executive by the Company hereunder shall thereupon cease. The Company shall
pay or cause to be paid to Executive on the Termination Date, in the case of termination by the Company, by Executive for Good Reason or Executive becoming Disabled, or as soon as practicable in the case of a termination by Executive without Good
Reason or death, all accrued but unpaid base salary and vacation benefits. In addition, promptly upon submission by Executive of his or her unpaid expenses incurred prior to the Termination Date and owing to Executive pursuant to Article 5,
reimbursement for such expenses shall be made in accordance with Section 9.3 below. If the Agreement is terminated for Cause or by the Executive for any reason other than Good Reason or for no reason whatsoever, or due to
death or Executive becoming Disabled, Executive shall not be entitled to receive any payments other than as specified in this Section 6.6.1. 

6.6.2    Termination Without Cause or for Good Reason. In addition to the amounts payable and benefits provided
under Section 6.6.1, if Executive’s employment is terminated as a result of the Company terminating Executive without Cause or Executive terminating this Agreement for Good Reason, subject to Executive signing, within twenty-one (21) or forty-five (45) days, as applicable, following the Termination Date, and not revoking the severance agreement and general release attached hereto as Exhibit A (“Severance
Agreement”), Executive shall be entitled to receive the following payments and benefits described in Section 6.6.2(a) – (c) at the dates specified therein: 

 

	 	(a)	 On the date that is sixty (60) days after the date of the Separation from Service, the Company shall pay
to Executive a lump-sum payment equal to (i) the amount equal to one (1) (or, if the Termination Date occurs during any Protection Period (as defined below), one and
one-half (1.5)) multiplied by the sum of Executive’s annual salary plus Target Cash Bonus (each as used or defined in Sections 3.1 and 3.2, respectively), based on the annual salary in effect on
the date of termination and the Target Cash Bonus for the Executive for the then current fiscal year; plus (ii) the amount of any previously earned deferred bonuses from the then current fiscal year and prior fiscal years that have not been
previously paid to Executive. All amounts paid hereunder shall be paid less any deductions required for Social Security, state, federal and local withholding taxes, and any other authorized or mandated similar withholdings, including benefit
deductions. For purposes of this Agreement, “Protection Period” means (x) the period within one year following a Change in Control and (y) any period during which Parent or the Company is party to an agreement, the
consummation of the transactions contemplated by which would result in the occurrence of a Change in Control. 

  
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	 	(b)	 All of Executive’s unvested restricted stock grants, stock options and any other equity awards granted
under the Equity Incentive Plan shall immediately vest in full on the Termination Date in the event Executive’s termination without Cause or resignation for Good Reason occurs on or within twelve (12) months following a Change in Control.
With respect to each award of unvested performance-based restricted stock, performance-based restricted stock units and performance stock units, for purposes of this Section 6.6.2(b), performance with respect to any
performance period shall be deemed achieved (i) at target level in the event the Termination Date occurs prior to the end of any current or future performance period for such award or (ii) based on actual achievement in the event the
Termination Date occurs on or after the end of any performance period for such award. 

  

	 	(c)	 In the event Executive timely makes an election under the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended (“COBRA”), to continue to receive health benefits coverage for Executive and/or his or her dependents under the same plan(s) or arrangement(s) under which Executive was covered immediately before his or her
termination of employment, as such plan(s) or arrangement(s) provided by Parent or any of its subsidiaries thereafter may change or be amended from time to time, for until the earlier of (i) the end of the twelve (12) month period beginning on the first of the month following the month in which the Termination Date occurs or (ii) the date Executive becomes covered under any other group health plan or group
disability plan (as the case may be) not maintained by Parent or any of its subsidiaries, the Company shall reimburse Executive for all payments made by Executive for such COBRA benefits; provided, however, that if such other group health plan
excludes any pre-existing condition that Executive or Executive’s dependents may have when coverage under such group health plan would otherwise begin, the Company shall continue to reimburse Executive
for COBRA payments with respect to such pre-existing condition until the earlier of (A) the date that such exclusion under such other group health plan lapses or expires or (B) the period described
in clause (i) of this Subsection 6.6.2 (c). 

 The general release of claims contained in the Severance Agreement may be
modified by the Company prior to Executive’s execution of the Severance Agreement to the extent the Company reasonably believes necessary to give the general release the full effect it had as of the date of execution of this Agreement if that
effect is limited by a subsequent change or changes in law or circumstances. The severance payment provided in Section 6.6.2(a) shall be payable upon Executive’s “Separation from Service” within the meaning
of Section 409A of Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively, “Code Section 409A”). 

  
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 6.7    Termination of Offices and Directorships. Upon termination
of Executive’s employment for any reason, unless otherwise specified in a written agreement between Executive and the Company, Executive shall be deemed to have resigned from all offices, directorships, and other employment positions then held
with the Company and its parents, subsidiaries and affiliates, if any, and shall take all actions reasonably requested by the Company to effectuate the foregoing. Except as expressly provided in this Agreement, the Company shall have no further
obligations, and Executive shall have no further rights or entitlements, in connection with or following Executive’s termination of employment. 

6.8    No-Exclusivity of Rights. Nothing in this Agreement shall prevent or
limit Executive’s continuing or future participation in any plan, program, policy or practice provided by Parent, the Company or their subsidiaries and for which Executive may qualify, nor shall anything herein limit or otherwise affect such
rights as Executive may have under any other contract or agreement with the Company or its subsidiaries at or subsequent to the Termination Date (“Other Benefits”), which Other Benefits shall be payable in accordance with such plan,
policy, practice, program, contract or agreement, except as explicitly modified by this Agreement. 

6.9    Conditions to Receipt of Severance Benefits. In addition to the requirement that Executive execute and not
revoke the General Release, as a condition for Executive’s right to receive any severance benefits hereunder, Executive shall be required to comply with Sections 7.4 and 7.5 of this Agreement. 

ARTICLE 7 

CONFIDENTIALITY 

7.1    Nondisclosure of Confidential Information. In the performance of his or her duties, Executive may have
access to confidential records, including, but not limited to, development, marketing, organizational, financial, managerial, administrative and sales information, data, specifications and processes presently owned or at any time hereafter developed
or used by the Company or its agents or consultants that is not otherwise known to the public (collectively, the “Confidential Information”). Executive recognizes and acknowledges that the Confidential Information is a valuable,
special, and unique asset of the Company’s business, access to and knowledge of which are essential to the performance of Executive’s duties. Executive confirms that all such Confidential Information is the exclusive property of the
Company and that the Company has taken efforts reasonable under the circumstances, of which this Section 7.1 is an example, to maintain its secrecy. Except in the performance of his or her duties to the Company or as
required by a court or administrative order or as required for his or her personal tax or legal advisors to advise him or her, Executive shall not, directly or indirectly, for any reason whatsoever, disclose, divulge, communicate, use or otherwise
disclose any Confidential Information without the prior written consent of the Company duly authorized by the Board. Executive shall also take all reasonable actions appropriate to maintain the secrecy of all Confidential Information. All records,
lists, memoranda, correspondence, reports, manuals, emails, 

  
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electronic files, files, drawings, documents, equipment, and other tangible items (including computer software), wherever located, incorporating the Confidential Information, which Executive
shall prepare, use or encounter, shall be and remain the Company’s sole and exclusive property and shall be included in the Confidential Information. Upon termination of this Agreement, or whenever requested by the Company, Executive shall
promptly deliver to the Company any and all of the Confidential Information, not previously delivered to the Company, that is in the possession or under the control of Executive. Confidential Information shall not include (x) information that
becomes generally available to the public other than as a result of unauthorized disclosure by Executive or his or her affiliates, (y) information that becomes available to Executive subsequent to the termination of Executive’s employment
hereunder and on a non-confidential basis from a source other than the Company or its affiliates who is not bound by a duty of confidentiality, or other contractual, legal, or fiduciary obligation to the
Company and/or (z) information that is developed independently by Executive subsequent to the termination of Executive’s employment hereunder without any reliance on any other Confidential Information. The provisions of this
Section 7.1 shall continue in effect notwithstanding termination of Executive’s employment for any reason. 

7.2    Assignment of Intellectual Property Rights. Any ideas, processes, designs, methods, substances, articles, know-how, copyrightable works, maskworks, trade or service marks, trade secrets, inventions, developments, discoveries, improvements, whether or not patentable or copyrightable, and other matters that may be
protected by intellectual property rights, that relate to the Company’s business and are the results of Executive’s efforts during the Term (collectively, the “Employee Work Product”), whether conceived or developed alone
or with others, and whether or not conceived during the regular working hours of the Company, shall be deemed works made for hire and are the property of the Company. In the event that for whatever reason such Employee Work Product shall not be
deemed a work made for hire, Executive agrees that such Employee Work Product shall become the sole and exclusive property of the Company, and Executive hereby assigns to the Company his or her entire right, title and interest in and to each and
every patent, copyright, trade or service mark (including any attendant goodwill), trade secret or other intellectual property right embodied in Employee Work Product. The foregoing work made for hire and assignment provisions are and shall be in
consideration of this agreement of employment by the Company, and no further consideration is or shall be provided to Executive by the Company with respect to these provisions. Executive agrees to execute any assignment documents the Company may
require confirming the Company’s ownership of any of Employee Work Product. Executive also waives any and all moral rights with respect to any such works, including without limitation any and all rights of identification of authorship and/or
rights of approval, restriction or limitation on use or subsequent modifications. 
 7.2.1    Executive understands that
the Company is hereby advising Executive that any provision in this Agreement requiring Executive to assign rights in any invention does not apply to an invention that qualifies fully under the provisions of Section 2870 of the California Labor
Code. That Section provides as follows: 
  

	 	(a)	 “Any provision in an employment agreement which provides that an employee shall assign, or offer to
assign, any of his or her rights in an invention to his or her employer shall not 

  
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apply to an invention that the employee developed entirely on his or her own time without using the employer’s equipment, supplies facilities, or trade secret information, except for those
inventions that either: 

  

	 	(i)	 Relate at the time of conception or reduction to practice of the invention to the employer’s business, or
actual or demonstrably anticipated research or development of the employer; or 

  

	 	(ii)	 Result from any work performed by the employee for the employer. 

 

	 	(b)	 The extent a provision in an employment agreement purports to require an employee to assign an invention
otherwise excluded from being required to be assigned under subdivision (a), the provision is against the public policy of the state and is unenforceable.” 

7.2.2    By signing this Agreement, Executive acknowledges that this Section shall constitute written notice of the
provisions of Section 2870. 
 7.3    Whistleblower Protections and Trade Secrets. Notwithstanding anything
to the contrary contained herein, nothing in this Agreement prohibits Executive from reporting possible violations of federal law or regulation to any United States governmental agency or entity in accordance with the provisions of and rules
promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including the right to receive
an award for information provided to any such government agencies). Furthermore, in accordance with 18 U.S.C. § 1833, notwithstanding anything to the contrary in this Agreement: (i) Executive shall not be in breach of this Agreement, and
shall not be held criminally or civilly liable under any federal or state trade secret law (x) for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the
purpose of reporting or investigating a suspected violation of law, or (y) for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and
(ii) if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney, and may use the trade secret information in the court proceeding,
if Executive files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order. 

7.4    Covenant Not to Compete. 

7.4.1    During the Term, Executive shall not, directly or indirectly, work for or provide services to or own an equity
interest (except for a Permissible Investment) in any person, firm or entity engaged in the residential home building or development business that competes against the Company in Arizona, California, Nevada, Colorado, Washington,

  
 13 

 
Oregon, Texas and in any “other market” in which the Company develops real property. For purposes of this Agreement, “other market” shall be defined as the area within
a 100 mile radius of any real property owned by the Company. 
 7.4.2    Executive represents to the Company that the
enforcement of the restriction contained in this Section 7.4.1 would not be unduly burdensome to Executive. 

7.5    No Solicitation. For a period of one (1) year after the effective date of such termination, Executive
shall not, directly or indirectly, for himself or herself or on behalf of any entity with which he or she is affiliated or employed, solicit any person known to Executive to be an employee of the Company or any of its subsidiaries (or any person
known to Executive to have been such an employee within six months prior to such occurrence) to become employed by or provide personal services to any person or entity other than the Company or its subsidiaries or to terminate his or her employment
with the Company or any of its subsidiaries. Executive shall not be deemed to have solicited any such person in violation of this provision if Executive places or assists another person in placing an advertisement seeking employment candidates in a
publication, including an internet publication, or generally available to the public or within the residential construction and development industry. 

7.6    Non-Disparagement. Executive agrees not to publish or disseminate,
directly or indirectly, any statements, whether written or oral, that are or could be harmful to or reflect negatively on the Company and/or its businesses, or that are otherwise disparaging of the Company and/or its businesses, or any of their past
or present or future officers, directors, employees, advisors, or agents in their capacity as such, or any of their policies, procedures, practices, decision-making, conduct, professionalism or compliance with standards. For avoidance of doubt, the
foregoing shall not be violated by statements that the maker reasonably believes to be true in response to legal process, required by governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation,
depositions in connection with such proceedings). 
 7.7    Ancillary and Independent Provisions. The
representations and covenants contained in this Article 7 on the part of Executive will be construed as ancillary to and independent of any other provision of this Agreement, and the existence of any claim or cause of action of Executive against the
Company or any officer, director, or shareholder of the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants of Executive contained in this Article 7. In
addition, the provisions of this Article 7 shall continue to be binding upon Executive in accordance with their terms, notwithstanding the termination of Executive’s employment hereunder for any reason. 

7.8    Consideration. The restrictions set forth in this Article 7 are being given for good and valuable
consideration, the receipt and sufficiency of which is acknowledged by Executive. 
 7.9    Time Periods. If
Executive violates any covenant contained in this Article 7 and the Company brings legal action for injunctive or other relief, the Company shall not, as a result of the time involved in obtaining the relief, be deprived of the benefit of the full
period of any such covenant. Accordingly, the covenants of Executive contained in this Article 7 shall be deemed to have durations as specified above. 

  
 14 

 7.10    Reasonableness of Limitations. The Parties agree that the
limitations contained in this Article 7 with respect to time, geographical area, and scope of activity are reasonable. However, if any court or arbitrator shall determine that the time, geographical area, or scope of activity of any restriction
contained in this Article 7 is unenforceable, it is the intention of the Parties that such restrictive covenant set forth herein shall not thereby be terminated but shall be deemed amended to the extent required to render it valid and enforceable.

 7.11    Irreparable Injury. The promised service of Executive under this Agreement and the other promises of
this Article 7 are of special, unique, unusual, extraordinary, or intellectual character, which gives them peculiar value, the loss of which cannot be reasonably or adequately compensated in damages in an action at law. 

7.12    Remedies for Breach. Executive agrees that money damages will not be a sufficient remedy for any breach of
the obligations under this Article 7 and Section 2.3 hereof and that the Company shall be entitled to injunctive relief and to specific performance as remedies for any such breach. Executive agrees that the Company shall be
entitled to such relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of proving actual damages and without the necessity of posting a bond or making any undertaking in connection
therewith. Any such requirement of a bond or undertaking is hereby waived by Executive and Executive acknowledges that in the absence of such a waiver, a bond or undertaking might otherwise be required by the court. Such remedies shall not be deemed
to be the exclusive remedies for any breach of the obligations in this Article 7 or Section 2.3, but shall be in addition to all other remedies available at law or in equity. 

ARTICLE 8. 
 ARBITRATION

 8.1    General. Any controversy, dispute, or claim between the Parties, including any claim arising out
of, in connection with, or in relation to the formation, interpretation, performance or breach of this Agreement shall be settled exclusively by arbitration, before a single arbitrator, in accordance with this Article 8 and the then applicable JAMS
Employment Arbitration Rules and Procedures (“JAMS Rules”). Judgment upon any award rendered by the arbitrator may be entered by any state or federal court having jurisdiction thereof. Such arbitration shall be administered by JAMS.
Arbitration shall be the exclusive remedy for determining any such dispute, regardless of its nature. Notwithstanding the foregoing, either party may in an appropriate matter apply to a court for provisional relief, including a temporary restraining
order or a preliminary injunction, on the ground that the award to which the applicant may be entitled in arbitration may be rendered ineffectual without provisional relief. Unless mutually agreed by the parties otherwise, any arbitration shall take
place in Orange County, California. 

  
 15 

 8.2    Selection of Arbitrator. In the event the parties are
unable to agree upon an arbitrator, the arbitrator shall be selected in accordance the JAMS Rules. 

8.3    Applicability of Arbitration; Remedial Authority. This agreement to resolve any disputes by binding
arbitration shall extend to claims against any parent, subsidiary or affiliate of each party, and, when acting within such capacity, any officer, director, stockholder, employee or agent of each party, or of any of the above, and shall apply as well
to claims arising out of state and federal statutes and local ordinances as well as to claims arising under the common law. In the event of a dispute subject to this paragraph, the parties to the arbitration shall be entitled to reasonable discovery
subject to the discretion of the arbitrator. The remedial authority of the arbitrator (which shall include the right to grant injunctive or other equitable relief) shall be the same as, but no greater than, would be the remedial power of a court
having jurisdiction over the parties and their dispute. The arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if the party bringing the motion establishes that he or she or it would be entitled to summary
judgment if the matter had been pursued in court litigation. In the event of a conflict between the JAMS Rules and these procedures, the provisions of these procedures shall govern. 

8.4    Fees and Costs. Any filing or administrative fees shall be borne initially by the Party requesting
arbitration. The Company shall be responsible for the costs and fees of the arbitration. Notwithstanding the foregoing, each Party shall be responsible for and pay their own attorney’s’ fees and costs incurred in connection with such
arbitration, except as may be awarded to a prevailing party under applicable law. 
 8.5    Award Final and
Binding. The arbitrator shall render an award and written opinion, and the award shall be final and binding upon the parties. If any of the provisions of this paragraph, or of this Agreement, are determined to be unlawful or otherwise
unenforceable, in whole or in part, such determination shall not affect the validity of the remainder of this Agreement, and this Agreement shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and to
insure that the resolution of all conflicts between the parties, including those arising out of statutory claims, shall be resolved by neutral, binding arbitration. If a court should find that the arbitration provisions of this Agreement are not
absolutely binding, then the parties intend any arbitration decision and award to be fully admissible in evidence in any subsequent action, given great weight by any finder of fact, and treated as determinative to the maximum extent permitted by
law. 
 ARTICLE 9 

CODE SECTION 409A 

9.1    General. The intent of the Parties is that payments and benefits under this Agreement comply with, or be
exempt from, Internal Revenue Code Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted in accordance therewith. In no event whatsoever shall the Company be liable for any additional tax, interest
or penalty that may be imposed on Executive by Code Section 409A or any damages for failing to comply with Code Section 409A. 

