Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 THIS
RESTRUCTURING SUPPORT AND LOCK-UP AGREEMENT IS NOT AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN WITHIN THE MEANING OF SECTION 1125 OF THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY
WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE. NOTHING CONTAINED IN THIS RESTRUCTURING SUPPORT AGREEMENT SHALL BE AN ADMISSION OF FACT OR LIABILITY OR, UNTIL THE OCCURRENCE OF THE AGREEMENT EFFECTIVE DATE ON THE TERMS
DESCRIBED HEREIN, DEEMED BINDING ON ANY OF THE PARTIES HERETO. 
 RESTRUCTURING SUPPORT
AND LOCK-UP AGREEMENT 
 This Restructuring Support and Lock-Up
Agreement (including all exhibits and schedules attached hereto and in accordance with Section 2, this “Agreement”)1 is made and entered into as of May 11, 2016,
by and among the following parties (each of the foregoing described in sub-clauses (i) through (iii), a “Party” and, collectively, the “Parties”): 

 

	 	i.	SandRidge and its direct and indirect subsidiaries listed on the signature pages hereto (collectively, the “Debtors”); 

 

	 	ii.	the undersigned lenders that hold Claims against the Debtors under the First Lien Credit Agreement, including a Permitted Transferee (as defined below) of such claims in accordance with Section 6 of this Agreement
(such claims, the “First Lien Credit Agreement Claims” and, collectively, the “Consenting First Lien Creditors”); 

  

	 	iii.	the undersigned holders or investment advisors or managers of discretionary accounts that hold claims against the Debtors under the Second Lien Notes issued pursuant to the Second Lien Notes Indenture, including a
Permitted Transferee (as defined below) of such claims in accordance with Section 6 of this Agreement (such claims, the “Second Lien Note Claims,” collectively, the “Consenting Second Lien
Creditors”); and 

  

	 	iv.	the undersigned holders or investment advisors or managers of discretionary accounts that hold claims against the Debtors under the Unsecured Senior Notes issued pursuant to the Unsecured Senior Notes Indentures,
including a Permitted Transferee (as defined below) of such claims in accordance with Section 6 of this Agreement (such claims, the “Unsecured Senior Note Claims,” and, collectively, the “Consenting Unsecured
Creditors”), and together with the Consenting First Lien Creditors and the Consenting Second Lien Creditors, the “Consenting Creditors”). 

RECITALS 

WHEREAS, the Debtors and the Consenting Creditors have negotiated certain restructuring and recapitalization transactions with respect
to the Debtors’ capital structure, including the Debtors’ respective obligations under the First Lien Credit Agreement, the Second Lien Notes, and the Unsecured Senior Notes; and 

 
  

	1 	Capitalized terms used but not otherwise defined herein have the meaning ascribed to such terms in the term sheet attached hereto as Exhibit A (the “Term Sheet”), subject to
Section 2 hereof. 

 WHEREAS, the Debtors intend to commence voluntary reorganization cases
(the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the “Bankruptcy Code”), in the United States Bankruptcy Court in
which the Chapter 11 Cases are commenced (the “Bankruptcy Court”) to effect the restructuring through a prenegotiated chapter 11 plan of reorganization (as may be amended or supplemented from time to time in accordance with
the terms of this Agreement, including all exhibits, schedules, supplements, appendices, annexes and attachments thereto, the “Plan”), all of which shall be on the terms and conditions described in this Agreement (such
transactions, the “Restructuring Transactions”). 
 NOW, THEREFORE, in consideration of the covenants and
agreements contained herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Party, intending to be legally bound hereby, agrees as follows: 

AGREEMENT 
 Section 1.
Agreement Effective Date. This Agreement shall become effective and binding upon the Debtors and a Party, at 12:00 a.m., prevailing Eastern Time, on the first date on which: (a)(i) the Debtors and such Party shall have
executed and delivered counterpart signature pages of this Agreement to each other and (ii) either: (A) where such Party is a Consenting First Lien Creditor, holders of at least 66 2/3% of the aggregate outstanding principal amount of the
First Lien Credit Agreement Claims (determined without regard to any claims held by a person or entity that is an “insider” as that term is defined in section 101(31) of the Bankruptcy Code) shall have executed and delivered to the Debtors
counterpart signature pages of this Agreement and the Debtors shall have indefeasibly paid the First Lien Credit Agreement Claims in the amount of $40 million; (B) where such Party is a Consenting Second Lien Creditor, holders of at least 50.1%
of the outstanding principal amount of the Second Lien Note Claims (in each case determined without regard to any claims held by a person or entity that is an “insider” as that term is defined in section 101(31) of the Bankruptcy Code)
shall have executed and delivered to the Debtors counterpart signature pages of this Agreement; or (C) where such Party is a Consenting Unsecured Creditor, holders of at least 50.1% of the outstanding principal amount of the Unsecured Senior
Note Claims (in each case determined without regard to any claims held by a person or entity that is an “insider” as that term is defined in section 101(31) of the Bankruptcy Code) shall have executed and delivered to the Debtors
counterpart signature pages of this Agreement; (b) such Party shall have extended the cleansing date in such Party’s non-disclosure agreements, if any, through and including four business days after the Agreement Effective Date; and
(c) the Debtors have given notice to such Party and its counsel in accordance with Section 14.09 hereof that each of the foregoing conditions set forth in this Section 1, in each case, has been satisfied and this Agreement is
effective; in each instance, on or before May 11, 2016 (such date, the “Agreement Effective Date”). For the avoidance of doubt, the obligations and rights of the Consenting Creditors and the Debtors described in
this Agreement shall apply to any claims acquired by any Consenting Creditors in accordance with the Restructuring Transactions. 

  
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 Section 2. Exhibits Incorporated by Reference. Each of the exhibits and
schedules attached hereto is expressly incorporated herein and made a part of this Agreement, and all references to this Agreement shall include the exhibits. In the event of any inconsistency between this Agreement (without reference to the
exhibits) and the exhibits, this Agreement (without reference to the exhibits) shall govern; provided, however, that this Agreement (without reference to the exhibits) may be interpreted with reference to the definitions set forth in
the exhibits, to the extent such terms are used herein. 
 Section 3. Definitive Documentation.  

(a) The definitive documents and agreements (collectively, the “Restructuring Documents”) governing the Restructuring
Transactions shall consist of every order entered by the Bankruptcy Court and every pleading, motion, proposed order, or document (but not including any notices, except as otherwise set forth in this section) filed by the Debtors at any point prior
to the Termination Date related to the Restructuring Transactions, including without limitation: 
 (i) the Plan; 

(ii) the Confirmation Order and pleadings in support of entry of the Confirmation Order; 

(iii) the Disclosure Statement, the other solicitation materials in respect of the Plan (such materials, collectively, the
“Solicitation Materials”), the motion to approve the Disclosure Statement, and the order entered by the Bankruptcy Court approving the Disclosure Statement and Solicitation Materials as containing, among other things,
“adequate information” as required by section 1125 of the Bankruptcy Code (the “Disclosure Statement Order”); 

(iv) all other documents that will comprise the Plan Supplement, except as provided herein; 

(v) the Cash Collateral Orders and the motion to approve the Cash Collateral Orders; 

(vi) the first-day pleadings identified on Schedule 1 attached hereto and any other customary first-day pleadings that the
Debtors determine are necessary or desirable to file (the “First Day Pleadings”) and all orders sought pursuant thereto; 

(vii) any documents or agreements for any exit facility, including the New First Lien Exit Facility, including, without limitation, a credit
agreement and an intercreditor agreement governing the New First Lien Exit Facility and the New Convertible Debt; 
 (viii) any documents or
agreements for the governance of the Reorganized Debtors following the conclusion of the Chapter 11 Cases, including any shareholders’ agreements and certificates of incorporation; and 

(ix) any documents or agreements for the Management Incentive Plan and any new employment contracts for current employees of the Debtors. 

  
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 (b) The Restructuring Documents remain subject to negotiation and completion and shall, upon
completion, contain terms, conditions, representations, warranties, and covenants consistent with the terms of this Agreement, including the forms of each exhibit annexed to the Term Sheet, and shall otherwise be in form and substance
reasonably acceptable to each of the Debtors and the Required Consenting Creditors; provided that the Restructuring Documents set forth in Section 3(v), (vii), (viii), (ix), and (iv), to the extent such documents relate to (vii),
(viii), or (ix), shall be deemed acceptable to the Required Senior Unsecured Creditors if in form and substance reasonably acceptable only to each of the Debtors, the Required First Lien Creditors, and the Required Second Lien Creditors. As
used herein, the term “Required Consenting Creditors” means, at any relevant time, Consenting Creditors holding more than 50% by principal amount outstanding of the First Lien Credit Agreement Claims held by the Consenting
Creditors (the “Required First Lien Creditors”), Consenting Creditors holding more than 50% by principal amount outstanding of the Second Lien Note Claims held by the Consenting Creditors (the “Required Second Lien
Creditors”), and Consenting Creditors holding more than 50% by principal amount outstanding of the Unsecured Senior Note Claims held by the Consenting Creditors (the “Required Senior Unsecured Creditors”). 

(c) The Required Second Lien Creditors and their counsel shall use commercially reasonable efforts to consult and, if applicable and reasonably
practicable, obtain a vote from, all Consenting Second Lien Creditors on any matters requiring input or a vote from holders of Second Lien Note Claims, provided, however, that nothing herein shall be deemed to require the waiver of legal privilege
by holders of Second Lien Note Claims represented as an ad hoc group by counsel. 
 (d) The Required Senior Unsecured Creditors and their
counsel shall use commercially reasonable efforts to consult and, if applicable and reasonably practicable, obtain a vote from, all Consenting Unsecured Creditors on any matters requiring input or a vote from holders of Unsecured Senior Note Claims,
provided, however, that nothing herein shall be deemed to require the waiver of legal privilege by holders of Unsecured Senior Note Claims represented as an ad hoc group by counsel. 

(e) The Debtors and the Consenting Creditors will coordinate and consult with each other regarding the filing and prosecution of claims
objections to General Unsecured Claims, and the Consenting Creditors shall be entitled to file and prosecute any such objections to General Unsecured Claims. 

(f) The Debtors will use commercially reasonable efforts to provide draft copies of the Restructuring Documents that the Debtors intend to file
with the Bankruptcy Court to counsel to the Required Consenting Creditors at least two (2) business days before the date on which Debtors intend to file such documents or as soon as reasonably practicable thereafter. 

Section 4. Milestones. The following milestones (the
“Milestones”) shall apply to this Agreement, unless extended or agreed to in writing by counsel to the Required Consenting Creditors and the Debtors:  

(a) the Petition Date shall have occurred no later than May 31, 2016; 

  
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 (b) no later than one day after the Petition Date, the Debtors shall file the motion to approve
the Cash Collateral Orders; 
 (c) no later than 5 days after the Petition Date, the Bankruptcy Court shall have entered a Cash Collateral
Order on an interim basis; 
 (d) no later than 30 days after the Petition Date, the Debtors shall file the Plan, the Disclosure Statement,
and the motion to approve the Disclosure Statement; 
 (e) no later than 45 days after the Petition Date, the Bankruptcy Court shall have
entered the final Cash Collateral Order; 
 (f) no later than 100 days after the Petition Date, the Bankruptcy Court shall have entered the
Disclosure Statement Order; 
 (g) no later than 200 days after the Petition Date, the Bankruptcy Court shall have entered the Confirmation
Order; and 
 (h) no later than 225 days after the Petition Date, the Effective Date shall have occurred. 

Section 5. Commitments Regarding the Restructuring Transactions. 

5.01. Commitment of the Consenting Creditors. 

(a) During the period beginning on the Agreement Effective Date and ending on a Termination Date (as defined in Section 11.06) (such
period, the “Effective Period”): 
 (i) each of the Consenting Creditors agrees that it shall, subject to the receipt
by such Consenting Creditor of the Disclosure Statement and the Solicitation Materials, in each case, approved by the Bankruptcy Court as containing “adequate information” as such term is defined in section 1125 of the Bankruptcy
Code: 
 (A) vote each of its claims against the Debtors (including each of its First Lien Credit Agreement Claims, Second Lien Note Claims,
and Unsecured Senior Note Claims, and any other claims against the Debtors) (such claims, collectively, the “Debtor Claims”) to accept the Plan by delivering its duly executed and completed ballot(s) accepting the Plan on a
timely basis following the commencement of the solicitation and its actual receipt of the Solicitation Materials and ballot; and 
 (B) not
change or withdraw (or cause to be changed or withdrawn) such vote, provided, however, that such vote may be revoked (and, upon such revocation, deemed void ab initio) by such Consenting Creditor at any time if
this Agreement is terminated with respect to such Consenting Creditor (it being understood by the Parties that any modification of the Plan that results in a termination of this Agreement pursuant to Section 11 hereof shall entitle such
Consenting Creditor to an opportunity to change its vote in accordance with section 1127(d) of the Bankruptcy Code, and the Solicitation Materials with respect to the Plan shall be consistent with this proviso); 

  
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 (i) each Consenting Creditor further agrees that it shall not directly or indirectly
(A) object to, delay, impede, or take any other action to interfere with the acceptance, implementation, or consummation of the Restructuring Transactions, (B) propose, file, support, or vote for any Alternative Transaction, or
(C) direct the First Lien Credit Agreement Agent, the Second Lien Notes Trustee, and/or the Unsecured Senior Notes Trustee (as applicable) to take any action contemplated in (A) or (B) of this Section 5.01(a)(i); provided,
that, after 225 days following the Petition Date, this clause 5.01(a)(i) shall not bind Paulson & Co., Inc., on behalf of itself and the funds it manages (“Paulson”), solely in its capacity as a Holder of Interests in the
Debtors, with respect to such Interest(s); 
 (ii) upon the commencement by the Debtors of the Chapter 11 Cases, the automatic stay is
invoked and each Consenting Creditor agrees that, except to the extent expressly contemplated under the Plan, the Cash Collateral Order, or this Agreement, it will not, and will not direct the First Lien Credit Agreement Agent, the Second Lien Notes
Trustee, and/or the Unsecured Senior Notes Trustee (as applicable) to exercise any right or remedy for the enforcement, collection, or recovery of any of the Debtor Claims, and any other claims against any direct or indirect subsidiaries of the
Debtors that are not Debtors; provided, however, that nothing in this Agreement shall limit the right of any party hereto to exercise any right or remedy provided under the Cash Collateral Order, the Confirmation Order, or any other Restructuring
Document; and 
 (iii) each of the Consenting First Lien Creditors and First Lien Credit Agreement Agent agrees that it shall not take any
action to exercise any remedies with respect to the Swap Contracts or the Treasury Management Services Agreements (each as defined in the First Lien Credit Agreement), unless otherwise agreed by the Debtors and such Consenting First Lien Credit
Agreement Lender. 
 (b) The foregoing sub-clause (a) of this Section 5 will not limit any of the following Consenting Creditor
rights: 
 (i) under any applicable bankruptcy, insolvency, foreclosure or similar proceeding, including, without limitation, appearing as a
party in interest in any matter to be adjudicated in order to be heard concerning any matter arising in the Chapter 11 Cases, in each case provided that such appearance and the positions advocated in connection therewith are not inconsistent with
this Agreement and do not hinder, delay, or prevent consummation of the Restructuring Transactions; provided, that, after 225 days following the Petition Date, this clause 5.01(b)(i) shall not bind Paulson, solely in its capacity as a Holder
of Interests in the Debtors, with respect to such Interest(s); 
 (ii) under any applicable credit agreement, indenture, other loan document,
or applicable law, or constitute a waiver or amendment of any provision thereof provided that such rights are not inconsistent with the terms of this Agreement solely during the time in which this Agreement is in effect; 

(iii) to take or direct any action relating to maintenance, protection, or preservation of any collateral provided that such action is not
inconsistent with this Agreement; 

  
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 (iv) to purchase, sell or enter into any transactions in connection with the First Lien Credit
Agreement Claims, Second Lien Note Claims, or Unsecured Senior Note Claims, subject to the terms hereof; 
 (v) to consult with other
Consenting Creditors, the Debtors, or any other party in interest in the Chapter 11 Cases; or 
 (vi) to enforce any right, remedy,
condition, consent or approval requirement under this Agreement or any of the Restructuring Documents. 
 5.02. Commitment of the
Debtors. 
 (a) During the Effective Period, the Debtors, jointly and severally, agree to: 

(i) do all things reasonably necessary and proper to: (A) obtain orders of the Bankruptcy Court in respect of the Restructuring
Transactions, including obtaining entry of the Cash Collateral Orders and the Confirmation Order; (B) prosecute and defend any appeals related to the Cash Collateral Orders and/or the Confirmation Order; (C) support and consummate the
Restructuring Transactions in accordance with this Agreement, including the good faith negotiation, preparation and filing within the time frame provided herein of the Restructuring Documents; (D) execute and deliver any other required
agreements to effectuate and consummate the Restructuring Transactions; (E) obtain any and all required regulatory and/or third-party approvals for the Restructuring Transactions; (F) complete the
Restructuring Transactions within the time frame provided herein, including complying with each Milestone set forth in this Agreement, to the extent compliance is not waived by the Required Consenting Creditors; and (G) operate their business
in the ordinary course, taking into account the Restructuring Transactions; 
 (ii) not object to, delay, impede, or take any other action
that is inconsistent with, or is intended or is likely to interfere with, acceptance or implementation of the Restructuring Transactions; 

(iii) not seek to amend or modify, or file a pleading seeking authority to amend or modify, the Restructuring Documents in a manner that is
inconsistent with this Agreement; 
 (iv) not file any pleading inconsistent with the Restructuring Transactions or the terms of this
Agreement; 
 (v) not file any pleading seeking entry of an order and timely file a formal objection to any motion filed by any other party
with the Bankruptcy Court by any Person seeking the entry of an order (1) directing the appointment of an examiner with expanded powers or a trustee, (2) converting the Chapter 11 Cases to cases under chapter 7 of the Bankruptcy Code,
(3) dismissing the Chapter 11 Cases or (4) for relief that (x) is inconsistent with this Agreement in any respect or (y) would, or would reasonably be expected to, frustrate the purposes of this Agreement, including by preventing
the consummation of the Restructuring Transactions; 

  
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 (vi) timely file a formal objection to any motion filed with the Bankruptcy Court by any Person
seeking the entry of an order modifying or terminating the Debtors’ exclusive right to file and/or solicit acceptances of a plan of reorganization; 

(vii) timely file a formal written response in opposition to any objection filed with the Bankruptcy Court by any Person with respect to entry
of any of the Cash Collateral Orders or with respect to any of the adequate protection granted to the Consenting Creditors pursuant to any of the Cash Collateral Orders; 

(viii) provide to the Consenting Creditors’ advisors, and direct their employees, officers, advisors and other representatives to provide
the Consenting Creditors’ advisors, subject to applicable law, (1) reasonable access (without any material disruption to the conduct of the Debtors’ businesses) during normal business hours to the Debtors’ books, records and
facilities, (2) reasonable access to the management and advisors of the Debtors for the purposes of evaluating the Debtors’ assets, liabilities, operations, businesses, finances, strategies, prospects and affairs, (3) reasonably
timely responses to all reasonable diligence requests, and (4) reasonable information with respect to all material executory contracts and unexpired leases of the Debtors; 

(ix) (a) use commercially reasonable efforts to seek to estimate the amount of contingent, unliquidated, and/or disputed General Unsecured
Claims for distribution purposes, (b) obtain other relief from the Court in the event that failure to do so would materially delay distributions to Holders of General Unsecured Claims under the Plan, and (c) to the extent it cannot
be determined at the confirmation hearing whether General Unsecured Claims (excluding Unsecured Notes Claims) exceed the GUC Cap, the Debtors shall receive at the confirmation hearing an order of the Court providing for reserves for contingent,
unliquidated, and/or disputed General Unsecured Claims in an amount that, together with all undisputed, liquidated and non-contingent claims (excluding Unsecured Notes Claims), does not exceed the GUC Cap;

 (x) comply with the following covenants: 
  

	 	(A)	Capital expenditures (other than those pertaining to maintenance and as required by applicable regulations) may not be incurred unless the Debtors hold cash in an amount equal to or greater than (I) the minimum
exit liquidity set forth in the First Lien Exit Facility term sheet plus (II) $75 million; 

  

	 	(B)	Cumulative Capital expenditures (exclusive of capitalized general and administrative (“G&A”) expenses) for fiscal year 2016 shall not exceed: (I) $120.4 million for the six months ending
June 30, 2016, (II) $191.2 million for the nine months ending September 30, 2016, and (III) $258.0 million for the twelve months ending December 31, 2016; and 

  
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	 	(C)	Cumulative G&A expenses on a GAAP basis, including capitalized G&A but excluding: (I) any employee performance compensation bonuses awarded pursuant to the Debtors’ 2016 employee incentive plan and
(II) extraordinary legal, regulatory and other non-recurring costs (including professional fees and expenses associated with the restructuring) for fiscal year 2016 shall not exceed: (I) $57.1 million for the six months ending June 30,
2016, (II) $81.6 million for the nine months ending September 30, 2016, and (III) $106.2 million for the twelve months ending December 31, 2016; 

(xi) pay the reasonable and documented fees and expenses of the First Lien Credit Agreement Agent, the First Lien Credit Agreement Lenders,
and the Consenting Creditors (including the reasonable and documented fees and expenses of the ad hoc group of holders of Second Lien Notes and ad hoc group of holders of Unsecured Senior Notes) (i) invoiced and outstanding as of the Petition
Date in advance of the Petition Date and (ii) thereafter, in the manner, and to the extent, provided for in the Cash Collateral Orders; 

(xii) comply in all material respects with the Cash Collateral Orders; and 

(xiii) subject to applicable law and privileges, promptly notify the Consenting Creditors of any material governmental or third party
complaints, litigations, investigations or hearings. 
 (b) If any Debtor, directly or indirectly, through any of its representatives or
advisors, receives a bona fide proposal for an Alternative Transaction from any third party (who has not withdrawn such proposal) and such Debtor has determined in good faith that such Alternative Transaction is, or after reasonable commercial
negotiations may be, higher or otherwise better than the Restructuring Transactions, then such Debtor shall, subject to the confidentiality restrictions applicable to such Debtor, within two business days of making such determination, notify counsel
to the First Lien Credit Agreement Agent, counsel to the Consenting Second Lien Creditors, and counsel to the Consenting Unsecured Creditors of the receipt of such proposal, with such notice to include the material terms thereof, including the
identity of the Person or group of Persons involved. 
 (c) Notwithstanding anything to the contrary herein, nothing in this Agreement shall
require the board of directors, board of managers, directors, managers, or officers or any other fiduciary of a Debtor to take any action, or to refrain from taking any action, with respect to the Restructuring Transactions to the extent such person
or persons determines, based on the advice of counsel, that taking such action, or refraining from taking such action, as applicable, would be inconsistent with applicable law or its fiduciary obligations under applicable law; provided,
however, that it is agreed that any such action that results in a termination of this Agreement in accordance with the terms hereof shall be subject to the provisions set forth in Section 11 hereof. 

  
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 Section 6. Transfer of Securities. 

(a) During the Effective Period, no Consenting Creditor shall sell, use, pledge, assign, transfer, permit the participation in, or otherwise
dispose of any ownership (including any beneficial ownership2) in the Debtor Claims (each, a “Transfer”) to any affiliated or unaffiliated party, including any party in
which it may hold a direct or indirect beneficial interest, unless it satisfies all of the following requirements (a transferee that satisfies such requirements, a “Permitted Transferee,” and such Transfer, a
“Permitted Transfer”): 
 (i) the intended transferee is another Consenting Creditor or executes a transfer agreement
in the form attached hereto as Exhibit B (a “Transfer Agreement”) before or concurrently with the closing of such Transfer (it being understood that any Transfer shall not be effective as against the Debtors
until notification of such Transfer and a copy of the executed Transfer Agreement is received by counsel to the Debtors, in each case, on the terms set forth herein, within three (3) business days of such Transfer); and 

(ii) the Transfer shall not, in the reasonable business judgment of the Debtors and their legal and tax advisors, adversely affect the
Debtors’ ability to obtain the regulatory consents or approval necessary to effectuate the Restructuring Transactions. 
 (b) By
acknowledgment of written notice of the relevant Transfer in accordance with Section 6(a)(i), or five (5) business days after a copy of any Joinder is provided to the Debtors, the Debtors shall be deemed to (i) consent to the Transfer
absent objection during such five (5) business day notice period and (ii) have acknowledged that their future obligations arising after the date of the Transfer to the Consenting Creditor hereunder shall be deemed to constitute obligations
in favor of the relevant transferee as a Consenting Creditor hereunder. 
 (c) Notwithstanding Section 6(a) or (b), a Qualified
Marketmaker3 that acquires any Debtor Claims subject to this Agreement with the purpose and intent of acting as a Qualified Marketmaker for such Debtor Claims, shall not be required to execute and
deliver to counsel a Transfer Agreement in respect of such Debtor Claims if (A) such Qualified Marketmaker subsequently transfers such Debtor Claims (by purchase, sale, assignment, participation, or otherwise) within three (3) business
days of its acquisition to a transferee that is an entity that is not an affiliate, affiliated fund, or affiliated entity with a common investment advisor; (B) the transferee otherwise is a Permitted Transferee (including, for the avoidance of
doubt, the requirement that such transferee execute a Transfer Agreement); and (C) the transfer otherwise is a Permitted Transfer. To the extent that a Consenting Creditor is acting in its capacity as a Qualified Marketmaker, it may transfer
(by purchase, sale, assignment, participation or otherwise) any right, title or interest in Debtor Claims that the Qualified Marketmaker acquires from a holder of the Debtor Claims who is not a Consenting Creditor without the requirement that the
transferee be a Permitted Transferee. 
  