  
 16 

 9.2    Reimbursements. To the extent that reimbursements or other
in-kind benefits, under this Agreement constitute “nonqualified deferred compensation” subject to Code Section 409A, (i) the right to reimbursement or
in-kind benefits shall not be subject to liquidation or exchange for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits,
provided during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not
be violated with regard to expenses reimbursed under any arrangement covered by Internal Revenue Code Section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect and (iii) such
payments shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense occurred. 

9.3    Six-Month Delay. Notwithstanding anything to the contrary in this
Agreement, no compensation or benefits, including without limitation any severance payments or benefits payable under this Section 6.6, shall be paid to Executive during the six (6) month period following his or her Separation from Service
to the extent that the Company determines that paying such amounts at the time or times indicated in this Agreement would result in a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is
delayed as a result of the previous sentence, then on the first day following the end of such six (6) month period, the Company shall pay Executive a lump-sum amount equal to the cumulative amount that
would have otherwise been payable to Executive during such six (6) month period. 
 9.4    Payment Date.
Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following Termination Date”), the actual date of payment within the specified
period shall be determined by the Company. Any payments made under this Agreement shall be considered separate payments and not one of a series of payments for purposes of Code Section 409A. 

ARTICLE 10 

MISCELLANEOUS 

10.1    Amendments. The provisions of this Agreement may not be waived, altered, amended or repealed in whole or in
part except by the signed written consent of the Parties sought to be bound by such waiver, alteration, amendment or repeal. 

10.2    Entire Agreement. This Agreement constitutes the total and complete agreement of the Parties with respect
to the subject matter herein, and supersedes all prior and contemporaneous understandings and agreements heretofore made, and there are no other representations, understandings or agreements. 

10.3    Assistance in Litigation, Investigations and Inquiries. During the Term and for a period of two years
thereafter, Executive shall, upon reasonable notice, furnish such information and proper assistance to the Company as may reasonably be required by the Company in connection with any litigation, or governmental or regulatory investigation or inquiry
in which the Company or any of its affiliates is, or may become, a party or subject. 

  
 17 

 
The Company shall reimburse Executive for all reasonable out-of-pocket expenses incurred by Executive in rendering
such assistance. The provisions of this Section 10.3 shall continue in effect notwithstanding termination of Executive’s employment hereunder for any reason. 

10.4    Counterparts. This Agreement may be executed in one of more counterparts, each of which shall be deemed and
original, but all of which shall together constitute one and the same instrument. 
 10.5    Severability. Each
term, covenant, condition or provision of this Agreement shall be viewed as separate and distinct, and in the event that any such term, covenant, condition or provision shall be deemed by an arbitrator or a court of competent jurisdiction to be
invalid or unenforceable, the court or arbitrator finding such invalidity or unenforceability shall modify or reform this Agreement to give as much effect as possible to the terms and provisions of this Agreement. Any term or provision which cannot
be so modified or reformed shall be deleted and the remaining terms and provisions shall continue in full force and effect. 

10.6    Waiver or Delay. The failure or delay on the part of the Company, or Executive to exercise any right or
remedy, power or privilege hereunder shall not operate as a waiver thereof. A waiver, to be effective, must be in writing and signed by the party making the waiver. A written waiver of default shall not operate as a waiver of any other default or of
the same type of default on a future occasion. 
 10.7    Successors and Assigns. This Agreement shall be binding
on and shall inure to the benefit of the Parties to it and their respective heirs, legal representatives, successors and assigns, except as otherwise provided herein. The Company will require any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place. “Company” means the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid that assumes and agrees to perform this Agreement by operation of law or
otherwise. 
 10.8    No Assignment or Transfer by Executive. Neither this Agreement nor any of the rights,
benefits, obligations or duties hereunder may be assigned or transferred by Executive. Any purported assignment or transfer by Executive shall be void. 

10.9    Necessary Acts. Each party to this Agreement shall perform any further acts and execute and deliver any
additional agreements, assignments or documents that may be reasonably necessary to carry out the provisions or to effectuate the purpose of this Agreement. 

10.10    Governing Law. This Agreement and all subsequent agreements between the parties shall be governed by and
interpreted, construed and enforced in accordance with the laws of the State of California. 

  
 18 

 10.11    Notices. All notices, requests, demands and other
communications to be given under this Agreement shall be in writing and shall be delivered personally, sent by facsimile transmission or sent by certified, registered or express or overnight mail, postage prepaid, and shall be deemed received when
so delivered personally or sent by facsimile transmission (with written confirmation received) or, if mailed, four (4) days after the date of mailing or the next day after overnight mail, and properly addressed to the party at the address set
forth as follows or any other address that any Party may designate by written notice to the other Party: 
  

			
	   To Executive:
	 	The Company’s office address at which Executive performs services, or alternatively, the last available address provided by Executive to the Company.
		
	   To the Company:
	 	 William Lyon Homes, Inc.
 4695 MacArthur Court,
8th Floor
 Newport Beach, California 92660

Attn: Maureen Singer, Vice President Human Resources
 Telephone:
(949) 476-5440
 Facsimile: (949) 252-2552

 10.12    Headings and Captions. The headings and captions used herein are solely
for the purpose of reference only and are not to be considered as construing or interpreting the provisions of this Agreement. 

10.13    Construction. All terms and definitions contained herein shall be construed in such a manner that shall
give effect to the fullest extent possible to the express or implied intent of the Parties hereby. 

10.14    Counsel. Executive has been advised by the Company that he or she should consider seeking the advice of
counsel in connection with the execution of this Agreement and Executive has had an opportunity to do so. Executive has read and understands this Agreement, and has sought the advice of counsel to the extent he or she has determined appropriate.

 10.15    Withholding of Compensation. Executive hereby agrees that the Company may deduct and withhold from
the compensation or other amounts payable to Executive hereunder or otherwise in connection with Executive’s employment any amounts required to be deducted and withheld by the Company under the provisions of any applicable Federal, state and
local statute, law, regulation, ordinance or order and any benefit deductions. 
 [Signature page to follow] 

  
 19 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and delivered
and effective as of the date first written above. 
  

			
	“COMPANY”
	
	WILLIAM LYON HOMES, INC.
		
	By:	 	 /s/ Matthew R. Zaist

		 	Matthew R. Zaist
		 	President and Chief Executive Officer
	
	“EXECUTIVE”
	
	 /s/ Jason R. Liljestrom

	Jason R. Liljestrom

  
 20 

 Execution Copy 

EXHIBIT A 
 William Lyon
Homes, Inc. 
 SEVERANCE AGREEMENT AND GENERAL RELEASE 

In consideration of the benefits provided under Section 6.6.2 of the Employment Agreement by and between [INSERT NAME]
(“Executive”) and William Lyon Homes, Inc. a California corporation, (the “Company”) to which this Severance Agreement and General Release (the “Agreement”) is Exhibit A (the “Employment
Agreement”), Executive hereby agrees as follows: 
 1.    Relief from Duties. Executive is relieved of
all job responsibilities and authority, effective                     , and resigns from any and all positions as an officer, director or employee of
the Company or any parent, subsidiary or affiliate of the Company. Executive will, on or before                     , return to the Company all
files, records, keys, and any other property of the Company and its parents, subsidiaries and affiliates. 

2.    Representation and Warranty. Executive represents to the Company that he or she is signing this Agreement
voluntarily and with a full understanding of, and agreement with, its terms, for the purpose of receiving the payments and benefits set forth in Section 6.6.2 of the Employment Agreement, thereby resolving all claims between the parties arising
out of his or her employment with, and the termination of his or her relationship with, the Company. 

3.    Severance Benefits and Unemployment Claims. In reliance on Executive’s representations and releases in
this Agreement, the Company will provide to Executive the payments and benefits set forth in Section 6.6.2 of the Employment Agreement at the times set forth therein. Should Executive file for unemployment insurance benefits, the Company agrees
not to challenge Executive’s claim. 
 4.    No Other Payments or Benefits. Executive agrees that he or she
is not entitled to receive, and will not claim, any payments or benefits other than what is expressly set forth in Sections 6.6.1 and 6.6.2 of the Employment Agreement and such other benefits which, by their terms, survive Executive’s
termination of employment, and hereby expressly waives any right to additional payments or benefits. 
 5.    General
Release by Executive. Subject to Section 6 below, Executive hereby releases and discharges forever the Company, and each of its parents, affiliates and subsidiaries, and each of their present and former directors,
officers, employees, trustees, agents, attorneys, administrators, plans, plan administrators, insurers, parent corporations, subsidiaries, related and affiliated companies and entities, shareholders, members, partners, representatives, predecessors,
successors and assigns, and all persons acting by, through, under or in concert with them (hereinafter collectively referred to as the “Executive Released Parties”), from and against all “Claims.” The
“Claims” released herein include any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, 

  
 A-1 

 
contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent, which
Executive now has or may hereafter have against the Executive Released Parties, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof. Without limiting the generality of the foregoing,
Claims shall include: any claims in any way arising out of, based upon, or related to his or her employment by or service as a director to any of the Executive Released Parties, or any of them, or the termination thereof; any claim for wages,
salary, commissions, bonuses, fees, incentive payments, profit-sharing payments, expense reimbursements, leave, vacation, severance pay or other employee benefits; any alleged breach of any express or implied contract of employment; any alleged
torts or other alleged legal restrictions on the Company’s rights to terminate his or her employment; and any alleged violation of any federal, state or local statute or ordinance including, without limitation, Claims arising under the Age
Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, and the Employee Retirement Income Security Act, the California Consumer Credit Reporting Agencies Act, the California Fair Employment and Housing Act, the California
Family Rights Act, the California WARN Act, the California Labor Code, California Business & Professions Code Section 17200, and the California Family Military Leave Law. 

6.    Exclusions from General Release. Notwithstanding the generality of Section 1,
Executive does not release the following claims and rights: 
  

	 	(a)	 Executive’s rights to the benefits of Section 6.6.2 of the Employment Agreement;

  

	 	(b)	 Executive’s rights as a shareholder and option holder in the Company 

 

	 	(c)	 any claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of
applicable state law; 

  

	 	(d)	 claims to continued participation in certain of the Company’s group benefit plans pursuant to the terms
and conditions of the federal law known as COBRA or the comparable California law known as Cal-COBRA; 

  

	 	(e)	 any rights vested prior to the date of Executive’s termination of employment to benefits under any
Company-sponsored retirement or welfare benefit plan; 

  

	 	(f)	 Executive’s rights, if any, to indemnity and/or advancement of expenses pursuant to applicable state law,
the Company’s articles, bylaws or other corporate governance documents, and/or to the protections of any director’ and officers’ liability policies of the Company or any of its affiliates; and 

 

	 	(g)	 any other right that may not be released by private agreement. 

(collectively, the “Executive Unreleased Claims”). 

  
 A-2 

 7.    Rights Under the ADEA and Older Workers Benefit Protection Act.
Without limiting the scope of the foregoing release of Claims in any way, Executive certifies that this release constitutes a knowing and voluntary waiver of any and all rights or claims that exist or that Executive has or may claim to have
under ADEA and that he or she is hereby advised of his or her rights under the Older Workers Benefit Protection Act. This release does not govern any rights or claims that might arise under the ADEA after the date this Agreement is signed by the
parties. Executive acknowledges that: 
  

	 	(a)	 the consideration provided pursuant to this Section 6.6.2 of the Employment is in addition to any
consideration that he or she would otherwise be entitled to receive; 

  

	 	(b)	 he or she has been and is hereby advised in writing to consult with an attorney prior to signing this
Agreement; 

  

	 	(c)	 he or she has been provided a full and ample opportunity to review this Agreement, including a period of at
least twenty-one (21) days, or forty-five (45) days if applicable, within which to consider it; 

  

	 	(d)	 to the extent that Executive takes less than the twenty-one
(21) day period, or forty-five (45) day period if applicable, to consider this Agreement prior to execution, Executive acknowledges that he or she had sufficient time to consider this Agreement with counsel and that he or she expressly,
voluntarily and knowingly waives any additional time; and 

  

	 	(e)	 Executive is aware of his or her right to revoke this Agreement at any time within the seven (7) day
period following the date on which he or she executes the release and that the release shall not become effective or enforceable until the calendar day immediately following the expiration of the seven (7) day revocation period (the
“Effective Date”). Executive further understands that he or she shall relinquish any right he or she has to the consideration specified in Section 6.6.2 of the Employment Agreement if he or she exercises his or her right to
revoke the Agreement. Notice of revocation must be made in writing, signed by Executive, and must be received by the Company, at 4695 MacArthur Court, 8th Floor, Newport Beach, CA 92660Attn:
Corporate Human Resources, no later than 5:00 p.m. (Pacific Time) on the seventh (7th) calendar day immediately following the date on which Executive executes this Agreement. 

8.    Unknown Claims. It is further understood and agreed that Executive waives all rights under Section 1542
of the California Civil Code and/or any statute or common law principle of similar effect in any jurisdiction with respect to any Claims other than the Executive Unreleased Claims. Section 1542 reads as follows: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY 

  
 A-3 

 
DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR
OR RELEASED PARTY.” 
 Notwithstanding the provisions of Section 1542 or any statute or common law principle of similar effect in any
jurisdiction, and for the purpose of implementing a full and complete release and discharge of all claims, Executive expressly acknowledges that this Agreement is intended to include in its effect, without limitation, all claims which Executive does
not know or suspect to exist in Executive’s favor at the time of execution hereof, and that the general release agreed upon contemplates the extinguishment of any such claims. 

9.    Covenant Not To Sue. Executive represents and covenants that he or she has not filed, initiated or caused to
be filed or initiated, any Claim, charge, suit, complaint, grievance, action or cause of action against the Company or any of the Executive Released Parties. Except to the extent that such waiver is precluded by law, Executive further promises and
agrees that he or she will not file, initiate, or cause to be filed or initiated any Claim, charge, suit, complaint, grievance, action, or cause of action based upon, arising out of, or relating to any Claim, demand, or cause of action released
herein, nor shall Executive participate, assist or cooperate in any Claim, charge, suit, complaint, grievance, action or proceeding regarding any of the Executive Released Parties, whether before a court or administrative agency or otherwise, unless
required to do so by law. The parties acknowledge that this Agreement will not prevent the Executive from filing a charge with the Equal Employment Opportunity Commission (or similar state agency) or participating in any investigation conducted by
the Equal Employment Opportunity Commission (or similar state agency); provided, however, that Executive acknowledges and agrees that any Claims by Executive, or brought on his or her behalf, for personal relief in connection with such a charge or
investigation (such as reinstatement or monetary damages) would be and hereby are barred. 
 10.    No Assignment.
Executive represents and warrants that he or she has made no assignment or other transfer, and covenants that he or she will make no assignment or other transfer, of any interest in any Claim which he or she may have against the Executive
Released Parties, or any of them. 
 11.    Indemnification of Executive Released Parties. Executive agrees to
indemnify and hold harmless the Executive Released Parties, and each of them, against any loss, claim, demand, damage, expenses, or any other liability whatsoever, including reasonable attorneys’ fees and costs resulting from: (a) any
breach of this release by Executive or Executive’s successors in interest; (b) any assignment or transfer, or attempted assignment or transfer, of any Released Claims; or (c) any action or proceeding brought by Executive or
Executive’s successors in interest, or any other, if such action or proceeding arises out of, is based upon, or is related to any Released Claims; provided, however, that this indemnification provision shall not apply to any challenge by
Executive of the release of claims under the ADEA, Title VII, or similar discrimination laws, and any right of the Release Parties to recover attorneys’ fees and/or expenses for such breach shall be governed by applicable law. It is the
intention of the parties that this indemnity does not require payment as a condition precedent to recovery by any of the Executive Released Parties under this indemnity. 

  
 A-4 

 12.    Entire Agreement/No Oral Modification. This Agreement
contains all of the terms, promises, representations, and understandings made between the parties with respect to the subject matter hereof. Executive agrees that no promises, representations, or inducements have been made to him or her that caused
him or her to sign this Agreement other than those set forth in this Agreement. This Agreement does not supersede Executives obligations under Section 7 of the Employment Agreement or any other agreement concerning the assignment, use or
disclosure of confidential information or intellectual property. 
 13.    No Oral Modification/Waiver. This
Agreement may be modified only by a written instrument signed by the parties hereto or, in the case of a waiver, by the party waiving compliance. No delay on the part of the Company in exercising any right hereunder shall operate as a waiver
thereof, nor shall any waiver or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

14.    Non-Disparagement by Executive. Executive agrees not to publish or
disseminate, directly or indirectly, any statements, whether written or oral, that are or could be harmful to or reflect negatively on any of the Executive Released Parties and/or their businesses, or that are otherwise disparaging of any of the
Executive Released Parties and/or their businesses, or any of their past or present or future officers, directors, employees, advisors, or agents in their capacity as such, or any of their policies, procedures, practices, decision-making, conduct,
professionalism or compliance with standards. For avoidance of doubt, statements by Executive, which Executive reasonably and in good faith believes to be accurate and truthful, made to the Company, or its subsidiaries, affiliates or representatives
pursuant to Executive’s obligations under Section 15 hereof shall not be deemed a violation of this Section 14. 

15.    Truthful Testimony; Notice of Request for Testimony. Nothing in this Agreement is intended to or shall
preclude Executive from providing testimony that he or she reasonably and in good faith believes to be truthful in response to a valid subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as
required by law. Executive shall notify the Company in writing as promptly as practicable after receiving any such request of the anticipated testimony and at least ten (10) days prior to providing such testimony (or, if such notice is not
possible under the circumstances, with as much prior notice as is possible) to afford the Company a reasonable opportunity to challenge the subpoena, court order or similar legal process. Moreover, nothing in this Agreement shall be construed or
applied so as to limit Executive from providing candid statements that he or she reasonably and in good faith believes to be truthful to any governmental or regulatory body or any self-regulatory organization. In addition, nothing in this
Agreement prohibits Executive from reporting possible violations of federal law or regulation to any United States governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities
Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation (including the right to receive an award for information provided to any such
government agencies). Furthermore, in accordance with 18 U.S.C. § 1833, notwithstanding 

  
 A-5 

 
anything to the contrary in this Agreement: (i) Executive shall not be in breach of this Agreement, and shall not be held criminally or civilly liable under any federal or state trade secret
law (x) for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (y) for the
disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal; and (ii) if Executive files a lawsuit for retaliation by the Company for reporting a suspected
violation of law, Executive may disclose the trade secret to Executive’s attorney, and may use the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal, and does not disclose
the trade secret, except pursuant to court order. 
 16.    Confidential Agreement. This Agreement and its terms
will be maintained in complete confidence by Executive to the extent permitted by applicable law, provided, however, that Executive may disclose the terms of the Agreement to: (a) any state, local or federal tax authority with jurisdiction over
Executive or the Company; (b) pursuant to any subpoena or other legal process compelling disclosure of this Agreement or its terms issued by any court or government agency with jurisdiction over Executive or the Company;
(c) Executive’s counsel, tax advisor and/or accountant; and (d) Executive’s spouse or registered domestic partner. With respect to (c) and (d), before disclosing this Agreement or its terms, Executive shall notify the
recipient of the Agreement or information that the Agreement and its terms must be maintained in confidence. 

17.    Timely Execution and Return of Agreement. To receive the payments and benefits as stated in
Section 6.6.2 of the Employment Agreement, this original signed document must be received by Corporate Human Resources by at least
[                (    )] days after delivery of the Agreement to Executive. Should Executive have any questions, he or she should contact Corporate
Human Resources at 1-888-959-6647. All pages of the original signed document should be sent to the following address: 

William Lyon Homes, Inc. 
 4695
MacArthur Court, 8th Floor 
 Newport Beach, CA 92660 

Attn: Corporate Human Resources 

[signature page to follow] 

  
 A-6 

									
	DATED:	 	
                     
                                         
                               
	 		 	
                     
                                         
                       

		 		 		 	[INSERT NAME]
				
		 		 	    	 	WILLIAM LYON HOMES, INC.
					
	DATED:	 	
                     
                                         
                                   
	 		 	By:	 	
                     
                                         
                       

		 		 		 		 	[INSERT NAME]

  
 A-7EX-10.1

 Exhibit 10.1 

Execution Version 

PURCHASE AGREEMENT 
 among

 CONTANGO OIL & GAS COMPANY 

and 
 THE PURCHASERS PARTY
HERETO 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	Definitions	  	 	1	 
		
	 ARTICLE II AGREEMENT TO SELL AND PURCHASE
	  	 	4	 
			
	 Section 2.01
	 	Authorization of Sale of the Purchased Securities	  	 	4	 
	 Section 2.02
	 	Sale and Purchase	  	 	4	 
	 Section 2.03
	 	Closing	  	 	4	 
	 Section 2.04
	 	Conditions to Closing	  	 	4	 
	 Section 2.05
	 	Contango Deliveries	  	 	5	 
	 Section 2.06
	 	Purchasers’ Deliveries	  	 	6	 
	 Section 2.07
	 	Independent Nature of the Purchasers’ Obligations and Rights	  	 	6	 
	 Section 2.08
	 	Further Assurances	  	 	6	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES AND COVENANTS RELATED TO
CONTANGO
	  	 	7	 
			
	 Section 3.01
	 	Corporate Existence	  	 	7	 
	 Section 3.02
	 	Valid Issuance of Purchased Securities	  	 	7	 
	 Section 3.03
	 	Authorization, Enforceability	  	 	7	 
	 Section 3.04
	 	No Breach	  	 	7	 
	 Section 3.05
	 	Investment Company Status	  	 	7	 
	 Section 3.06
	 	Certain Fees	  	 	8	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES AND COVENANTS OF THE
PURCHASERS
	  	 	8	 
			
	 Section 4.01
	 	Existence	  	 	8	 
	 Section 4.02
	 	Authorization, Enforceability	  	 	8	 
	 Section 4.03
	 	No Breach	  	 	8	 
	 Section 4.04
	 	Certain Fees	  	 	9	 
	 Section 4.05
	 	Unregistered Securities.	  	 	9	 
	 Section 4.06
	 	Short Selling	  	 	10	 
	 Section 4.07
	 	Lock-Up Agreement	  	 	10	 
		
	 ARTICLE V INDEMNIFICATION, COSTS AND EXPENSES
	  	 	11	 
			
	 Section 5.01
	 	Indemnification by Contango	  	 	11	 
	 Section 5.02
	 	Indemnification by the Purchasers	  	 	11	 
	 Section 5.03
	 	Indemnification Procedure	  	 	11	 
	 Section 5.04
	 	Tax Treatment of Indemnification Payments	  	 	12	 
		
	 ARTICLE VI TERMINATION
	  	 	12	 
			
	 Section 6.01
	 	Termination	  	 	12	 
	 Section 6.02
	 	Certain Effects of Termination	  	 	13	 

  
 i 

							
		
	 ARTICLE VII MISCELLANEOUS
	  	 	13	 
			
	 Section 7.01
	 	Expenses	  	 	13	 
	 Section 7.02
	 	Interpretation	  	 	13	 
	 Section 7.03
	 	Survival of Provisions	  	 	14	 
	 Section 7.04
	 	No Waiver; Modifications in Writing.	  	 	14	 
	 Section 7.05
	 	Binding Effect; Assignment	  	 	15	 
	 Section 7.06
	 	Communications	  	 	15	 
	 Section 7.07
	 	Entire Agreement	  	 	16	 
	 Section 7.08
	 	Governing Law; Submission to Jurisdiction	  	 	16	 
	 Section 7.09
	 	Waiver of Jury Trial	  	 	16	 
	 Section 7.10
	 	Execution in Counterparts	  	 	16	 
	 Section 7.11
	 	Recapitalizations, Exchanges, Etc. Affecting the Purchased Securities	  	 	17	 
	 Section 7.12
	 	Certain Tax Matters	  	 	17	 

  

					
	 SCHEDULE A – Schedule of Purchasers

	
	 EXHIBIT A – Form of Statement of Resolution for the Preferred Stock

	EXHIBIT B – Form of Registration Rights Agreement
	 EXHIBIT C – Form of Voting and Support Agreement

  

  
 ii 

 PURCHASE AGREEMENT 

This PURCHASE AGREEMENT, dated as of September 12, 2019 (this “Agreement”), is entered into by and among Contango
Oil & Gas Company, a Texas corporation (“Contango”), and each of the purchasers set forth in Schedule A hereto (the “Purchasers”). 

RECITALS: 

WHEREAS, Contango desires to sell the Purchased Securities (as defined below) and the Purchasers desire to purchase from Contango the
Purchased Securities, in accordance with the provisions of this Agreement; and 
 WHEREAS, Contango has agreed to provide the Purchasers
with certain registration rights with respect to the shares of Common Stock underlying the Purchased Securities acquired pursuant hereto. 

NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, Contango and each of the Purchasers, severally and not jointly, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Definitions. As used in this Agreement, the following terms have the meanings indicated: 

“Affiliate” means, with respect to a specified Person, any other Person, directly or indirectly controlling, controlled by or
under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, “controlling,” “controlled by” and “under common control
with”) means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided however, that Contango and the
Purchasers shall not be considered Affiliates for purposes of this Agreement. 
 “Agreement” has the meaning set forth in
the introductory paragraph of this Agreement. 
 “Allocated Purchase Price” means with respect to each Purchaser, the
dollar amount set forth opposite such Purchaser’s name under the heading “Allocated Purchase Price” on Schedule A hereto. 

“Basic Documents” means, collectively, this Agreement, the Statement of Resolution and the Registration Rights Agreement.

 “Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking
institutions in the State of Texas are authorized or required by Law or other governmental action to close. 
  

 “Common Stock” means the Common Stock, par value $0.04 per share, of
Contango. 
 “Contango” has the meaning set forth in the introductory paragraph of this Agreement. 

“Contango Bylaws” shall have the meaning specified in Section 2.05(e). 

“Contango Related Parties” shall have the meaning specified in Section 5.02. 

“Closing” shall have the meaning specified in Section 2.03(b). 

“Closing Date” shall have the meaning specified in Section 2.03(c). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Conversion Shares” means the Common Stock issuable upon conversion of the Preferred Stock. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the
SEC promulgated thereunder. 
 “Governmental Authority” means, with respect to a particular Person, any country, state,
county, city and political subdivision in which such Person or such Person’s Property is located or which exercises valid jurisdiction over any such Person or such Person’s Property, and any court, agency, department, commission, board,
bureau or instrumentality of any of them and any monetary authority which exercises valid jurisdiction over any such Person or such Person’s Property. Unless otherwise specified, all references to Governmental Authority herein with respect to
Contango means a Governmental Authority having jurisdiction over Contango, its Subsidiaries or any of their respective Properties. 

“Indemnified Party” shall have the meaning specified in Section 5.03. 

“Indemnifying Party” shall have the meaning specified in Section 5.03. 

“Law” means any federal, state, local or foreign order, writ, injunction, judgment, settlement, award, decree, statute, law
(including common law), rule or regulation. 
 “Lien” means any mortgage, claim, encumbrance, pledge, lien (statutory or
otherwise), security agreement, conditional sale or trust receipt or a lease, consignment or bailment, preference or priority, assessment, deed of trust, charge, easement, servitude or other encumbrance upon or with respect to any property of any
kind. 
 “NYSE” means the NYSE American. 

“Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited
liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof or any other form of entity. 

  
 2 

 “Preferred Stock” means the Series A Contingent Convertible Preferred Stock
having the terms set forth in the Statement of Resolution. 
 “Property” means any interest in any kind of property or
asset, whether real, personal or mixed, or tangible or intangible. 
 “Purchased Securities” means, with respect to each
Purchaser, the number of shares of Preferred Stock as set forth opposite such Purchaser’s name on Schedule A hereto. 

“Purchaser Related Parties” shall have the meaning specified in Section 5.01. 

“Purchasers” has the meaning set forth in the introductory paragraph of this Agreement. 

“Registration Rights Agreement” means the Registration Rights Agreement, to be entered into on the date hereof, between
Contango and the Purchasers in substantially the form attached hereto as Exhibit B. 
 “Representatives” means, with
respect to a specified Person, the officers, directors, managers, employees, agents, counsel, accountants, investment bankers and other representatives of such Person. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations of the SEC
promulgated thereunder. 
 “Short Sales” means, without limitation, all “short sales” as defined in Rule 200
promulgated under Regulation SHO under the Exchange Act, whether or not against the box, and forward sale contracts, options, puts, calls, short sales, “put equivalent positions” (as defined in Rule
16a-1(h) under the Exchange Act) and similar arrangements, and sales and other transactions through non-U.S. broker dealers or foreign regulated brokers. 

“Statement of Resolution” shall have the meaning specified in Section 2.04(b)(iv). 

“Subsidiary” means, as to any Person, any corporation or other entity of which: (i) such Person or a Subsidiary of such
Person is a general partner or manager; (ii) at least a majority of the outstanding equity interest having by the terms thereof ordinary voting power to elect a majority of the board of directors or similar governing body of such corporation or
other entity (irrespective of whether or not at the time any equity interest of any other class or classes of such corporation or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time
directly or indirectly owned or controlled by such Person or one or more of its Subsidiaries; or (iii) any corporation or other entity as to which such Person consolidates for accounting purposes. 

“TBOC” means the Texas Business Organizations Code. 

“Transfer” shall have the meaning specified in Section 4.07. 

  
 3 

 ARTICLE II 

AGREEMENT TO SELL AND PURCHASE 

Section 2.01 Authorization of Sale of the Purchased Securities. Contango has authorized the issuance and sale to the Purchasers of
the Purchased Securities on the terms and subject to the conditions set forth in this Agreement. 
 Section 2.02 Sale and
Purchase. Subject to the terms and conditions hereof, Contango hereby agrees to issue and sell to each Purchaser, free and clear of any and all Liens (other than the transfer restrictions under applicable federal and state securities laws and
other than those arising under the Certificates of Designations or the TBOC), and each Purchaser, severally and not jointly, hereby agrees to purchase from Contango, such number of Purchased Securities on the Closing Date as set forth on Schedule
A, and each Purchaser agrees to pay Contango its Allocated Purchase Price with respect to such Purchased Securities. 

Section 2.03 Closing. Subject to the terms and conditions hereof, the consummation of the purchase and sale of the Purchased
Securities hereunder (the “Closing”) shall take place at 9:00 a.m. Central Time on September 17, 2019 at the offices of Gibson, Dunn & Crutcher LLP, 811 Main Street, Suite 3000, Houston, Texas, or such other date, time
or location as agreed by the parties. The date of the Closing shall be the “Closing Date.” The parties agree that the Closing may occur via delivery of facsimiles or portable document format (PDF) documents. 

Section 2.04 Conditions to Closing. 

(a) Mutual Conditions. The respective obligations of each party to consummate the purchase and issuance and sale of the Purchased
Securities to be purchased and issued at the Closing shall be subject to the satisfaction on or prior to the Closing Date of each of the following conditions (any or all of which may be waived by a particular party on behalf of itself in writing, in
whole or in part, to the extent permitted by applicable Law): 
 (i) no statute, rule, order, decree or regulation shall have been enacted
or promulgated, and no action shall have been taken, by any Governmental Authority which temporarily, preliminarily or permanently restrains, precludes, enjoins or otherwise prohibits the consummation of the transactions contemplated hereby or makes
the transactions contemplated hereby illegal; 
 (ii) there shall not be pending any suit, action or proceeding by any Governmental
Authority seeking to restrain, preclude, enjoin or prohibit the transactions contemplated by this Agreement; and 
 (iii) the concurrent
public offering of Common Stock pursuant to an underwriting agreement between the Company and the underwriters named therein shall be consummated. 

  
 4 

 (b) Conditions of the Purchasers’ Obligations at the Closing. The respective
obligations of each Purchaser to consummate the purchase of the Purchased Securities to be purchased by such Purchaser at the Closing shall be subject to the satisfaction (or waiver by such Purchaser) on or prior to the Closing Date of each of the
following conditions: 
 (i) the representations and warranties of Contango contained in this Agreement that are qualified by materiality
shall be true and correct as of the Closing Date as if made on and as of the Closing Date and all other representations and warranties shall be true and correct in all material respects as of the Closing Date as if made on and as of the Closing Date
(except that representations and warranties made as of a specific date shall be required to be true and correct in all material respects as of such date only); 

(ii) Contango and its Subsidiaries shall have performed and complied, in all material respects, with all of the covenants and agreements
required to be performed and complied with by it hereunder on or prior to the Closing Date; 
 (iii) Contango shall have adopted and filed
with the Secretary of State of the State of Texas the Statement of Resolution in the form attached hereto as Exhibit A (the “Statement of Resolution”), and the Statement of Resolution shall have become effective as an
amendment to Contango’s Amended and Restated Certificate of Formation (the “Contango Charter”); and 
 (iv) Contango
shall have delivered, or caused to be delivered, to the Purchasers, Contango’s closing deliveries described in Section 2.05. 

(c) Conditions of Contango’s Obligations at the Closing. The obligation of Contango to consummate the sale of the Purchased
Securities to be sold at the Closing shall be subject to the satisfaction (or waiver by Contango) on or prior to the Closing Date of each of the following conditions: 

(i) the representations and warranties of each Purchaser contained in this Agreement that are qualified by materiality shall be true and
correct as of the Closing Date as if made on and as of the Closing Date and all other representations and warranties shall be true and correct in all material respects as of the Closing Date as if made on and as of the Closing Date (except that
representations and warranties made as of a specific date shall be required to be true and correct in all material respects as of such date only); 

(ii) each Purchaser shall have performed and complied, in all material respects, with all of the covenants and agreements required to be
performed and complied with by such Purchaser on or prior to the Closing Date; 
 (iii) each Purchaser shall have delivered, or caused to be
delivered, to Contango such Purchaser’s closing deliveries as described in Section 2.06 of this Agreement. 

Section 2.05 Contango Deliveries. At the Closing, Contango shall deliver or cause to be delivered: 

(a) evidence of the Purchased Securities credited to book-entry accounts maintained by the transfer agent of the Company and issued by the
Company free and clear of any Liens, other than the transfer restrictions under applicable federal and state securities laws and other than those arising under the Statement of Resolution or the TBOC, registered in such names as each Purchaser shall
have designated; and 

  
 5 

 (b) the Registration Rights Agreement in substantially the form attached hereto as
Exhibit B, which shall have been duly executed by Contango. 
 Section 2.06 Purchasers’ Deliveries. At
the Closing, each Purchaser shall deliver or cause to be delivered: 
 (a) its Allocated Purchase Price as of the Closing Date, such payments
to be made by wire transfers of immediately available funds on the Closing Date to an account designated by Contango at least two (2) Business Days (or such shorter period of time as shall be agreeable by all parties hereto) prior to the
Closing Date; 
 (b) the Registration Rights Agreement in substantially the form attached hereto as Exhibit B, which shall have been
duly executed by each Purchaser party thereto; and 
 (c) the Voting and Support Agreement in substantially the form attached hereto as
Exhibit C, which shall have been duly executed by each Purchaser party thereto. 
 Section 2.07 Independent Nature of the
Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Basic Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the
performance of the obligations of any other Purchaser under any Basic Document. The failure or waiver of performance under any Basic Document of any Purchaser by Contango does not excuse performance by any other Purchaser and the waiver of
performance of Contango by any Purchaser does not excuse performance by Contango with respect to each other Purchaser. Nothing contained herein or in any other Basic Document, and no action taken by any Purchaser pursuant thereto, shall be deemed to
constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions
contemplated by the Basic Documents. Each Purchaser shall be entitled to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement or out of the other Basic Documents, and it shall not be
necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose. 
 Section 2.08 Further
Assurances. From time to time after the date hereof, without further consideration, Contango and the Purchasers shall use their commercially reasonable efforts to take, or cause to be taken, all actions necessary or appropriate to consummate the
transactions contemplated by this Agreement. 

  
 6 

 ARTICLE III 

REPRESENTATIONS AND WARRANTIES AND 

COVENANTS RELATED TO CONTANGO 

Contango represents and warrants to and covenants with each Purchaser as follows: 

Section 3.01 Corporate Existence. Contango is a corporation duly incorporated, validly existing and in good standing under the laws
of the State of Texas, with all necessary power and authority to own properties and to conduct its business as currently conducted. 

Section 3.02 Valid Issuance of Purchased Securities. The Purchased Securities being purchased by each of the Purchasers hereunder
will be duly authorized by Contango pursuant to the Contango Charter and the Statement of Resolution prior to the Closing and, when issued and delivered by Contango to such Purchaser against payment therefor in accordance with the terms of this
Agreement and the terms of the Purchased Securities, will be validly issued, fully paid and non-assessable and will be free of preemptive rights or any Liens and restrictions on transfer, other than
(i) restrictions on transfer under the Statement of Resolution or this Agreement and under applicable state and federal securities laws and (ii) such Liens as are created by such Purchaser or its Affiliates. 

Section 3.03 Authorization, Enforceability. Contango has all necessary corporate power and authority to execute, deliver and
perform its obligations under the Basic Documents, and the execution, delivery and performance by Contango of the Basic Documents and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by
all necessary legal action on the part of Contango; and no further consent or authorization of Contango is required. All corporate action required to be taken by the Contango for the authorization, issuance, sale and delivery of the Purchased
Securities shall have been validly taken. The Agreement has been duly and validly authorized, executed and delivered by Contango and constitutes the legal, valid and binding obligation of Contango and, when executed and delivered by Contango, the
other Basic Documents will be duly and validly authorized, executed and delivered by Contango and will constitute the legal, valid and binding obligations of Contango, in each case enforceable in accordance with their terms, except as such
enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors’ rights generally or by general principles of equity and except as the rights to indemnification may be limited by applicable law.