  

	2 	As used herein, the term “beneficial ownership” means the direct or indirect economic ownership of, and/or the power, whether by contract or otherwise, to direct the exercise of the voting rights and
the disposition of, the Debtor Claims or the right to acquire such claims or interests. 

	3 	As used herein, the term “Qualified Marketmaker” means an entity that (a) holds itself out to the public or the applicable private markets as standing ready in the ordinary course of business to
purchase from customers and sell to customers claims of the Debtors (or enter with customers into long and short positions in claims against the Debtors), in its capacity as a dealer or market maker in claims against the Debtors and (b) is, in
fact, regularly in the business of making a market in claims against issuers or borrowers (including debt securities or other debt). 

  
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 (d) This Agreement shall in no way be construed to preclude the Consenting Creditors from
acquiring additional Debtor Claims; provided, however, that (i) any Consenting Creditor that acquires additional Debtor Claims, as applicable, after the Agreement Effective Date shall make commercially reasonable efforts to
notify the Debtors of such acquisition, within a reasonable period of time following such acquisition, including the amount of such acquisition, which notice shall be deemed to be provided by the filing of a statement with the Bankruptcy Court as
required by Rule 2019 of the Federal Rules of Bankruptcy Procedure including revised holdings information for such Consenting Creditor and (ii) such additional Debtor Claims shall automatically and immediately upon acquisition by a Consenting
Creditor, as applicable, be deemed subject to the terms of this Agreement (regardless of when or whether notice of such acquisition is given to the Debtors or counsel to the Consenting Creditors).

(e) This Section 6 shall not impose any obligation on any Debtor to issue any “cleansing letter” or otherwise publicly disclose
information for the purpose of enabling a Consenting Creditor to Transfer any Debtor Claims. Notwithstanding anything to the contrary in this Section 6, to the extent the Debtors and another Party have entered into a separate agreement
with respect to the issuance of a “cleansing letter” or other public disclosure of information in connection with any proposed Restructuring Transactions (each such executed agreement, a “Confidentiality
Agreement”), the terms of such Confidentiality Agreement shall continue to apply and remain in full force and effect according to its terms.

(f) Any Transfer made in violation of this Section 6 shall be void ab initio. Any Consenting Creditor that effectuates a
Permitted Transfer to a Permitted Transferee shall have no liability under this Agreement arising from or related to the failure of the Permitted Transferee to comply with the terms of this Agreement. 

(g) Notwithstanding anything to the contrary in this Section 6, the restrictions on Transfer set forth in this Section 6 shall not
apply to the grant of any liens or encumbrances on any claims and interests in favor of a bank or broker-dealer holding custody of such claims and interests in the ordinary course of business and which lien or encumbrance is released upon the
Transfer of such claims and interests. 
 Section 7. Representations and Warranties of Consenting Creditors. Each Consenting
Creditor, severally, and not jointly, represents and warrants that: 
 (a) it is the beneficial owner of the face amount of the Debtor
Claims, or is the nominee, investment manager, or advisor for beneficial holders of the Debtor Claims, as reflected in such Consenting Creditor’s signature block to this Agreement (such Debtor Claims, the “Owned Debtor
Claims”); 
 (b) it will not beneficially or legally own (either directly or indirectly through its affiliates, any unaffiliated
third parties in which it may hold a direct or indirect beneficial interest, or as part of any group of persons acting pursuant to a plan or arrangement as described in Treasury Regulation Section 1.355-6(c)(4)), in the aggregate, more than
fifty percent (50%) of the Debtor Claims or the Reorganized Common Stock in one or more Debtor entities during the Effective Period or following the Termination Date; 

  
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 (c) it has the full power and authority to act on behalf of, vote and consent to matters
concerning the Owned Debtor Claims; 
 (d) the Owned Debtor Claims are free and clear of any pledge, lien, security interest, charge, claim,
equity, option, proxy, voting restriction, right of first refusal, or other limitation on disposition, transfer, or encumbrances of any kind, that would adversely affect in any way such Consenting Creditor’s ability to perform any of its
obligations under this Agreement at the time such obligations are required to be performed; 
 (e) (i) it is either (A) a qualified
institutional buyer as defined in Rule 144A of the Securities Act, (B) an institutional accredited investor (as defined in Rule 501(a)(1), (2), (3), or (7) under the Securities Act of 1933, as amended (the “Securities
Act’), (C) a Regulation S non-U.S. person, or (D) the foreign equivalent of (A) or (B) above, and (ii) any securities of any Debtor acquired by the applicable Consenting Creditor in connection with the
Restructuring Transactions will have been acquired for investment and not with a view to distribution or resale in violation of the Securities Act; and 

(f) as of the date hereof, it has no actual knowledge of any event that, due to any fiduciary or similar duty to any other person or entity,
would prevent it from taking any action required of it under this Agreement. 
 Section 8. Debtors Representations, Warranties, and
Covenants. Each Debtor represents, warrants, and covenants, jointly and severally, to each other Party that no Event of Default is currently outstanding or is expected to be outstanding as of the Petition Date under the First Lien Credit
Agreement, other than the Events of Default subject to the Waiver. 
 Section 9. Mutual Representations, Warranties, and
Covenants. Each of the Parties represents, warrants, and covenants, severally and not jointly, to each other Party: 

9.01. Enforceability. It is validly existing and in good standing under the laws of the state of its organization, and this
Agreement is a legal, valid, and binding obligation of such Party, enforceable against it in accordance with its terms, except as enforcement may be limited by applicable laws relating to or limiting creditors’ rights generally or by equitable
principles relating to enforceability. 
 9.02. No Consent or Approval. Except as expressly provided in this Agreement, the Plan,
the Term Sheet, or the Bankruptcy Code, no consent or approval is required by any other person or entity in order for it to effectuate the Restructuring Transactions contemplated by, and perform the respective obligations under, this Agreement. 

9.03. Power and Authority. Except as expressly provided in this Agreement, it has all requisite corporate or other power and
authority to enter into, execute, and deliver this Agreement and to effectuate the Restructuring Transactions contemplated by, and perform its respective obligations under, this Agreement. 

9.04. Governmental Consents. Except as expressly set forth herein and with respect to the Debtors’ performance of this Agreement
(and subject to necessary Bankruptcy Court approval and/or regulatory approvals associated with the Restructuring Transactions), the execution, delivery, and performance by it of this Agreement does not, and shall not, require any registration or
filing with consent or approval of, or notice to, or other action to, with or by, any federal, state, or other governmental authority or regulatory body. 

  
 12 

 9.05. No Conflicts. The execution, delivery, and performance of this Agreement does not
and shall not: (a) violate any provision of law, rules or regulations applicable to it or any of its subsidiaries in any material respect; (b) violate its certificate of incorporation, bylaws, or other organizational documents or those of
any of its subsidiaries; or (c) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any contractual obligation to which it is a party, which conflict, breach, or default, would have a
material adverse effect on the Restructuring Transactions. 
 Section 10. Acknowledgement. Notwithstanding any other
provision herein, this Agreement is not and shall not be deemed to be an offer with respect to any securities or solicitation of votes for the acceptance of a plan of reorganization for purposes of sections 1125 and 1126 of the Bankruptcy Code or
otherwise. Any such offer or solicitation will be made only in compliance with all applicable securities laws and provisions of the Bankruptcy Code. The Debtors will not solicit acceptances of any Plan from Consenting Creditors in any
manner inconsistent with the Bankruptcy Code or applicable bankruptcy law. 
 Section 11. Termination Events. 

11.01. Shared Consenting Creditor Termination Events. This Agreement may be terminated as between: (a) the Consenting First Lien
Creditors and the other Parties; (b) the Consenting Second Lien Creditors and the other Parties; or (c) the Consenting Unsecured Creditors and the other Parties, in each case, upon five (5) business days written notice, delivered in
accordance with Section 14.09 hereof to the Debtors and counsel to the other Consenting Creditors, other than the Consenting Creditors seeking to terminate this Agreement pursuant to this Section 11.01 (such Consenting Creditors, the
“Terminating Consenting Creditors”), by the Required First Lien Creditors, the Required Second Lien Creditors, or the Required Senior Unsecured Creditors, as applicable, upon the occurrence and continuation of any of the
following events; except to the extent such event has been cured by the applicable Party within such five (5) business day notice period; provided, that only the Required First Lien Creditors and/or the Required Second Lien Creditors, as
applicable, may terminate this Agreement upon the occurrence and continuation of any of the events set forth in clauses (o), (p), or (q) of this Section 11.01: 

(a) the effective date of the Plan (the “Plan Effective Date”) shall not have occurred on or before 225 days after the
Petition Date (the “Outside Date”); 
 (b) the failure to meet any of the Milestones; 

(c) the breach in any material respect by any Party other than the Terminating Consenting Creditors of any of the representations, warranties,
covenants or commitments of such breaching Party as set forth in this Agreement (it being understood and agreed that any actions required to be taken by such Parties that are included in the Plan or the Term Sheet but not in this Agreement are to be
considered “covenants” of such Parties, and therefore covenants of this Agreement, notwithstanding the failure of any specific provision in the Plan or the Term Sheet to be re-copied in this Agreement); 

  
 13 

 (d) the issuance by any governmental authority, including any regulatory authority, the
Bankruptcy Court, or another court of competent jurisdiction, of any injunction, judgment, decree, charge, ruling, or order that, in each case, would have an adverse effect on a material provision of this Agreement or a material portion of the
Restructuring Transactions or the Plan or a material adverse effect on the Debtors’ businesses, unless the Debtors have sought a stay of such injunction, judgment, decree, charge, ruling, or order within five (5) business days after the
date of such issuance, and such injunction, judgment, decree, charge, ruling, or order is reversed or vacated within ten (10) business days after the date of such issuance; provided, however, that if such issuance has been made at
the request of any of the Consenting Creditors, then such Consenting Creditors shall not be entitled to terminate this Agreement in accordance with this Section 11.01(d) with respect to such issuance; 

(e) the Debtors seek the issuance by any governmental authority, including any regulatory authority, the Bankruptcy Court, or another court of
competent jurisdiction, of any injunction, judgment, decree, charge, ruling, or order that, in each case, would have an adverse effect on a material provision of this Agreement or a material portion of the Restructuring Transactions or the Plan or a
material adverse effect on the Debtors’ businesses; 
 (f) an examiner with expanded powers beyond those set forth in section 1106(a)(3)
and (4) of the Bankruptcy Code or a trustee or receiver shall have been appointed in one or more of the Chapter 11 Cases; 
 (g)
any Debtor either (i) files any motion seeking appointment of examiner with expanded powers beyond those set forth in section 1106(a)(3) and (4) of the Bankruptcy Code or a trustee or receiver in one or more of the Chapter 11 Cases or
(ii) fails to act in a manner materially consistent with this Agreement in response to such motion or application filed by any person other than a Debtor; 

(h) the termination of this Agreement by the Consenting First Lien Creditors, the Consenting Second Lien Creditors, or the Consenting Unsecured
Creditors, as applicable; 
 (i) the (i) conversion of one or more of the Chapter 11 Cases of the Debtors to a case under chapter 7 of
the Bankruptcy Code or (ii) dismissal of one or more of the Chapter 11 Cases of the Debtors, unless such conversion or dismissal, as applicable, is made with the prior written consent of counsel to the Required Consenting Creditors; 

(j) any Debtor (i) files any motion for the (A) conversion of one or more of the Chapter 11 Cases of the Debtors to a case under
chapter 7 of the Bankruptcy Code or (B) dismissal of one or more of the Chapter 11 Cases of the Debtors, unless such conversion or dismissal, as applicable, is made with the prior written consent of the Required Consenting Creditors, or
(ii) act in a manner materially consistent with this Agreement in response to such motion or application filed by any person other than a Debtor; 

  
 14 

 (k) any of the Restructuring Documents after completion, (i) contain terms, conditions,
representations, warranties, or covenants that are not materially consistent with the terms of this Agreement as reasonably determined by the Required Consenting Creditors, or are otherwise not in form and substance reasonably acceptable to the
Required Consenting Creditors solely as provided in this Agreement, (ii) shall have been materially and adversely amended or modified, or (iii) shall have been withdrawn, in each case without the prior written consent of the Required
Consenting Creditors and in the case of a Restructuring Document that is also an order, including the Cash Collateral Orders and the Confirmation Order, such order shall have been stayed, reversed, vacated or adversely modified, without the prior
written consent of the relevant Required Consenting Creditors, unless the Debtors have sought a stay of such order within five (5) business days after the date of such issuance, and such order is stayed, reversed or vacated within ten
(10) business days after the date of such issuance; 
 (l) any Debtor files a pleading seeking authority to amend, modify or withdraw
any of the Restructuring Documents without the prior written consent of the relevant Required Consenting Creditors; 
 (m) any Debtor
directly or indirectly proposes, supports, assists, solicits, or files a pleading seeking approval of any Alternative Transaction (or any approval of any sales, voting or other procedures in connection with an Alternative Transaction) without the
consent of the Required Consenting Creditors; 
 (n) any Debtor files any motion or application seeking authority to sell all or a material
portion of its assets without the prior written consent of the Required Consenting Creditors; 
 (o) the termination of the use of cash
collateral as provided in the Cash Collateral Orders; 
 (p) any Debtor files any motion seeking authority (i) to use cash collateral
that is not substantially in the form of the Cash Collateral Order or (ii) to enter into post-petition secured financing, without the prior written consent of the Required Consenting Creditors; 

(q) the Bankruptcy Court enters an order staying, vacating, adversely amending, terminating, adversely extending or adversely modifying any
material provision of the Cash Collateral Order or the Debtors take any actions or file any pleadings that result in such an order being entered unless the Debtors have sought a stay of such order within five (5) business days after the date of
such issuance, and such order is stayed, reversed or vacated within ten (10) business days after the date of such issuance; 
 (r) (i)
the allowance of Administrative Claims (excluding Professional Fee Claims incurred by persons or firms retained by the Debtors, the Consenting Creditors and the Creditors’ Committee), Other Priority Claims and otherwise non-dischargeable claims
(or entry of a judgment by a court of competent jurisdiction in respect of otherwise non-dischargeable claims) in excess of $50 million in the aggregate, unless the Debtors have sought a stay of such order within five (5) business days after
the date of such issuance, and such order is stayed, reversed or vacated within ten (10) business days after the date of such issuance, or (ii) a good faith belief of the Debtors’ management that otherwise non-dischargeable claims are
likely to exceed $50 million in respect of any ongoing litigation matters; 

  
 15 

 (s) any Debtor terminates its obligations under and in accordance with this Agreement (including,
without limitation, pursuant to Section 11.02 of this Agreement); 
 (t) any Debtor files any motion seeking to avoid, disallow,
subordinate or recharacterize any claim, lien, or interest held by any Consenting Creditor arising under the First Lien Credit Agreement, the Second Lien Notes Indenture, or the Unsecured Senior Notes Indentures; 

(u) the Bankruptcy Court enters an order avoiding, disallowing, subordinating or recharacterizing any claim, lien, or interest held by any
Consenting Creditor arising under the First Lien Credit Agreement, the Second Lien Notes Indenture, or the Unsecured Senior Notes Indentures, unless the Debtors have sought a stay of such order within five (5) business days after the date of
such issuance, and such order is stayed, reversed or vacated within ten (10) business days after the date of such issuance; 
 (v) the
Bankruptcy Court grants relief that (i) is inconsistent with this Agreement in any material respect or (ii) would, or would reasonably be expected to, materially frustrate the purposes of this Agreement, including by preventing the
consummation of the Restructuring Transactions, unless the Debtors have sought a stay of such relief within five (5) business days after the date of such issuance, and such order is stayed, reversed or vacated within ten (10) business days
after the date of such issuance; 
 (w) prior to the Petition Date, either (i) an Event of Default under the First Lien Credit Agreement
(other than an Event of Default subject to the Waiver) shall have occurred and be continuing or (ii) the Waiver shall have expired or been terminated in accordance with its terms; 

(x) holders of Second Lien Note Claims holding at least 33 1/3% or more by principal amount outstanding of the Second Lien Note Claims timely
submit ballots to reject the Plan; or 
 (y) holders of Unsecured Senior Note Claims holding at least 33 1/3% or more by principal amount
outstanding of the Unsecured Senior Note Claims timely submit ballots to reject the Plan. 
 11.02. Consenting Unsecured Creditors’
Termination Event. The Required Senior Unsecured Creditors may by written notice terminate this Agreement, and change their vote in respect of any plan of reorganization, upon a failure by the Debtors to satisfy Clause (v) of
Conditions Precedent to Confirmation and Effectiveness set forth in the Term Sheet. 
 11.03. Debtors’ Termination
Events. Any Debtor may terminate this Agreement as to all Parties upon five (5) business days’ prior written notice, delivered in accordance with Section 14.09 hereof, upon the occurrence of any of the following events:
(a) the Plan Effective Date shall not have occurred by the Outside Date; (b) the breach by any of the Consenting Creditors in any material respect of any provision set forth in this Agreement that is adverse to the Debtors and that remains
uncured for a period of twenty (20) business days after the receipt by the Consenting Creditors of notice of such breach; (c) the board of directors, board of managers, or a similar governing body of any Debtor determines based on advice
of counsel that proceeding with any of the Restructuring Transactions would be inconsistent with applicable law or its fiduciary obligations under applicable law; or (d) the issuance by any governmental authority, including any regulatory
authority, the Bankruptcy Court, or another court of competent jurisdiction, of any ruling or order enjoining the consummation of a material portion of the Restructuring Transactions. 

  
 16 

 11.04. Mutual Termination. This Agreement, and the obligations of all Parties
hereunder, may be terminated by mutual agreement among each of the Debtors and the Required Consenting Creditors. 
 11.05.
Automatic Termination. This Agreement shall terminate automatically without any further required action or notice on the earlier of (i) the Plan Effective Date and (ii) the Outside Date.  

11.06. Effect of Termination. No Party may terminate this Agreement if such Party failed to perform or comply in all material
respects with the terms and conditions of this Agreement, with such failure to perform or comply causing, or resulting in, the occurrence of one or more termination events specified herein. The date on which termination of this Agreement as to a
Party is effective in accordance with Sections 11.01, 11.01(g), 11.04, and 11.05 shall be referred to as a “Termination Date.” Upon the occurrence of a Termination Date as to a Party, this Agreement shall be of no further
force and effect and each Party subject to such termination shall be released from its commitments, undertakings, and agreements under or related to this Agreement and shall have the rights and remedies that it would have had, had it not entered
into this Agreement, and shall be entitled to take all actions, whether with respect to the Restructuring Transactions or otherwise, that it would have been entitled to take had it not entered into this Agreement, including with respect to any and
all claims or causes of action. Notwithstanding anything to the contrary in this Agreement, Section 5.01(a)(iv) shall survive the termination of this Agreement; provided, however, that, such survival shall not limit the rights of
any Consenting First Lien Credit Agreement Lender, nor shall prior entry into this Agreement prejudice any Consenting First Lien Credit Agreement Lender from, following the termination of this Agreement, (a) terminating the Swap Contracts or
the Treasury Management Services Agreements in accordance with the terms thereof and (b) (i) in the event of termination of this Agreement pursuant to Section 11.01(i) or 11.01(j), offsetting amounts under the Swap Contracts or
the Treasury Management Services Agreements to the extent consistent with applicable law or (ii) in the event of any other termination of this Agreement by the Consenting First Lien Creditors, arguing that it is entitled to adequate protection
or other relief (but not for the avoidance of doubt any relief to effectuate an offset), including in the form of additional paydown of the First Lien Credit Agreement Claims, with respect to amounts owed under the Swap Contracts or the Treasury
Management Services Agreements. Upon the occurrence of a Termination Date, any and all consents or ballots tendered by the Parties subject to such termination before a Termination Date shall be deemed, for all purposes, to be null and void from
the first instance and shall not be considered or otherwise used in any manner by the Parties in connection with the Restructuring Transactions and this Agreement or otherwise. Notwithstanding anything to the contrary in this Agreement, the
foregoing shall not be construed to prohibit the Debtors or any of the Consenting Creditors from contesting whether any such termination is in accordance with its terms or to seek enforcement of any rights under this Agreement that arose or existed
before a Termination Date. Except as expressly provided in this Agreement, nothing herein is intended to, or does, in any manner waive, limit, impair, or restrict (a) any right of any Debtor or the ability of any Debtor to protect and reserve
its rights (including 

  
 17 

 
rights under this Agreement), remedies, and interests, including its claims against any Consenting Creditor, and (b) any right of any Consenting Creditor, or the ability of any Consenting
Creditor, to protect and preserve its rights (including rights under this Agreement), remedies, and interests, including its claims against any Debtor or Consenting Creditor. Nothing in this Section 11.06 shall restrict any Debtor’s right
to terminate this Agreement in accordance with Section 11.01(g). 
 11.07. No Violation of Automatic Stay. The Required
Consenting Creditors are authorized to take any steps necessary to enforce or effectuate the termination of this Agreement, as applicable, including the sending of any applicable notices to the Debtors, notwithstanding section 362 of the Bankruptcy
Code or any other applicable law (and the Debtors hereby waive the applicability of the automatic stay to the giving of such notice), and no cure period contained in this Agreement shall be extended pursuant to sections 108 or 365 of the Bankruptcy
Code or any other applicable law without the prior written consent of the Required Consenting Creditors. 
 Section 12.
Amendments. This Agreement, including the Term Sheet, may not be modified, amended, or supplemented in any manner except in writing signed by each of the Debtors and the Required Consenting Creditors; provided,
however, that if the proposed modification, amendment, or supplement has a material, disproportionate (as compared to other Consenting Creditors holding claims within the same Class as provided for in the Term Sheet) and adverse effect on any
of the Consenting Creditors or the Claims held by such Consenting Creditors (including any disparate treatment with respect to the releases granted under the Plan), then the consent of each such affected Consenting Creditor shall also be required to
effectuate such modification, amendment, or supplement. Any proposed modification, amendment, or supplement that is not approved by the requisite Parties as set forth above shall be ineffective and void ab
initio. 
 Section 13. Waiver of Defaults and Events of Default under the First Lien Credit
Agreement.  
 13.01. Summary of Defaults and Events of Default under the First Lien Credit Agreement.

(a) SandRidge received (a) a letter from the First Lien Credit Agreement Agent on March 11, 2016 re: Special Determination of the
Borrowing Base (the “Redetermination Notice”), (b) a letter from the First Lien Credit Agreement Agent on March 15, 2016 re: Borrowing Base Deficiency Election Notice (the “Borrowing Base Deficiency
Notice” and, together with the Redetermination Notice, the “Borrowing Base Redetermination Notices”) and (c) a notice of default from the First Lien Credit Agreement Agent on March 31, 2016 re:
SandRidge’s failure to deliver financials without a “going concern” qualification (the “Going Concern Default Notice”). Pursuant to Section 8.01(c) of the First Lien Credit Agreement, a 30-day grace period
expired on April 30, 2016 and the Default specified in the Going Concern Default Notice (the “Going Concern Default”) ripened into an Event of Default (the “Going Concern Event of Default”). 

  
 18 

 (b) Pursuant to Section 2.05(c) of the First Lien Credit Agreement, on
March 21, 2016, SandRidge gave written notice to the First Lien Credit Agreement Agent (the “Borrowing Base Election Notice”) of its intention to remedy the alleged Borrowing Base Deficiency referred to in the
Borrowing Base Redetermination Notices by exercising its cure options under Section 2.05(c) of the First Lien Credit Agreement, including, without limitation, submitting additional Oil and Gas Properties to the First Lien Credit Agreement Agent
for evaluation as Borrowing Base properties on or before April 20, 2016 (the “Deadline Date”), which is thirty (30) days following SandRidge’s delivery of the Borrowing Base Election Notice. 

(c) Pursuant to Sections 6.01(b) and 6.02(a) of the First Lien Credit Agreement, on or before May 15, 2016, SandRidge is required to
deliver (i) financial statements for the fiscal quarter ended March 31, 2016 and (ii) a compliance certificate calculating both the Consolidated First Lien Leverage Ratio and the Consolidated Current Ratio as of such fiscal quarter
end to the First Lien Credit Agreement Agent and the First Lien Credit Agreement Lenders under the First Lien Credit Agreement. SandRidge will be unable to cause (i) the Consolidated First Lien Leverage Ratio as of the fiscal quarter ended
March 31, 2016 to be less than 2.00:1.00 as provided in Section 7.11(a) of the First Lien Credit Agreement and (ii) the Consolidated Current Ratio as of the as of the fiscal quarter ended March 31, 2016 to be greater than
1.00:1.00 as provided in Section 7.11(b) of the First Lien Credit Agreement (collectively, the “Financial Covenant Events of Default”). 