 Section 3.04 No Breach. The execution, delivery and performance by Contango of the Basic Documents and the consummation by
Contango of the transactions contemplated hereby or thereby does not and will not (a) assuming the accuracy of the representations and warranties of the Purchasers contained herein and their compliance with the covenants contained herein,
violate any provision of any Law or permit having applicability to Contango or the property or assets of Contango or any of its Subsidiaries, (b) conflict with or result in a violation or breach of any provision of the organizational documents
of Contango, or (c) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any material agreement to which Contango is a party or by which Contango is bound or to which any of the
property or assets of Contango or any of its Subsidiaries is subject, except in the case of clauses (a) and (c), for such conflicts, breaches, violations or defaults as would not have a material adverse effect on the ability to consummate the
transactions contemplated by the Basic Documents. 
 Section 3.05 Investment Company Status. Contango is not and, immediately
after the sale of the Purchased Securities and the application of the net proceeds from such sale will not be, required to register as an “investment company” or a company controlled by an “investment company” within the meaning
of the Investment Company Act of 1940, as amended. 

  
 7 

 Section 3.06 Certain Fees. Except for fees paid to Cowen and Company, LLC and
Intrepid Partners, LLC in connection with the sale of the Purchased Securities, no fees or commissions are or will be payable by Contango to brokers, finders or investment bankers with respect to the sale of any of the Purchased Securities or the
consummation of the transactions contemplated by this Agreement. Contango agrees that it will indemnify and hold harmless each Purchaser from and against any and all claims, demands, or liabilities for broker’s, finder’s, placement, or
other similar fees or commissions incurred by Contango or alleged to have been incurred by Contango in connection with the sale of the Purchased Securities or the consummation of the transactions contemplated by this Agreement. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES AND 

COVENANTS OF THE PURCHASERS 

Each Purchaser, severally and not jointly, hereby represents and warrants and covenants to Contango as follows: 

Section 4.01 Existence. Such Purchaser is duly organized and validly existing and in good standing under the laws of its state of
formation, with all necessary power and authority to own properties and to conduct its business as currently conducted. 
 Section 4.02
Authorization, Enforceability. Such Purchaser has all necessary legal power and authority to execute, deliver and perform its obligations under the Basic Documents to which such Purchaser is or will be a party. The execution, delivery and
performance by such Purchaser of the Basic Documents to which such Purchaser is or will be a party and the consummation by it of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary legal action,
and no further consent or authorization of such Purchaser is required. This Agreement to which such Purchaser is a party has been duly and validly authorized, executed and delivered by such Purchaser and constitutes the legal, valid and binding
obligation of such Purchaser and, when executed by such Purchaser, the other Basic Documents to which such Purchaser is a party will be duly and validly authorized, executed and delivered by such Purchaser and will constitute the legal, valid and
binding obligations of such Purchaser, in each case enforceable in accordance with their terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer and similar laws affecting creditors’ rights generally
or by general principles of equity and except as the rights to indemnification may be limited by applicable law. 
 Section 4.03 No
Breach. The execution, delivery and performance by such Purchaser of the Basic Documents and the consummation by such Purchaser of the transactions contemplated hereby or thereby does not and will not (a) assuming the accuracy of the
representations and warranties of Contango contained herein and its compliance with the covenants contained herein, violate any provision of any Law or permit having applicability to such Purchaser or the property or assets of such Purchaser,
(b) conflict with or result in a violation or breach of any provision of 

  
 8 

 
the organizational documents of such Purchaser, or (c) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any material
agreement to which such Purchaser is a party or by which such Purchaser is bound or to which any of the property or assets of such Purchaser is subject, except in the case of clauses (a) and (c), for such conflicts, breaches, violations or
defaults as would not have a material adverse effect on the ability to consummate the transactions contemplated by the Basic Documents. 

Section 4.04 Certain Fees. No fees or commissions are or will be payable by such Purchaser to brokers, finders or investment
bankers with respect to the purchase of any of the Purchased Securities or the consummation of the transactions contemplated by this Agreement. Such Purchaser agrees, severally and not jointly with any other Purchaser, that it will indemnify and
hold harmless Contango from and against any and all claims, demands or liabilities for broker’s, finder’s, placement, or other similar fees or commissions incurred by such Purchaser or alleged to have been incurred by such Purchaser in
connection with the purchase of the Purchased Securities or the consummation of the transactions contemplated by this Agreement. 

Section 4.05 Unregistered Securities. 

(a) Accredited Investor Status; Sophisticated Purchasers. Such Purchaser is an “accredited investor” within the meaning of
Rule 501 under the Securities Act and is able to bear the risk of its investment in Purchased Securities and the Conversion Shares. Such Purchaser has such knowledge and experience in financial and business matters that it is capable of evaluating
the merits and risks of the purchase of the Purchased Securities and the Conversion Shares. 
 (b) Information. Such Purchaser and its
Representatives have been furnished with all materials relating to the business, finances and operations of Contango that have been requested and materials relating to the offer and sale of the Purchased Securities that have been requested by such
Purchaser and its Representatives. Such Purchaser and its Representatives have been afforded the opportunity to ask questions of Contango. Neither such inquiries nor any other due diligence investigations conducted at any time by any Purchaser and
Representatives shall modify, amend or affect such Purchaser’s right (i) to rely on Contango’s representations and warranties contained in Article III above or (ii) to indemnification or any other remedy based on, or with
respect to the accuracy or inaccuracy of, or compliance with, the representations, warranties, covenants and agreements in this Agreement, or any other Basic Document. Such Purchaser understands that the purchase of the Purchased Securities involves
a high degree of risk. Such Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Purchased Securities. 

(c) Cooperation. Such Purchaser shall cooperate reasonably with Contango to provide any information necessary for any applicable
securities filings required to be made by Contango. 
 (d) Legends. Such Purchaser understands that the Purchased Securities will bear
a restrictive legend substantially in the form as set forth in the Statement of Resolution. 

  
 9 

 (e) Purchase Representation. Such Purchaser is purchasing the Purchased Securities
for its own account and not with a view to distribution in violation of any securities laws. Such Purchaser has been advised and understands that none of the Purchased Securities or the Conversion Shares have been registered under the Securities Act
or under the “blue sky” laws of any jurisdiction and may be resold only if registered pursuant to the provisions of the Securities Act (or if eligible, pursuant to the provisions of Rule 144 promulgated under the Securities Act or pursuant
to another available exemption from the registration requirements of the Securities Act). Such Purchaser has been advised and understands that Contango, in issuing the Purchased Securities, is relying upon, among other things, the representations
and warranties of such Purchaser contained in this Article IV in concluding that such issuance is a “private offering” and is exempt from the registration provisions of the Securities Act. 

(f) Rule 144. Such Purchaser understands that there is no public trading market for the Purchased Securities, that none is expected to
develop and that the Purchased Securities must be held indefinitely unless and until the Purchased Securities or the Conversion Shares, as applicable, are registered under the Securities Act or an exemption from registration is available. Such
Purchaser has been advised of and is aware of the provisions of Rule 144 promulgated under the Securities Act. 
 (g) Reliance by
Contango. Such Purchaser understands that the Purchased Securities are being offered and sold in reliance on a transactional exemption from the registration requirements of federal and state securities laws and that Contango is relying upon the
truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of such Purchaser set forth herein in order to determine the applicability of such exemptions and the suitability of such Purchaser to acquire the
Purchased Securities and the Conversion Shares. 
 Section 4.06 Short Selling. Such Purchaser has not engaged in any Short Sales
involving Common Stock owned by it between the time it first began discussions with Contango about the transaction contemplated by this Agreement and the date of execution of this Agreement. 

Section 4.07 Lock-Up Agreement. Without the prior written consent of Contango, except as
otherwise specifically provided in this Agreement, each Purchaser will not, during the period commencing on the date hereof and ending the date that is six months after the date hereof, (1) offer, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any of its Purchased Securities or (2) enter into any swap or
other transaction or arrangement that transfers or that is designed to, or that might reasonably be expected to, result in the transfer to another, in whole or in part, any of the economic consequences of ownership of its Purchased Securities,
whether any such transaction described in clause (1) or (2) above (any such transaction described in clauses (1) and (2), a “Transfer”) is to be settled by delivery of Purchased Securities, Common Stock or such other
securities, in cash or otherwise. 

  
 10 

 ARTICLE V 

INDEMNIFICATION, COSTS AND EXPENSES 

Section 5.01 Indemnification by Contango. Contango agrees to indemnify each Purchaser and its Representatives
(collectively, “Purchaser Related Parties”) from, and hold each of them harmless against, any and all losses, actions, suits, proceedings (including any investigations, litigation or inquiries), demands and causes of action, and, in
connection therewith, and promptly upon demand, pay or reimburse each of them for all reasonable costs, losses, liabilities, damages or expenses of any kind or nature whatsoever (including the reasonable fees and disbursements of counsel and all
other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them), involving a third party claim, as a result of, arising
out of, or in any way related to (i) the failure of any of the representations or warranties made by Contango contained herein to be true and correct in all material respects as of the date hereof (except with respect to any provisions
including the word “material” or words of similar import, with respect to which such representations and warranties must have been true and correct) or (ii) the material breach of any covenants of Contango contained herein,
provided that, in the case of the immediately preceding clause (i), such claim for indemnification is made prior to the expiration of such representation or warranty; provided, however, that for purposes of determining when an
indemnification claim has been made, the date upon which a Purchaser Related Party shall have given notice (stating in reasonable detail the basis of the claim for indemnification) to Contango shall constitute the date upon which such claim has been
made. 
 Section 5.02 Indemnification by the Purchasers. Each Purchaser agrees, severally and not jointly, to indemnify Contango
and its respective Representatives (collectively, “Contango Related Parties”) from, and hold each of them harmless against, any and all losses, actions, suits, proceedings (including any investigations, litigation or
inquiries), demands and causes of action, and, in connection therewith, and promptly upon demand, pay or reimburse each of them for all reasonable costs, losses, liabilities, damages or expenses of any kind or nature whatsoever (including the
reasonable fees and disbursements of counsel and all other reasonable expenses incurred in connection with investigating, defending or preparing to defend any such matter that may be incurred by them or asserted against or involve any of them),
involving a third party claim, as a result of, arising out of, or in any way related to (i) the failure of any of the representations or warranties made by such Purchaser contained herein to be true and correct in all material respects as of
the date hereof or (ii) the material breach of any of the covenants of such Purchaser contained herein, provided that, in the case of the immediately preceding clause (i), such claim for indemnification relating to a breach of any
representation or warranty is made prior to the expiration of such representation or warranty; provided, however, that for purposes of determining when an indemnification claim has been made, the date upon which a Contango Related
Party shall have given notice (stating in reasonable detail the basis of the claim for indemnification) to such Purchaser shall constitute the date upon which such claim has been made; provided, further, that the liability of such
Purchaser shall not be greater in amount than such Purchaser’s Allocated Purchase Price. 
 Section 5.03 Indemnification
Procedure. A claim for indemnification for any matter not involving a third party claim may be asserted by notice to the party from whom indemnification is sought; provided, however, that failure to so notify the indemnifying party
shall not preclude the indemnified party from any indemnification which it may claim in accordance with this Article V, except as otherwise provided in Sections 5.01 and 5.02. Promptly after any Contango Related Party or
Purchaser Related Party (hereinafter, the “Indemnified Party”) has received notice of any indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third person, which the Indemnified Party believes
in good faith is an indemnifiable claim under this 

  
 11 

 
Agreement, the Indemnified Party shall give the indemnitor hereunder (the “Indemnifying Party”) written notice of such claim or the commencement of such action, suit or
proceeding, but failure to so notify the Indemnifying Party will not relieve the Indemnifying Party from any liability it may have to such Indemnified Party hereunder except to the extent that the Indemnifying Party is materially prejudiced by such
failure. Such notice shall state the nature and the basis of such claim to the extent then known. The Indemnifying Party shall have the right to defend and settle, at its own expense and by its own counsel, any such matter as long as the
Indemnifying Party pursues the same diligently and in good faith. If the Indemnifying Party undertakes to defend or settle such claim, it shall promptly after such determination, and in no event later than five (5) days, notify the Indemnified
Party of its intention to do so, and the Indemnified Party shall cooperate with the Indemnifying Party and its counsel in all commercially reasonable respects in the defense thereof and/or the settlement thereof. Such cooperation shall include, but
shall not be limited to, furnishing the Indemnifying Party with any books, records and other information reasonably requested by the Indemnifying Party and in the Indemnified Party’s possession or control relevant to the claim. Such cooperation
of the Indemnified Party shall be at the cost of the Indemnifying Party. After the Indemnifying Party has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the
Indemnifying Party diligently pursues such defense, the Indemnifying Party shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability;
provided, however, that the Indemnified Party shall be entitled (i) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (ii) if (A) the Indemnifying
Party has, within ten (10) Business Days of when the Indemnified Party provides written notice of a claim, failed (y) to assume the defense or settlement of such claim and employ counsel or (z) to notify the Indemnified Party of such
assumption, or (B) if the defendants in any such action include both the Indemnified Party and the Indemnifying Party and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses available to the Indemnified
Party that are different from or in addition to those available to the Indemnifying Party or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Indemnifying Party, then the Indemnified Party
shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be
reimbursed by the Indemnifying Party as incurred. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not settle any indemnified claim without the consent of the Indemnified Party, unless the settlement thereof
imposes no liability or obligation on, and includes a complete release from liability of, and does not contain any admission of wrong doing by, the Indemnified Party. 

Section 5.04 Tax Treatment of Indemnification Payments. Any indemnification payments made under this Article V shall be
treated for all tax purposes as an adjustment to the relevant Purchaser’s Allocated Purchase Price except as otherwise required by applicable Law. 

ARTICLE VI 
 TERMINATION

 Section 6.01 Termination. This Agreement may be terminated at any time: 

(a) by mutual written consent of Contango and the Purchasers; and 

  
 12 

 (b) by either Contango or the Purchasers if any court of competent jurisdiction in the
United States or other United States Governmental Authority shall have issued a final order, decree or ruling or taken any other final action restraining, enjoining or otherwise prohibiting the transactions contemplated hereby and such order,
decree, ruling or other action is or shall have become final and nonappealable. 
 Section 6.02 Certain Effects of Termination.
If this Agreement is terminated as provided in Section 6.01, except as set forth in Section 7.03, this Agreement shall become null and void and have no further force or effect, but the parties
shall not be released from any liability arising from or in connection with any breach hereof occurring prior to such termination. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.01 Expenses. All other costs and expenses, including, without limitation, fees and disbursements of counsel, financial
advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the Closing shall have occurred. 

Section 7.02 Interpretation. Article, Section, Schedule and Exhibit references in this Agreement are references to the
corresponding Article, Section, Schedule or Exhibit to this Agreement, unless otherwise specified. All Exhibits and Schedules to this Agreement are hereby incorporated and made a part hereof as if set forth in full herein and are an integral part of
this Agreement. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless
otherwise specified. The word “including” shall mean “including but not limited to” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it.
Whenever Contango has an obligation under the Basic Documents, the expense of complying with that obligation shall be an expense of Contango unless otherwise specified. Any reference in this Agreement to $ shall mean U.S. dollars. Whenever any
determination, consent or approval is to be made or given by any Purchaser, such action shall be in such Purchaser’s sole discretion, unless otherwise specified in this Agreement. If any provision in the Basic Documents is held to be illegal,
invalid, not binding or unenforceable, (i) such provision shall be fully severable and the Basic Documents shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of the
Basic Documents, and the remaining provisions shall remain in full force and effect and (ii) the parties hereto shall negotiate in good faith to modify the Basic Documents so as to effect the original intent of the parties as closely as
possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. When calculating the period of time before which, within which or following which any act
is to be done or step taken pursuant to the Basic Documents, the date that is the reference date in calculating such period shall be excluded. If the last day of such period is a non-Business Day, the period
in question shall end on the next succeeding Business Day. Any words imparting the singular number only shall include 

  
 13 

 
the plural and vice versa. The words such as “herein,” “hereinafter,” “hereof” and “hereunder” refer to this Agreement as a whole and not merely to a
subdivision in which such words appear unless the context otherwise requires. The provision of a Table of Contents, the division of this Agreement into Articles, Sections and other subdivisions and the insertion of headings are for convenience of
reference only and shall not affect or be utilized in construing or interpreting this Agreement. 
 Section 7.03 Survival of
Provisions. The representations and warranties set forth in Sections 3.02, 3.03, 3.06, 4.02, 4.04 and 4.05 hereunder shall survive the execution and delivery of this Agreement indefinitely, and the other
representations and warranties set forth herein shall survive for a period of six (6) months following the final Closing Date regardless of any investigation made by or on behalf of Contango or the Purchasers. The covenants made in this
Agreement or any other Basic Document shall survive the final Closing and remain operative and in full force and effect regardless of acceptance of any of the Purchased Securities and payment therefor and repayment, conversion or repurchase thereof.
Regardless of any purported general termination of this Agreement, the provisions of Article V and all indemnification rights and obligations of Contango and the Purchasers thereunder, Section 6.02 and this
Article VII shall remain operative and in full force and effect as between Contango and the Purchasers, unless Contango and the Purchasers execute a writing that expressly (with specific references to the applicable Section or subsection of
this Agreement) terminates such rights and obligations as between Contango and the Purchasers. 
 Section 7.04 No
Waiver; Modifications in Writing. 
 (a) Delay. No failure or delay on the part of any party in exercising any
right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The
remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to a party at law or in equity or otherwise. 

(b) Specific Waiver. Except as otherwise provided herein, no amendment, waiver, consent, modification or termination of any provision of
this Agreement or any other Basic Document shall be effective unless signed by each of the parties hereto or thereto affected by such amendment, waiver, consent, modification or termination. Any amendment, supplement or modification of or to any
provision of this Agreement or any other Basic Document, any waiver of any provision of this Agreement or any other Basic Document and any consent to any departure by Contango from the terms of any provision of this Agreement or any other Basic
Document shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement, no notice to or demand on Contango in any case shall entitle Contango to
any other or further notice or demand in similar or other circumstances. Any investigation by or on behalf of any party shall not be deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty,
covenant or agreement contained herein. Notwithstanding any of the foregoing, any amendment, waiver, consent or modification of, or supplement to, this Agreement or any other Basic Document shall require approval of a majority of the members of the
board of directors of Contango not affiliated with John C. Goff. 

  
 14 

 Section 7.05 Binding Effect; Assignment. 

(a) Binding Effect. This Agreement shall be binding upon Contango, each Purchaser and their respective successors and permitted assigns.
Except as expressly provided in this Agreement, this Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and permitted assigns. 

(b) Assignment of Rights. Without the written consent of Contango, no portion of the rights and obligations of any Purchaser under this
Agreement may be assigned or transferred by such Purchaser. No portion of the rights and obligations of Contango under this Agreement may be transferred or assigned without the prior written consent of the Purchasers. 