(d) The entry by the Debtors into this Agreement may constitute an Event of Default under Sections 8.01(f) and 8.01(g) of the First Lien Credit
Agreement (collectively, the “RSA Events of Default”). 

  
 19 

 13.02. Waiver of Defaults and Events of Default under the First Lien Credit
Agreement. The First Lien Credit Agreement Agent and the Consenting First Lien Creditors hereby agree, subject to the terms of this Agreement, to waive until May 31, 2016 (the “Waiver Termination Date”)
(a) the requirement to implement, and SandRidge’s alleged failure to implement, a cure option under Section 2.05(c) of the First Lien Credit Agreement by the Deadline Date, (b) the Going Concern Event of Default, (c) the
Financial Covenant Events of Default and (d) the RSA Events of Default. 
 Each capitalized term used in this Section 13 of this Agreement but not
otherwise defined in this Section 13 of this Agreement shall have the meaning given to such term in the First Lien Credit Agreement. For the avoidance of doubt, the First Lien Credit Agreement Agent and the Consenting First Lien Creditors
hereby agree to forbear from exercising any remedies available to it or them under the First Lien Credit Agreement in connection with the alleged failure to cure the alleged Borrowing Base Deficiency referred to in the Borrowing Base Redetermination
Notices, the Going Concern Default, the Financial Covenant Events of Default and the RSA Events of Default, in each case, until the Waiver Termination Date. 

Section 14. Miscellaneous. 

14.01. Further Assurances. Subject to the other terms of this Agreement, the Parties agree to execute and deliver such other
instruments and perform such acts, in addition to the matters herein specified, as may be reasonably appropriate or necessary, or as may be required by order of the Bankruptcy Court, from time to time, to effectuate the Restructuring Transactions,
as applicable. 
 14.02. Complete Agreement. This Agreement constitutes the entire agreement among the Parties with respect to
the subject matter hereof and supersedes all prior agreements, oral, or written, among the Parties with respect thereto.
 14.03.
Headings. The headings of all sections of this Agreement are inserted solely for the convenience of reference and are not a part of and are not intended to govern, limit, or aid in the construction or interpretation of any term or
provision hereof. 
 14.04. GOVERNING LAW; SUBMISSION TO JURISDICTION; SELECTION OF FORUM; WAIVER OF TRIAL BY JURY. THIS
AGREEMENT IS TO BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. Each Party
hereto agrees that it shall bring any action or proceeding in respect of any claim arising out of or related to this Agreement in either the United States District Court for the Southern District of New York or any New York state court
(the “Chosen Courts”), and solely in connection with claims arising under this Agreement: (a) irrevocably submits to the exclusive jurisdiction of the Chosen Courts; (b) waives any objection to laying venue in
any such action or proceeding in the Chosen Courts; and (c) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any Party hereto or constitutional authority to finally adjudicate the matter;
provided, however, that if the Debtors commence the Chapter 11 Cases, then the Bankruptcy Court (or court of proper appellate jurisdiction) shall be the exclusive Chosen Court. 

  
 20 

 14.05. Trial by Jury Waiver. EACH PARTY HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 14.06.
Execution of Agreement. This Agreement may be executed and delivered in any number of counterparts and by way of electronic signature and delivery, each such counterpart, when executed and delivered, shall be deemed an original, and all
of which together shall constitute the same agreement. Except as expressly provided in this Agreement, each individual executing this Agreement on behalf of a Party has been duly authorized and empowered to execute and deliver this Agreement on
behalf of said Party. 
 14.07. Interpretation and Rules of Construction. This Agreement is the product of negotiations among the
Debtors and the Consenting Creditors, and in the enforcement or interpretation hereof, is to be interpreted in a neutral manner, and any presumption with regard to interpretation for or against any Party by reason of that Party having drafted or
caused to be drafted this Agreement, or any portion hereof, shall not be effective in regard to the interpretation hereof. The Debtors and the Consenting Creditors were each represented by counsel during the negotiations and drafting of this
Agreement and continue to be represented by counsel. In addition, this Agreement shall be interpreted in accordance with section 102 of the Bankruptcy Code. 

14.08. Successors and Assigns. This Agreement is intended to bind and inure to the benefit of the Parties and their respective
successors and permitted assigns, as applicable. There are no third party beneficiaries under this Agreement, and the rights or obligations of any Party under this Agreement may not be assigned, delegated, or transferred to any other person or
entity.
 14.09. Notices. All notices hereunder shall be deemed given if in writing and delivered by electronic mail, courier, or
registered or certified mail (return receipt requested) to the following addresses (or at such other addresses as shall be specified by like notice): 
  

	 	(a)	if to a Debtor, to: 

 SandRidge Energy, Inc. 

123 Robert S. Kerr Avenue 

Oklahoma City, OK 73102 

Attention: Philip Warman 
 Email
address: pwarman@sandridgeenergy.com 

  
 21 

 with copies (which shall not constitute notice) to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
New York 10022 
 Attention: Christopher Marcus, P.C. 

Email address: christopher.marcus@kirkland.com 

and 
 Kirkland & Ellis
LLP 
 300 North LaSalle Street 

Chicago, IL 60654 
 Attention:
Steven N. Serajeddini 
 Email address: steven.serajeddini@kirkland.com 

 

	 	(b)	if to a Consenting First Lien Creditor, to: 

 Paul Hastings LLP 

77 East 55th Street 
 New York, NY
10022 
 United States of America 

Attention: Andrew V. Tenzer, Leslie Plaskon and Michael E. Comerford 

Email address: andrewtenzer@paulhastings.com 

                leslieplaskon@paulhastings.com 

                michaelcomerford@paulhastings.com 

 

	 	(c)	if to a Consenting Second Lien Creditor, to: 

 Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
NY 10017 
 Attention: Damian S. Schaible, Eli J. Vonnegut, and Christopher Robertson 

Email address: damian.schaible@davispolk.com 

                eli.vonnegut@davispolk.com 

                christopher.robertson@davispolk.com 

 

	 	(d)	if to a Consenting Unsecured Creditor, to: 

 Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 
 Attention: Joseph H. Smolinsky and David Griffiths 

Email address: joseph.smolinsky@weil.com 

                        
david.griffiths@weil.com 

  
 22 

 or such other address as may have been furnished by a Party to each of the other Parties by notice given in
accordance with the requirements set forth above. Any notice given by delivery, mail (electronic or otherwise), or courier shall be effective when received.

14.10. Independent Due Diligence and Decision Making. Each Consenting Party hereby confirms that its decision to execute this agreement
has been based upon its independent investigation of the operations, businesses, financial and other conditions, and prospects of the Debtors. 

14.11. Waiver. If the Restructuring Transactions are not consummated, or if this Agreement is terminated for any reason, the Parties
fully reserve any and all of their rights. Pursuant to Federal Rule of Evidence 408 and any other applicable rules of evidence, this Agreement and all negotiations relating hereto shall not be admissible into evidence in any proceeding other than a
proceeding to enforce its terms, pursue the consummation of the Restructuring Transactions, or the payment of damages to which a Party may be entitled under this Agreement. 

14.12. Specific Performance. It is understood and agreed by the Parties that money damages would be an insufficient remedy for any
breach of this Agreement by any Party and each non-breaching Party shall be entitled to specific performance and injunctive or other equitable relief (without the posting of any bond and without proof of actual damages) as a remedy of any such
breach, including an order of the Bankruptcy Court or other court of competent jurisdiction requiring any Party to comply promptly with any of its obligations hereunder. 

14.13. Several, Not Joint, Claims. Except as otherwise expressly set forth herein, the agreements, representations, warranties, and
obligations of the Parties under this Agreement are, in all respects, several and not joint. 
 14.14. Severability and Construction.
If any provision of this Agreement shall be held by a court of competent jurisdiction to be illegal, invalid, or unenforceable, the remaining provisions shall remain in full force and effect if essential terms and conditions of this Agreement for
each Party remain valid, binding, and enforceable. 
 14.15. Remedies Cumulative. All rights, powers, and remedies provided under this
Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise of any right, power, or remedy thereof by any Party shall not preclude the simultaneous or later exercise of any other
such right, power, or remedy by such Party. 

  
 23 

 EXECUTION VERSION 

IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year first above written. 

[Remainder of page intentionally left blank.] 

 Debtor Signature Pages to the Restructuring Support and Lock-Up Agreement 

 

			
	 SANDRIDGE ENERGY, INC.

4TH STREET PROPERTIES, LLC
 BLACK BAYOU EXPLORATION,
L.L.C.
 CEBA GATHERING, LLC
 CEBA MIDSTREAM GP,
LLC
 CORNHUSKER ENERGY, L.L.C.
 FAE HOLDINGS
389322R, LLC
 INTEGRA ENERGY, L.L.C.
 LARIAT
SERVICES, INC.
 MIDCONTINENT RESOURCES, LLC

MISTMADA OIL COMANY, INC.
 PIÑON GATHERING
COMPANY, LLC
 SABINO EXPLORATION, LLC
 SAGEBRUSH
PIPELINE, LLC
 SANDRIDGE CO2, LLC
 SANDRIDGE
EXPLORATION AND PRODUCTION, LLC
 SANDRIDGE HOLDINGS, INC.

SANDRIDGE MIDSTREAM, INC.
 SANDRIDGE OPERATING
COMPANY
 SANDRIDGE REALTY, LLC
 SIERRA MADERA CO2
PIPELINE, LLC
 WTO GAS GATHERING COMPANY, LLC

			
		
	By:	 	/s/ James D. Bennett
	Name:	 	James D. Bennett
	Title:	 	Chief Executive Officer

  

					
	CEBA MIDSTREAM, LP
		
	By:	 	CEBA Midstream GP, LLC, as its general partner
			
		 	By:	 	 /s/ James D. Bennett

		 	Name:	 	James D. Bennett
		 	Title:	 	Chief Executive Officer

  

					
	CHOLLA PIPELINE, L.P.
		
	By:	 	Integra Energy, L.L.C., as its general partner
			
		 	By:	 	 /s/ James D. Bennett

		 	Name:	 	James D. Bennett
		 	Title:	 	Chief Executive Officer

 [Signature Page to Restructuring Support Agreement] 

			
	BRANIFF RESTAURANT HOLDINGS, LLC
		
	By:	 	/s/ R. Scott Griffin
	Name:	 	R. Scott Griffin
	Title:	 	Chief Executive Officer

 [Signature Page to Restructuring Support Agreement] 

 EXHIBIT A to 

the Restructuring Support and Lock-Up Agreement 

Term Sheet 

 EXECUTION VERSION 

THIS TERM SHEET IS NOT AN OFFER WITH RESPECT TO ANY SECURITIES OR A SOLICITATION OF ACCEPTANCES OF A CHAPTER 11 PLAN WITHIN THE MEANING OF SECTION 1125 OF
THE BANKRUPTCY CODE. ANY SUCH OFFER OR SOLICITATION WILL COMPLY WITH ALL APPLICABLE SECURITIES LAWS AND/OR PROVISIONS OF THE BANKRUPTCY CODE. NOTHING CONTAINED IN THIS TERM SHEET SHALL BE AN ADMISSION OF FACT OR LIABILITY OR DEEMED BINDING ON ANY OF
THE PARTIES HERETO. 
 RESTRUCTURING TERM SHEET 

INTRODUCTION 
 This term sheet, including
the Exhibits attached hereto (collectively, this “Term Sheet”),1 describes the terms of a restructuring of SandRidge Energy, Inc.
(“SandRidge”) and certain of its directly and indirectly-owned subsidiaries listed on Exhibit B (collectively, the “Debtors,” and such restructuring, the
“Restructuring”) through cases that will be filed under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court (the “Bankruptcy Court”). 

The Debtors will implement the Restructuring through a plan of reorganization (as it may be amended or supplemented from time to time, including all exhibits,
schedules, supplements, appendices, annexes and attachments thereto, the “Plan”), which shall be consistent with the terms of this Term Sheet and the Restructuring Support Agreement, under chapter 11 of the Bankruptcy Code.
This Term Sheet incorporates the rules of construction set forth in section 102 of the Bankruptcy Code. 
 The governing documents with respect to the
Restructuring will contain terms and conditions that are dependent on each other, including those described in this Term Sheet. 
 This Term Sheet does not
include a description of all of the terms, conditions, and other provisions that are to be contained in the definitive documentation governing the Restructuring. The Restructuring will not contain any material terms or conditions that are
inconsistent in any material respect with this Term Sheet. This Term Sheet is confidential and may not be released to any other party unless permitted in accordance with an executed confidentiality agreement with the Debtors. 

 
  

	1 	Capitalized terms used but not otherwise defined in this Term Sheet or in the Restructuring Support Agreement have the meanings ascribed to such terms as set forth on Exhibit A. 

							
	TREATMENT OF CLAIMS AND INTERESTS OF THE DEBTORS UNDER THE PLAN
	 Class No.
	  	 Type of Claim
	  	 Treatment
	  	 Impairment /
Voting

		  		  		  	
	Unclassified Non-Voting Claims Against the Debtors
				
	N/A	  	Administrative Claims	  	On the Effective Date, except to the extent that a Holder of an Allowed Administrative Claim and the Debtor against which such Allowed Administrative Claim is asserted agree to less favorable treatment for such Holder, each Holder
of an Allowed Administrative Claim shall receive, in full satisfaction of its Claim, payment in full in cash.	  	N/A
				
	N/A	  	Priority Tax Claims	  	Except to the extent that a Holder of an Allowed Priority Tax Claim and the Debtor against which such Allowed Priority Tax Claim is asserted agree to less favorable treatment for such Holder, each Holder of an Allowed Priority Tax
Claim shall receive, in full satisfaction of its Claim, payments in cash in a manner consistent with section 1129(a)(9)(C) of the Bankruptcy Code.	  	N/A
	
	Classified Claims and Interests of the Debtors
				
	Class 1	  	Other Secured Claims	  	On the Effective Date, in full satisfaction of each Allowed Other Secured Claim against the Debtors, each Holder thereof shall receive, at the option of the applicable Debtor: (a) payment in full in cash; (b) delivery of the
collateral securing any such Claim and payment of any interest required under section 506(b) of the Bankruptcy Code; (c) Reinstatement of such Other Secured Claim; or (d) other treatment rendering such Claim Unimpaired.	  	Unimpaired; deemed to accept.
				
	Class 2	  	Other Priority Claims	  	On the Effective Date, except to the extent that a Holder of an Allowed Other Priority Claim and the Debtor against which such Allowed Other Priority Claim is asserted agree to less favorable treatment for such Holder, in full
satisfaction of each Allowed Other Priority Claim against the Debtors, each Holder thereof shall receive payment in full in cash or other treatment rendering such Claim Unimpaired.	  	Unimpaired; deemed to accept.
				
	Class 3	  	First Lien Credit Agreement Claims	  	On the Effective Date, in full satisfaction of each Allowed First Lien Credit Agreement Claim, each Holder thereof shall receive participation in its Pro Rata share of the New First Lien Exit Facility in the amount of $425 million
and $35 million of cash (except that all hedging agreements entered into by Lenders under the First Lien Credit Agreement prior to the Petition Date shall remain in place).	  	Impaired; entitled to vote.

  
 2 

							
				
	Class 4	  	Second Lien Note Claims	  	 On the Effective Date, Second Lien Note Claims shall be deemed Allowed in the aggregate amount of $1,328 million, plus accrued but unpaid
interest, fees and any and all other amounts due thereunder.
  
 On the Effective Date, in
full satisfaction of each Allowed Second Lien Note Claim, each Holder thereof shall receive its Pro Rata share of: (a) 85% of the New Common Stock, as fully-diluted by the Conversion Equity (measured through the Conversion Date), subject to dilution
by the Employee Incentive Plan, the Rights Offering Equity, and the Warrants; (b) the New Convertible Debt; and (c) the Rights, if applicable.
	  	Impaired; entitled to vote.
				
	Class 5	  	General Unsecured Claims	  	 On the Effective Date, Unsecured Note Claims shall be deemed Allowed in the aggregate amount of $2,349 million.

 
 On the Effective Date, in full satisfaction of each Allowed General Unsecured Claim, each
Holder thereof shall receive its Pro Rata share of: (a) $10 million in cash; (b) 15% of the New Common Stock, as fully-diluted by the Conversion Equity (measured through the Conversion Date), subject to dilution by the Employee Incentive Plan, the
Rights Offering Equity, and the Warrants; (c) the Rights, if applicable; (d) the Warrants; and (e) the cash proceeds of the New Building Note.
	  	Impaired; entitled to vote.
				
	Class 6	  	Intercompany Claims	  	On the Effective Date, unless otherwise provided for under the Plan, each Debtor Intercompany Claim shall either be Reinstated or canceled and released at the option of the Debtors.	  	Unimpaired; deemed to accept or Impaired; deemed to reject.
				
	Class 7	  	Section 510(b) Claims	  	On the Effective Date, Section 510(b) Claims shall be canceled and released without receiving any recovery on account thereof.	  	Impaired; deemed to reject.
				
	Class 8	  	Intercompany Interests	  	On the Effective Date, Intercompany Interests shall be Reinstated.	  	Unimpaired; deemed to accept.
				
	Class 9	  	Existing Preferred Stock	  	On the Effective Date, the Existing Preferred Stock shall be canceled and released without receiving any recovery on account thereof.	  	Impaired; deemed to reject.
				
	Class 10	  	Existing Common Stock	  	On the Effective Date, the Existing Common Stock shall be canceled and released without receiving any recovery on account thereof.	  	Impaired; deemed to reject.

  
 3 

			
	MATERIAL TERMS OF THE RESTRUCTURING
		
	Cash Collateral Orders	  	The Debtors shall seek, and the Consenting Creditors shall support, approval of an interim and final order to obtain use of cash collateral consistent with the Cash Collateral Term Sheet set forth in Exhibit D and in
form and substance reasonably acceptable to the Required Consenting Creditors.
		
	Lien Perfection Obligations	  	As a central component of the Consenting Creditors’ agreement to support the Restructuring and in exchange for the new value of the commitments and undertakings of the Consenting Creditors to enable and facilitate Consummation
of the Restructuring on the terms set forth in the Restructuring Support Agreement, including the Waiver and the equitization of the Second Lien Note Claims, (i) the Debtors shall perfect liens on substantially all of their assets in favor of the
holders of First Lien Credit Agreement Claims, and the Debtors shall perfect liens, junior to such liens granted in favor of holders of First Lien Credit Agreement Claims on such assets in favor of holders of Second Lien Note Claims, in a manner
consistent with the Intercreditor Agreement, and (ii) to the extent that the Debtors perfect any liens on any of their assets in favor of holders of Second Lien Note Claims, the Debtors shall perfect liens, senior to such liens granted in favor of
holders of Second Lien Note Claims on such assets in favor of holders of First Lien Credit Agreement Claims, in a manner consistent with the Intercreditor Agreement.
		
	Paydown of First Lien Credit Agreement Claims	  	Subject to the requisite percentage of First Lien Credit Agreement Lenders executing the Restructuring Support Agreement and providing the Waiver by no later than May 11, 2016, immediately upon such execution and Waiver, the Debtors
shall indefeasibly pay $40 million in cash to the First Lien Credit Agreement Lenders.
		
	Employment Obligations	  	The Consenting Creditors consent to and shall support: (a) approval of the Wages Motion and a subsequent motion to approve the relief requested in the Wages Motion as it would apply to Insiders; (b) assumption by the Reorganized
Debtors of the Employee Compensation and Benefits, in each case on the current terms of such arrangements as may be modified from time to time in the ordinary course of business; and (c) assumption by the Reorganized Debtors of the written
employment or indemnification contracts between a Debtor and an employee or director that exist and remain effective as of the date hereof and have been provided to the Consenting Creditors (the “Employment Contracts”);
provided, however, that, notwithstanding the foregoing, it is agreed and understood that Employee Compensation and Benefits that are components of at-will employment arrangements, are provided or determined at the Debtors’ discretion, or
are subject to modification or termination by the Reorganized Debtors in accordance with applicable law will remain as such with respect to the Reorganized Debtors after the Effective Date. After the Effective Date, each current employee who is
party to an employment agreement with the Debtors shall either: (i) have such agreement assumed by the Reorganized Debtors pursuant to the Plan; or (ii) receive a new employment agreement from the Reorganized Debtors on terms that are equal or
better than the existing agreement and reasonably acceptable to the respective employee, the Reorganized Debtors, and the Required Second Lien Creditors.
		
	Indemnification of Prepetition Directors, Officers, Managers, et al.	  	Under the Restructuring, to the extent consistent with applicable law, the indemnification obligations for the Debtors’ current and former directors, officers, managers, and employees, and current attorneys, accountants,
investment bankers, and other professionals of the Debtors, as applicable, shall

  
 4 

			
		
		  	be assumed and remain in full force and effect after the Effective Date, and shall not be modified, reduced, discharged, impaired, or otherwise affected in any way, and shall survive Unimpaired and unaffected, irrespective of when
such obligation arose, in each case so long as (i) the Debtors have in good faith estimated and included in the Disclosure Statement (or disclosed in such other manner as agreed by the Required Consenting Creditors in their discretion) a statement
that, in their good faith belief, the future costs to be paid by the Reorganized Debtors on account of such obligations should be less than $10 million in the aggregate, and (ii) such indemnification obligations are set forth in any of: (a) the
organizational documents of a Debtor (including in the by-laws, certificates of incorporation or formation, limited liability company agreements, other organizational or formation documents, or board resolutions); (b) the Employment Contracts; or
(c) an engagement or retention letter as to professional or advisory services; provided, however, that one or more former (as of the Petition Date) directors and officers of the Debtors, as agreed by the Debtors and the Required Second
Lien Creditors, shall not have such indemnification obligations assumed.
		
	Claims of the Debtors	  	The Reorganized Debtors, as applicable, shall retain all rights to commence and pursue any Causes of Action, other than any Causes of Action released (a) by the Debtors pursuant to the release and exculpation provisions outlined in
this Term Sheet or (b) pursuant to the Plan, the Confirmation Order, the Cash Collateral Order or other order of the Bankruptcy Court, each to the extent applicable.
		
	Director, Officer, Manager, and Employee Tail Coverage	  	On or before the Effective Date, to the extent not already obtained, the Debtors will obtain sufficient liability insurance policy coverage for the six-year period following the Effective Date for the benefit of the Debtors’
current and former directors, managers, officers, and employees on terms no less favorable than the Debtors’ existing director, officer, manager, and employee coverage and with an available aggregate limit of liability upon the Effective Date
of no less than the aggregate limit of liability under the existing director, officer, manager, and employee coverage upon placement.
		
	Conditions Precedent to Confirmation and Effectiveness	  	 The following shall be conditions precedent to Confirmation:
  

(i)     the Bankruptcy Court shall have entered the Disclosure Statement Order;

 
 (ii)    the Bankruptcy Court
shall have entered the Confirmation Order; and
  

(iii)  the Confirmation Order shall:

 
 a.      authorize
the Debtors to take all actions necessary to enter into, implement, and consummate the contracts, instruments, releases, leases, indentures, and other agreements or documents created in connection with the Plan;

 
 b.      decree that
the provisions of the Confirmation Order and the Plan are nonseverable and mutually dependent;
  

c.      authorize the Debtors and Reorganized Debtors, as applicable/necessary, to: (i)
implement the Restructuring Transactions; (ii) issue and distribute the New Common Stock, the New First Lien Exit Facility, the New Convertible

  
 5 

			
		  	 Debt, the Rights, the Warrants, and the New Building Note (each as applicable), each pursuant to the exemption from
registration under the Securities Act provided by section 1145 of the Bankruptcy Code or other exemption from such registration or pursuant to one or more registration statements; (iii) pay $35 million to the Lenders under the First Lien Credit
Agreement; (iv) make all distributions and issuances as required under the Plan, the New Common Stock, the New First Lien Exit Facility, the New Convertible Debt, the Rights, the Warrants, and the New Building Note (each as applicable); and (v)
enter into any agreements, transactions, and sales of property as set forth in the Plan Supplement, including the Employee Incentive Plan;
  

d.      provide that, pursuant to section 1146 of the Bankruptcy Code, the assignment or
surrender of any lease or sublease, and the delivery of any deed or other instrument or transfer order, in furtherance of, or in connection with the Plan, including any deeds, bills of sale, or assignments executed in connection with any disposition
or transfer of assets contemplated under the Plan, shall not be subject to any stamp, real estate transfer, mortgage recording, or other similar tax; and    

 
 e.      contain the
release, injunction, and exculpation provisions contained in this Term Sheet.
  