Section 7.06 Communications. All notices and demands provided for hereunder shall be (i) in writing and shall be given by
registered or certified mail, return receipt requested, air courier guaranteeing overnight delivery or personal delivery, and (ii) via e-mail, to the following addresses: 

(a) If to the Purchasers: 
 At
such address indicated on Schedule A attached hereto. 
 (b) If to Contango: 

Contango Oil & Gas Company 

717 Texas Avenue, Suite 2900 

Houston, Texas 77002 

Attention: Wilkie S. Colyer, Jr. 

E-mail: WColyer@contango.com 

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

Gibson, Dunn & Crutcher LLP 

811 Main Street, Suite 3000 

Houston, Texas 77002 

Attention: Hillary H. Holmes 
 E-mail: HHolmes@gibsondunn.com 
 or to such other address as Contango or such Purchaser may designate in writing. All
notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by certified or registered mail, return receipt requested, or regular mail, if mailed; upon
actual receipt if sent by overnight courier copy; when receipt is acknowledged, if sent via e-mail; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 

  
 15 

 Section 7.07 Entire Agreement. This Agreement, the other Basic Documents and the
other agreements and documents referred to herein are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the
subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or the other Basic Documents with respect to the rights granted by Contango or any of its
Affiliates or the Purchasers or any of their Affiliates set forth herein or therein. This Agreement, the other Basic Documents and the other agreements and documents referred to herein or therein supersede all prior agreements and understandings
between the parties with respect to such subject matter. 
 Section 7.08 Governing Law; Submission to Jurisdiction. This
Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based
upon, arising out of or related to any representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the laws of the State of Texas without regard to principles of conflicts of laws.
Any action against any party relating to the foregoing shall be brought in any federal or state court of competent jurisdiction located within the State of Texas, and the parties hereto hereby irrevocably submit to the
non-exclusive jurisdiction of any federal or state court located within the State of Texas over any such action. The parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any
objection which they may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such
dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. 
 Section 7.09
Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT EACH HEREBY WAIVES, AND AGREES TO CAUSE ITS AFFILIATES TO WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION
(i) ARISING UNDER THIS AGREEMENT OR (ii) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR
HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT
THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

Section 7.10 Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. A signed copy of this
Agreement delivered by facsimile, portable document format (PDF) or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement; provided, however, that each party
hereto shall deliver an original signed copy of this Agreement executed by such party to any other party hereto promptly upon the request of any such other party. 

  
 16 

 Section 7.11 Recapitalizations, Exchanges, Etc. Affecting the Purchased
Securities. The provisions of this Agreement shall apply to the full extent set forth herein with respect to any and all equity interests of Contango or any successor or assign of Contango (whether by merger, consolidation, sale of assets or
otherwise) which may be issued in respect of, in exchange for or in substitution of, the Purchased Securities. 
 Section 7.12
Certain Tax Matters. Contango agrees that, provided that each Purchaser delivers to Contango a properly executed IRS Form W-9, or similar form sufficient to cause under current Law Contango (including
any paying agent of Contango) to avoid a requirement to withhold on any payments or deemed payments to any such Purchaser, Contango (including any paying agent of Contango) will not withhold on any payments or deemed payments to any such Purchaser.

 [Remainder of Page Left Intentionally Blank] 

  
 17 

 IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the date
first above written. 
  

			
	CONTANGO OIL & GAS COMPANY
		
	By: 	 	/s/ E. Joseph Grady
	Name:	 	E. Joseph Grady
	Title:	 	Senior Vice President and Chief Financial Officer

 [Signatures continued on following page.] 

  
 [Signature Page to
Purchase Agreement] 

 
			
	GOFF MCF PARTNERS, LP
		
	By: 	 	/s/ John C. Goff
	Name:	 	John C. Goff
	Title:	 	Chief Executive Officer
	
	JOHN C. GOFF SEP IRA
		
	By:	 	/s/ John C. Goff
		 	John C. Goff

 [Signature Page to Purchase Agreement] 

 SCHEDULE A 
  

									
	 Purchaser
	  	Number of Shares
of Preferred Stock	 	  	Allocated Purchase Price	 
	 Goff MCF Partners, LP
	  	 	694,737	 	  	$	6,600,001.50	 
	 John C. Goff SEP IRA
	  	 	94,737	 	  	$	900,001.50	 
		  	  
	  
	 	  	  
	  
	 
	 Total
	  	 	789,474	 	  	$	7,500,003.00	 
		  	  
	  
	 	  	  
	  
	 

 Notice Address: 
 500 Commerce
St., Suite 700, 
 Fort Worth, Texas 76102 
 Attention Jennifer
Terrell 
 jterrell@Goffcp.com 
 With a copy to 

Pillsbury Winthrop Shaw Pittman LLP 
 1200 Seventeenth Street NW

 Washington, DC 20036-3006 
 Attention Robert Robbins 

robert.robbins@pillsburylaw.com 

 EXHIBIT A 

STATEMENT OF RESOLUTION 

ESTABLISHING SERIES OF SHARES 

DESIGNATED 
 SERIES A
CONTINGENT CONVERTIBLE PREFERRED STOCK 
 OF CONTANGO OIL & GAS COMPANY 

Pursuant to Section 21.155 and Section 21.156 of the Texas Business Organizations Code (the “Code”): 

CONTANGO OIL & GAS COMPANY, a Texas corporation (the “Corporation”), certifies that pursuant to the authority
contained in Article IV of its Amended and Restated Certificate of Formation (the “Certificate of Formation”), and in accordance with the provisions of Section 21.155 and Section 21.156 of the Code, the Board of
Directors of the Corporation (the “Board”) duly approved and adopted on September 9, 2019, and a duly authorized Pricing Committee of the Board has duly approved and adopted on September 12, 2019, the following
resolution creating and providing for the establishment and issuance of a series of shares of Series A Preferred Stock (defined below) as hereinafter described, providing for the designations, preferences, limitations and relative rights, voting,
redemption and other rights thereof and the qualifications, limitations or restrictions thereof, in addition to those set forth in the Certificate of Formation, all in accordance with the provisions of Section 21.155 and Section 21.156 of
the Code, which resolution remains in full force and effect on the date hereof: 
 RESOLVED, that the rights, powers and preferences, and
the qualifications, limitations and restrictions, of the Series A Contingent Convertible Preferred Stock as set forth in the Statement of Resolution are hereby approved and adopted by the Board and the Series A Contingent Convertible Preferred Stock
is hereby authorized out of the Corporation’s authorized preferred stock, par value $0.04 per share; and the form, terms and provisions of the Statement of Resolution are hereby approved, adopted, ratified and confirmed in all respects as
follows: 
 Section 1. Designation and Amount; Ranking. 

(a) The shares of such series shall be designated the “Series A Contingent Convertible Preferred Stock” (the “Series A
Preferred Stock”). 
 (b) Each share of Series A Preferred Stock shall be identical in all respects
with the other shares of Series A Preferred Stock. 
 (c) The authorized number of shares of Series A Preferred Stock shall initially be
789,474, which number may from time to time be increased or decreased by resolution of the Board as permitted by the Code. 
 (d) For
purposes of this Statement of Resolution, “Capital Stock” of any person means any and all shares, interests, participations or other equivalents however designated of corporate stock or other
equity participations, including partnership interests, whether general or limited, of such person and any rights (other than debt securities convertible or exchangeable into an equity interest), warrants or options to acquire an equity interest in
such person. The Series A Preferred Stock shall, with respect to dividend rights and rights upon a liquidation, winding-up or dissolution of the Corporation, rank: 

 (i) senior to any class or series of Capital Stock of the Corporation, the
terms of which do not expressly provide that such class or series ranks senior to or on a parity with the Series A Preferred Stock with respect to dividend rights or rights upon a liquidation, winding-up or
dissolution of the Corporation (collectively, together with any warrants, rights, calls or options exercisable for or convertible into such Capital Stock, the “Junior Stock”); 

(ii) on parity with the Common Stock, par value $0.04 per share, of the Corporation (“Common
Stock”) and any class or series of Capital Stock of the Corporation, the terms of which provide that such class or series ranks on a parity with the Series A Preferred Stock with respect to dividend rights or rights upon a
liquidation, winding-up or dissolution of the Corporation (collectively, together with any warrants, rights, calls or options exercisable for or convertible into such Capital Stock, the “Parity
Stock”); and 
 (iii) junior to any class or series of Capital Stock of the Corporation (other than Common
Stock), the terms of which expressly provide that such class or series ranks senior to the Series A Preferred Stock with respect to dividend rights or rights upon a liquidation, winding-up or dissolution of
the Corporation (collectively, together with any warrants, rights, calls or options exercisable for or convertible into such Capital Stock, the “Senior Stock”). 

Section 2. Definitions. 

For purposes of this Statement of Resolution, the following terms have meanings set forth in the Section indicated: 

 

			
	 Term
	  	 Section

	Board	  	Preamble
	Business Day	  	Section 11(c)
	Capital Stock	  	Section 1(d)
	Certificate of Formation	  	Preamble
	Common Stock	  	Section 1(d)(ii)
	Code	  	Preamble
	Conversion Ratio	  	Section 8(a)
	Conversion Requirements	  	Section 8(a)
	Corporation	  	Preamble
	Junior Stock	  	Section 1(d)(i)
	Liquidation	  	Section 4(a)
	Liquidation Distribution	  	Section 4(a)
	National Securities Exchange	  	Section 8(a)
	Original Issue Date	  	Section 3(a)
	Original Issue Price	  	Section 3(a)
	Parity Stock	  	Section 1(d)(ii)
	Transfer Agent	  	Section 7(b)
	Senior Stock	  	Section 1(d)(iii)
	Series A Preferred Stock	  	Section 1(a)

  
 2 

 Section 3. Dividends. 

(a) Holders of shares of Series A Preferred Stock shall be entitled to receive, when and as declared by the Board and declared by the
Corporation, out of funds that are legally available therefor, cash dividends of ten percent (10%) of the Original Issue Price per annum on each outstanding share of Series A Preferred Stock. Such dividends shall accrue from the first anniversary of
the Original Issue Date of the Series A Preferred Stock and shall cease to accrue on the date immediately preceding the date on which the Conversion Requirements described in Section 8 are satisfied. The
“Original Issue Price” means $9.50 per share (as adjusted for any stock split, combination or similar event or transaction directly affecting the Series A Preferred Stock but not by any accrued dividends). The
“Original Issue Date” means September 17, 2019. 
 (b) Following the first anniversary of the Original Issue
Date, dividends pursuant to this Section 3 shall be payable quarterly in cash, on March 31, June 30, September 30 and December 31 of each year, beginning September 30, 2020, when, as and if declared by the Board, until
the time at which the Conversion Requirements are satisfied; provided, however, that when the Preferred Stock is no longer outstanding, no dividends shall be payable to the holders of the Series A Preferred Stock or the holders of the
Common Stock into which the Series A Preferred Stock converts. Payments of any dividends pursuant to this Section 3 shall be payable only if the Corporation has surplus income and such payment is permissible under the
Corporation’s debt instruments then in effect. 
 (c) No dividends or distributions shall be paid with respect to the Common Stock
(i) prior to the holders of the Series A Preferred Stock having received all accrued but unpaid dividends on the Series A Preferred Stock or (ii) unless and until all shares of Series A Preferred Stock have been converted to shares of
Common Stock. 
 (d) Holders of Series A Preferred Stock shall fully participate, on an as-converted
basis, in any dividends declared and paid or distributions on Common Stock as if the Series A Preferred Stock were converted into shares of Common Stock as of the record date for such dividend or distribution at the Conversion Ratio. 

Section 4. Liquidation. 

(a) Prior to conversion pursuant to Section 8, in the event of a liquidation (complete or partial), dissolution or
winding up of the affairs of the Corporation, whether voluntary or involuntary (a “Liquidation”), after payment or provision for payment of the debts and other liabilities of the Corporation, the holders of Series A Preferred
Stock shall be entitled to receive, in respect of any shares of Series A Preferred Stock held by them, out of assets of the Corporation available for distribution to shareholders of the Corporation or their assignees, and subject to the rights of
any outstanding shares of Senior Stock and before any amount shall be distributed to the holders of Junior Stock, a liquidating distribution (the “Liquidation Distribution”) in an amount equal to the amount such holder of
Series A Preferred Stock would have been entitled to receive had such holder converted its shares of Series A Preferred Stock into shares of Common Stock at the Conversion Ratio immediately prior to such Liquidation. 

  
 3 

 (b) If, upon any Liquidation, the amount payable with respect to the Liquidation
Distribution is not paid in full, the holders of the Series A Preferred Stock and any Parity Stock shall share equally and ratably in any distribution of the Corporation’s assets in proportion to the respective liquidation distributions to
which they are entitled. 
 (c) After the payment in cash or proceeds to the holders of shares of the Series A Preferred Stock of the full
amount of the Liquidation Distribution with respect to outstanding shares of Series A Preferred Stock, the holders of outstanding shares of Series A Preferred Stock shall have no right or claim, based on their ownership of shares of Series A
Preferred Stock, to the remaining assets of the Corporation, if any. Whenever any such distribution shall be paid in property other than cash, the value of such distribution shall be the fair market value of such property as determined in the good
faith reasonable discretion of the Board or liquidating trustee, as the case may be. 
 Section 5. Voting. 

The holders of outstanding shares of Series A Preferred Stock shall have the following voting rights: 

(a) Each share of Series A Preferred Stock shall entitle the holder thereof to voting power equal to 8.71 shares of Common Stock on all matters
submitted to a vote of the shareholders of the Corporation; provided that, to eliminate fractional votes, the votes cast by the shares of Series A Preferred Stock in the aggregate “for” or “against” a matter will be rounded down
to the nearest whole vote. 
 (b) In the event the Corporation shall at any time after declare or pay any dividend on the Common Stock
payable in shares of Common Stock, or effect a subdivision, combination or consolidation of the outstanding shares of Common Stock, then in each such case the number of votes per share to which holders of shares of Series A Preferred Stock were
entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number
of shares of Common Stock that were outstanding immediately prior to such event. 
 (c) Except as otherwise provided herein or by the Code or
other applicable law, the holders of shares of Series A Preferred Stock and the holders of shares of Common Stock shall vote together as one class on all matters submitted to a vote of the shareholders of the Corporation. 

(d) Except as set forth herein or as otherwise required by the Code or other applicable law, the holders of shares of Series A Preferred Stock
shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with the holders of shares of Common Stock as set forth herein) for taking any corporate action. 

  
 4 

 Section 6. Reservation of Common
Stock. 
 (a) Subject to the Conversion Requirements set forth in Section 8, at
any time that any Series A Preferred Stock is outstanding, the Corporation shall from time to time take all lawful action within its control to cause the authorized capital stock of the Corporation to include a number of authorized but unissued
shares of Common Stock equal to 7,894,740 shares (for the avoidance of doubt, taking into account any other obligations of the Corporation to reserve Common Stock upon the conversion, exchange or exercise of other securities of the Corporation such
that any other reservation may not be counted toward the reservation of Common Stock hereunder) (such authorized but unissued shares, the “Reserved Shares”). If, at any time, the Corporation lacks a sufficient number of Reserved Shares,
the Corporation shall use its reasonable best efforts to take all lawful action within its control to effect an amendment to the Certificate of Formation to increase the authorized but unissued shares of Common Stock of the Corporation to provide
for a sufficient number of Reserved Shares. 
 (b) If any shares of Common Stock to be reserved for the purpose of conversion of the Series A
Preferred Stock require registration or listing with or approval of any governmental authority, stock exchange or other regulatory body under any federal or state law or regulation or otherwise before such shares may be validly issued or delivered
upon conversion, the Corporation shall, at its sole cost and expense, in good faith and as expeditiously as possible following satisfaction of the Conversion Requirements set forth in Section 8, endeavor to secure such
registration, listing or approval, as the case may be. 
 Section 7. Form. 

(a) Notwithstanding anything to the contrary herein, the shares of Series A Preferred Stock and any shares of Common Stock issued upon
conversion thereof shall be in uncertificated, book-entry form as permitted by the Bylaws of the Corporation and the Code, and shall bear a legend in substantially the following form: 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
REGISTRATION.” 
 (b) The duly appointed transfer agent for the Series A Preferred Stock shall be Continental Stock Transfer &
Trust Company (the “Transfer Agent”). The Corporation may, in its sole discretion, remove the Transfer Agent in accordance with the agreement between the Corporation and the Transfer Agent;
provided that if the Corporation removes Continental Stock Transfer & Trust Company, the Corporation shall appoint a successor transfer agent who shall accept such appointment prior to the effectiveness of such removal. 

(c) Transfers of Series A Preferred Stock or any shares of Common Stock issued upon conversion thereof held in uncertificated, book-entry form
shall be made only upon the transfer books of the Corporation kept at an office of the Transfer Agent upon receipt of proper transfer instructions from the registered owner of such uncertificated shares, or from a duly authorized attorney or from an
individual presenting proper evidence of succession, assignment or authority to transfer the stock. The Corporation may refuse any requested transfer until furnished evidence satisfactory to it that such transfer is proper. 

  
 5 

 Section 8. Conversion. 

(a) Following (i) effectiveness of an amendment to the Certificate of Formation to increase the number of authorized shares of Common
Stock by at least 50,000,000 shares and (ii) approval by the shareholders of the Corporation, in accordance with applicable law and the applicable rules and regulations of the principal national securities exchange on which the Common Stock is
then listed for trading (the “National Securities Exchange”), of the issuance of the shares of Common Stock to be issued upon conversion of the Preferred Stock pursuant to this Section 8 (the
“Conversion Requirements”), each share of Series A Preferred Stock shall automatically convert into 10 shares of Common Stock (the “Conversion Ratio”). 

(b) Any Common Stock delivered as a result of conversion pursuant to this Section 8 following satisfaction of the
Conversion Requirements shall be validly issued, fully paid and non- assessable, free and clear of any preemptive right, liens, claims, rights or encumbrances other than those arising under the Code or the
Bylaws of the Corporation. Immediately following the settlement of conversion, the rights of the holders of converted Series A Preferred Stock shall cease and the persons entitled to receive shares of Common Stock upon the conversion of shares of
Series A Preferred Stock shall be treated for all purposes as having become the owners of such shares of Common Stock. Concurrently with such conversion, the converted shares of Series A Preferred Stock shall cease to be outstanding, shall be
canceled and the shares of Series A Preferred Stock formerly designated pursuant to this Statement of Resolution shall be restored to authorized but unissued shares of Preferred Stock. 