(iv)   the aggregate Allowed amount of Administrative Claims, Other Priority Claims and other
non-dischargeable claims (excluding Professional Fee Claims incurred by persons or firms retained by the Debtors, the Consenting Creditors, the First Lien Credit Agreement Agent and the Creditors’ Committee, or ordinary course trade
obligations) shall not exceed $50 million, without the consent of the Required Consenting Creditors;
  

(v)    the aggregate (i) Allowed amount of Unsecured Non-Note Claims, (ii) Unsecured Non-Note
Claims estimated by the Court for distribution purposes, and (iii) ascribed value of unliquidated, contingent, and disputed Unsecured Non-Note Claims in an order fixing a pro-rata disputed claims reserve (or otherwise reserved) in connection
with confirmation of the Plan shall not exceed $200 million (the “GUC Cap”), provided, however, that in the event that any claims related to In re SandRidge Energy, Inc. Securities Litigation and Duane & Virginia
Lanier Trust v. SandRidge Energy, Inc., et al. are Allowed or otherwise determined by Court order to be General Unsecured Claims and not subject to expungement or subordination, then the GUC Cap shall be increased to $275
million;provided, further, that the Debtors may modify the Plan, in a manner agreed upon by the Debtors and the Consenting Second Lien Creditors, to provide for an increased recovery to the Consenting Unsecured Creditors, in the form
of a combination of Warrants, New Common Stock, New Building Note, and cash, in the same proportion of the consideration as provided for herein, that would provide the Consenting Unsecured Creditors the same pro rata recovery that they would have
received under the Plan (assuming the valuations provided for under the Plan and the Disclosure Statement) if the Allowed amount of General Unsecured Claims were equal to the GUC Cap; and

		
		  	 (i)     the Restructuring Support Agreement shall not have been
terminated.

  
 6 

			
		
	Conditions Precedent to the Effective Date	  	 The following shall be conditions precedent to the Effective Date:
  

(i)     the Confirmation Order shall have been duly entered and shall not (A) have been
reversed or vacated, (B) be subject to a then effective stay, or (C) without the consent of the Required Consenting Creditors, have been modified or amended;
  

(i)     the Debtors shall have obtained all authorizations, consents, regulatory approvals,
rulings, or documents that are necessary to implement and effectuate the Plan;
  

(ii)    the final version of the Plan Supplement and all of the schedules, documents, and exhibits
contained therein, and all other schedules, documents, supplements and exhibits to the Plan, shall be in form and substance as required under the Restructuring Support Agreement, and shall have been filed in a manner consistent with the
Restructuring Support Agreement;
  

(iii)  all Allowed Professional Fee Claims approved by the Bankruptcy Court shall have been paid in full or
amounts sufficient to pay such Allowed Professional Fee Claims after the Effective Date shall have been placed in the Professional Fee Escrow Account pending approval of the Professional Fee Claims by the Bankruptcy Court; and

 
 (iv)   the Debtors shall have
implemented the Restructuring Transactions in a manner consistent in all material respects with the Plan and the Restructuring Support Agreement.

  

			
	CORPORATE GOVERNANCE PROVISIONS/SECTION 1145 EXEMPTION
		
	Charter; Bylaws; Corporate Governance	  	 Corporate governance for Reorganized SandRidge or any of its subsidiaries, including charters, bylaws, operating agreements, or other
organization or formation documents, as applicable, shall be consistent with section 1123(a)(6) of the Bankruptcy Code, as applicable, and in form and substance reasonably acceptable to the Debtors and the Required Second Lien Creditors. The Debtors
and the Consenting Second Lien Creditors shall reasonably consult with the Consenting Unsecured Creditors regarding minority protections in the Reorganized SandRidge corporate governance documents.

 
 The Reorganized SandRidge Board will be composed of five members as of the Effective Date
as follows: (a) one will be Reorganized SandRidge’s chief executive officer; and (b) four will be nominated by the Required Second Lien Creditors; provided, however, that, if any one New Equity Party funds or backstops $100
million or more of the Rights Offering, an additional member will be added to the Reorganized SandRidge Board nominated by such New Equity Party.

  
 7 

			
	Exemption from SEC Registration	  	The issuance of all securities in connection with the Plan, including the New Common Stock, the New First Lien Exit Facility, the New Convertible Debt, the Rights, the Warrants, and the New Building Note (each as applicable) will be
exempt from SEC registration to the fullest extent permitted by law. The Debtors and the Reorganized Debtors, as applicable, will use commercially reasonable efforts to cause the New Common Stock to be listed for trading on a national securities
exchange on or as soon as reasonably practicable after the Effective Date.

  

			
	GENERAL PROVISIONS REGARDING THE PLAN
		
	Subordination	  	The classification and treatment of Claims under the Plan shall settle and compromise the respective contractual, legal, and equitable subordination rights of such Claims, and any such rights shall be released pursuant to the
Plan.
		
	Restructuring Transactions	  	The Confirmation Order shall be deemed to authorize, among other things, all actions as may be necessary or appropriate, consistent with the Restructuring Support Agreement, to effect any transaction described in, approved by,
contemplated by, or necessary to effectuate the Plan.
		
	Cancellation of Notes, Instruments, Certificates, and Other Documents	  	On the Effective Date, except to the extent otherwise provided in this Term Sheet, the Restructuring Support Agreement or the Plan, all notes, instruments, certificates, and other documents evidencing Claims or Interests, including
credit agreements and indentures, shall be canceled and the obligations of the Debtors thereunder or in any way related thereto shall be deemed satisfied in full and discharged.
		
	Issuance of New Securities; Execution of the Plan Restructuring Documents	  	On the Effective Date, the Debtors or Reorganized Debtors, as applicable, shall issue all securities, notes, instruments, certificates, and other documents required to be issued pursuant to the Restructuring.
		
	Executory Contracts and Unexpired Leases	  	Except as otherwise provided in this Term Sheet or the Restructuring Support Agreement, the Debtors shall assume or reject, as the case may be, executory contracts and unexpired leases in the Plan Supplement in form and substance
reasonably acceptable to the Required Consenting Creditors; provided, however, that the Debtors shall consult and reasonably cooperate with the Consenting Creditors with respect to the assumption or rejection of such contracts and
leases.
		
	Retention of Jurisdiction	  	The Plan will provide for the retention of jurisdiction by the Bankruptcy Court for usual and customary matters.

  
 8 

			
	 Discharge of Claims and
 Termination
of Interests
	  	Pursuant to section 1141(d) of the Bankruptcy Code, and except as otherwise specifically provided in the Plan or in any contract, instrument, or other agreement or document created pursuant to the Plan, the distributions, rights,
and treatment that are provided in the Plan shall be in complete satisfaction, discharge, and release, effective as of the Effective Date, of Claims (including any Debtor Intercompany Claims resolved or compromised after the Effective Date by the
Reorganized Debtors), Interests, and Causes of Action of any nature whatsoever, including any interest accrued on Claims or Interests from and after the Petition Date, whether known or unknown, against, liabilities of, Liens on, obligations of,
rights against, and Interests in, the Debtors or any of their assets or properties, regardless of whether any property shall have been distributed or retained pursuant to the Plan on account of such Claims and Interests, including demands,
liabilities, and Causes of Action that arose before the Effective Date, any liability (including withdrawal liability) to the extent such Claims or Interests relate to services performed by employees of the Debtors before the Effective Date and that
arise from a termination of employment, any contingent or non-contingent liability on account of representations or warranties issued on or before the Effective Date, and all debts of the kind specified in sections 502(g), 502(h), or 502(i) of the
Bankruptcy Code, in each case whether or not: (1) a Proof of Claim based upon such debt or right is filed or deemed filed pursuant to section 501 of the Bankruptcy Code; (2) a Claim or Interest based upon such debt, right, or Interest is Allowed
pursuant to section 502 of the Bankruptcy Code; or (3) the Holder of such a Claim or Interest has accepted the Plan. Any default or “event of default” by the Debtors or Affiliates with respect to any Claim or Interest that existed
immediately before or on account of the filing of the Chapter 11 Cases shall be deemed cured (and no longer continuing) as of the Effective Date. The Confirmation Order shall be a judicial determination of the discharge of all Claims and Interests
subject to the Effective Date occurring.

  
 9 

			
	Releases by the Debtors	  	 Pursuant to section 1123(b) of the Bankruptcy Code, for good and valuable consideration, on and after the Effective Date, each Released
Party is deemed released and discharged by the Debtors, the Reorganized Debtors, and their Estates from any and all Causes of Action, including any derivative claims asserted on behalf of the Debtors, that the Debtors, the Reorganized Debtors, or
their Estates would have been legally entitled to assert in their own right (whether individually or collectively) or on behalf of the Holder of any Claim or Interest, or that any Holder of any Claim or Interest could have asserted on behalf of the
Debtors, based on or relating to, or in any manner arising from, in whole or in part:
  

(a)    the Debtors, the Debtors’ in- or out-of-court restructuring efforts, intercompany
transactions, the formulation, preparation, dissemination, negotiation, or filing of the Restructuring Support Agreement;
  

(b)    any Restructuring Transaction, contract, instrument, release, or other agreement or
document (including providing any legal opinion requested by any Entity regarding any transaction, contract, instrument, document, or other agreement contemplated by the Plan or the reliance by any Released Party on the Plan or the Confirmation
Order in lieu of such legal opinion) created or entered into in connection with the Restructuring Support Agreement, the Disclosure Statement, or the Plan;
  

(c)    the Chapter 11 Cases, the Disclosure Statement, the Plan, the filing of the Chapter 11
Cases, the pursuit of Confirmation, the pursuit of Consummation, the administration and implementation of the Plan, including the issuance or distribution of Securities pursuant to the Plan, or the distribution of property under the Plan or any
other related agreement; or
  

(d)    any other act or omission, transaction, agreement, event, or other occurrence taking
place on or before the Effective Date; 
  

provided, however, that the foregoing shall not include any claims or liabilities arising out of or relating to
any act or omission of a Released Party that is determined in a Final Order to have constituted actual fraud, willful misconduct, or gross negligence.
  

Notwithstanding anything to the contrary in the foregoing, the releases set forth above do not release any post-Effective Date obligations of any party or
Entity under the Plan, any Restructuring Transaction, or any document, instrument, or agreement (including those set forth in the Plan Supplement) executed to implement the Plan.

  
 10 

			
		
	Releases by Holders of Claims and Interests of the Debtors	  	As of the Effective Date, each Releasing Party is deemed to have released and discharged each Debtor, Reorganized Debtor, and Released Party from any and all Causes of Action, including any derivative claims asserted on behalf of
the Debtors, that such Entity would have been legally entitled to assert (whether individually or collectively), based on or relating to, or in any manner arising from, in whole or in part:
		
		  	 (a)    the Debtors, the Debtors’ in- or out-of-court restructuring
efforts, intercompany transactions, the formulation, preparation, dissemination, negotiation, or filing of the Restructuring Support Agreement;

		
		  	 (b)    any Restructuring Transaction, contract, instrument, release, or
other agreement or document (including providing any legal opinion requested by any Entity regarding any transaction, contract, instrument, document, or other agreement contemplated by the Plan or the reliance by any Released Party on the Plan or
the Confirmation Order in lieu of such legal opinion) created or entered into in connection with the Restructuring Support Agreement, the Disclosure Statement, or the Plan;

		
		  	 (c)    the Chapter 11 Cases, the Disclosure Statement, the Plan, the filing
of the Chapter 11 Cases, the pursuit of Confirmation, the pursuit of Consummation, the administration and implementation of the Plan, including the issuance or distribution of Securities pursuant to the Plan, or the distribution of property under
the Plan or any other related agreement; or

		
		  	 (d)    any other act or omission, transaction, agreement, event, or other
occurrence taking place on or before the Effective Date;

		
		  	provided, however, that the foregoing shall not include claims or liabilities arising out of or relating to any act or omission of a Debtor, Reorganized Debtor, or Released Party that is
determined in a Final Order to have constituted actual fraud, willful misconduct, or gross negligence.
		
		  	Notwithstanding anything to the contrary in the foregoing, the releases set forth above do not release any post-Effective Date obligations of any party or Entity under the Plan, any Restructuring Transaction, or any document,
instrument, or agreement (including those set forth in the Plan Supplement) executed to implement the Plan.

  
 11 

			
		
	Exculpation	  	Except as otherwise specifically provided in the Plan, no Exculpated Party shall have or incur, and each Exculpated Party is hereby released and exculpated from any Cause of Action for any claim related to any act or omission in
connection with, relating to, or arising out of, the Chapter 11 Cases, the formulation, preparation, dissemination, negotiation, filing, or termination of the Restructuring Support Agreement and related prepetition transactions, the Disclosure
Statement, the Plan, or any Restructuring Transaction, contract, instrument, release or other agreement or document (including providing any legal opinion requested by any Entity regarding any transaction, contract, instrument, document, or other
agreement contemplated by the Plan or the reliance by any Exculpated Party on the Plan or the Confirmation Order in lieu of such legal opinion) created or entered into in connection with the Disclosure Statement or the Plan, the filing of the
Chapter 11 Cases, the pursuit of Confirmation, the pursuit of Consummation, the administration and implementation of the Plan, including the issuance of Securities pursuant to the Plan, or the distribution of property under the Plan or any other
related agreement, except for claims related to any act or omission that is determined in a Final Order to have constituted actual fraud, willful misconduct, or gross negligence, but in all respects such Entities shall be entitled to reasonably rely
upon the advice of counsel with respect to their duties and responsibilities pursuant to the Plan. The Exculpated Parties have, and upon completion of the Plan shall be deemed to have, participated in good faith and in compliance with the applicable
laws with regard to the solicitation of, and distribution of, consideration pursuant to the Plan and, therefore, are not, and on account of such distributions shall not be, liable at any time for the violation of any applicable law, rule, or
regulation governing the solicitation of acceptances or rejections of the Plan or such distributions made pursuant to the Plan.

  
 12 

			
		
	Injunctions	  	Except as otherwise expressly provided in the Plan or for obligations issued or required to be paid pursuant to the Plan or the Confirmation Order, all Entities that have held, hold, or may hold claims or interests that have been
released pursuant to the Plan, shall be discharged pursuant to the Plan, or are subject to exculpation pursuant to the Plan, are permanently enjoined, from and after the Effective Date, from taking any of the following actions against, as
applicable, the Debtors, the Reorganized Debtors, or the Released Parties: (i) commencing or continuing in any manner any action or other proceeding of any kind on account of or in connection with or with respect to any such claims or interests;
(ii) enforcing, attaching, collecting, or recovering by any manner or means any judgment, award, decree, or order against such Entities on account of or in connection with or with respect to any such claims or interests; (iii) creating, perfecting,
or enforcing any lien or encumbrance of any kind against such Entities or the property or the estates of such Entities on account of or in connection with or with respect to any such claims or interests; (iv) asserting any right of setoff,
subrogation, or recoupment of any kind against any obligation due from such Entities or against the property of such Entities on account of or in connection with or with respect to any such claims or interests unless such Entity has timely asserted
such setoff right in a document filed with the Bankruptcy Court explicitly preserving such setoff, and notwithstanding an indication of a claim or interest or otherwise that such Entity asserts, has, or intends to preserve any right of setoff
pursuant to applicable law or otherwise; and (v) commencing or continuing in any manner any action or other proceeding of any kind on account of or in connection with or with respect to any such claims or interests released or settled pursuant to
the Plan.

 [Exhibits follow.] 

  
 13 

 EXHIBIT A 

DEFINITIONS 
  

			
	 Term
	  	 Definition

	Administrative Claim	  	A Claim incurred by the Debtors on or after the Petition Date and before the Effective Date for a cost or expense of administration of the Chapter 11 Cases entitled to priority under sections 503(b), 507(a)(2), or 507(b) of the
Bankruptcy Code.
		
	Affiliate	  	With respect to any Person, all Persons that would fall within the definition assigned to such term in section 101(2) of the Bankruptcy Code, if such Person was a debtor in a case under the Bankruptcy Code.
		
	Allowed	  	With respect to any Claim or Interest: (a) a Claim or Interest as to which no objection has been filed and that is evidenced by a Proof of Claim or Interest, as applicable, timely filed by the applicable Bar Date or that is not
required to be evidenced by a filed Proof of Claim or Interest, as applicable, under the Plan, the Bankruptcy Code, or a Final Order; (b) a Claim or Interest that is scheduled by the Debtors as neither disputed, contingent, nor unliquidated, and as
for which no Proof of Claim or Interest, as applicable, has been timely filed; or (c) a Claim or Interest that is Allowed (i) pursuant to the Plan, (ii) in any stipulation that is approved by the Bankruptcy Court, or (iii) pursuant to any contract,
instrument, indenture, or other agreement entered into or assumed in connection herewith. Except as otherwise specified in the Plan or any Final Order, the amount of an Allowed Claim shall not include interest or other charges on such Claim from and
after the Petition Date. No Claim of any Entity subject to section 502(d) of the Bankruptcy Code shall be deemed Allowed unless and until such Entity pays in full the amount that it owes such Debtor or Reorganized Debtor, as applicable.
		
	Alternative Transaction	  	Any dissolution, winding up, liquidation, reorganization, assignment for the benefit of creditors, merger, transaction, consolidation, business combination, joint venture, partnership, sale of assets, financing (debt or equity)
workout, plan of arrangement, plan of reorganization or any restructuring of any Debtor, that is inconsistent with the Restructuring Transactions.
		
	Bankruptcy Code	  	Title 11 of the United States Code, 11 U.S.C. §§ 101-1532, as amended from time to time.
		
	Bankruptcy Court	  	As defined in the Introduction.
		
	Bankruptcy Rules	  	The Federal Rules of Bankruptcy Procedure promulgated under section 2075 of title 28 of the United States Code, and the general, local, and chambers rules of the Bankruptcy
Court.

  
 14 

			
	 Term
	  	 Definition

		
	Bar Date	  	The date established by the Bankruptcy Court by which Proofs of Claim must be filed with respect to such Claims, as may be ordered by the Bankruptcy Court.
		
	Bridge Period	  	As defined in Exhibit D.
		
	Cash Collateral Orders	  	The interim and final orders, as applicable, in form and substance as required under the Restructuring Support Agreement, entered by the Bankruptcy Court to permit the Debtors to use cash collateral on the terms set forth in
Exhibit D.
		
	Cause of Action	  	Any claims, Claims, Interests, damages, remedies, causes of action, demands, rights, actions, suits, obligations, liabilities, accounts, defenses, offsets, powers, privileges, licenses, and franchises of any kind or character
whatsoever, whether known or unknown, foreseen or unforeseen, existing or hereinafter arising, contingent or non-contingent, matured or unmatured, suspected or unsuspected, in tort, law, equity, or otherwise. Causes of Action also include: (a) all
rights of setoff, counterclaim, or recoupment and claims on contracts or for breaches of duties imposed by law; (b) the right to object to or otherwise contest Claims or Interests; (c) claims pursuant to sections 362, 510, 542, 543, 544 through 550,
or 553 of the Bankruptcy Code; and (d) such claims and defenses as fraud, mistake, duress, and usury and any other defenses set forth in section 558 of the Bankruptcy Code.
		
	Chapter 11 Cases	  	When used with reference to a particular Debtor, the case pending for that Debtor under chapter 11 of the Bankruptcy Code in the Bankruptcy Court, and when used with reference to all the Debtors, the procedurally consolidated and
jointly administered chapter 11 cases pending for the Debtors in the Bankruptcy Court.
		
	Claim	  	As defined in section 101(5) of the Bankruptcy Code against a Debtor.
		
	Class	  	A category of Holders of Claims or Interests pursuant to section 1122(a) of the Bankruptcy Code.
		
	Confirmation	  	Entry of the Confirmation Order on the docket of the Chapter 11 Cases, subject to the conditions set forth in the Plan, this Term Sheet, and the Restructuring Support Agreement.
		
	Confirmation Order	  	The order, in form and substance as required under the Restructuring Support Agreement, entered by the Bankruptcy Court confirming the Plan.
		
	Consenting Creditors	  	As defined in the Restructuring Support Agreement.
		
	Consenting Second Lien Creditors	  	As defined in the Restructuring Support Agreement.
		
	Consenting Unsecured Creditors	  	As defined in the Restructuring Support Agreement.

  
 15 

			
		
	 Term
	  	 Definition

		
	Consummation	  	The occurrence of the Effective Date.
		
	Conversion Date	  	As defined in Exhibit E.
		
	Conversion Equity	  	The New Common Stock to be issued upon conversion of the New Convertible Debt in accordance with Exhibit E, subject to dilution by the Employee Incentive Plan, the Rights Offering Equity, and the Warrants.
		
	Creditors’ Committee	  	The official committee of unsecured creditors, if any, appointed in the Chapter 11 Cases.
		
	Debtors	  	As defined in the Introduction.
		
	Disallowed	  	Any Claim that is not Allowed.
		
	Disclosure Statement	  	The disclosure statement for the Plan, including all exhibits and schedules thereto and references therein that relate to the Plan that is prepared and distributed in accordance with this Term Sheet, the Bankruptcy Code, the
Bankruptcy Rules, and any other applicable law and which shall be in form and substance as required under the Restructuring Support Agreement.
		
	Disclosure Statement Order	  	The order entered by the Bankruptcy Court, in form and substance as required under the Restructuring Support Agreement, approving the Disclosure Statement.
		
	Effective Date	  	The date selected by the Debtors for the Consummation of the Plan, or as soon thereafter as reasonably practicable.
		
	Employee Compensation and Benefits	  	The Employee Compensation, Expense Reimbursements, Non- Insider Employee Incentive Programs, Health and Welfare Programs, Paid Leave and Unpaid Leave, and Non-Insider Severance Programs (each as defined in the Wages Motion
(including as the Wages Motion would apply to Insiders, notwithstanding any exclusion of Insiders from the relief requested in the Wages Motion)).
		
	Employee Incentive Plan	  	The Reorganized Debtors’ employee incentive plan to be implemented on the Effective Date, which will, subject to approval by the Reorganized SandRidge Board, (a) include restricted stock and options providing for an aggregate
of up to 10% pro forma ownership percentage of equity securities in Reorganized SandRidge, including, but not limited to, New Common Stock, and options and similar Securities, which equity securities will be protected from dilution from the
Conversion Equity, the Rights Offering Equity, and the Warrants; and (b) otherwise contain terms and conditions generally consistent with those prevailing in the market that are in form and substance reasonably acceptable to the Reorganized Debtors
and the Required Second Lien Creditors.
		
	Employment Contracts	  	As defined in Material Terms of the Restructuring.

  
 16 

			
		
	 Term
	  	 Definition

		
	Employment Obligations	  	The Debtors’ written contracts, agreements, policies, programs and plans for, among other things, compensation, bonuses, reimbursement, indemnity, health care benefits, disability benefits, deferred compensation benefits,
travel benefits, vacation and sick leave benefits, savings, severance benefits, retirement benefits, welfare benefits, relocation programs, life insurance and accidental death and dismemberment insurance, including written contracts, agreements,
policies, programs and plans for bonuses and other incentives or compensation for the Debtors’ current and former employees, directors, officers, and managers, including executive compensation programs and all existing compensation arrangements
for such employees of the Debtors, as well as for the chairman of the restructuring committee of the board of directors, in each case on the current terms of such arrangements as may be modified from time to time in the ordinary course of
business.
		
	Entity	  	As defined in section 101(15) of the Bankruptcy Code.
		
	Estate	  	As to each Debtor, the estate created for the Debtor in its Chapter 11 Case pursuant to section 541 of the Bankruptcy Code.
		
	Exculpated Parties	  	Collectively, and in each case in its capacity as such: (a) the Debtors and Reorganized Debtors; (b) Holders of First Lien Credit Agreement Claims; (c) Holders of Second Lien Note Claims; (d) the First Lien Credit Agreement Agent;
(e) the Second Lien Notes Trustee; (f) Holders of Unsecured Note Claims; (g) the Unsecured Senior Notes Trustee; (h) the Unsecured Convertible Notes Trustee; (i) the Arrangers (as defined in the First Lien Credit Agreement); (j) with respect to each
of the foregoing entities in clauses (a) through (i), each such Entity’s current and former predecessors, successors, Affiliates (regardless of whether such interests are held directly or indirectly), subsidiaries, funds, portfolio companies,
management companies, and (k) with respect to each of the foregoing Entities in clauses (a) through (j), each of their respective current and former directors, employees, officers, members, partners, managers, independent contractors, agents,
representatives, principals, professionals, consultants, financial advisors, attorneys, accountants, investment bankers, and other professional advisors (with respect to clause (k), each solely in their capacity as such).
		
	Existing Common Stock	  	Any Interests in SandRidge outstanding as of the Petition Date other than Existing Preferred Stock.
		
	Existing Preferred Stock	  	Collectively: (a) the 8.5% convertible perpetual preferred stock in SandRidge and (b) the 7.0% convertible perpetual preferred stock in SandRidge.

  
 17 

			
	 Term
	  	 Definition

		
	Final Order	  	An order or judgment of the Bankruptcy Court, as entered on the docket in any Chapter 11 Case or the docket of any other court of competent jurisdiction, that has not been reversed, stayed, modified, or amended, and as to which the
time to appeal, or seek certiorari or move for a new trial, reargument, or rehearing has expired according to applicable law and no appeal or petition for certiorari or other proceedings for a new trial, reargument, or rehearing has been timely
taken, or as to which any appeal that has been taken or any petition for certiorari that has been or may be timely filed has been withdrawn or resolved by the highest court to which the order or judgment was appealed or from which certiorari was
sought or the new trial, reargument, or rehearing shall have been denied, resulted in no modification of such order, or has otherwise been dismissed with prejudice.
		
	First Lien Credit Agreement	  	The Fourth Amended and Restated Credit Agreement, dated as of June 10, 2015 (as amended from time to time), by and among: SandRidge, as the borrower; certain of SandRidge’s subsidiaries, as guarantors; the First Lien Credit
Agreement Agent; and the First Lien Credit Agreement Lenders.
		