(c) If, after the Original Issue Date, the Corporation (i) makes a distribution on its Common Stock in cash, securities (including Common
Stock) or other property or assets, (ii) subdivides or splits its outstanding Common Stock into a greater number of Common Stock, (iii) combines or reclassifies its Common Stock into a smaller number of Common Stock or (iv) issues by
reclassification of its Common Stock any securities (including any reclassification in connection with a merger, consolidation or business combination in which the Corporation is the surviving person), then the Conversion Ratio in effect at the time
of the record date for such distribution or of the effective date of such subdivision, split, combination, or reclassification shall be proportionately adjusted so that the conversion of the Series A Preferred Stock after such time shall entitle the
holder to receive the aggregate number of Common Stock (or shares of any securities into which such shares of Common Stock would have been combined, consolidated, merged or reclassified pursuant to clauses (iii) and (iv) above) that such holder
would have been entitled to receive if the Series A Preferred Stock had been converted into Common Stock immediately prior to such record date or effective date, as the case may be, and in the case of a merger, consolidation or business combination
in which the Corporation is the surviving person, the Corporation shall provide effective provisions to ensure that the provisions in this Statement of Resolution relating to the Series A Preferred Stock shall not be abridged or amended and that the
Series A Preferred Stock shall thereafter retain the same powers, preferences and relative participating, optional and other special rights, and the qualifications, limitations and restrictions thereon, that the Series A Preferred Stock had
immediately prior to such transaction or event. An adjustment made pursuant to this Section 8(c) shall become effective immediately after the record date in the case of a distribution and shall become effective
immediately after the effective date in the case of a subdivision, combination, reclassification (including any reclassification in connection with a merger, consolidation or business combination in which the Corporation is the surviving person) or
split. Such adjustment shall be made successively whenever any event described above shall occur. 

  
 6 

 (d) Notwithstanding any of the other provisions of this Section 8,
no adjustment shall be made to the Conversion Ratio pursuant to Section 8(c) as a result of any of the following: 

(i) the grant of Common Stock or options, warrants or rights to purchase Common Stock to employees, officers or directors of
the Corporation or its subsidiaries, under compensation plans and agreements approved in good faith by the Board; provided, that in the case of options, warrants or rights to purchase Common Stock, the exercise price per Common Stock shall
not be less than the closing price of the Common Stock (as reported by the National Securities Exchange) on the date such option, warrant or other right is issued; 

(ii) the issuance of any Common Stock as all or part of the consideration to effect (A) the closing of any acquisition by
the Corporation of assets of a third party or (B) the consummation of a merger, consolidation or other business combination of the Corporation with another entity in which the Corporation survives and the Common Stock remain outstanding to the
extent such transaction(s) is or are validly approved by the vote or consent of the Board; 
 (iii) without duplication of
Section 8(d)(i) above, the issuance of options, warrants or other rights to purchase Common Stock, or securities exercisable or convertible into or exchangeable for Common Stock (or options, warrants or other rights to
purchase any such securities that are exercisable or convertible into or exchangeable for Common Stock, in each case, that are outstanding on the date of first issuance of shares of Series A Preferred Stock); and 

(iv) the issuance of securities for which an adjustment is made under another provision of this
Section 8. 
 (e) The Corporation shall pay any and all issue, documentary, stamp and other taxes, excluding any
income, franchise, property or similar taxes, that may be payable in respect of any issue or delivery of Common Stock on conversion of Series A Preferred Stock pursuant hereto. However, the holder of any Series A Preferred Stock shall pay any tax
that is due because Common Stock issuable upon conversion thereof are issued in a name other than such holder’s name. 
 (f) No
fractional Common Stock shall be issued upon the conversion of any Series A Preferred Stock. All Common Stock (including fractions thereof) issuable upon conversion of more than one share of Series A Preferred Stock by a holder thereof shall be
aggregated for purposes of determining whether the conversion would result in the issuance of any fractional stock. If, after the aforementioned aggregation, the conversion would result in the issuance of a fraction of a Common Stock, the
Corporation shall not issue a fractional Common Stock but shall round the fractional Common Stock to the nearest whole Common Stock (and a 0.5 of a share of Common Stock shall be rounded up to the next higher share of Common Stock). 

  
 7 

 Section 9. Additional Procedures.

 (a) In connection with any conversion pursuant to Section 8, the holder of Series A Preferred Stock must
deliver transfer instruments reasonably satisfactory to the Corporation, at the principal office of the Corporation (or such other place mutually acceptable to the holder of Series A Preferred Stock and the Corporation), in accordance with
Section 7(c). 
 (b) On the date of conversion pursuant to Section 8, the number of shares of Common Stock into which the
applicable shares of Series A Preferred Stock are converted shall be promptly issued in uncertificated, book-entry form and evidence thereof shall be delivered to the holder of Series A Preferred Stock thereof or such holder’s designee upon the
furnishing of appropriate endorsements and transfer documents and the payment of all transfer and similar taxes, if any, allocable to such holder. 

Section 10. No Other Rights. 

The shares of Series A Preferred Stock shall not have any powers, designations, preferences or relative, participating, optional, or other
special rights, nor shall there be any qualifications, limitations or restrictions or any powers, designations, preferences or rights of such shares, other than as set forth herein or in the Certificate of Formation, or as may be provided by law.

 Section 11. Other Provisions. 

(a) The shares of Series A Preferred Stock shall not be subject to the operation of any retirement or sinking fund. 

(b) In case any one or more of the provisions contained in this Statement of Resolution shall be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. Furthermore, in lieu of any such invalid, illegal or unenforceable provision, there shall be added
automatically as a part of this Statement of Resolution a provision as similar in terms to such invalid, illegal or unenforceable provision as may be possible and be legal, valid and enforceable, unless the requisite parties separately agree to a
replacement provision that is valid, legal and enforceable. 
 (c) Any amendment, modification, waiver or alteration of, or supplement to,
this Statement of Resolution shall require approval of a majority of the members of the Board not affiliated with John C. Goff. 
 (d) Any
payments, issuances or distributions required to be made hereunder on any day that is not a Business Day shall be made on the next succeeding Business Day without interest or additional payment for such delay. For the purposes of this Statement of
Resolution, “Business Day” shall mean each day that is not a Saturday, Sunday or other day on which banking institutions in Houston, Texas are authorized or required by law to close. All payments required hereunder shall be
made by wire transfer of immediately available funds in United States Dollars to the holders in accordance with the payment instructions as such holders may deliver by written notice to the Corporation from time to time. 

  
 8 

 Section 12. Effective Date. 

This Statement of Resolution shall become effective on September 17, 2019. 

[The Remainder of this Page Intentionally Left Blank] 

  
 9 

 IN WITNESS WHEREOF, Contango Oil & Gas Company has caused this Statement of
Resolution to be duly executed on the date first written above. 
  

			
	CONTANGO OIL & GAS COMPANY
		
	By:	 	 

    

	Name: E. Joseph Grady
	Title: Senior Vice President and Chief Financial Officer

 [Signature Page to Statement of Resolution] 

 EXHIBIT B 

REGISTRATION RIGHTS AGREEMENT 

by and among 
 CONTANGO
OIL & GAS COMPANY 
 and 

THE PURCHASERS PARTY HERETO 

 Table of Contents 

 

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	 	Definitions	  	 	1	 
	 Section 1.2
	 	Registrable Securities	  	 	3	 
		
	 ARTICLE II REGISTRATION RIGHTS
	  	 	3	 
			
	 Section 2.1
	 	Shelf Registration	  	 	3	 
	 Section 2.2
	 	Sale Procedures	  	 	4	 
	 Section 2.3
	 	Cooperation by Holders	  	 	6	 
	 Section 2.4
	 	Expenses	  	 	7	 
	 Section 2.5
	 	Indemnification	  	 	7	 
	 Section 2.6
	 	Transfer or Assignment of Registration Rights	  	 	9	 
	 Section 2.7
	 	Aggregation of Registrable Securities	  	 	9	 
		
	 ARTICLE III MISCELLANEOUS
	  	 	10	 
			
	 Section 3.1
	 	Communications	  	 	10	 
	 Section 3.2
	 	Successors and Assigns	  	 	10	 
	 Section 3.3
	 	Assignment of Rights	  	 	10	 
	 Section 3.4
	 	Recapitalization (Exchanges, etc. Affecting the Registrable Securities)	  	 	10	 
	 Section 3.5
	 	Specific Performance	  	 	11	 
	 Section 3.6
	 	Counterparts	  	 	11	 
	 Section 3.7
	 	Headings	  	 	11	 
	 Section 3.8
	 	Governing Law, Submission to Jurisdiction	  	 	11	 
	 Section 3.9
	 	Waiver of Jury Trial	  	 	11	 
	 Section 3.10
	 	Severability of Provisions	  	 	12	 
	 Section 3.11
	 	Entire Agreement	  	 	12	 
	 Section 3.12
	 	Term; Amendment	  	 	12	 
	 Section 3.13
	 	No Presumption	  	 	12	 
	 Section 3.14
	 	Obligations Limited to Parties to Agreement	  	 	12	 
	 Section 3.15
	 	Interpretation	  	 	13	 
	 Section 3.16
	 	No Inconsistent Agreements; Additional Rights	  	 	13	 

  
 i 

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of September 17, 2019 by and between
Contango Oil & Gas Company, a Texas corporation (“Contango”), and the parties set forth on Schedule A hereto (each, a “Purchaser” and collectively, the “Purchasers”). 

WHEREAS, this Agreement is made in connection with the closing of the issuance and sale of the Purchased Securities pursuant to the Purchase
Agreement, dated as of September 12, 2019, by and between Contango and the Purchasers (the “Purchase Agreement”); 

WHEREAS, Contango has agreed to provide the registration and other rights set forth in this Agreement for the benefit of the Purchasers
pursuant to the Purchase Agreement; and 
 WHEREAS, it is a condition to the obligations of the Purchasers and Contango under the Purchase
Agreement that this Agreement be executed and delivered. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by each party hereto, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. The terms set forth below are used herein as so defined: 

“Affiliate” means, with respect to a specified Person, any other Person, directly or indirectly controlling, controlled by or
under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, “controlling,” “controlled by,” and “under common control
with”) means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. 

“Agreement” has the meaning specified therefor in the introductory paragraph. 

“Business Day” means any day other than a Saturday, Sunday, any federal legal holiday or day on which banking institutions in
the State of Texas are authorized or required by law or other governmental action to close. 
 “Statement of Resolution”
means the statement of resolution setting forth the terms of the Preferred Stock. 
 “Commission” means the United States
Securities and Exchange Commission. 
 “Common Stock” means the common stock, par value $0.04 per share, of Contango. 

 “Contango” has the meaning specified therefor in the introductory paragraph
of this Agreement. 
 “Effective Date” means the initial date of effectiveness of the Shelf Registration Statement. 

“Effectiveness Period” has the meaning specified therefor in Section 2.1(a) of this Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the
Commission promulgated thereunder. 
 “Holder” means the record holder of any Registrable Securities. 

“Law” shall have the meaning set forth in the Purchase Agreement. 

“Losses” has the meaning specified therefor in Section 2.5(a) of this Agreement. 

“Person” means any individual, corporation, company, voluntary association, partnership, joint venture, trust, limited
liability company, unincorporated organization, government or any agency, instrumentality or political subdivision thereof, or any other form of entity. 

“Preferred Stock” means the Series A Contingent Convertible Preferred Stock of Contango and having the rights and obligations
specified in the Statement of Resolution. 
 “Purchase Agreement” has the meaning specified therefor in the Recitals of
this Agreement. 
 “Purchased Securities” means the Preferred Stock to be issued and sold to the Purchasers pursuant to the
Purchase Agreement. 
 “Purchaser” or “Purchasers” has the meaning set forth in the introductory paragraph
of this Agreement. 
 “Registration” means any registration pursuant to this Agreement, including pursuant to the Shelf
Registration Statement. 
 “Registrable Securities” means, subject to Section 1.2 of this
Agreement, the shares of Common Stock issued upon conversion of the Purchased Securities in accordance with the terms of the Statement of Resolution. 

“Registration Expenses” has the meaning specified therefor in Section 2.4(a) of this Agreement.

 “Resale Opt-Out Notice” has the meaning specified therefor in
Section 2.1(b) of this Agreement. 
 “Securities Act” means the Securities Act of 1933, as
amended from time to time, and the rules and regulations of the Commission promulgated thereunder. 

  
 2 

 “Selling Expenses” has the meaning specified therefor in
Section 2.4(a) of this Agreement. 
 “Selling Holder” means a Holder who is selling Registrable
Securities pursuant to a Registration. 
 “Shelf Registration Statement” means a registration statement under the
Securities Act to permit the public resale of the Registrable Securities from time to time as permitted by Rule 415 of the Securities Act (or any similar provision then in force under the Securities Act). 

Section 1.2 Registrable Securities. Any Registrable Security will cease to be a Registrable Security at the earliest of the
following: (a) when a registration statement covering such Registrable Security has been declared effective by the Commission and such Registrable Security has been sold or disposed of pursuant to such effective registration statement;
(b) when such Registrable Security is held by Contango or one of its subsidiaries; (c) when such Registrable Security has been sold in a private transaction in which the transferor’s rights under this Agreement are not assigned to the
transferee of such securities; and (d) the date on which such Registrable Security has been sold pursuant to any section of Rule 144 under the Securities Act (or any similar provision then in force under the Securities Act,
“Rule 144”) or any other exemption from the registration requirements of the Securities Act as a result of which the legend on any certificate or book-entry notation representing such Registrable Security
restricting transfer of such Registrable Security has been removed. 
 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.1 Shelf Registration. 

(a) Shelf Registration. Contango shall use its commercially reasonable efforts to prepare and file an initial Shelf Registration
Statement under the Securities Act covering all Registrable Securities at such time of filing within 30 days of the conversion of the Preferred Stock. Contango shall use its commercially reasonable efforts to cause such initial Shelf Registration
Statement to become effective no later than 120 days from its initial filing. Contango will use its commercially reasonable efforts to cause such initial Shelf Registration Statement filed pursuant to this Section 2.1(a) to
be continuously effective under the Securities Act until the earliest of (i) all Registrable Securities covered by the Shelf Registration Statement have been distributed in the manner set forth and as contemplated in such Shelf Registration
Statement, (ii) there are no longer any Registrable Securities outstanding and (iii) three years from the Effective Date (the “Effectiveness Period”). A Shelf Registration Statement filed pursuant to this
Section 2.l(a) shall be on such appropriate registration form of the Commission as shall be selected by Contango. A Shelf Registration Statement when declared effective (including the documents incorporated therein by
reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading (in the case of any prospectus contained in such Shelf Registration Statement, in the light of the circumstances under which a statement is made). As soon as practicable following
the date that a Shelf Registration Statement becomes effective, but in any event within five Business Days of such date, Contango shall provide the Holders with written notice of the effectiveness of a Shelf Registration Statement. 

  
 3 

 (b) Resale Registration Opt-Out. At least
three Business Days before the initial filing of the Shelf Registration Statement required by Section 2.1(a), Contango shall provide advance written notice to each Holder that it plans to file a Shelf Registration
Statement. Any Holder may deliver advance written notice (a “Resale Opt-Out Notice”) to Contango requesting that such Holder not be included in a Shelf Registration Statement prior to its
initial filing. Following receipt of a Resale Opt-Out Notice from a Holder, Contango shall not be required to include the Registrable Securities of such Holder in such Shelf Registration Statement. 

(c) Delay Rights. Notwithstanding anything to the contrary contained herein, Contango may, upon written notice to any Selling Holder
whose Registrable Securities are included in the Shelf Registration Statement, suspend such Selling Holder’s use of any prospectus which is a part of the Shelf Registration Statement (in which event the Selling Holder shall discontinue sales of
the Registrable Securities pursuant to the Shelf Registration Statement) if (i) Contango is pursuing an acquisition, merger, reorganization, disposition or other similar transaction and Contango determines in good faith that Contango’s
ability to pursue or consummate such a transaction would be materially and adversely affected by any required disclosure of such transaction in the Shelf Registration Statement or (ii) Contango has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of Contango, would materially and adversely affect Contango; provided, however, that in no event shall the Selling
Holders be suspended from selling Registrable Securities pursuant to the Shelf Registration Statement for a period of 60 consecutive days or an aggregate of 180 days in any 365-day period. Upon disclosure of
such information or the termination of the condition described above, Contango shall provide prompt notice to the Selling Holders whose Registrable Securities are included in the Shelf Registration Statement, and shall promptly terminate any
suspension of sales it has put into effect and shall take such other actions necessary or appropriate to permit registered sales of Registrable Securities as contemplated in this Agreement. 

Section 2.2 Sale Procedures. 

(a) In connection with its obligations under this Article II, Contango will, as expeditiously as possible: 

(i) prepare and file with the Commission such amendments and supplements to the Shelf Registration Statement and the prospectus
used in connection therewith as may be necessary to keep a Shelf Registration Statement effective for the Effectiveness Period and as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all
Registrable Securities covered by a Shelf Registration Statement; 
 (ii) furnish to each Selling Holder (A) as far in
advance as reasonably practicable before filing a Shelf Registration Statement or any other registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such
documents proposed to be filed (including exhibits and each document incorporated by reference therein to the extent then required 

  
 4 

 
by the rules and regulations of the Commission), and provide each such Selling Holder the opportunity to object to any information pertaining to such Selling Holder and its plan of distribution
that is contained therein and make the corrections reasonably requested by such Selling Holder with respect to such information prior to filing such Shelf Registration Statement or such other registration statement and the prospectus included
therein or any supplement or amendment thereto, and (B) such number of copies of such Shelf Registration Statement or such other registration statement and the prospectus included therein and any supplements and amendments thereto as such
Persons may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities covered by such Shelf Registration Statement or other registration statement; 

(iii) if applicable, use its commercially reasonable efforts to register or qualify the Registrable Securities covered by a
Shelf Registration Statement or any other registration statement contemplated by this Agreement under the securities or blue sky laws of such jurisdictions as the Selling Holders shall reasonably request, provided that Contango will not be required
to qualify generally to transact business in any jurisdiction where it is not then required to so qualify or to take any action which would subject it to general service of process in any such jurisdiction where it is not then so subject; 

(iv) promptly notify each Selling Holder, at any time when a prospectus relating thereto is required to be delivered under the
Securities Act, of (A) the filing of a Shelf Registration Statement or any other registration statement contemplated by this Agreement or any prospectus included therein or any amendment or supplement thereto (other than any amendment or
supplement resulting from the filing of a document incorporated by reference therein), and, with respect to such Shelf Registration Statement or any other registration statement or any post-effective amendment thereto, when the same has become
effective; and (B) the receipt of any written comments from the Commission with respect to any filing referred to in clause (A) and any written request by the Commission for amendments or supplements to such Shelf Registration Statement or
any other registration statement or any prospectus or prospectus supplement thereto; 
 (v) immediately notify each Selling
Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (A) the happening of any event as a result of which the prospectus contained in a Shelf Registration Statement or any other
registration statement contemplated by this Agreement or any supplemental amendment thereto, includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing; (B) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or any other registration
statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (C) the receipt by Contango of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under
the applicable securities or blue sky laws of any jurisdiction. Following the provision of such notice, Contango agrees to as promptly as practicable amend or supplement the prospectus or prospectus supplement or take other appropriate action so
that the prospectus or prospectus supplement does not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing and to take such other action as is necessary to remove a stop order, suspension, threat thereof or proceedings related thereto; 

  
 5 

 (vi) otherwise use its commercially reasonable efforts to comply with all
applicable rules and regulations of the Commission and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months, but not more than 18 months, beginning with
the first full calendar month after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 

(vii) cause all such Registrable Securities registered pursuant to this Agreement to be listed or quoted on each securities
exchange or nationally recognized quotation system on which similar securities issued by Contango are then listed or quoted, and cause to be satisfied all requirements and conditions of such securities exchange or nationally recognized quotation
system to the listing or quoting of such Registrable Securities that are reasonably within the control of Contango, including, without limitation, registering the Registrable Securities under the Exchange Act, if appropriate, and using commercially
reasonable efforts to cause such registration to become effective pursuant to the rule of the Commission; 
 (viii) use its
commercially reasonable efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of Contango to enable the Selling
Holders to consummate the disposition of such Registrable Securities; 
 (ix) provide a transfer agent and registrar for all
Registrable Securities covered by such registration statement; and 
 (x) enter into customary agreements and take such other
actions as are reasonably requested by the Selling Holders in order to expedite or facilitate the disposition of such Registrable Securities. 

(b) Each Selling Holder, upon receipt of notice from Contango of the happening of any event of the kind described in
Section 2.2(b)(v), shall forthwith discontinue disposition of the Registrable Securities until such Selling Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 2.2(b)(v) or until it is advised in writing by Contango that the use of the prospectus may be resumed, and has received copies of any additional or supplemental filings incorporated by reference in the prospectus,
and, if so directed by Contango, such Selling Holder will deliver to Contango (at Contango’s expense) all copies in their possession or control, other than permanent file copies then in such Selling Holder’s possession, of the prospectus
and any prospectus supplement covering such Registrable Securities current at the time of receipt of such notice. 
 Section 2.3
Cooperation by Holders. Contango shall have no obligation to include Registrable Securities of a Holder in the Shelf Registration Statement if such Selling Holder has failed to timely furnish such information which, in the opinion of counsel
to Contango, is reasonably required in order for the registration statement or prospectus supplement, as applicable, to comply with the Securities Act. 

  
 6 

 Section 2.4 Expenses. 

(a) Certain Definitions. “Registration Expenses” means all expenses incident to Contango’s performance under or
compliance with this Agreement to effect the registration of Registrable Securities in a Shelf Registration Statement pursuant to Section 2.1 and the disposition of such securities, including, without limitation, all
registration, filing, securities exchange listing and fees, all registration, filing, qualification and other fees and expenses of complying with securities or blue sky laws, fees of the Financial Industry Regulatory Authority, transfer taxes and
fees of transfer agents and registrars, all word processing, duplicating and printing expenses, and the fees and disbursements of Contango’s independent public accountants and counsel for Contango. Except as otherwise provided in
Section 2.5 hereof, Contango shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder. In addition, Contango shall not be responsible for any
“Selling Expenses,” which means all underwriting fees, discounts and selling commissions, transfer taxes and fees of counsel allocable to the sale of the Registrable Securities. 

(b) Expenses. Contango will pay all reasonable Registration Expenses in connection with a Shelf Registration Statement, whether or not
any sale is made pursuant to such Shelf Registration Statement. 
 Section 2.5 Indemnification. 

(a) By Contango. In the event of a registration of any Registrable Securities under the Securities Act pursuant to this Agreement, to
the extent permitted by applicable law, Contango will indemnify and hold harmless each Selling Holder thereunder, its directors, officers, employees, agents, representatives and managers, and each Person, if any, who controls such Selling Holder
within the meaning of the Securities Act and the Exchange Act, and its directors, officers, employees, agents, representatives and managers, against any losses, claims, damages, expenses or liabilities (including reasonable attorneys’ fees and
expenses), including any of the foregoing incurred in settlement of any litigation commenced or threatened by any party other than a Selling Holder (collectively, “Losses”), joint or several, to which such Selling Holder or
controlling Person or directors, officers, employees, agents, representatives or managers may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions or proceedings, whether commenced or threatened,
in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (in the case of any prospectus, in light of the circumstances under which such statement is made) contained in the Shelf
Registration Statement or any other registration statement contemplated by this Agreement, any preliminary prospectus or final prospectus contained therein, or any free writing prospectus related thereto, or any amendment or supplement thereof, or
arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in light of the circumstances under which they
were made) not misleading, and will reimburse each such Selling Holder, its directors and officers, and each such controlling Person and each such director, officer, employee, agent, representatives or manager for any legal or other expenses
reasonably incurred 

  
 7 

 
by them in connection with investigating or defending any such Loss or actions or proceedings; provided, however, that Contango will not be liable in any such case if and to the
extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission so made in conformity with information furnished by such Selling Holder or such controlling Person in writing
specifically for use in the Shelf Registration Statement or such other registration statement, or prospectus supplement, as applicable. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such
Selling Holder or any such director, officer, employee, agent, representatives, manager or controlling Person, and shall survive the transfer of such securities by such Selling Holder. 

(b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless Contango, its directors,
officers, employees, representatives and agents and each Person, if any, who controls Contango within the meaning of the Securities Act or of the Exchange Act to the same extent as the foregoing indemnity from Contango to the Selling Holders, but
only with respect to information regarding such Selling Holder furnished in writing by or on behalf of such Selling Holder expressly for inclusion in the Shelf Registration Statement or prospectus supplement relating to the Registrable Securities,
or any amendment or supplement thereto. 
 (c) Notice. Promptly after receipt by an indemnified party hereunder of notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party
shall not relieve it from any liability which it may have to any indemnified party other than under this Section 2.5(c) except to the extent that the indemnifying party is materially prejudiced by such failure. In any
action brought against any indemnified party, it shall notify the indemnifying party of the commencement thereof. The indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake 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 and undertake the defense thereof, the indemnifying party shall not be liable
to such indemnified party under this Section 2.5 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation and of liaison with
counsel so selected; provided, however, that, (i) if the indemnifying party has failed to assume the defense and employ counsel reasonably satisfactory to the indemnified party or (ii) if the defendants in any such action
include both the indemnified party and the indemnifying party and counsel to the indemnified party shall have concluded that there may be reasonable defenses available to the indemnified party that are different from or additional to those available
to the indemnifying party, or if the interests of the indemnified party reasonably may be deemed to conflict with the interests of the indemnifying party or representation by both parties by the same counsel is otherwise inappropriate under the
applicable standards of professional conduct, then the indemnified party shall have the right to select a separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the reasonable expenses and
fees of such separate counsel and other reasonable expenses related to such participation to be reimbursed by the indemnifying party as incurred. Notwithstanding any other provision of this Agreement, the indemnifying party shall not settle any
indemnified claim without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, includes a complete release from liability of, and does not contain any admission of wrong doing by, the indemnified
party. 

  
 8 

 (d) Contribution. If the indemnification provided for in this
Section 2.5 is held by a court or government agency of competent jurisdiction to be unavailable to Contango or any Selling Holder or is insufficient to hold them harmless in respect of any Losses, then each such
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 Contango on
the one hand and of such Selling Holder on the other in connection with the statements or omissions which resulted in such Losses, as well as any other relevant equitable considerations; provided, however, that in no event shall such
Selling Holder be required to contribute an aggregate amount in excess of the dollar amount of proceeds (net of Selling Expenses) received by such Selling Holder from the sale of Registrable Securities giving rise to such indemnification less the
amount of any damages that such Selling Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. The relative fault of Contango on the one hand and each Selling Holder on the
other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to, information supplied by
such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just and equitable if contributions pursuant to this
paragraph were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the first sentence of this paragraph. The amount paid by an indemnified party as a
result of the Losses referred to in the first sentence of this paragraph shall be deemed to include any legal and other expenses reasonably incurred by such indemnified party in connection with investigating or defending any Loss which is the
subject of this paragraph. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who is not guilty of such fraudulent misrepresentation.

 (e) Other Indemnification. The provisions of this Section 2.5 shall be in addition to any other rights to
indemnification or contribution which an indemnified party may have pursuant to law, equity, contract or otherwise. 
 Section 2.6
Transfer or Assignment of Registration Rights. Except as otherwise specifically provided in this Agreement, without the prior written consent of Contango, the rights to cause Contango to register Registrable Securities granted to the
Purchasers by Contango under this Article II may not be transferred or assigned by the Purchasers. 

Section 2.7 Aggregation of Registrable Securities. All Registrable Securities held or acquired by Persons who are Affiliates of
one another shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. In addition, all other shares of Common Stock held by a Person and for which such Person has similar registration rights
pursuant to an agreement between such Person and Contango shall be aggregated together for the purpose of determining such Person’s rights under this Agreement solely as such shares relate to minimum quantity requirements contemplated herein;
provided that, for the avoidance of doubt, such Common Stock shall not otherwise be deemed Registrable Securities for any other purpose under this Agreement. 

  
 9 

 ARTICLE III 

MISCELLANEOUS 

Section 3.1 Communications. All notices and demands provided for hereunder shall be in writing and shall be given by registered or
certified mail, return receipt requested, facsimile, air courier guaranteeing overnight delivery or personal delivery to the following addresses: 
  

	 	(a)	 If to a Purchaser, to such addresses indicated on Schedule A attached hereto. 

 

	 	(b)	 If to Contango: 

Contango Oil & Gas Company 

717 Texas Avenue, Suite 2900 

Houston, Texas 77002 
 Attention:
Wilkie S. Colyer, Jr. 
 Facsimile: 

E-mail: WColyer@contango.com 

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

Gibson, Dunn & Crutcher LLP 

811 Main Street, Suite 3000 

Houston, Texas 77002 
 Attention:
Hillary H. Holmes 
 Facsimile: (346) 718-6902 

E-mail: HHolmes@gibsondunn.com 

or, if to a transferee of a Purchaser, to the transferee at the address provided pursuant to Section 2.6 above. All notices and
communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; upon actual receipt if sent by certified or registered mail, return receipt requested, or regular mail, if mailed; upon actual
receipt of the facsimile copy or e-mail, if sent via facsimile or e-mail; and upon actual receipt when delivered to an air courier guaranteeing overnight delivery. 

Section 3.2 Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of
each of the parties, including subsequent Holders of Registrable Securities to the extent permitted herein. 
 Section 3.3
Assignment of Rights. All or any portion of the rights and obligations of any Purchaser under this Agreement may be transferred or assigned by such Purchaser in accordance with Section 2.6 hereof. 

Section 3.4 Recapitalization (Exchanges, etc. Affecting the Registrable Securities). The provisions of this Agreement shall apply
to the full extent set forth herein with respect to any and all shares of capital stock of Contango or any successor or assign of Contango (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange
for or in substitution of, the Registrable Securities, and shall be appropriately adjusted for combinations, recapitalizations and the like occurring after the date of this Agreement. 

  
 10 

 Section 3.5 Specific Performance. Damages in the event of breach of this
Agreement by a party hereto would be difficult, if not impossible, to ascertain, and it is therefore agreed that each such Person, in addition to and without limiting any other remedy or right it may have, will have the right to an injunction or
other equitable relief in any court of competent jurisdiction, enjoining any such breach, and enforcing specifically the terms and provisions hereof, and each of the parties hereto hereby waives (a) any and all defenses it may have on the
ground of lack of jurisdiction or competence of the court to grant such an injunction or other equitable relief or that a remedy at law would be adequate and (b) any requirement under any law to post securities as a prerequisite to obtaining
equitable relief. The existence of this right will not preclude any such Person from pursuing any other rights and remedies at law or in equity which such Person may have. 

Section 3.6 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Agreement. 

Section 3.7 Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 
 Section 3.8 Governing Law, Submission to Jurisdiction. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY
BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. Each of the
parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement or the Transactions shall be brought and determined by courts of the State of Texas located in Houston, Texas and the federal courts of the United
States of America located in Houston, Texas, and each of the parties hereto irrevocably submits to the exclusive jurisdiction of such courts solely in respect of any legal proceeding arising out of or related to this Agreement. 

Section 3.9 Waiver of Jury Trial. THE PARTIES TO THIS AGREEMENT EACH HEREBY WAIVE, AND AGREE TO CAUSE THEIR AFFILIATES TO WAIVE,
TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (i) ARISING UNDER THIS AGREEMENT OR (ii) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES
HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. THE PARTIES TO THIS AGREEMENT EACH HEREBY AGREES AND
CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF
THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

  
 11 

 Section 3.10 Severability of Provisions. Any provision of this Agreement which
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting or impairing the validity or
enforceability of such provision in any other jurisdiction. 
 Section 3.11 Entire Agreement. This Agreement and the Purchase
Agreement are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein or
therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein or therein with respect to the rights granted by Contango set forth herein or therein. This Agreement and the Purchase
Agreement supersede all prior agreements and understandings between the parties with respect to such subject matter. 
 Section 3.12
Term; Amendment. This Agreement shall automatically terminate and be of no further force and effect on the date on which there are no Registrable Securities. This Agreement may be amended only by means of a written amendment signed by
Contango and the Holders of a majority of the then outstanding Registrable Securities; provided, however, that no such amendment shall materially and adversely affect the rights of any Holder hereunder without the consent of such
Holder. Notwithstanding the foregoing, any amendment, waiver, consent or modification of, or supplement to, this Agreement shall require approval of a majority of the members of the board of directors of Contango not affiliated with John C. Goff.

 Section 3.13 No Presumption. In the event any claim is made by a party relating to any conflict, omission, or ambiguity in
this Agreement, no presumption or burden of proof or persuasion shall be implied by virtue of the fact that this Agreement was prepared by or at the request of a particular party or its counsel. 

Section 3.14 Obligations Limited to Parties to Agreement. Each of the parties hereto covenants, agrees and acknowledges that no
Person other than the Purchasers, Selling Holders, their respective permitted assignees and Contango shall have any obligation hereunder and that, notwithstanding that one or more of Contango and the Purchasers may be a corporation, partnership or
limited liability company, no recourse under this Agreement or under any documents or instruments delivered in connection herewith or therewith shall be had against any former, current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of Contango, the Purchasers, Selling Holders or their respective permitted assignees, or any former, current or future director, officer, employee, agent, general or limited partner, manager,
member, stockholder or Affiliate of any of the foregoing, whether by the enforcement of any assessment or by any legal or equitable proceeding, or by virtue of any applicable law, it being expressly agreed and acknowledged that no personal liability
whatsoever shall attach to, be imposed on or otherwise by incurred by any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of Contango, the Purchasers, Selling
Holders or any of their respective assignees, 

  
 12 

 
or any former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder or Affiliate of any of the foregoing, as such, for any obligations of
Contango, the Purchasers, Selling Holders or their respective permitted assignees under this Agreement or any documents or instruments delivered in connection herewith or therewith or for any claim based on, in respect of or by reason of such
obligation or its creation, except in each case for any assignee of the Purchasers or a Selling Holder hereunder. 
 Section 3.15
Interpretation. Article and Section references in this Agreement are references to the corresponding Article and Section to this Agreement, unless otherwise specified. All references to instruments, documents, contracts and agreements are
references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise specified. The word “including” shall mean “including but not
limited to.” Whenever any determination, consent or approval is to be made or given by a Purchaser under this Agreement, such action shall be in such Purchaser’s sole discretion unless otherwise specified. 

Section 3.16 No Inconsistent Agreements; Additional Rights. If Contango hereafter enters into a registration rights agreement with
a third party with terms more favorable than those set forth herein with respect to Holders of shares of Common Stock, this Agreement shall, to the extent so requested by any such Holders, be amended so as to provide such Holders with substantially
the same material terms as provided to such other third party. 
 [Signature Pages Follow] 

  
 13 

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

			
	CONTANGO OIL & GAS COMPANY
		
	By:	 	      

	Name: E. Joseph Grady
	Title: Senior Vice President and Chief Financial Officer

 [Signatures continue on following page.] 

[Signature Page to Registration Rights Agreement] 

 
			
	Goff MCF Partners, LP
		
	By:	 	      

	Name:	 	John C. Goff
	Title:	 	Chief Executive Officer
	
	John C. Goff SEP IRA
		
	By:	 	      

		 	John C. Goff

 [Signature Page to Registration Rights Agreement] 

 Schedule A 

Purchasers 
 Goff MCF Partners,
LP 
 John C. Goff SEP IRA 
 Notice Address: 

500 Commerce St., Suite 700, 
 Fort Worth, Texas 76102 

Attention Jennifer Terrell 
 jterrell@Goffcp.com 

with a copy (which shall not constitute notice) to: 
 Pillsbury
Winthrop Shaw Pittman LLP 
 1200 Seventeenth Street NW 

Washington, DC 20036-3006 
 Attention Robert Robbins 

robert.robbins@pillsburylaw.com 

Schedule A 

 EXHIBIT C 

VOTING AND SUPPORT AGREEMENT 

THIS VOTING AND SUPPORT AGREEMENT (this “Agreement”) is made and entered into as of September 17, 2019, by and Contango
Oil & Gas Company, a Texas corporation (“Contango”), and John C. Goff (“Goff”). 
 WITNESSETH:

 WHEREAS, Contango and Goff MCF Partners, LP and John C. Goff SEP IRA, entities affiliated with Goff (the “Affiliated
Entities”), entered into a Purchase Agreement, dated as of September 12, 2019 (the “Purchase Agreement”), which provides for the purchase and sale by Contango of an aggregate $7.5 million in gross proceeds of
shares of Series A Contingent Convertible Preferred Stock, par value $0.04 per share (the “Preferred Stock”), to the Affiliated Entities; 

WHEREAS, the Preferred Stock to be issued to the Affiliated Entities pursuant to the Purchase Agreement will automatically convert into shares
of common stock, par value $0.04 per share (“Common Stock”), of Contango upon (i) effectiveness of an amendment to the Certificate of Formation of Contango (the “Charter Amendment”) to increase the number of
authorized shares of Common Stock by at least 50,000,000 shares following approval by the shareholders of Contango of such amendment (the “Amendment Proposal”) and (ii) if necessary, approval by the shareholders of Contango, in
accordance with applicable law and stock exchange rules and regulations, of the issuance of the shares of Common Stock to be issued upon conversion of the Preferred Stock and the issuance of such shares of Common Stock at a discount to an insider of
the Company (the “Conversion Proposal” and, together with the Amendment Proposal, the “Proposals”); 

WHEREAS, as of the date hereof, Goff is the beneficial owner (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934, as amended) of 25,304,325 shares of Common Stock; and 
 WHEREAS, as a condition and inducement to the
willingness of Contango to enter into the Purchase Agreement, Goff has agreed to enter into this Agreement. 
 NOW, THEREFORE, intending to
be legally bound, the parties hereto agree as follows: 
 1.    Certain Definitions. All capitalized terms that
are used but not defined herein shall have the respective meanings ascribed to them in the Purchase Agreement. For all purposes of and under this Agreement, the following terms shall have the following respective meanings: 

(a)    “Expiration Date” shall mean the earlier of (i) the first date upon which both shareholder
approval of the Proposals has been obtained and the Charter Amendment has become effective and (ii) the date that is six months after the date hereof. 