	First Lien Credit Agreement Agent	  	Royal Bank of Canada, in its capacity as administrative agent under the First Lien Credit Agreement, and any successor thereto.
		
	First Lien Credit Agreement Claims	  	Any Claim derived from or based upon the First Lien Credit Agreement (including the revolver and letter of credit facility).
		
	First Lien Credit Agreement Lenders	  	The lending institutions party from time to time to the First Lien Credit Agreement.
		
	General Unsecured Claim	  	Collectively, the Unsecured Non-Note Claims and Unsecured Note Claims.
		
	Holder	  	An Entity holding a Claim or Interest, as applicable.
		
	Impaired	  	With respect to any Class of Claims or Interests, a Class of Claims or Interests that is impaired within the meaning of section 1124 of the Bankruptcy Code.
		
	Insider	  	As defined in section 101(31) of the Bankruptcy Code.
		
	Intercompany Claim	  	A Claim by any Debtor against SandRidge or any direct or indirect subsidiary of SandRidge.
		
	Intercompany Interest	  	An Interest in any Debtor other than SandRidge.
		
	Intercreditor Agreement	  	The Intercreditor Agreement, dated as of June 10, 2015 (as amended from time to time), by and among the First Lien Credit Agreement Agent; and the Second Lien Notes Trustee; and acknowledged by SandRidge and certain of
SandRidge’s subsidiaries.

  
 18 

			
	 Term
	  	 Definition

		
	Interest	  	Any equity security (as defined in section 101(16) of the Bankruptcy Code) in any Debtor.
		
	Liquidation Recovery	  	The amount creditors in such class would so receive or retain if the Debtors were liquidated under chapter 7 of the Bankruptcy Code as of the Effective Date, as set forth in the liquidation analysis of the Disclosure Statement,
unless otherwise ordered by Final Order.
		
	New Building Note	  	The new mortgage note issued by the Reorganized Debtors on the terms set forth in Exhibit G.
		
	New Common Stock	  	The new publicly-tradable shares of common stock in Reorganized SandRidge to be issued and distributed under the Plan.
		
	New Convertible Debt	  	The new convertible debt issued by the Reorganized Debtors on the terms set forth in Exhibit E.
		
	New Convertible Debt Make-Whole Amount	  	Conversion Equity in an amount equal to the difference between 46.5% of the aggregate amount of New Common Stock and 26.1% of the New Common Stock on the Effective Date, less the amount of the accrued interest up to the date of the
conversion of the New Convertible Debt.
		
	New Equity Parties	  	As defined in Exhibit F.
		
	New First Lien Exit Facility	  	The new first lien credit facility shall have the terms set forth in Exhibit C.
		
	Non-Consensual Cash Collateral Hearing	  	As defined in Exhibit D.
		
	Other Priority Claim	  	Any Claim, other than an Administrative Claim or a Priority Tax Claim, entitled to priority in right of payment under section 507(a) of the Bankruptcy Code.
		
	Other Secured Claim	  	Any Secured Claim against any of the Debtors, other than a First Lien Credit Agreement Claim or Second Lien Note Claim.
		
	Person	  	An individual, corporation, partnership, limited liability company, joint venture, trust, estate, unincorporated association, unincorporated association, governmental entity, or political subdivision thereof, or any other
entity.
		
	Petition Date	  	The date on which the Debtors commenced the Chapter 11 Cases, which shall occur no later than May 31, 2016.
		
	Plan	  	As defined in the Introduction.
		
	Plan Supplement	  	The compilation of documents and forms of documents, schedules, and exhibits to the Plan filed by the Debtors.
		
	Priority Tax Claims	  	Claims of governmental units of the type described in section 507(a)(8) of the Bankruptcy Code.

  
 19 

			
	 Term
	  	 Definition

		
	Proof of Claim	  	A proof of Claim filed against any of the Debtors in the Chapter 11 Cases by the applicable Bar Date.
		
	Professional	  	An entity employed pursuant to a Bankruptcy Court order in accordance with sections 327 or 1103 of the Bankruptcy Code and to be compensated for services rendered before or on the confirmation date, pursuant to sections 327, 328,
329, 330, or 331 of the Bankruptcy Code.
		
	Professional Fee Claims	  	All Administrative Claims for the compensation of Professionals and the reimbursement of expenses incurred by such Professionals through and including the Effective Date to the extent such fees and expenses have not been previously
paid.
		
	Professional Fee Escrow Account	  	An interest-bearing account in an amount equal to the total estimated amount of Professional Fee Claims and funded by the Debtors on the Effective Date.
		
	Pro Rata	  	The proportion that a Claim or Interest in a particular Class bears to the aggregate amount of the Claims or Interests in that Class, or the proportion of the Claims or Interests in a particular Class and other Classes or payments
entitled to share in the same recovery as such Claim or Interest under the Plan.
		
	Reinstated	  	With respect to Claims and Interests, that the Claim or Interest shall be rendered Unimpaired in accordance with section 1124 of the Bankruptcy Code.
		
	Released Parties	  	Collectively, and in each case in its capacity as such: (a) Holders of First Lien Credit Agreement Claims; (b) Holders of Second Lien Note Claims; (c) the First Lien Credit Agreement Agent; (d) the Second Lien Notes Trustee; (e)
Holders of Unsecured Note Claims; (f) the Unsecured Senior Notes Trustee; (g) the Unsecured Convertible Notes Trustee; (h) the Arrangers; (i) with respect to each of the Debtors, the Reorganized Debtors, and each of the foregoing entities in clauses
(a) through (h), each such Entity’s current and former predecessors, successors, Affiliates (regardless of whether such interests are held directly or indirectly), subsidiaries, funds, portfolio companies, management companies, and (j) with
respect to each of the foregoing Entities in clauses (a) through (i), each of their respective current and former directors, officers, members, employees, partners, managers, independent contractors, agents, representatives, principals,
professionals, consultants, financial advisors, attorneys, accountants, investment bankers, and other professional advisors (with respect to clause (j), each solely in their capacity as such); and (k) the Depository Trust Company; provided,
however, that any Holder of a Claim or Interest that opts out of the releases contained in the Plan shall not be a “Released Party.”

  
 20 

			
	 Term
	  	 Definition

		
	Releasing Parties	  	Collectively, and in each case in its capacity as such: (a) Holders of First Lien Credit Agreement Claims; (b) Holders of Second Lien Note Claims; (c) the First Lien Credit Agreement Agent; (d) the Second Lien Notes Trustee; (e)
Holders of Unsecured Note Claims; (f) the Unsecured Senior Notes Trustee; (g) the Unsecured Convertible Notes Trustee; (h) the Arrangers; (i) with respect to each of the Debtors, the Reorganized Debtors, and each of the foregoing entities in clauses
(a) through (h), each such Entity’s current and former predecessors, successors, Affiliates (regardless of whether such interests are held directly or indirectly), subsidiaries, funds, portfolio companies, management companies, and (j) with
respect to each of the foregoing Entities in clauses (a) through (i), each of their respective current and former directors, officers, members, employees, partners, managers, independent contractors, agents, representatives, principals,
professionals, consultants, financial advisors, attorneys, accountants, investment bankers, and other professional advisors (with respect to clause (j), each solely in their capacity as such); (k) all Holders of Claims and Interests that are deemed
to accept the Plan; (l) all Holders of Claims and Interests who vote to accept the Plan; and (m) all Holders in voting Classes who abstain from voting on the Plan and who do not opt out of the releases provided by the Plan.
		
	Reorganized Debtors	  	The Debtors, as reorganized pursuant to and under the Plan or any successor thereto.
		
	Reorganized SandRidge	  	SandRidge, as reorganized pursuant to and under the Plan or any successor thereto. Reorganized SandRidge shall be a Delaware corporation (unless determined otherwise by the Consenting Second Lien Creditors).
		
	Reorganized SandRidge Board	  	The board of directors of Reorganized SandRidge on and after the Effective Date.
		
	Required Consenting Creditors	  	As defined in the Restructuring Support Agreement.
		
	Required Second Lien Creditors	  	As defined in the Restructuring Support Agreement.
		
	Restructuring	  	As defined in the Introduction.
		
	Restructuring Support Agreement	  	That certain Restructuring Support and Lock-Up Agreement, by and among the Debtors, and certain Holders of Claims and Interests, including all exhibits and schedules attached thereto.
		
	Restructuring Transactions	  	Those mergers, amalgamations, consolidations, arrangements, continuances, restructurings, transfers, conversions, dispositions, liquidations, dissolutions, or other corporate transactions that the Debtors and the Consenting
Creditors reasonably determine to be necessary to implement the Plan.
		
	Rights	  	The right to subscribe to up to $150 million of Rights Offering Equity pursuant to the Rights Offering.

  
 21 

			
	 Term
	  	 Definition

		
	Rights Offering	  	The rights offering to purchase or subscribe to the Rights Offering Equity on the terms set forth in Exhibit F.
		
	Rights Offering Equity	  	As defined in Exhibit F.
		
	SandRidge	  	As defined in the Introduction.
		
	SEC	  	The Securities and Exchange Commission.
		
	Second Lien Note Claim	  	Any Claim derived from or based upon the Second Lien Notes.
		
	Second Lien Notes	  	The 8.75% second lien notes due June 1, 2020, issued by SandRidge pursuant to the Second Lien Notes Indenture.
		
	Second Lien Notes Indenture	  	That certain Indenture, dated June 10, 2015, by and among SandRidge, as issuer; certain of SandRidge’s subsidiaries, as guarantors; and the Second Lien Notes Trustee.
		
	Second Lien Notes Trustee	  	U.S. National Bank Association, in its capacity as indenture trustee under the Second Lien Notes, or any successor thereto.
		
	Section 510(b) Claims	  	Claims subject to subordination under section 510(b) of the Bankruptcy Code, and any Claim for or that arises from the rescission of a purchase, sale, issuance or offer of a Security of any of the Debtors, or for damages arising
from the purchase of sale of such a Security, or for reimbursement, indemnification, or contribution allowed under section 502 of the Bankruptcy Code on account of such Claim.
		
	Secured	  	When referring to a Claim: (a) secured by a lien on property in which any of Debtors has an interest, which lien is valid, perfected, and enforceable pursuant to applicable law or by reason of a Bankruptcy Court order, or that is
subject to setoff pursuant to section 553 of the Bankruptcy Code, to the extent of the value of the creditor’s interest in the Debtors’ interest in such property or to the extent of the amount subject to setoff, as applicable, as
determined pursuant to section 506(a) of the Bankruptcy Code; or (b) Allowed pursuant to the Plan, or separate order of the Bankruptcy Court, as a secured claim.
		
	Securities Act	  	The Securities Act of 1933, 15 U.S.C. §§ 77a–77aa, together with the rules and regulations promulgated thereunder.
		
	Security	  	A security as defined in section 2(a)(1) of the Securities Act.
		
	Springing Event	  	As defined in Exhibit E.
		
	Term Sheet	  	As defined in the Introduction.
		
	Termination Declaration	  	As defined in Exhibit D.
		
	Termination Declaration Date	  	As defined in Exhibit D.
		
	Unimpaired	  	With respect to a Class of Claims or Interests, a Class of Claims or Interests that is not Impaired.

  
 22 

			
	 Term
	  	 Definition

		
	Unsecured 2020 Senior Notes	  	The 8.75% unsecured notes due January 15, 2020, issued pursuant to that certain Indenture dated December 16, 2009, by and among SandRidge, as issuer; certain of SandRidge’s Subsidiaries, as guarantors; and the Unsecured Senior
Notes Trustee.
		
	Unsecured 2021 Senior Notes	  	The 7.5% unsecured notes due March 15, 2021, issued pursuant to that certain Indenture dated March 15, 2011, by and among SandRidge, as issuer; certain of SandRidge’s Subsidiaries, as guarantors; and the Unsecured Senior Notes
Trustee.
		
	Unsecured 2022 Convertible Notes	  	The 8.125% convertible notes due October 16, 2022, issued pursuant to that certain Indenture dated April 17, 2012, by and among SandRidge, as issuer; certain of SandRidge’s Subsidiaries, as guarantors; and the Unsecured
Convertible Notes Trustee.
		
	Unsecured 2022 Senior Notes	  	The 8.125% unsecured notes due October 15, 2022, issued pursuant to that certain Indenture dated April 17, 2012, by and among SandRidge, as issuer; certain of SandRidge’s Subsidiaries, as guarantors; and the Unsecured Senior
Notes Trustee.
		
	Unsecured 2023 Convertible Notes	  	The 7.5% convertible notes due February 16, 2023, issued pursuant to that certain Indenture dated August 19, 2015, by and among SandRidge, as issuer; certain of SandRidge’s Subsidiaries, as guarantors; and the Unsecured
Convertible Notes Trustee.
		
	Unsecured 2023 Senior Notes	  	The 7.5% unsecured notes due February 15, 2023, issued pursuant to that certain Indenture dated August 20, 2012, by and among SandRidge, as issuer; certain of SandRidge’s Subsidiaries, as guarantors; and the Unsecured Senior
Notes Trustee.
		
	Unsecured Claim	  	Any Claim that is not a Secured Claim.
		
	Unsecured Convertible Notes	  	Collectively: (a) the Unsecured 2022 Convertible Notes; and (b) the Unsecured 2023 Convertible Notes.
		
	Unsecured Convertible Notes Trustee	  	U.S. National Bank Association, in its capacity as indenture trustee under the Unsecured Convertible Notes, and any successor thereto.
		
	Unsecured Non-Note Claim	  	Any Unsecured Claim that is not an Unsecured Note Claim.
		
	Unsecured Note Claim	  	Any Claim derived from or based upon the Unsecured Notes.
		
	Unsecured Notes	  	Collectively: (a) the Unsecured Senior Notes; and (b) the Unsecured Convertible Notes.
		
	Unsecured Senior Notes	  	Collectively: (a) the Unsecured 2020 Senior Notes; (b) the Unsecured 2021 Senior Notes; (c) Unsecured 2022 Senior Notes; and (d) Unsecured 2023 Senior Notes.

  
 23 

			
	 Term
	  	 Definition

		
	Unsecured Senior Notes Indentures	  	Those certain Indentures, dated December 16, 2009, March 15, 2011, April 17, 2012, and August 20, 2012, respectively, by and among SandRidge, as issuer; certain of SandRidge’s Subsidiaries, as guarantors, in each case; and the
Unsecured Senior Notes Trustee.
		
	Unsecured Senior Notes Trustee	  	Wells Fargo Bank, N.A., in its capacity as indenture trustee under the Unsecured Senior Notes, and any successor thereto.
		
	Wages Motion	  	The motion to be filed on the first day of the Chapter 11 Cases, in form and substance as required under the Restructuring Support Agreement, among other things, describing the Employment Obligations.
		
	Waiver	  	The waiver on the terms and conditions set forth in Section 13 of the Restructuring Support Agreement.
		
	Warrants	  	The new warrants for New Common Stock substantially on the terms set forth on Exhibit H.

  
 24 

 EXHIBIT B 

SUBSIDIARIES PARTY TO RESTRUCTURING 
 4th
Street Properties, LLC 
 Black Bayou Exploration, L.L.C. 

Braniff Restaurant Holdings, LLC 
 CEBA Gathering, LLC 

CEBA Midstream GP, LLC 
 CEBA Midstream, LP 

Cholla Pipeline, L.P. 
 Cornhusker Energy, L.L.C. 

FAE Holdings 389322R, LLC 
 Integra Energy, L.L.C. 

Lariat Services, Inc. 
 MidContinent Resources, LLC 

Mistmada Oil Company, Inc. 
 Piñon Gathering Company, LLC

 Sabino Exploration, LLC 
 Sagebrush Pipeline, LLC 

SandRidge CO2, LLC 
 SandRidge Exploration and Production, LLC

 SandRidge Holdings, Inc. 
 SandRidge Midstream, Inc. 

SandRidge Operating Company 
 SandRidge Realty, LLC 

Sierra Madera CO2 Pipeline, LLC 
 WTO Gas Gathering Company, LLC

 EXHIBIT C 

NEW FIRST LIEN EXIT FACILITY TERM SHEET 

[SEPARATELY ATTACHED] 

 SUMMARY OF PRINCIPAL TERMS AND CONDITIONS OF RESTRUCTURING OF FOURTH 

AMENDED AND RESTATED CREDIT AGREEMENT OF SANDRIDGE ENERGY, INC. 

The terms and conditions set forth in this term sheet and any related exhibits, schedules and/or annexes (collectively, the “Term Sheet”) are
being provided on a confidential basis as part of a comprehensive proposal, each element of which is consideration for the other elements and an integral aspect of the proposed restructuring (the “Restructuring”) of the Fourth
Amended and Restated Credit Agreement, entered into as of June 10, 2015 (the “Existing Credit Agreement”; capitalized terms used but not defined in this Term Sheet shall have the meanings ascribed to such terms in the Existing
Credit Agreement), among SandRidge Energy, Inc., a Delaware corporation (the “Borrower”), each Lender from time to time party thereto and Royal Bank of Canada, as Administrative Agent, Swing Line Lender and L/C Issuer. The
Restructuring shall be implemented by the Borrower and the Loan Parties commencing cases (the “Chapter 11 Cases”) under chapter 11 of title 11, United States Code (the “Bankruptcy Code”) in the United States
Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). Neither the Borrower nor any of its subsidiaries or affiliates is authorized to disclose this Term Sheet to any person other than its affiliates and their
respective professional advisors, who shall agree to maintain its confidentiality. For purposes of this Term Sheet, “RSA” refers to the restructuring support agreement to which this Term Sheet is attached. 

This Term Sheet is proffered in the nature of a settlement proposal in furtherance of settlement discussions, and is intended to be entitled to the
protections of Federal Rule of Evidence 408 and any other applicable statutes or doctrines protecting the use or disclosure of confidential information and information exchanged in the context of settlement discussions. This Term Sheet does not
contain all the terms, conditions, and other provisions of the proposed Restructuring and the other transactions contemplated by this Term Sheet are subject to conditions to be set forth in definitive documents for the Facility (the
“Financing Documentation”). This Term Sheet is not meant to be, nor shall it be construed as, an attempt to describe all of, or the specific phrasing for, the provisions of the Financing Documentation, and is intended only to
outline principal terms to be included in, or otherwise consistent with, the Facility. This Term Sheet is not, and shall not be deemed to be, a commitment, agreement, offer or assurance to provide or arrange any financing on these or any other terms
and conditions. 
  

			
	Revolving Credit Facility:	  	After giving effect to payment of certain amounts outstanding under the Existing Credit Agreement as described herein, upon the consummation of the Restructuring, the amounts outstanding under the Existing Credit Agreement (net of
any permanent paydowns on or before the consummation of the Restructuring) shall be converted into a $425,000,000 million reserve-based revolving credit facility (the “Revolving Credit Facility”), among the Borrower and the existing
lenders party thereto (the “Lenders”), as described herein.
		
	Borrower:	  	SandRidge Energy, Inc.
		
	Guarantors:	  	The current Guarantors under the Existing Credit Agreement and certain other subsidiaries of any Borrower to be agreed (each a “Guarantor” and collectively, the “Guarantors” and, together with the
Borrower, each a “Credit Party” and together the “Credit Parties”).

			
		
	Administrative Agent:	  	Royal Bank of Canada (in such capacity, the “Administrative Agent”).
		
	Petition Date:	  	The Credit Parties shall commence the Chapter 11 Cases in the Bankruptcy Court on or prior to May 31, 2016. Upon the execution of the RSA and the effectiveness of the waivers under the Existing Credit Agreement contained therein, on
or prior to May 6, 2016, the Administrative Agent shall have received, for the benefit of the Lenders, a payment of $40,000,000 to permanently reduce the outstanding principal amount of the Loans (and there shall be a corresponding reduction in the
Lenders’ Commitments thereunder).
		
	Unused Line Fee:	  	Same as under Existing Credit Facility.
		
	Interest Rate:	  	LIBOR + 475 basis points (with a LIBOR floor at 1%), at the end of the applicable interest period (but in any event, no less than every three months).
		
	Maturity:	  	The earlier of (x) March 31, 2020 or (y) 40 months from the effective date of the Restructuring (such effective date, the “Restructuring Effective Date”).
		
	Collateral:	  	The Revolving Credit Facility and interest rate protection, commodity trading or hedging, currency exchange or other hedging or swap arrangements permitted under the Financing Documentation and entered into with any Lender or any
affiliate of a Lender, shall, in each case, be secured by valid, perfected first priority liens on the following assets of the Borrower and the other Credit Parties, including (a) a first-priority perfected pledge of all the capital stock of each
Credit Party and their respective wholly-owned subsidiaries, (b) a first-priority perfected security interest in the cash, cash equivalents, deposit, securities and similar accounts of the Credit Parties, subject to customary exceptions to be
mutually agreed (in each case, subject to control agreements in form and substance reasonably satisfactory to the Administrative Agent or held at accounts with the Administrative Agent), (c) a first-priority perfected security interest in
substantially all other tangible (other than the Borrower’s headquarters in Oklahoma City) and intangible assets of the Credit Parties (including but not limited to as-extracted collateral, accounts receivable, inventory, equipment, general
intangibles, investment property, intellectual property, real property and the proceeds of the foregoing) and (d) first-priority perfected real property mortgages on oil and gas reserves of the Credit Parties located in the United States (including,
without limitation, the oil and gas properties of the Credit Parties located in the North Park Basin (the “North Park Basin Reserves”)) identified in the Reserve Report (as defined herein) most recently delivered (at all times) to
the Administrative Agent (collectively, the “Borrowing Base Properties”), which security

  
 -2- 

			
		
		  	interest shall cover not less than 95% of the PV-9 Pricing of the proved developed producing and 95% of the PV-9 Pricing of all Proved Reserves included in the most recently delivered Reserve Report (the “Mortgaged
Properties”).
		
	Cash Collateral Account:	  	From and after the Restructuring Effective Date until the expiration and/or termination of the Protected Period (as defined below), $50,000,000 of cash to be held as cash collateral (the “Post-Restructuring Cash Collateral
Account”) in an account maintained with (or otherwise subject to lock-box control mechanics satisfactory to) the Administrative Agent; provided, that (a)(i) $12,500,000 of the proceeds held in the Post- Restructuring Cash Collateral
Account shall be released to the Borrower upon delivery by the Borrower to the Administrative Agent of a business plan that has negative cash flow no greater than the current business plan referred to as the “NorthPark Focused” case, dated
March 3, 2016, or a business plan otherwise reasonably acceptable to the Administrative Agent with respect to the post-Restructuring Effective Date operations of the Borrower and (ii) an additional $12,500,000 of the proceeds held in the
Post-Restructuring Cash Collateral Account shall be released to the Borrower upon the satisfaction by the Borrower of certain milestones (as mutually agreed to by the Borrower and Administrative Agent) set forth in such business plan for a
consecutive two fiscal quarter period (on a cumulative basis) or (b) if the amounts referred to in clause (a)(i) and/or (a)(ii) above are not released to Borrower pursuant to the conditions set forth therein, up to $25,000,000 (less any amounts
released in accordance with clauses (a)(i) and (a)(ii) above) upon the Borrower’s meeting the PDP Asset Coverage Ratio of 2.0:1.0 at any time subsequent to nine months following the Restructuring Effective Date.
		
		  	Upon the expiration and/or termination of the Protected Period and if no Default or Event of Default has occurred and is then continuing, all remaining proceeds held in the Post-Restructuring Cash Collateral Account shall be
released to the Borrower (subject to compliance with the Borrowing Base).
		
	Documentation:	  	The Financing Documentation shall be negotiated in good faith and shall be substantially consistent with the Existing Credit Agreement, with such changes as are necessary to take into account (i) administrative changes reasonably
requested by the Administrative Agent and as mutually agreed by the Borrower and the Administrative Agent, (ii) operational and strategic requirements of the Borrower and its subsidiaries as mutually agreed by the Borrower and the Administrative
Agent, (iii) prevailing market terms for other reserve-based revolving credit facilities and (iv) such other changes as may be mutually agreed by the Borrower and the Administrative Agent.