(b)    “Subject Shares” shall mean, without duplication, (i) all shares of Common Stock of which
Goff is the record or beneficial owner as of the date hereof, which total 25,304,325 shares of Common Stock, (ii) all shares of Common Stock issuable upon conversion, exercise or exchange of options, warrants and/or other rights to acquire
shares of Common Stock of which Goff is the record or beneficial owner as of the date hereof, (iii) all additional shares of Common 

 
Stock, and all additional shares of Common Stock issuable upon conversion, exercise or exchange of options, warrants and/or other rights to acquire shares of Common Stock, in each case of which
Goff acquires record or beneficial ownership during the period from the date of this Agreement through the Expiration Date (including by way of share dividend or distribution, split-up, recapitalization,
combination, exchange of shares and the like and including the shares of Common Stock acquired by Goff in an underwritten public offering concurrent with the issuance of shares of Preferred Stock pursuant to the Purchase Agreement (the
“Public Offering”)), and (iv) all shares of Preferred Stock acquired by the Affiliated Entities pursuant to the Purchase Agreement to the extent such shares of Preferred Stock are entitled to vote on any of the Proposals or any
of the other matters set forth in Section 3(a). 
 (c)    “Transfer.” A
Person shall be deemed to have effected a “Transfer” of Subject Shares if such Person directly or indirectly (i) sells, pledges, assigns, grants an option with respect to, transfers, tenders or disposes (by merger, by
testamentary disposition, by operation of Law or otherwise) of such Subject Shares or any interest in such Subject Shares, (ii) creates or permits to exist any Liens, other than restrictions imposed by applicable Law or pursuant to this
Agreement, (iii) deposits any Subject Shares into a voting trust or enters into a voting agreement or arrangement or grants any proxy, power of attorney or other authorization with respect thereto that is inconsistent with this Agreement, or
(iv) agrees or commits (whether or not in writing) to take any of the actions referred to in the foregoing clauses (i) through (iii). 

2.     Transfer Restrictions. From the date hereof until the Expiration Date, Goff shall not Transfer (or
cause or permit the Transfer of) any of his Subject Shares, or enter into any agreement relating thereto, except with Contango’s prior written consent and in Contango’s sole discretion. 

3.    Agreement to Vote Subject Shares. 

(a)    At every meeting of the shareholders of Contango, however called, and at every adjournment or postponement thereof
(each, a “Meeting”), and on every action or approval by written consent of the shareholders of Contango, Goff agrees, unconditionally and irrevocably, to the extent not voted by the Person(s) named (or otherwise appointed in the
manner set forth in) in any proxy statement or information statement, as applicable, or to cause the holder of record on any applicable record date to, vote (or cause to be voted) all Subject Shares that are then beneficially owned by Goff and
entitled to vote or act by written consent: 
 (i)    in favor of the approval of the Amendment Proposal, and in favor
of any other matters presented or proposed as to approval of the Amendment Proposal; 
 (ii)    in favor of the
approval of the Conversion Proposal, and in favor of any other matters presented or proposed as to approval of the Conversion Proposal; 

(iii)    in favor of the approval of any proposal to adjourn or postpone the Meeting to a later date, if there are not
sufficient votes for the approval of the Proposals on the date on which such Meeting is held; 
 (iii)    against
approval of any proposal made in opposition to, in competition with, or inconsistent with, the Proposals; and 

  
 2 

 (iv)    in favor of any other matter necessary or appropriate to the
consummation of the transactions contemplated by the Purchase Agreement. 
 Goff agrees, unconditionally and irrevocably, to deliver or cause to be
delivered such written consent immediately following consummation of the Public Offering. Goff acknowledges that, pursuant to the applicable rules and regulations of the NYSE American, the shares of Preferred Stock acquired by the Affiliated
Entities pursuant to the Purchase Agreement shall not be entitled to vote with respect to the Conversion Proposal. 

(b)    Any vote required to be cast pursuant to this Section 3 shall be cast by Goff or at the
direction of Goff, as applicable, in accordance with such procedures relating thereto so as to ensure that it is duly counted, including for purposes of determining whether a quorum is present. 

(c)    Except as provided herein, Goff shall not (i) enter into any agreement or understanding with any Person to
vote or give instructions in any manner inconsistent with the terms of this Section 3, (ii) grant at any time while this Agreement remains in effect, a proxy, consent or power of attorney with respect to the Subject
Shares inconsistent with the terms of this Section 3 or (iii) take any action that would make any representation or warranty of Goff contained herein untrue or incorrect or have the effect of preventing or disabling
Goff from performing any of his obligations under this Agreement. 
 (d)    The obligations of Goff specified in
Section 3(a) shall apply whether or not any action described above is recommended by the Contango board of directors (or any committee thereof) (the “Board”), for so long as this Agreement is in effect.

 4.    Irrevocable Proxy. 

(a)    Solely in the event of a failure by Goff to act in accordance with Goff’s obligations as to voting pursuant to
Section 3(a) prior to the termination of this Agreement and without in any way limiting any of Goff’s right to vote the Subject Shares in his sole discretion on any other matters that may be submitted to a shareholder
vote, consent or other approval, Goff hereby grants an irrevocable proxy (the “Proxy”) appointing Contango as Goff’s attorney-in-fact and proxy,
with full power of substitution, for and in Goff’s name, to vote, express consent or dissent, or otherwise to utilize such voting power in the manner contemplated by Section 3 above as Contango or its proxy or
substitute shall, in Contango’s sole discretion, deem proper with respect to the Subject Shares. 
 (b)    Goff
hereby represents that any proxies heretofore given in respect of the Subject Shares, if any, are revocable, and hereby revokes such proxies. 

(c)    Goff hereby affirms that his Proxy set forth in this Section 4 is given in connection
with the execution of the Purchase Agreement, and that such Proxy is given to secure the performance of the duties of Goff under this Agreement. Goff hereby further affirms that his Proxy is coupled with an interest in consideration of Contango
entering into this Agreement and the Purchase Agreement and incurring certain related fees and expenses and, except as set forth in Section 4(d) or in Section 12 hereof, is intended to be
irrevocable. All authority conferred hereby shall survive the death, incapacity of or the appointment of any liquidator, receiver, trustee, special 

  
 3 

 
manager or any other court appointed officer for Goff and shall be binding upon the heirs, estate, administrators, receivers, liquidators, trustees, special managers, personal representatives,
successors and assigns of Goff. 
 (d)    Contango hereby acknowledges and agrees that the Proxy set forth in this
Section 4 shall not be exercised to vote, consent or act on any matter except as specifically contemplated by Section 3 above and Contango agrees not to exercise the Proxy granted herein for any
purpose other than the purposes described in Section 3. The Proxy set forth in this Section 4 shall be revoked, terminated and of no further force or effect automatically without further action
upon the termination of this Agreement. 
 5.    Update of Beneficial Ownership Information. Goff shall promptly
(and in any event within two Business Days after such acquisition) notify Contango of the number of Subject Shares acquired by Goff following the date hereof and prior to the Expiration Date and the updated number of Subject Shares beneficially
owned by Goff as of immediately following such acquisition. 
 6.    Representations and Warranties of Goff. Goff
hereby represents and warrants to Contango as follows: 
 (a)    Power; Organization; Binding Agreement.
Goff has full power and authority to execute and deliver this Agreement and his Proxy, to perform Goff’s obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by
Goff, and, assuming this Agreement constitutes a valid and binding obligation of Contango, constitutes a valid and binding obligation of Goff, enforceable against Goff in accordance with its terms, except that such enforceability may be limited by
applicable bankruptcy, insolvency, moratorium, reorganization or similar Laws affecting the enforcement of creditors’ rights generally or by general principles of equity. 

(b)    No Conflicts. None of the execution and delivery by Goff of this Agreement, the performance by Goff
of his obligations hereunder or the consummation by Goff of the transactions contemplated hereby will (i) result in a violation or breach of any agreement to which Goff is a party or by which Goff may be bound, including any voting agreement or
voting trust or (ii) violate any applicable Law. 
 (c)    Ownership of Subject Shares. Goff
(i) is the beneficial owner of the Subject Shares, all of which are free and clear of any Liens (except any Liens arising under securities Laws or Liens that are not material to Goff’s performance of his obligations under this Agreement)
and (ii) no Person (other than Goff) has a right to acquire any of the Subject Shares held by Goff. 

(d)    Voting Power. Goff has sole voting power, power of disposition, power to issue instructions with
respect to the matters set forth herein, and power to agree to all of the matters set forth in this Agreement, in each case with respect to all of the Subject Shares, with no limitations, qualifications or restrictions on such rights, subject to
applicable federal securities laws and those arising under the terms of this Agreement. 

  
 4 

 (e)    Reliance by Contango. Goff understands and acknowledges
that the Contango is entering into the Purchase Agreement in reliance upon Goff’s execution and delivery of this Agreement. 

(f)    Consents and Approvals. The execution and delivery of this Agreement by Goff does not, and the performance
by Goff of his obligations under this Agreement and the consummation by him of the transactions contemplated hereby will not, require Goff to obtain any consent, approval, authorization or permit of, or to make any filing with or notification to,
any Governmental Entity, except in each case for filings with the Securities and Exchange Commission (“SEC”) by Goff or where the failure to obtain such consents, approvals, authorizations or permits, or to make such filings and
notifications, would not, either individually or in the aggregate, prevent or delay the performance by Goff of any of his obligations hereunder. 

(g)    Absence of Litigation. As of the date hereof, there is no Action pending or, to the knowledge of Goff,
threatened against or affecting Goff or any of his Affiliates before or by any Governmental Entity that would reasonably be expected to impair the ability of Goff to perform his obligations hereunder or to consummate the transactions contemplated
hereby on a timely basis. 
 7.    Certain Restrictions. Goff agrees that Goff will not (in Goff’s capacity
as a shareholder of Contango) bring, commence, institute, maintain, prosecute or voluntarily aid any legal action or proceeding, which (i) challenges the validity of or seeks to enjoin the operation of any provision of this Agreement,
(ii) alleges that the execution and delivery of this Agreement by Goff or the approval of the Purchase Agreement and the transactions contemplated thereby, including the Charter Amendment, by the Board, breaches any fiduciary duty of the Board
or any member thereof or (iii) would reasonably be expected to restrict or otherwise affect Goff’s legal power, authority and ability to comply with and perform the covenants and obligations of Goff under this Agreement. 

8.    Shareholder Capacity. The parties hereto acknowledge that this Agreement is being entered into by Goff solely
in his capacity as a beneficial owner of the Subject Shares, and nothing in this Agreement shall restrict or limit the ability of Goff, who is a director of Contango, to exercise his duties attendant to such position by taking any action whatsoever
in such capacity, including with respect to the Purchase Agreement or this Agreement. 
 9.    Disclosure. Goff
shall permit Contango to publish and disclose in all documents and schedules filed with the SEC, and any press release or other disclosure document that Contango determines to be necessary or desirable in connection with the Purchase Agreement and
any transactions related thereto, Goff’s identity and ownership of Subject Shares and the nature of Goff’s commitments, arrangements and understandings under this Agreement. 

10.    No Ownership Interest. Except as provided in this Agreement, nothing contained in this Agreement shall be
deemed to vest in Contango any direct or indirect ownership or incidence of ownership of or with respect to any Subject Shares. Except as provided in this Agreement, all rights, ownership and economic benefits relating to the Subject Shares shall
remain vested in and belong to Goff. 

  
 5 

 11.    Further Assurances. Subject to the terms and conditions of
this Agreement, upon request of Contango, Goff shall use commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary to fulfill Goff’s obligations under this Agreement. 

12.    Termination. This Agreement and Goff’s Proxy, and all rights and obligations of the parties hereunder
and thereunder, shall terminate and shall have no further force or effect as of the Expiration Date. Notwithstanding anything to the contrary in this Agreement, nothing set forth in this Section 12 or elsewhere in this
Agreement shall relieve any party hereto from liability, or otherwise limit the liability of any party hereto, for any willful breach of this Agreement prior to such termination. 

13.    Miscellaneous. 

(a)    Amendment or Supplement; Waiver. This Agreement may not be amended, modified or supplemented in any manner,
whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed on behalf of each of the parties in interest at the time of the amendment. At any time prior to the Expiration Date,
any party may, to the extent permitted by and subject to applicable Law, waive compliance with any of the agreements or conditions of the other parties contained herein. Any agreement on the part of a party to any such waiver shall be valid only if
set forth in a written instrument executed and delivered by a duly authorized officer on behalf of such party. No failure or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The
rights and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Notwithstanding any of the foregoing, any amendment, waiver, consent or modification of, or
supplement to, this Agreement shall require approval of a majority of the members of the board of directors of Contango not affiliated with Goff. 

(b)    Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly
given (i) on the date of delivery if delivered personally, or if by e-mail, upon written confirmation of receipt by e-mail or otherwise, (ii) on the first
Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier or (iii) on the earlier of confirmed receipt
or the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other
instructions as may be designated in writing by the party to receive such notice: 
 If to Contango: 

Contango Oil & Gas Company 

717 Texas Avenue, Suite 2900 

Houston, Texas 77002 
 Attention:
E. Joseph Grady 
 E-mail: jgrady@contango.com 

  
 6 

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

Gibson, Dunn & Crutcher LLP 

811 Main Street, Suite 3000 

Houston, Texas 77002 
 Attention:
Hillary Holmes 
 E-mail: hholmes@gibsondunn.com 

If to Goff: 
 500 Commerce St.,
Suite 700, 
 Fort Worth, Texas 76102 

Attention Jennifer Terrell 

jterrell@Goffcp.com 
 with a copy
(which shall not constitute notice) to: 
 Pillsbury Winthrop Shaw Pittman LLP 

1200 Seventeenth Street NW 

Washington, DC 20036-3006 

Attention Robert Robbins 

robert.robbins@pillsburylaw.com 

(c)    Interpretation. When a reference is made in this Agreement to a Section, such reference shall be to a
Section of this Agreement unless otherwise indicated. The table of contents and headings contained in this Agreement are for convenience of reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. All
words used in this Agreement will be construed to be of such gender or number as the circumstances require. The word “including” and words of similar import when used in this Agreement will mean “including, without limitation,”
unless otherwise specified. The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to the Agreement as a whole and not to any particular provision in this
Agreement. The term “or” is not exclusive. The word “will” shall be construed to have the same meaning and effect as the word “shall.” References to days mean calendar days unless otherwise specified. 

(d)    Entire Agreement. This Agreement and the Proxy constitute the entire agreement, and supersede all
prior written agreements, arrangements, communications and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings, among the parties with respect to the subject matter hereof and thereof.

 (e)    No Third Party Beneficiaries. Nothing in this Agreement, express or implied, is intended to or
shall confer upon any Person other than the parties and their respective successors and permitted assigns any legal or equitable right, benefit or remedy of any nature under or by reason of this Agreement. 

  
 7 

 (f)    Governing Law. This Agreement and all disputes or
controversies arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed in accordance with, the internal laws of the State of Texas, without regard to the laws of any other jurisdiction
that might be applied because of the conflicts of laws principles of the State of Texas. 
 (g)    Submission to
Jurisdiction. Each of the parties irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement brought by any party or its Affiliates against any other party or its Affiliates shall be brought and
determined in the state courts located in Harris County, Texas; provided, however, that if jurisdiction is not then available in the state courts located in Harris County, Texas, then any such legal action or proceeding may be brought
in any federal court located in the State of Texas. Each of the parties hereby irrevocably submits to the jurisdiction of the aforesaid courts for itself and with respect to its property, generally and unconditionally, with regard to any such action
or proceeding arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties agrees not to commence any action, suit or proceeding relating thereto except in the courts described above in Texas, other than
actions in any court of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in Texas as described herein. Each of the parties further agrees that notice as provided herein shall constitute sufficient service of
process and the parties further waive any argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives, and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any
action or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby, (i) any claim that it is not personally subject to the jurisdiction of the courts in Texas as described herein for any reason,
(ii) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of
judgment, execution of judgment or otherwise) and (iii) that (A) the suit, action or proceeding in any such court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper or (C) this
Agreement, or the subject matter hereof, may not be enforced in or by such courts. 
 (h)    Assignment;
Successors. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated, in whole or in part, by operation of law or otherwise, by Goff without the prior written consent of
Contango, and any such assignment without such prior written consent shall be null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective
successors and assigns. 
 (i)    Specific Performance. The parties agree that irreparable damage would occur in
the event that the parties hereto do not perform the provisions of this Agreement in accordance with its terms or otherwise breach such provisions. Accordingly, prior to the Expiration Date, the parties acknowledge and agree that each party shall be
entitled to an injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the state courts located in Harris County, Texas; provided,
however, that if jurisdiction is not then available in the state courts of the State of Texas, then in any federal court located in the State of Texas, this being in addition to any other remedy to which such party is entitled at law or in
equity. Each of the parties hereby further waives (i) any defense in any action for specific performance that a remedy at law would be adequate and (ii) any requirement under any law to post security as a prerequisite to obtaining
equitable relief. 

  
 8 

 (j)    Severability. Whenever possible, each provision or
portion of any provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision or portion of 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 shall not affect any other provision or portion of any provision in such jurisdiction, and this Agreement shall be reformed, construed
and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision or portion of any provision had never been contained herein. 

(k)    Fees and Expenses. All fees and expenses incurred in connection with this Agreement and the transactions
contemplated hereby shall be paid by the party incurring such fees or expenses. 
 (l)    Waiver of Jury
Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 (m)    Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be
considered one and the same instrument and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. 

(n)    Facsimile or .pdf Signature. This Agreement may be executed by facsimile or .pdf signature and a
facsimile or .pdf signature shall constitute an original for all purposes. 
 (o)    No Presumption Against Drafting
Party. Each party hereto acknowledges that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of law or any legal
decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party has no application and is expressly waived. 

[Remainder of Page Intentionally Left Blank; Signature Pages Follow] 

  
 9 

 IN WITNESS WHEREOF, the undersigned have executed and caused to be effective this Agreement
as of the date first above written. 
  

	
	
	   

	Name: John C. Goff

 [Signatures continued on following page.] 

 
  

  
 [Signature Page to
Voting and Support Agreement] 

 
			
	CONTANGO OIL & GAS COMPANY
		
	By:	 	 
	Name:	 	E. Joseph Grady
	Title:	 	Senior Vice President and Chief Financial Officer

  
  

  
 [Signature Page to
Voting and Support Agreement]

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