  
 -3- 

			
		
	Conditions Precedent to
Closing Date:	  	Consistent with the Existing Credit Agreement and shall include, for the avoidance of doubt, Conditions Precedent to Closing Date with respect to: (a) minimum Liquidity (which shall include cash and cash equivalents and any
amounts held in the Post- Restructuring Cash Collateral Account) on the Restructuring Effective Date of no less than $300,000,000; (b) the execution of mortgages and/or mortgage amendments or supplements evidencing the granting of first-priority
perfected real property mortgages on the Mortgaged Properties; (c) delivery of account control agreements in form and substance reasonably satisfactory to the Administrative Agent with respect to the deposit, securities and other accounts of the
Credit Parties (subject to customary exceptions to be mutually agreed) or movement of deposit, securities and other accounts to the Administrative Agent’s institution; (d) receipt by the Administrative Agent of title and environmental
information consistent with usual and customary standards for reserve-based credit facilities and the geographic regions in which the oil and gas properties of the Credit Parties are located, taking into account the size, scope and number of leases
and wells of the Credit Parties, such that the Administrative Agent shall be reasonably satisfied with title with respect to at least 70% of the total PV-9 Pricing of the Proved Reserves attributable to the Mortgaged Properties, subject to customary
exceptions to be agreed; (e) the receipt by the Administrative Agent of a chapter 11 plan of reorganization substantially similar in all respects to the Plan described in the RSA in form and substance reasonably satisfactory to it (the
“Plan”); (f) the occurrence of the “Plan Effective Date” and the entry of a confirmation order in form and substance reasonably satisfactory to the Administrative Agent with respect to the Plan, which confirmation order shall not
have been vacated, reversed, modified, amended or stayed; (g) the preparation, authorization and execution of the Financing Documentation, in each case, in form and substance reasonably satisfactory to the Borrower, the Administrative Agent and the
Lenders; (h) the payment of all fees and expenses (including reasonable and documented fees and expenses of counsel) required to be paid to the Administrative Agent and the Lenders on or before the Restructuring Effective Date, to the extent
invoiced at least one business day prior to the Restructuring Date; (i) receipt by the Administrative Agent of (A) satisfactory opinions of counsel to the Borrower and the Guarantors, addressing such matters as the Administrative Agent shall
reasonably request, including, without limitation, due authorization, execution, delivery and enforceability of all Financing Documentation, compliance with laws and regulations and the perfection of all security interests purported to be granted
and (B) customary corporate records, documents from public officials and officers’ certificates, in each case, which shall have been delivered and reviewed to the

  
 -4- 

			
		
		  	satisfaction of the Administrative Agent; (j) receipt by the Administrative Agent of evidence of insurance in accordance with the Financing Documentation; (k) the accuracy in all material respects of all representations and
warranties set forth in the Financing Documentation (provided that any such representations and warranties that are qualified as to materiality, shall be true and correct in all respects; and (l) the absence of any default or event of default
under the Financing Documentation.
		
	Ongoing Conditions Precedent:	  	Customary conditions to borrowing consistent with the Existing Credit Agreement.
		
	Borrowing Base:	  	The Borrowing Base for the Revolving Credit Facility, at any time, shall be based on the loan value of the Credit Parties’ proved oil and gas reserves expected to be produced from any Borrowing Base Properties (as defined
below) included in a Reserve Report (as defined below) and located within the geographic boundaries of the United States, as approved by the Administrative Agent and the Requisite Lenders (to be defined in a customary manner to be agreed) (or, in
the case of any increase in the Borrowing Base, each Lender) in good faith in accordance with their respective customary and prudent standards for oil and gas lending and credit transactions as they exist at the time of such determination (the
“Borrowing Base”); provided that the determination of the Borrowing Base shall take into account the Credit Parties’ hedge and swap positions.
		
		  	Beginning on the expiration and/or termination of the Protected Period, the Borrowing Base shall be redetermined semi-annually on or about May 1 and November 1 of each year based upon a reserve report prepared as of the immediately
preceding December 31 and June 30, respectively, and other related information, and delivered on or before April 1 and October 1, respectively (each such report (including the Initial Reserve Report), a “Reserve Report”) and other
related information, if any, reasonably requested by the Administrative Agent; provided, however, notwithstanding anything to the contrary contained herein (including, without limitation, any calculation of the Borrowing Base and any
scheduled or elective redetermination), but subject to, in all cases, the immediately succeeding sentence, the Borrowing Base shall not be redetermined from the Restructuring Effective Date through the October 2018 scheduled redetermination date
(such period, the “Protected Period”) unless the Borrower has otherwise elected to terminate the Protected Period (in which case the Protected Period shall terminate on such date of election). For the avoidance of doubt, the
occurrence of one or more events set forth in the “Borrowing Base Adjustments” provision below shall result in an adjustment to the Borrowing Base,

  
 -5- 

			
		
		  	notwithstanding the existence of the Protected Period; provided, that, for the avoidance of doubt, these adjustments shall be limited to the effects of the transactions described in the “Borrowing Base Adjustments”
provisions below and shall not include changes in the Reserve Report vis-à-vis continuing properties or changes in the Lenders’ price decks.
		
		  	Following the expiration and/or termination of the Protected Period, the Borrowing Base may be increased or decreased in connection with any scheduled or elective redetermination. From the Restructuring Effective Date forward
including during the Protected Period, the Reserve Reports prepared as of June 30 of each year may be prepared internally by the chief petroleum engineer of the Borrower and its subsidiaries, and the Reserve Reports prepared as of December 31 of
each year shall be prepared by an independent petroleum engineering firm reasonably acceptable to the Administrative Agent.
		
		  	Notwithstanding anything herein to the contrary, on the Closing Date, the Borrowing Base shall be $425,000,000.
		
		  	Following the first scheduled redetermination after the expiration of the Protected Period, an unscheduled redetermination of the Borrowing Base may be made at the request of the required lenders not more than once in any fiscal
year or the Borrower not more than twice in any fiscal year.
		
		  	If, at any time, in connection with any redetermination of the Borrowing Base following the Protected Period, there exists a borrowing base deficiency (a “Borrowing Base Deficiency”), then such deficiency shall be
addressed in a manner consistent with the Existing Credit Agreement.
		
	Borrowing Base Adjustments:	  	In addition to the foregoing semi-annual and unscheduled redeterminations, after the Restructuring Effective Date, the Borrowing Base will also be subject to adjustments in such amount equal to the actual Borrowing Base value
decrease resulting from the following transactions referred to below between scheduled redeterminations in connection with (i) any early monetization or early termination of any hedge or swap positions relied on by the Lenders in determining the
Borrowing Base, (ii) any sale or other disposition of Borrowing Base Properties, the effect of which early monetization or early termination or sale or other disposition of Borrowing Base Properties would, when taken together with all other early
monetizations or early terminations of any hedge or swap position and/or asset sales, as applicable, since the last redetermination of the Borrowing Base, be a reduction in the Borrowing Base then in effect in excess of 5% of the then-current
Borrowing Base or (iii) the incurrence of “permitted additional debt” or any junior lien debt (including any springing

  
 -6- 

			
		
		  	secured convertible debt contemplated in the RSA), in which case the Borrowing Base shall be adjusted by $0.25 for every $1.00 of such indebtedness incurred (provided that no such adjustment shall be required in connection
with convertible debt contemplated by the RSA to the extent such debt is not secured debt).
		
	Voluntary Prepayments:	  	Consistent with the Existing Credit Agreement, voluntary prepayments of the borrowings under the Revolving Credit Facility will be permitted at any time, in minimum principal amounts and increments to be agreed, without premium or
penalty, but subject to reimbursement of the Lenders’ redeployment costs actually incurred in the case of a prepayment of LIBOR borrowings other than on the last day of the relevant interest period.
		
	Mandatory Prepayments:	  	Consistent with the Existing Credit Agreement, certain mandatory prepayments shall be required in connection with certain events.
		
	Letter of Credit Capacity:	  	The Borrower shall be permitted to issue up to $20,000,000 of letters of credit with one or more Lenders or affiliates of Lenders that agree in their sole discretion to issue such letters of credit; provided that such letters
of credit shall otherwise be on terms and conditions reasonably satisfactory to the applicable issuing bank and consistent with the Existing Credit Agreement; provided that any existing letters of credit under the Existing Credit Agreement
shall be “rolled” over into the Revolving Credit Facility.
		
	Representations and Warranties:	  	Consistent with the Existing Credit Agreement and shall include, for the avoidance of doubt, representations and warranties in respect of: existence, qualification and power; authorization; no contravention; governmental
authorization and other consents; binding effect; financial statements; no material adverse effect; litigation; no default or event of default; ownership of property; liens; environmental compliance; insurance; taxes; ERISA compliance; subsidiaries,
equity interests and loan parties; Federal Reserve margin regulations; Investment Company Act; disclosure; compliance with laws; solvency; casualty and other similar events; labor matters; collateral documents; engineered oil and gas properties;
sale of production; OFAC; anti-corruption laws; and the PATRIOT Act.
		
	Affirmative Covenants:	  	Consistent with the Existing Credit Agreement and shall include, for the avoidance of doubt, affirmative covenants with respect to: delivery of financial statements (it being understood and agreed that the Financing Documentation
will specifically (i) exclude any covenant or events of default as a consequence of any “going concern” or similar qualified audit opinion from the Restructuring Effective Date through the audit for Fiscal
Year

  
 -7- 

			
		
		  	2016 following the Restructuring Effective Date and (ii) include an exception to the requirement to deliver audited financials without a “going concern” or similar qualification with respect to any such qualification
relating to an impending debt maturity with respect to the Revolving Credit Facility) and audit for Fiscal Year 2016; delivery of certificates and other information; customary notice requirements; payment of obligations; preservation of existence,
good standing, etc., maintenance of properties; maintenance of insurance; compliance with laws; books and records; inspection rights; use of proceeds; covenant to guarantee obligations and give security; compliance with environmental laws; further
assurances; production proceeds; antic-corruption, anti-terrorism and anti-money laundering laws; and cash management procedures.
		
	Negative Covenants:	  	Consistent with the Existing Credit Agreement and shall include, for the avoidance of doubt, negative covenants with respect to: liens; investments; indebtedness (which shall, in any event, permit the incurrence of “permitted
additional debt” or any junior lien debt (including any springing secured convertible debt contemplated in the RSA (provided, that it is understood and agreed that the Protected Period shall terminate upon the springing of the lien securing the
convertible debt contemplated in the RSA)) so long as the Borrowing Base is adjusted by $0.25 for every $1.00 of such indebtedness incurred (provided that no such adjustment shall be required in connection with convertible debt contemplated by the
RSA to the extent such debt is not secured debt); fundamental changes; dispositions; restricted payments; changes in nature of business; transactions with affiliates; burdensome agreements; use of proceeds; hedge transactions (as set forth in
greater detail below); sanctions; anti-corruption laws; prepayments of, and modifications to, restricted debt.
		
	Restrictive Payments:	  	Other than in connection with the Revolving Credit Agreement and the existing convertible notes, no principal or interest payments shall be made to any other indebtedness for borrowed money from the date hereof to the Petition
Date.
		
	Financial Covenants:	  	Commencing with the first full fiscal quarter following the Restructuring Effective Date and ceasing to be effective at the expiration and/or termination of the Protected Period, limited to a minimum PDP Asset Coverage Ratio of
1.75:1.0 (defined as the ratio of (a) the PV9 Pricing of the Credit Parties’ proved developed producing reserves calculated using prices based on the last quoted forward month price of such period, as such prices are quoted on the NYMEX (or its
successor) as of the date of determination, herein the “NYMEX Strip” to (b) the aggregate principal amount of revolving loan commitments under the Revolving Credit Agreement (not to exceed $425,000,000 for purposes of this financial
covenant), but excluding any amounts held in the Post-Restructuring Cash Collateral Account.

  
 -8- 

			
		
	`	  	Commencing with the first full fiscal quarter following the expiration and/or termination of the Protected Period: (a) a maximum Net Total Leverage Ratio (to be defined and set in a manner to be mutually agreed, but in any event
excluding the convertible debt contemplated by the RSA) of 3.5:1.0 for Fiscal Year 2017 and Fiscal Year 2018, and 3.0:1.0 thereafter, and (b) a minimum Interest Coverage Ratio (to be defined and set in a manner to be mutually agreed) of
2.0:1.0.
		
		  	There shall be equity cure provisions on terms to be mutually agreed.
		
	Capital Expenditures:	  	At least 80% of the capital drilling and completion budget must be spent on Authorization for Expenditures (AFEs) that are associated with projects that have a minimum internal rate of return of not less than 15% (consistent with
the Company’s AFEs process), which shall be reported on a quarterly basis contemporaneously with the delivery of Reserve Reports; provided, however, that the first quarterly report shall be made at the end of the second quarter following
the Restructuring Effective Date.
		
	Minimum Liquidity:	  	Commencing on the Restructuring Effective Date, the Credit Parties shall maintain at all times minimum Liquidity (cash and cash equivalents plus Borrowing Base availability) of $20,000,000 (excluding any amounts held in the
Post- Restructuring Cash Collateral Account).
		
	Commodity Hedging:	  	 The Financing Documentation will include customary maximum hedging conditions based upon production levels to be agreed and substantially
consistent with the Existing Credit Agreement.
  
 It being understood and agreed that the
commodity hedges in place prior to the Restructuring Effective Date shall (a) remain in effect following the Restructuring Effective Date and shall be “rolled” into the Revolving Credit Facility and (b) not be subject to rights of
set-off.

		
	Events of Default:	  	Consistent with the Existing Credit Agreement and shall include, for the avoidance of doubt, Events of Default with respect to: nonpayment of principal, interest or other amounts; violation of covenants; incorrectness of
representations and warranties; cross-default and cross-acceleration to material indebtedness in excess of an amount to be agreed; bankruptcy of the Borrower or any of its subsidiaries; material monetary judgments; ERISA events; actual or asserted
invalidity of material guarantees or security documents; and a “change of control”.

  
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	Default Rate:	  	2.00% per annum and consistent with the Existing Credit Agreement.
		
	Voting:	  	Consistent with the Existing Credit Agreement.
		
	Amendments:	  	Consistent with the Existing Credit Agreement.
		
	Assignments and Participations:	  	Consistent with the Existing Credit Agreement.
		
	Yield Protection; Increased Costs:	  	Consistent with the Existing Credit Agreement with modifications to reflect provisions with respect to increased costs imposed as a result of rules enacted or promulgated under the Dodd-Frank Act or the Basel Committee on Banking
Regulations and Supervisory Practices (or any successor or similar authority).
		
	Expenses; Indemnification:	  	Consistent with the Existing Credit Agreement.
		
	Governing Law:	  	New York.
		
	Advisors to Administrative Agent:	  	FTI Consulting, Inc., Paul Hastings LLP, local bankruptcy counsel and other advisors as may be agreed by the Borrower and the Administrative Agent.

  
 -10- 

 EXHIBIT D 

CASH COLLATERAL TERM SHEET 
  

					
	Term of Cash Collateral Use	  	Through the effective date of a plan of reorganization, except as otherwise terminated
			
	Adequate Protection	  	•	  	Payment of interest to the First Lien Credit Agreement Lenders at the non-default contract rate and accrual of interest to the First Lien Credit Agreement Lenders at the default contract rate (in each case, from the date of filing
through the confirmation date)
			
		  	•	  	Accrual of interest to holders of the Second Lien Notes at the non-default contract rate
			
		  	•	  	Payment of reasonable fees and expenses for each of the (i) First Lien Credit Agreement Agent and First Lien Credit Agreement Lenders, (ii) ad hoc group of Holders of Second Lien Notes, and (iii) ad hoc group of Holders of Unsecured
Senior Notes, in each case including fees and expenses of counsel, financial and other reasonably necessary advisors
			
		  	•	  	Liens on unencumbered assets, replacement liens on all other assets and superpriority claims as provided for in section 507(b) of the Bankruptcy Code for any diminution in the value of the interest in collateral of the Holders of
First Lien Credit Agreement Claims and the Second Lien Notes Claims. All liens perfected via cash collateral order.
			
		  	•	  	No senior or pari passu claims (other than those secured by valid and perfected senior pre-petition liens)
			
		  	•	  	Modification of automatic stay
			
	Budget/Reporting	  	•	  	Reasonable budget covenant, including disbursements as set forth in a 13 week cash disbursements and receipts budget, subject in each case to any permitted non-conforming use, positive variance carry forward and permitted variance
from receipts and disbursements.
			
		  	•	  	Reporting and periodic delivery of 13-week cash flows related to the budget
			
		  	•	  	Reporting consistent with the terms of the First Lien Credit Agreement
			
		  	•	  	Budget updated monthly
			
	Covenants	  	•	  	Existing hedge agreements are not terminated and payments thereunder continue
			
		  	•	  	No other financial covenants
			
		  	•	  	Use of cash collateral for general corporate purposes in accordance with budget
			
		  	•	  	Delivery of updated third party engineering report as of December 31, 2016

					
			
	Releases/Waivers	  	•	  	Customary stipulations regarding validity, perfection and priority of liens securing the First Lien Credit Agreement Claims and Second Lien Note Claims, subject to customary challenge period
			
		  	•	  	Customary stipulations regarding validity, priority and absence of defenses or counterclaims to First Lien Credit Agreement Claims and Second Lien Note Claims, subject to customary challenge period
			
		  	•	  	506(c) waiver and waiver of “equities of the case” exception under 552(b)
		
	Carve Out	  	Customary professional fee carve out
			
	Termination Events and Reservation of Rights	  	•	  	Customary termination events to be agreed among the Debtors and the Required Consenting Creditors
			
		  	•	  	If the Restructuring Support Agreement is terminated by the Consenting First Lien Creditors or the Consenting Second Lien Creditors pursuant to section 11.01(b), (c), (d), (e), (g), (j), (l), (m), (n), (p), (q), (s) or (t) based on
an act caused by the Debtors, the Required First Lien Creditors and/or the Required Second Lien Creditors, as applicable, may declare a termination of the ability of the Debtors to use their cash collateral on a consensual basis under the Cash
Collateral Order, except as otherwise expressly provided herein (any such declaration, a “Termination Declaration” and the date of such Termination Declaration, the “Termination Declaration Date”);
provided, however, such terminating party may not issue a Termination Declaration on account of section 11.01(d) of the Restructuring Support Agreement until 45 days following the termination of the Restructuring Support
Agreement
			
		  	•	  	The Debtors or such terminating Consenting Creditors shall be entitled to seek a hearing (the “Non-Consensual Cash Collateral Hearing”) with the Bankruptcy Court including on an expedited basis, seeking
appropriate relief related to continued use of cash collateral on a non-consensual basis (the period between the Termination Declaration Date and five (5) business days after the Non-Consensual Cash Collateral Hearing, the “Bridge
Period”)
			
		  	•	  	The Debtors may continue to use cash collateral during the Bridge Period
			
		  	•	  	The parties hereto reserve all rights and arguments that could be asserted at the Non-Consensual Cash Collateral Hearing
			
	Enforcement of RSA	  		  	The interim and final Cash Collateral Orders shall provide that (a) the Required Consenting Creditors are authorized to take any steps necessary to effectuate the termination of the Restructuring Support Agreement, as applicable,
including the sending of any applicable notices to the Debtors, notwithstanding section 362 of the Bankruptcy Code or any other applicable law, (b) the Debtors waive the applicability of the automatic stay to the giving of such notice, and (iii) no
cure period contained in the Restructuring Support Agreement shall be extended pursuant to sections 108 or 365 of the Bankruptcy Code or any other applicable law without the prior written consent of the Required Consenting Creditors

 EXHIBIT E 

NEW CONVERTIBLE DEBT TERM SHEET 
  

			
	Indenture	  	Indenture among Reorganized SandRidge, as the issuer, TBD, as the indenture trustee, and the lenders and other trustee party thereto
		
	Indenture Trustee	  	TBD
		
	Principal Amount	  	$300 million
		
	Maturity	  	Four years after the Effective Date
		
	Interest Rate	  	15% per annum, payable in-kind semi-annually
		
	Fees	  	None
		
	Conversion Ratio	  	The New Convertible Debt will convert to the Conversion Equity, which shall equal 26.1% of the New Common Stock on the Effective Date and thereafter shall compound semi-annually at a rate of 15.0% per annum
		
	Conversion Feature	  	The New Convertible Debt will convert to the Conversion Equity in accordance with the Conversion Ratio (plus the New Convertible Debt Make-Whole Amount) upon the earliest to occur of the following (the date of such conversion, the
“Conversion Date”):
		
		  	 •    any bona fide arm’s length issuance by Reorganized SandRidge of
the New Common Stock to third parties that are not shareholders of Reorganized SandRidge (or affiliates of shareholders of Reorganized SandRidge) for cash at a conversion ratio per share at least equal to the conversion ratio for the New Convertible
Debt based on the value of the New Common Stock under the Plan before underwriting commissions, placement fees or similar expenses;

		
		  	 •    30 days’ written notice to Reorganized SandRidge from a
majority of the holders of the New Convertible Debt;

		
		  	 •    the first date on which the trailing 30-day average market value of
the New Common Stock is 50% greater than the value of the New Common Stock under the Plan;

		
		  	 •    the election of Reorganized SandRidge to prepay the New Convertible
Debt;

		
		  	 •    consummation of any permitted refinancing of the New First Lien Exit
Facility;

		
		  	 •    consummation of any sale, merger, amalgamation, arrangement,
restructuring, transfer, conversion, disposition, liquidation, dissolution, or other corporate transactions with respect to substantially all assets of Reorganized SandRidge; or

		
		  	 •    the maturity date.

		
	Guarantors	  	Same as under the Second Lien Notes Indenture
		
	Collateral	  	 •    Springing liens upon delivery of a written notice by holders of 66
2/3% in principal amount of New Convertible Debt following the occurrence of a Springing Event; provided, that

			
		  	 if the holders of New Convertible Debt collectively hold the greater of (i) at least 66 2/3% of the aggregate amount of
New Common Stock that was distributed to the Holders of Second Lien Note Claims on the Effective Date or (ii) at least 50.1% of the New Common Stock outstanding as of such date, at the time of delivery, the springing lien shall secure the full
amount of the New Convertible Debt; otherwise, the springing lien shall secure $100 million of the New Convertible Debt

		
		  	 •    Springing liens to be second priority on the same collateral as the
New First Lien Exit Facility, subject to an intercreditor agreement which provides for liens (if any) and claims in respect New Convertible Debt to be subordinated to the New First Lien Exit Facility to the greatest reasonable extent, on terms and
conditions satisfactory to the First Lien Credit Agreement Agent and the holders of the New Convertible Debt

		
		  	 •    A “Springing Event” means, in a class action
lawsuit against Reorganized SandRidge that is not initiated by any Holders (or such Holders’ affiliates) of New Convertible Debt and that is reasonably expected to result in a material adverse effect on the business of Reorganized SandRidge,
either (i) the entry of an order by a court of competent jurisdiction denying summary judgment to Reorganized SandRidge (and/or its reorganized Debtor affiliates) or (ii) the expiration of the time period in which Reorganized SandRidge (and/or its
reorganized Debtor affiliates) may move for summary judgment

		
	Covenants	  	None

 EXHIBIT F 

RIGHTS OFFERING TERM SHEET 
  

			
		
	Issuer	  	Reorganized SandRidge
		
	New Equity Parties	  	Until the earlier of (x) 30 days following the entry of the Disclosure Statement Order, (y) 15 days before the date of the confirmation hearing set forth in the Disclosure Statement Order, or (z) 90 days after the Petition Date,
Consenting Creditors shall have the exclusive right to participate as the New Equity Parties
		
		  	Thereafter, the Debtors shall have the right to sell or offer to other parties any Rights Offering Equity that is not already allocated; provided that such New Equity Parties are subject to the consent of the Required
Consenting Creditors, such consent not to be unreasonably withheld
		
	Amount	  	The sale or rights offering for up to $150 million in New Common Stock at a valuation of the lesser of (a) $1.215 billion or (b) 90% of the equity value under the Plan as set forth in the Disclosure Statement by no later than 30
days after the Petition Date, plus the amount of the rights offering subscriptions, that the Debtors may implement in their discretion, subject to dilution by the Employee Incentive Plan and protected from dilution by the Conversion Equity and the
Warrants (the “Rights Offering Equity”)
		
	Backstop Commitment	  	The New Equity Parties, if any, may either directly purchase or backstop an offering for up to $150 million in Rights Offering Equity
		
	Offering	  	Except as otherwise agreed by the Debtors and the New Equity Parties, if any, each Holder of a Second Lien Note Claim or a General Unsecured Claim may receive its pro rata share (across both classes combined) of Rights under the
Plan
		
		  	Any Holders that elect to exercise the Rights shall also execute a joinder to the Restructuring Support Agreement
		
	Fees and Governance	  	Governance terms and market backstop and other fees and terms as are standard for backstop and other participants in a rights offering shall otherwise be as agreed by the Debtors and the New Equity Parties, in form and amount
consented to by the Required Consenting Creditors, such consent not to be unreasonably withheld

 EXECUTION VERSION 

EXHIBIT G 
 NEW
BUILDING NOTE TERM SHEET 
  

			
	Mortgage Note	  	Non-recourse mortgage note, recourse only to the collateral
		
	Mortgagor	  	Reorganized SandRidge Realty, LLC (“SandRidge”).
		
	Note Purchaser	  	An entity or entities affiliated with Fir Tree Partners or Solus Alternative Asset Management LP and any other member of the ad hoc group of holders of Unsecured Senior Notes Claims party to this RSA on May 11, 2016 that notifies
Weil, Gotshal & Manges LLP of its intention to participate as a Note Purchaser by Friday, May 13, 2016.
		
		  	For the avoidance of doubt, any portion of the Note held by a party to this Agreement shall not be subject to the Transfer provisions in Section 6 of this Agreement, and the Note will not form part of any Debtor Claims held by such
party to this Agreement.
		
	Nonrecourse Carveout	  	There shall be no recourse except for Note Purchaser’s actual losses directly resulting from the following carve-outs to be agreed upon by the parties including, but not limited to, environmental, intentional physical waste,
willful misconduct, removal or disposal of SandRidge’s property after an event of default, fraud, misapplication or misappropriation of funds (including any casualty/condemnation proceeds), intentional misrepresentation, failure to pay any
transfer taxes in connection with the foreclosure of the Note, failure to pay any taxes when due, or obtain and maintain insurance as required at all times during the term of the Note, and impermissible debt or transfers not permitted by the Note.
The Note shall be fully recourse to SandRidge in the event of a bankruptcy filing by SandRidge, or an involuntary bankruptcy filing being filed against SandRidge that a court of competent jurisdiction enters an order for relief in respect
thereof.
		
	Principal Amount of the Note	  	$35 million (the “Note”)
		
	Commitment Fee	  	None.
		
	Prepayment	  	Prepayable in whole or in part at any time at par plus accrued interest (including upon the sale of the collateral referred to below) following repayment of the New First Lien Exit Facility. SandRidge shall provide Note Purchaser
with at least 10 days prior written notice of any prepayment. Any partial prepayment shall be applied first to costs and expenses of the Note Purchaser, second to current unpaid interest, third to accrued and unpaid interest and fourth to
principal.
		
	Maturity	  	Five years after the Effective Date.
		
	Commitment	  	The commitment of the Note Purchaser to purchase the Note for $20 million, which net proceeds shall be distributed for the benefit of Class 5 (General Unsecured Claims). The commitment of the Note Purchaser shall be subject to
higher or better offers received and entered into by the Debtors before the Disclosure Statement hearing in their reasonable discretion.

			
	Amortization	  	None
		
	Interest Rate	  	Payable semi-annually as follows:
		
		  	 •    6% per annum for the first year following the Effective
Date

		
		  	 •    8% per annum for the second year following the Effective
Date

		
		  	 •    10% per annum thereafter through the maturity

		
		  	From the Effective Date through the earlier of (x) September 30, 2020, (y) 46 months from the Effective Date or (y) 90 days after the refinancing or repayment of the First Lien Credit Agreement, interest shall be payable in-kind and
added to the principal amount of the Note on each payment date; thereafter, interest shall be paid in cash.
		
		  	Interest will be calculated on an actual/360 basis. Accrued and unpaid interest shall be added to principal and shall bear interest at the rates set forth above.
		
		  	Upon the occurrence of an event of default, and until the cure of such event of default (provided Note Purchaser elects to accept such cure beyond any notice and grace period with respect to such event of default) the Loan will
accrue interest at a rate per annum equal to 4% (“Default Rate”) above the then-applicable interest rate (i.e., as of the date of any rate change as set forth above, the Default Rate shall be added to such increased interest
rate).
		
		  	The Note and related documents (“Note Documents”) shall contain customary provisions agreed to by Note Purchaser and SandRidge protecting the Note Purchaser against increased costs or loss of yield resulting
from changes in reserve, tax, capital adequacy and other requirements of law and from the imposition of or changes in withholding or other taxes.
		
	Other Fees	  	None
		
	Collateral	  	 i.       First priority perfected liens by a mortgage/deed of
trust (“Mortgage”) on SandRidge Tower, Parkside Building and Broadway Kerr Parking Facility (each a “Property” and collectively, the “Properties”);

		
		  	 ii.      Assignment of all revenue, rents and leases (as applicable)
and assignment of contracts;

		
		  	 iii.    Pledge of personal property, licenses, permits, contract rights,
general intangibles and other assets of SandRidge used in connection with the operation, maintenance and management of the Properties and owned by SandRidge; provided, however, that any property owned by an affiliate of SandRidge at
the Properties shall not be secured by such pledge;

  
 2 

			
		  	 iv.     Pledge of all other fixtures, personalty, equipment (including
gym equipment), located on or used at the Properties and owned by SandRidge; provided, however, that any property owned by an affiliate of SandRidge at the Properties shall not be secured by such pledge; and

		
		  	 v.      Such other collateral as may be specified in the Note
Documents as is agreed upon by SandRidge and Note Purchaser, solely to the extent owned by or used in connection with the business of SandRidge and not property or assets of any SandRidge affiliate.

		
		  	The Mortgages shall constitute a valid first priority lien on SandRidge’s Properties. SandRidge shall have good and marketable title to the Properties, except for such liens, encumbrances or exceptions as shall be reasonably
approved by Note Purchaser, including free and clear of any mechanics or materialmen’s liens or special assessments for work completed or in progress on the date of closing.
		
	Reserves/Escrows	  	None.
		
	Insurance	  	SandRidge shall maintain and provide evidence of liability and “all risk” property insurance coverage, including wind storm, and earthquake insurance as reasonably required by Note Purchaser with limits equal to the full
replacement cost of the Properties with respect to windstorm. The policies must be reasonably satisfactory to Note Purchaser and issued by insurers with a claims paying ability rated “A/A2” or better by Standard & Poor’s or
Moody’s respectively. SandRidge will be required to maintain, if commercially available, insurance for acts of terrorism or an insurance policy without terrorism exclusion. SandRidge shall obtain and maintain such other insurance and in such
other amounts as reasonably determined by Note Purchaser. Note Purchaser will be named as an additional insured on such policies as their interests may appear.
		
	Transfer of Properties	  	None of the Properties may be transferred without Note Purchaser’s prior written consent, which may be withheld in its sole discretion.
		
		  	Transfers of direct or indirect interests in SandRidge shall be allowed (including by merger or consolidation), provided that SandRidge is at all times controlled by SandRidge Energy, Inc.
		
	Other Financing	  	None permitted.
		
	Management	  	If and to the extent the Properties are managed by a third party or an affiliate of SandRidge, or to the extent SandRidge seeks to hire a replacement manager, in either case: (i) SandRidge shall notify Note Purchaser of such
decision, and Note Purchaser shall have a 10 day period to notify SandRidge as to whether it disapproves of such manager (which disapproval shall only be provided by Note Purchaser if SandRidge’s decision is commercially unreasonable, taking
into account the manner in which the property operates) and (ii) Note Purchaser shall have the right to cause SandRidge to (a) terminate the management

  
 3 

			
		  	agreement and (b) appoint a replacement manager (selected by Note Purchaser in the case of clause (I) below and selected by SandRidge in the case of clauses (II) and (III) below but satisfactory to Note Purchaser, such consent not
to be unreasonably conditioned, withheld or delayed) if (I) an event of default occurs under the Note and all notice and grace periods have expired, (II) the manager becomes insolvent or the debtor in any insolvency or bankruptcy proceeding, or
(III) a default by the property manager occurs under the management agreement and is continuing beyond any applicable notice and grace periods.
		
	Closing Deliverables	  	This Exhibit and the consummation of the Note transaction is subject to the satisfaction of the matters described herein, including without limitation delivery of the items described on the Schedule A attached hereto. It is agreed
and acknowledged that all items set forth on Schedule A (other than items (4) and (6) thereof which shall be prepared by SandRidge) shall be ordered by and obtained by Note Purchaser; however, SandRidge shall be obligated to reimburse Note Purchaser
for the costs thereof.
		
	Borrower Reporting	  	SandRidge shall disclose to Note Purchaser the manner in which it maintains financial information relating to its business and assets, including the Properties, and Note Purchaser and SandRidge shall thereafter mutually agree on
appropriate SandRidge reporting requirements, it being understood by the parties that SandRidge does not currently have an income stream, and that certain property-related and other SandRidge expenses may be funded by affiliates of
SandRidge.
		
	Representations and Warranties	  	The Note Documents will contain representations and warranties customarily found in similar financings and agreed to by SandRidge and Note Purchaser, including but not limited to customary representations and warranties regarding
the delivery and accuracy of financial information in accordance with the “Borrower Reporting” section immediately above; existence; compliance with laws; power and authority; enforceability of Note Documents; no conflict with laws or
contractual obligations; no material litigation; no default; ownership of Properties; no liens other than permitted encumbrances; taxes; ERISA; Investment Company Act; Patriot Act; environmental matters; solvency; labor matters; use of proceeds;
Regulation H; zoning; leasing and management of the Properties; accuracy of disclosure and creation and perfection of security interests; and to the extent applicable, no tenants or other occupants at the Properties; no income or fees received from
the Properties; and other representations and warranties agreed upon by SandRidge and Note Purchaser appropriate to the specific transaction.
		
	Affirmative Covenants:	  	The Note Documents will contain affirmative covenants customarily found in similar financings agreed to by SandRidge and Note Purchaser, including but not limited to: delivery of financial information similar to that required in
accordance with the “Borrower Reporting” section above; timely payment of Note and other obligations; continuation of existence; preservation/maintenance of material rights, privileges, licenses; compliance with laws, including
environmental laws, and

  
 4 

			
		  	material contractual obligations; maintenance of property and insurance as set forth in the “Insurance” section above; maintenance of books and records; rights of the Note Purchaser to inspect property and books and
records, if any, and cooperation therewith; delivery of notices of defaults, litigation and other material events; customary further assurances; no additional indebtedness other than mortgage indebtedness in favor of the Note Purchaser and unsecured
trade payables incurred in the ordinary course of business; no additional liens other than liens securing mortgage indebtedness in connection with the Note and involuntary liens incurred in the ordinary course which are removed of record within (60)
days after payment is required; no guarantee obligations; no liquidations or dissolutions of SandRidge; and no sales of assets.
		
		  	The parties acknowledge that the Note is nonrecourse other than to SandRidge and that as a result, the Note Documents will contain provisions agreed to by SandRidge and Note Purchaser providing that Note Purchaser shall have the
right (i) to have extensive ongoing reporting from SandRidge with respect to all Note collateral, including but not limited to any maintenance, use, expenditures, occupancy, construction, and any other operations at or about the Properties, (ii) to
have extensive rights of access for purposes of inspection, (iii) to perform testing at such times as it deems reasonably necessary (provided as to (ii) and (iii) hereof, Note Purchaser uses reasonable efforts not to disturb ongoing business at the
Property to the extent practicable). SandRidge shall provide to Note Purchaser any third party reports it or any affiliate obtains with respect to the Properties, and shall notify as to any notice it receives from any governmental or
quasi-governmental agency or material notice received from or delivered to any third party with respect to any Note collateral, including notices of nonpayment or default.
		
	Assignability	  	The Note will be freely assignable in whole or in part by the Note Purchaser.
		
	Negative Covenants:	  	To the extent agreed by Note Purchaser and SandRidge, the Note Documents will contain negative covenants customary for similar financings and other negative covenants reasonably deemed by the Note Purchaser appropriate to the
specific transaction.
		
	Events of Default:	  	Customary defaults, including but not limited to failure to make payments when due under the Note, failure to maintain insurance as required under the Note Documents, assignment or transfer in violation of the provisions of the
Note, and breaches of representations, warranties and covenants.
		
	Servicing:	  	SandRidge shall pay any special servicing fees, work-out fees and attorney’s fees and disbursements, in connection with a prepayment, release of any Property, assumption or modification of the Note, special servicing or
work-out of the Note or enforcement of the Note Documents.

  
 5 

			
	Reimbursement of Due Diligence Expenses	  	SandRidge shall pay, upon request, all reasonable out-of-pocket costs and expenses incurred by Note Purchaser in connection with the contemplated purchase of the Note. Should such reasonable out-of-pocket costs and expenses incurred
by Note Purchaser exceed $100,000, SandRidge shall have reasonable consent rights to the selection of any third-party service provider or professional and the scope of their engagement, except with respect to Note Purchaser’s legal counsel. The
foregoing expenses shall include but not be limited to legal fees and disbursements, recording fees, title insurance premiums, survey costs, appraisal, environmental reports, engineering reports, site inspections, and travel and all other reasonable
out-of-pocket third party expenses related to the execution of the Note and related funding.
		
	Closing Documents	  	As a condition to execution of the Note, legal and other documentation will be delivered in form and substance reasonably satisfactory to Note Purchaser and SandRidge, incorporating substantially the terms and conditions outlined
herein and such other items and documents as are customary and usual for similar transactions, including but not limited to surveys, title insurance, certificates of occupancy, and opinions of SandRidge’s counsel.

  
 6 

 SCHEDULE A 
  

	1.	A title insurance policy issued by a national title company reasonably acceptable to Note Purchaser showing indefeasible fee simple title to each of the Properties vested in SandRidge insuring the first priority of the
lien of the mortgage in an amount reasonably acceptable to Note Purchaser excepting from coverage thereunder only such matters as are approved by Note Purchaser (which approval shall not be unreasonably withheld) and including such title
endorsements as are customarily required (including, without limitation, survey, comprehensive and separate tax map) and including such co-insurance and/or reinsurance as is reasonably required by Note Purchaser; 

 

	2.	Phase I survey and, if deemed necessary or appropriate by Note Purchaser, draft Phase II surveys of each of the Properties, from a firm reasonably approved by Note Purchaser; 

 

	3.	Seismic Study of each of the Properties from a firm reasonably acceptable to Note Purchaser; 

  

	4.	Three year historical operating statement for each of the Properties (certified by a certified public accounting firm reasonably acceptable to Note Purchaser), trailing 12 month operating statement for each of the
Properties and operating and capital budget for each of the Properties for the year ending December 31, 2016; 

  

	5.	Survey of the Properties; 

  

	6.	Certificate of occupancy for each of the Properties and reasonable evidence of compliance in all material respects with all material zoning, building, and other laws applicable to each of the Properties. Zoning letters
or the like from applicable governmental authorities are acceptable for the purposes hereof. 

  
 7 

 EXHIBIT H 

NEW WARRANTS TERM SHEET 
  

			
	Issuer	  	Reorganized SandRidge
		
	Ownership Percentage	  	12.5% of the New Common Stock in Reorganized SandRidge
		
	Exercise Period of New Warrants	  	Exercisable at any time, in whole or in part, prior to the sixth anniversary of the Effective Date
		
	Exercise Price of New Warrants	  	$1.625 billion aggregate value of the New Common Stock at the trailing 30-day volume-weighted average price
		
	Exercise Type	  	Cash-less exercise

 EXHIBIT B to 

the Restructuring Support and Lock-Up Agreement 

Provision for Transfer Agreement 

The undersigned (“Transferee”) hereby acknowledges that it has read and understands the Restructuring Support and
Lock-Up Agreement, dated as of             (the “Agreement”),1 by and among SandRidge Energy, Inc. and its
affiliates and subsidiaries bound thereto and the Consenting Creditors, including the transferor to the Transferee of any First Lien Credit Agreement Claims or Debtor Claims (each such transferor, a “Transferor”), and agrees
to be bound by the terms and conditions thereof to the extent the Transferor was thereby bound, and shall be deemed a “Consenting Creditor,” under the terms of the Agreement. 

The Transferee specifically agrees to be bound by the terms and conditions of the Agreement and makes all representations and warranties
contained therein as of the date of the Transfer, including the agreement to be bound by the vote of the Transferor if such vote was cast before the effectiveness of the Transfer discussed herein. 

Date Executed: 
  

                          
                                         
          
 Name: 

Title: 
 Address: 

E-mail address(es): 
 Telephone: 

Facsimile: 
  

					
	Aggregate Amounts Beneficially Owned or Managed on Account of:	  
		
	 First Lien Credit Agreement Claims (if any)
	  	$	  	[    ] 
	 Second Lien Note Claims (if any)
	  	$	  	[    ] 
	 Unsecured Note Claims (if any)
	  	$	  	[    ] 

  
  

	1 	Capitalized terms not used but not otherwise defined herein shall have the meanings ascribed to such terms in the Agreement. 

 Schedule 1 to 

the Restructuring Support and Lock-Up Agreement 

Applicable First-Day Pleadings 
  

	1.	Cash Collateral: Debtors’ Emergency Motion for Interim and Final Orders Authorizing Postpetition Use of Cash Collateral, Granting Adequate Protection to Prepetition Lenders Pursuant to 11 U.S.C. §§
105, 361, 362, 363, and 507, Bankruptcy Rules 2002, 4001, and 9014, and Local Bankruptcy Rule 4002-1, and Scheduling a Final Hearing Pursuant to Bankruptcy
 Rule 4001(b) 

 

	2.	Cash Management: Debtors’ Emergency Motion for Entry of an Order Authorizing the Debtors to (I) Continue to Operate the Cash Management System, (II) Honor Certain Prepetition Obligations Related
Thereto, (III) Continue Prepetition Investment Practices, (IV) Maintain Existing Business Forms, and (V) Continue to Perform Intercompany Transactions 

  

	3.	Wages: Debtors’ Emergency Motion for Entry of an Order Authorizing the Debtors to Pay Prepetition Obligations Relating to Wages, Salaries, Other Compensation, and Reimbursable Employee Expenses and Continue
Employee Benefits Programs 

  

	4.	Lienholders: Debtors’ Emergency Motion for Entry of an Order Authorizing the Payment of Working Interest Costs, Joint Interest Billings, Marketing Expenses, and 503(b)(9) Claims, and Confirming
Administrative Expense Priority of Outstanding Orders 

  

	5.	Royalties and Working Interests: Debtors’ Emergency Motion for Entry of an Order Authorizing Payment of Mineral Payments and Working Interest Disbursements 

 

	6.	Utilities: Debtors’ Emergency Motion for Entry of Interim and Final Orders Approving the Debtors’ Proposed Adequate Assurance of Payment for Future Utility Services, Prohibiting Utility Companies From
Altering, Refusing, or Discontinuing Services, and Approving the Debtors’ Proposed Procedures for Resolving Adequate Assurance Requests 

  

	7.	Taxes: Debtors’ Emergency Motion for Entry of an Order Authorizing the Payment of Certain Taxes and Fees 

  

	8.	Equity Trading: Debtors’ Emergency Motion for Entry of an Order Approving Notification and Hearing Procedures for Certain Transfers of Common Stock and Preferred Stock 

 

	9.	Claims Trading: Debtors’ Emergency Motion For Entry of an Order Establishing a Record Date for Notice and Sell-Down Procedures For Trading in Certain Claims Against the Debtors’ Estates

  

	10.	Joint Administration: Debtors’ Emergency Motion for Entry of an Order Directing Joint Administration of Related Chapter 11 Cases 

 

	11.	Schedules and SOFAs Extension: Debtors’ Emergency Motion for Entry of an Order Extending Time to File Schedules of Assets and Liabilities, Schedules of Current Income and Expenditures, Schedules of Executory
Contracts and Unexpired Leases, and Statements of Financial Affairs 

	12.	Creditor Matrix: Debtors’ Emergency Motion for Entry of an Order Authorizing the Debtors to File a Consolidated List of Creditors and a Consolidated List of the Largest 50 Unsecured Creditors, Authorizing
the Debtors to Redact Certain Personal Identification Information for Individual Creditors, and Approving the Form and Manner of Notifying Creditors of the Commencement of the Chapter 11 Cases and Other InformationEX-10.1

 Exhibit 10.1 

DISTRIBUTION AGREEMENT 
 May 16, 2016 

J.P. Morgan Securities LLC 
 383 Madison Avenue 

New York, New York 10179 
 HSBC Securities (USA) Inc. 

452 Fifth Avenue 
 New York, New York 10018 

Ladies and Gentlemen: 
 Freeport-McMoRan Inc., a Delaware
corporation (the “Company”), and Noble Drilling (U.S.) LLC, a Delaware limited liability company (the “Selling Stockholder”), confirm their agreement with each of J.P. Morgan Securities LLC and HSBC
Securities (USA) Inc., as agent and/or principal under any Terms Agreement (as defined in Section 1(a) below) (each, an “Agent”, and, collectively, the “Agents”), with respect to the sale from time to time
by the Selling Stockholder, in the manner and subject to the terms and conditions described below in this Distribution Agreement (this “Agreement”), of shares (the “Shares”) of common stock, $0.10 par value per
share (the “Common Stock”), of the Company having an aggregate Gross Sales Price (as defined in Section 1(a) below) of up to $540,000,000 (the “Maximum Amount”) on the terms set forth in Section 1 of this
Agreement. The Shares are described in the Prospectus referred to below. The Company, Freeport-McMoRan Oil & Gas LLC and the Selling Stockholder entered into a Settlement and Termination Agreement dated as of May 10, 2016 (the
“Settlement Agreement”). 
 The Company has filed with the Securities and Exchange Commission (the “Commission”) a
registration statement on Form S-3 (No. 333-206257) that became automatically effective upon filing with the Commission on August 10, 2015 for the registration of the Shares and other securities of the Company under the Securities Act of 1933,
as amended, and the rules and regulations of the Commission thereunder (collectively, the “Act”); the Registration Statement (as defined below) sets forth the material terms of the offering, sale and plan of distribution of the
Shares and contains additional information concerning the Company and its business. Except where the context otherwise requires, “Registration Statement”, as used herein, means the registration statement, as amended at the time of
such registration statement’s effectiveness for purposes of Section 11 of the Act, as such section applies to the Agents, including (1) all documents filed as a part thereof or incorporated, or deemed to be incorporated, by reference
therein and (2) any information contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 424(b) under the Act, to the extent such information is deemed, pursuant to Rule 430B or Rule 430C
under the Act, to be part of the registration statement at the effective time. Except where the context otherwise requires, “Basic Prospectus”, as used herein, means the prospectus dated August 10, 2015, filed as part of the
Registration Statement, including the documents incorporated by reference therein as of the date of such prospectus. Except where the context otherwise requires, “Prospectus Supplement”, as used herein, means the most recent
prospectus supplement relating to the Shares, to be filed by the Company with the Commission pursuant to Rule 424(b) under the Act on or before the 

 
second business day after the date of its first use in connection with a public offering or sale of Shares pursuant hereto (or such earlier time as may be required under the Act), in the form
furnished by the Company to the Agents in connection with the offering of the Shares. Except where the context otherwise requires, “Prospectus”, as used herein, means the Prospectus Supplement (and any additional prospectus
supplement prepared in accordance with the provisions of Sections 5(b) or 5(h) of this Agreement and filed in accordance with the provisions of Rule 424(b)) together with the Basic Prospectus attached to or used with the Prospectus Supplement.
“Permitted Free Writing Prospectuses”, as used herein, has the meaning set forth in Section 3(b). Any reference herein to the Registration Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any
Permitted Free Writing Prospectus shall, unless otherwise stated, be deemed to refer to and include the documents, if any, incorporated, or deemed to be incorporated, by reference therein (the “Incorporated Documents”), including,
unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. Any reference herein to the terms “amend”, “amendment” or “supplement” with respect to the Registration
Statement, the Basic Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus shall, unless stated otherwise, be deemed to refer to and include the filing of any document under the Securities Exchange Act of
1934, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Exchange Act”) on or after the initial effective date of the Registration Statement or the date of the Basic Prospectus, the Prospectus
Supplement, the Prospectus or such Permitted Free Writing Prospectus, as the case may be, and deemed to be incorporated therein by reference. 
 The
Company, the Selling Stockholder and each Agent agree as follows: 
 1. Sale. 

 

	 	(a)	 Upon the basis of the representations and warranties and subject to the terms and conditions set forth herein, on any
Exchange Business Day (as defined below) selected by the Selling Stockholder, the Selling Stockholder and such Agent shall enter into an agreement in accordance with Section 2 hereof regarding the number of Shares to be placed by such Agent, as
agent, and the manner in which and other terms upon which such placement is to occur (each such transaction being referred to as an “Agency Transaction”). Pursuant to an Agency Transaction, the Selling Stockholder may submit its
orders to any Agent selected by the Selling Stockholder as the Agents’ representative in writing (the “Direct Seller”). The Selling Stockholder may also offer to sell the Shares directly to an Agent, as principal, in which
event the Selling Stockholder, the Company and such Agent will enter into a separate agreement (each, a “Terms Agreement”) in substantially the form of Exhibit F hereto (with such changes thereto as may be
agreed upon by the Selling Stockholder and such Agent to accommodate a transaction involving more than one Agent), relating to such sale in accordance with Section 2(f) of this Agreement. As used in this Agreement, (i) the
“Term” shall be the period commencing on the date hereof and ending on the earlier of (x) the date on which the Gross Sales Price of Shares sold pursuant to this Agreement and any Terms Agreement is equal to the Maximum Amount
and (y) the termination of this Agreement pursuant to Section 9 or 10 hereof (the “Termination Date”), (ii) an 

  
 2 

	 	
“Exchange Business Day” means any day during the Term that is a trading day for the Exchange, (iii) “Exchange” means the New York Stock Exchange,
(iv) “VWAP” means, with respect to any Share, the volume-weighted average price per share of Common Stock (as reported by Bloomberg L.P. on page FCX <Equity> AQR <Go>) for the Exchange Business Day on which the
Selling Stockholder submits an order to any Agent to sell such Share (without regard to after-hours trading or any other trading outside the regular trading session trading hours)(or if such volume-weighted average price is unavailable or manifestly
incorrect, the market value of one share of Common Stock on such Exchange Business Day, as determined by the Agent in good faith and in a commercially reasonable manner); provided that if the Selling Stockholder submits an order to any Agent
to sell Shares pursuant to any Agency Transaction or any Placement (as defined below) after 9:00 a.m. New York City time, the calculation of VWAP with respect to such Shares described in this clause (iv) shall begin 30 minutes after
the Company notifies the Selling Stockholder of any Stock Issuance (as defined in the Settlement Agreement) pursuant to the Settlement Agreement, (v) “Gross Sales Price” means, with respect to any Share sold through any Agent
in any Agency Transaction pursuant to this Agreement, the greater of (x) VWAP for such Share and (y) the floor price per share previously agreed to among the parties hereto (the “Floor Price”), and (vi) “Net Sales
Price” means, with respect to any Share sold through the Agent in any Agency Transaction pursuant to this Agreement, the Gross Sales Price of such Share less the Agent’s commissions and fees with respect to such Share.

  

	 	(b)	Subject to the terms and conditions set forth below, the Selling Stockholder appoints each Agent as agent in connection with the offer and sale of Shares in any Agency Transactions entered into hereunder.

  

	 	(c)	Each Agent, as agent in any Agency Transaction, hereby covenants and agrees, severally and not jointly, not to make any sales of the Shares on behalf of the Selling Stockholder pursuant to this Agreement other than (i)
by means of ordinary brokers’ transactions between members of the Exchange that qualify for delivery of a Prospectus in accordance with Rule 153 under the Act and meet the definition of an “at the market offering” under
Rule 415(a)(4) under the Act (such transactions are hereinafter referred to as “At the Market Offerings”) and (ii) such other sales of the Shares on behalf of the Selling Stockholder in its capacity as agent of the Selling
Stockholder as shall be agreed by the Selling Stockholder and such Agent in writing. 

  

	 	(d)	If Shares are to be sold in an Agency Transaction in an At the Market Offering, the applicable Agent will confirm in writing to the Selling Stockholder and the Company the number of Shares sold in an Agency Transaction
on any Exchange Business Day, the VWAP for such Shares, the aggregate Gross Sales Price and the aggregate Net Sales Price for all Shares sold in such Agency Transaction on such date no later than the opening of trading on the day immediately
following such Exchange Business Day. 

  
 3 

	 	(e)	If the Selling Stockholder shall default on its obligation to deliver Shares to an Agent pursuant to the terms of any Agency Transaction or any Terms Agreement, (i) the Selling Stockholder shall hold such Agent
harmless against any loss, claim or damage arising from or as a result of such default by the Selling Stockholder and (ii) notwithstanding such default, pay to such Agent any commission or fee to which such Agent would otherwise be entitled in
connection with such sale. 

  

	 	(f)	The Selling Stockholder acknowledges and agrees that no Agent shall be under any obligation to purchase Shares on a principal basis pursuant to this Agreement, except as may otherwise be specifically agreed by such
Agent and the Selling Stockholder in a Terms Agreement. 

 2. Transaction Acceptances. 

 

	 	(a)	The Selling Stockholder may, from time to time during the Term, propose to an Agent that the Selling Stockholder and such Agent enter into an Agency Transaction, to be executed on a specified Exchange Business Day or
over a specified period of Exchange Business Days, which proposal shall be made to such Agent by any means permissible under Section 12 hereof and shall set forth the information below (each, a “Transaction Proposal”). Such
Agent shall promptly send to the Selling Stockholder by any means permissible under Section 12 hereof a notice (each, a “Transaction Acceptance”), confirming the agreed terms of such proposed Agency Transaction as set forth in
such Transaction Proposal whereupon such Agency Transaction shall become a binding agreement between the Selling Stockholder and such Agent. The Selling Stockholder shall notify each Agent to which the Selling Stockholder submits an order to
sell Shares in an Agency Transaction no later than 15 minutes after the Company notifies the Selling Stockholder of any Stock Issuance (as defined in the Settlement Agreement) pursuant to the Settlement Agreement. In no event shall the Selling
Stockholder submit after 1:15 p.m. New York City time on any day any order to any Agent to sell any Shares in any Agency Transaction on such day. Each Transaction Proposal shall specify: 

(i) the Exchange Business Day(s) on which the Shares subject to such Agency Transaction are to be sold (each, a “Purchase
Date”); 
 (ii) the number of Shares to be sold by such Agent (the “Specified Number of Shares”) on each such
Purchase Date(s); provided that (x) no Agent shall have any obligation to sell any Shares on any Purchase Date in excess of (A) if such Agent received the applicable order to sell Shares before 9:00 a.m. New York City time on such
Purchase Date, 20% of the simple average trading volume of Common Shares for the five consecutive trading days immediately preceding such Purchase Date or (B) if such Agent received the applicable order to sell Shares at or after 9:00 a.m. New
York City time on such Purchase Date, 10% of the simple average trading volume of Common Shares for the five consecutive trading days immediately preceding such Purchase Date, (y) if at any time on any Purchase Date, the price per share of
Common Stock on the 

  
 4 

 
Exchange is below the Floor Price, each Agent may, at its sole discretion, terminate or suspend the sale of any unsold Shares and such Agent shall have no obligation to sell any unsold Shares on
such Purchase Date, and such Agent shall notify the Selling Stockholder of the number of any unsold Shares no later than the end of the day on such Purchase Date and (z) in no event shall the Selling Stockholder reject any Stock Issuance (as
defined in the Settlement Agreement) with respect to any Shares other than unsold Shares that are subject to a notice received by the Selling Stockholder from any Agent in accordance with clause (y) of this Section 2(a)(ii); and 

(iii) if such Agent will be acting as the Direct Seller with respect to the Shares subject to such Transaction. 

Each of the Company and the Selling Stockholder shall have responsibility for maintaining records with respect to the aggregate Gross
Sales Price for all Shares sold hereunder or under any Terms Agreement, or for otherwise monitoring the availability of Shares for sale under the Registration Statement. The Selling Stockholder or the applicable Agent may, upon notice to the
other by any means permissible under Section 12 hereof, suspend or terminate the offering of the Shares pursuant to any Agency Transaction or any Placement if in the judgment of such Agent it is impracticable or inadvisable to proceed with such
offering; provided, however, that such suspension or termination shall not affect or impair the Selling Stockholder’s or such Agent’s respective obligations with respect to the Shares sold hereunder prior to the giving of
such notice. Notwithstanding the foregoing, if the terms of any Agency Transaction or any Placement contemplate that Shares shall be sold on more than one Purchase Date, then the Selling Stockholder and the applicable Agent shall mutually agree to
such additional terms and conditions as they deem necessary in respect of such multiple Purchase Dates, and such additional terms and conditions shall be set forth in the relevant Transaction Proposal and confirmed by the relevant Transaction
Acceptance or in the relevant Terms Agreement, as applicable, and be binding to the same extent as any other terms contained therein. 
  

	 	(b)	An Agent’s fees and commissions payable by the Selling Stockholder with respect to each Share sold in any Agency Transaction shall be a percentage, not to exceed 1.50%, of the VWAP for such Share.

  

	 	(c)	 The Purchase Date(s) of the Shares deliverable pursuant to any Transaction Acceptance shall be set forth in the relevant
Transaction Proposal and confirmed by the relevant Transaction Acceptance. Payment of the Net Sales Price for each Share sold by the Selling Stockholder on any Purchase Date pursuant to a Transaction Acceptance shall be made to the Selling
Stockholder by federal funds wire transfer to the account of the Selling Stockholder, the details of which are set forth on Schedule III hereto, against delivery of such Shares to the applicable Agent’s account, or an account of such
Agent’s designee, at The Depository Trust Company through its Deposit and Withdrawal at Custodian System (“DWAC”), or by such other means of delivery as may be agreed to by the Selling Stockholder

  
 5 

	 	
and such Agent. Such payment and delivery shall be made at or about 10:00 a.m., local time in New York, New York, on the third Exchange Business Day (or such other day as may, from time to time,
become standard industry practice for settlement of such a securities issuance) following each Purchase Date (each, a “Closing Date”). 

  

	 	(d)	Under no circumstances shall the Gross Sales Price of the Shares sold pursuant to this Agreement and any Terms Agreements exceed the Maximum Amount. 

 

	 	(e)	If any party hereto has reason to believe that the exemptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are not satisfied with respect to the Shares, it shall promptly notify the
other parties hereto and sales of the Shares under this Agreement, any Transaction Acceptance or any Terms Agreement shall be suspended until that or other exemptive provisions have been satisfied in the judgment of each party hereto. On or
prior to the delivery of a prospectus that is required (whether physically or through compliance with Rule 172 under the Act or any similar rule) in connection with the offering or sale of the Shares, the applicable Agent with respect to such
sale of the Shares shall calculate the average daily trading volume (as defined by Rule 100 of Regulation M under the Exchange Act) of the Common Stock based on market data provided by Bloomberg L.P. or such other sources as agreed upon by such
Agent and the Selling Stockholder. 

  

	 	(f)	(i) If the Selling Stockholder wishes to issue and sell the Shares pursuant to this Agreement but other than as set forth in Section 2(a) of this Agreement (each such sale, a “Placement”), it will
notify the applicable Agent of the proposed terms of such Placement. If such Agent, acting as principal, wishes to accept such proposed terms (which it may decline to do for any reason in its sole discretion) or, following discussions with the
Selling Stockholder, wishes to accept amended terms, such Agent and the Selling Stockholder will enter into a Terms Agreement setting forth the terms of such Placement. 

(ii) The terms set forth in a Terms Agreement will not be binding on the Selling Stockholder or an Agent unless and until the Selling Stockholder and
such Agent have each executed such Terms Agreement accepting all of the terms of such Terms Agreement. In the event of a conflict between the terms of this Agreement and the terms of a Terms Agreement, the terms of such Terms Agreement will
control. 
  

	 	(g)	 Each sale of the Shares to an Agent in a Placement shall be made in accordance with the terms of this Agreement and a Terms
Agreement, which will provide for the sale of such Shares to, and the purchase thereof by, such Agent. A Terms Agreement may also specify certain provisions relating to the reoffering of such Shares by such Agent. The commitment of an
Agent to purchase the Shares pursuant to any Terms Agreement shall be deemed to have been made on the basis of the representations and warranties of the Company and the Selling Stockholder herein contained and shall be subject to the terms and
conditions 

  
 6 

	 	
herein set forth. Any such Terms Agreement shall specify the number of the Shares to be purchased by the applicable Agent pursuant thereto, the price to be paid to the Selling Stockholder for
such Shares, any provisions relating to rights of, and default by, underwriters, if any, acting together with such Agent in the reoffering of the Shares, the time and date (each such time and date being referred to herein as a “Time of
Delivery”) and the place of delivery of and payment for such Shares. 

  

	 	(h)	The Company and the Selling Stockholder each agree that any offer to sell, any solicitation of an offer to buy, or any sales of Shares or any other equity security of the Company during the Term shall be effected by or
through only one of the Agents on any single given day, and in no event by more than one Agent, and the Selling Stockholder shall in no event request that more than one Agent sell Shares on the same day; provided, however, that the
foregoing limitation shall not apply to the Company with respect to (i) the exercise of any option, warrant, right or any conversion privilege set forth in the instrument governing such security or (ii) sales solely to employees or
security holders of the Company or its subsidiaries, or to a trustee or other person acquiring such securities for the accounts of such persons. 

  

	 	(i)	Notwithstanding any other provision of this Agreement, the Company shall not make any Stock Issuance (as defined in the Settlement Agreement) and the Selling Stockholder shall not offer, sell or deliver, or request the
offer or sale, of any Shares pursuant to this Agreement (whether in an Agency Transaction or a Placement) and, by notice to each Agent given by telephone (confirmed promptly by email), shall cancel any instructions for the offer or sale of any
Shares, and no Agent shall be obligated to, and if so notified by the Selling Stockholder shall not, offer or sell any Shares, (i) during any period in which the Company or the Selling Stockholder is in possession of material non-public information
concerning or relating to the Company or (ii) at any time from and including the date on which the Company shall issue a press release containing, or shall otherwise publicly announce, its earnings, revenues or other results of operations for a
quarterly or annual period (an “Earnings Announcement”) through and including the time that is 24 hours after the time that the Company files a Quarterly Report on Form 10-Q or an Annual Report on Form 10-K that includes
consolidated financial statements as of and for the same period or periods, as the case may be, covered by such Earnings Announcement. 

3. Representations and Warranties of the Company. The Company represents and warrants to each Agent and the Selling Stockholder, on and as of (i)
the date hereof, (ii) each date on which the Selling Stockholder receives a Transaction Acceptance (a “Time of Acceptance”), (iii) each date on which there is a Stock Issuance (as defined in the Settlement Agreement), (iv) each
Time of Sale (as defined below) and (v) each Closing Date (each such date listed in (i) through (iv), a “Representation Date”) that: 
  

	 	(a)	 There is no order preventing or suspending the use of the Registration Statement or the Prospectus; the Registration
Statement complied when it initially became 

  
 7 

	 	
effective, complies as of the date hereof and, as amended or supplemented, at each Representation Date will comply, in all material respects, with the requirements of the Act; the conditions to
the use of Form S-3 in connection with the offering and sale of the Shares as contemplated hereby have been satisfied; the Registration Statement meets, and the offering and sale of the Shares as contemplated hereby comply with, the requirements of
Rule 415 under the Act (including, without limitation, Rule 415(a)(5)); the Prospectus complied or will comply, at the time it was or will be filed with the Commission, and will comply, as then amended or supplemented, as of each
Representation Date, in all material respects, with the requirements of the Act; the Registration Statement did not, as of the time of its initial effectiveness, and does not or will not, as then amended or supplemented, as of each Representation
Date, 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; as of each Representation Date, the Prospectus, as then amended or
supplemented, together with all of the then issued Permitted Free Writing Prospectuses, if any, will not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided, however, that the Company makes no representation or warranty with respect to any statement contained in the Registration Statement, the Prospectus or
any Permitted Free Writing Prospectus in reliance upon and in conformity with (x) information concerning the Selling Stockholder and furnished in writing by or on behalf of the Selling Stockholder expressly for use in the Registration
Statement, the Prospectus or such Permitted Free Writing Prospectus, which consists of the information set forth on Schedule II-A hereto (the “Selling Stockholder Information”) or (y) information
concerning the Agents and furnished in writing by or on behalf of the Agents expressly for use in the Registration Statement, the Prospectus or such Permitted Free Writing Prospectus, which consists of the information set forth on
Schedule II-B hereto (the “Agent Information”). “Time of Sale” means, (i) with respect to each sale of Shares pursuant to this Agreement, the time of the Agents’ initial entry
into contracts with investors for the sale of such Shares and (ii) with respect to each sale of Shares pursuant to any relevant Terms Agreement, the time of sale of such Shares. 

 

	 	(b)	 Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any of the Shares by
means of any “prospectus” (within the meaning of the Act) or used any “prospectus” (within the meaning of the Act) in connection with the offer or sale of the Shares, in each case other than (i) the Basic Prospectus and
(ii) the prospectus supplement used in connection with the registration of the Shares to be issued by the Company to Noble pursuant to the Settlement Agreement. The Company represents and agrees that, unless it obtains the prior consent of the
Agents, until the termination of this Agreement, it has not made and will not make any offer relating to the Shares that would constitute an “issuer free writing prospectus”, as defined in Rule 433 under the Act, or that would
otherwise constitute a “free writing prospectus”, as defined in Rule 405 under the Act. Any such free writing prospectus relating to the Shares consented 

  
 8 

	 	
to by the Agents is hereinafter referred to as a “Permitted Free Writing Prospectus”. The Company represents that it has complied and will comply in all material respects with
the requirements of Rule 433 under the Act applicable to any Permitted Free Writing Prospectus, including timely filing with the Commission where required, legending and record keeping. The conditions set forth in one or more of
subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Act are satisfied, and the registration statement relating to the offering of the Shares contemplated hereby, as initially filed with the Commission, includes a prospectus
that, other than by reason of Rule 433 or Rule 431 under the Act, satisfies the requirements of Section 10 of the Act; none of the Company, the Selling Stockholder or the Agents is disqualified, by reason of subsection (f) or (g)
of Rule 164 under the Act, from using, in connection with the offer and sale of the Shares, “free writing prospectuses” (as defined in Rule 405 under the Act) pursuant to Rules 164 and 433 under the Act; the Company is not
an “ineligible issuer” (as defined in Rule 405 under the Act) as of each eligibility determination date for purposes of Rules 164 and 433 under the Act with respect to the offering of the Shares contemplated by the Registration
Statement. 

  

	 	(c)	The Incorporated Documents, when they were filed with the Commission, conformed in all material respects to the requirements of the Act or the Exchange Act, as applicable, and none of such documents contained an untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; and any further documents so filed
and incorporated by reference in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to
the requirements of the Act or the Exchange Act, as applicable. 

  

	 	(d)	 The consolidated financial statements of the Company and its subsidiaries and the related notes thereto included or
incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus comply in all material respects with the applicable requirements of the Act and the Exchange Act, as applicable, and present fairly the
financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such financial statements have been prepared in
conformity with generally accepted accounting principles (“GAAP”) applied on a consistent basis throughout the periods covered thereby, except as otherwise disclosed in the financial statement footnotes, and the supporting schedules
included or incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus present fairly the information required to be stated therein; the other financial information included or incorporated by
reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus has been derived from the accounting records of the Company and its subsidiaries and presents fairly the information shown thereby; and any pro forma
financial information and the related notes thereto included or incorporated by reference in 

  
 9 

	 	
the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus have been prepared in accordance with the applicable requirements of the Act and the Exchange Act, as
applicable, and the assumptions underlying such pro forma financial information are reasonable and are included or incorporated by reference in the Registration Statement, the Prospectus and any such Permitted Free Writing Prospectus.

  

	 	(e)	Since the date of the most recent financial statements of the Company included or incorporated by reference in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, (i) no material
change in the capital stock or long-term debt of the Company or any of its subsidiaries has occurred, (ii) no dividend or distribution of any kind has been declared, set aside for payment, paid or made by the Company on any class of capital
stock, (iii) there has not been any material adverse change, nor any development that would reasonably be expected to have a material adverse change, in or affecting the business, properties, management, financial position, results of
operations or prospects of the Company and its subsidiaries, taken as a whole, (iv) neither the Company nor any of its subsidiaries has entered into any transaction or agreement that is material to the Company and its subsidiaries, taken as a
whole, or incurred any liability or obligation, direct or contingent, that is material to the Company and its subsidiaries, taken as a whole, and (v) neither the Company nor any of its subsidiaries has sustained any loss or interference with
its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority that, in the
case of this clause (v), individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect (as defined in Section 3(f)), except, in each case (i) through (v), as otherwise disclosed in the
Registration Statement, the Prospectus or any Permitted Free Writing Prospectus. 

  

	 	(f)	The Company and each of its Identified Subsidiaries (as defined below) have been duly organized and are validly existing and in good standing under the laws of their respective jurisdictions of organization, are duly
qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to
own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified, in good standing or have such power or authority would not, individually or in the aggregate, have a
material adverse effect on the business, properties, management, financial position, results of operations or prospects of the Company and its subsidiaries taken as a whole (a “Material Adverse Effect”). As used in this Agreement,
“Identified Subsidiary” means the subsidiaries listed in Schedule I to this Agreement. The Company does not have any significant subsidiaries that are not listed on Schedule I
hereto. 

  

	 	(g)	 The Company has an authorized capitalization as set forth in the Registration Statement, the Prospectus and any Permitted
Free Writing Prospectus; all the 

  
 10 

	 	
outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable and are not subject to any pre-emptive or similar rights;
except as described in or expressly contemplated by the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, there are no outstanding rights (including, without limitation, pre-emptive rights), warrants or options to
acquire, or instruments convertible into or exchangeable for, any shares of capital stock or other equity interests in the Company or any of its subsidiaries, nor any contracts, commitments, agreements, understandings or arrangements of any kind
relating to the issuance of any capital stock of the Company or any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; the capital stock of the Company conforms in all material respects to the
description thereof contained in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus; and all the outstanding shares of capital stock or other equity interests of each Identified Subsidiary of the Company have been
duly and validly authorized and issued, are fully paid and non-assessable (except, in the case of any foreign subsidiary, for directors’ qualifying shares) and are owned directly or indirectly by the Company, free and clear of any lien, charge,
encumbrance, security interest, restriction on voting or transfer or any other claim of any third party (except as otherwise described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus). 

 

	 	(h)	The Company has full right, power and authority to execute and deliver this Agreement and any Terms Agreement and perform its obligations hereunder or thereunder; and all action required to be taken for the due and
proper authorization, execution and delivery by it of this Agreement and any Terms Agreement and the consummation by it of the transactions contemplated hereby and thereby has been duly and validly taken (or, in the case of any Terms Agreement, such
action will have been duly and validly authorized). 

  

	 	(i)	This Agreement has been, and any Terms Agreement will have been, duly authorized, executed and delivered by the Company. 

  

	 	(j)	This Agreement conforms in all material respects to the description thereof contained in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus. 

 

	 	(k)	The Shares to be issued by the Company and sold by the Selling Stockholder in connection with any sale hereunder or under any Terms Agreement have been duly authorized by the Company and, when issued and delivered and
paid for by the Selling Stockholder, will be duly and validly issued, will be fully paid and nonassessable and will conform to the description thereof in the Registration Statement, the Prospectus, and any Permitted Free Writing Prospectus; the
Shares and all other shares of outstanding capital stock of the Company conform to the description thereof contained in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus; and the shareholders of the Company do not
have any preemptive or similar rights with respect to the Shares. 

  
 11 

	 	(l)	Neither the Company nor any of its subsidiaries is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time
or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its
subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject; or (iii) in violation of any law or statute or any judgment,
order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not reasonably be expected, individually or in the
aggregate, to have a Material Adverse Effect. 

  

	 	(m)	The execution, delivery and performance by the Company of this Agreement or any Terms Agreement, the issuance and sale of the Shares, the compliance by the Company with the terms hereof or of any Terms Agreement and the
consummation of the transactions contemplated hereby or by any Terms Agreement will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of
its subsidiaries is a party or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the
charter or by-laws or similar organizational documents of the Company or any of its Identified Subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or
governmental or regulatory authority, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation or default that would not reasonably be expected, individually or in the aggregate, to have a Material Adverse
Effect. 

  

	 	(n)	No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company
of this Agreement or any Terms Agreement, the issuance and sale of the Shares and compliance by the Company with the terms hereof or of any Terms Agreement and the consummation of the transactions contemplated hereby or by any Terms Agreement,
except for those that have been obtained and for the registration of the Shares under the Act and such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state securities laws.

  

	 	(o)	 Except as described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, there are no
legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Company or any 

  
 12 

	 	
of its subsidiaries is a party or to which any property of the Company or any of its subsidiaries is the subject that, individually or in the aggregate, would reasonably be expected to have a
Material Adverse Effect; to the best knowledge of the Company, no such investigations, actions, suits or proceedings are threatened or contemplated by any governmental or regulatory authority or threatened by others; and (i) there are no
current or pending legal, governmental or regulatory actions, suits or proceedings that are required under the Act to be described in the Registration Statement or the Prospectus that are not so described in the Registration Statement or the
Prospectus and (ii) there are no statutes, regulations or contracts or other documents that are required under the Act to be filed as exhibits to the Registration Statement or described in the Registration Statement or the Prospectus that are
not so filed as exhibits to the Registration Statement or described in the Registration Statement or the Prospectus. 

  

	 	(p)	Ernst & Young LLP, who have audited certain consolidated financial statements of the Company and its subsidiaries are independent public accountants with respect to the Company and its subsidiaries within the
applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Act. 

  

	 	(q)	The Company and its subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real and personal property that are material to the businesses of the
Company and its subsidiaries, taken as a whole, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i) do not materially interfere with the use made and proposed to be made of
such property by the Company and its subsidiaries, (ii) are disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus or (iii) would not reasonably be expected, individually or in the aggregate, to
have a Material Adverse Effect. 

  

	 	(r)	The Company and its subsidiaries own or possess adequate rights to use all material patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights,
licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) necessary for the conduct, in all material respects, of their businesses, taken as a whole; and
the conduct of their businesses, taken as a whole, will not conflict in any material respect with any such rights of others, and the Company and its subsidiaries have not received any notice of any material claim of infringement or conflict with any
such rights of others. 

  

	 	(s)	No relationship, direct or indirect, exists between or among the Company or any of its subsidiaries, on the one hand, and the directors, officers, stockholders or other affiliates of the Company or any of its
subsidiaries, on the other, that is required by the Act to be described in the Registration Statement or the Prospectus and that is not so described in such documents. 

  
 13 

	 	(t)	Neither the Company nor any of its subsidiaries is an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as
amended, and the rules and regulations of the Commission thereunder. 

  

	 	(u)	The Company and its subsidiaries have filed all federal, state, local and foreign tax returns required to be filed or have requested extensions of the filing deadlines therefore, except in any case where the failure to
so file would not reasonably be expected to have a Material Adverse Effect; the Company and its subsidiaries have paid all federal, state, local and foreign taxes required to be paid through the date hereof, except any such taxes that are being
contested in good faith by appropriate proceedings and for which the Company, to the extent required by GAAP, has set aside on its books adequate reserves, except for any inadequate reserves that would not, individually or in the aggregate, have a
Material Adverse Effect; and except as otherwise disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, there is no tax deficiency that has been, or would reasonably be expected to be, asserted against the
Company or any of its subsidiaries or any of their respective properties or assets, except those as would not, individually or in the aggregate, have a Material Adverse Effect. 

 

	 	(v)	The Company and its subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign
governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described in the Registration Statement, the Prospectus and any Permitted Free
Writing Prospectus, except where the failure to possess or make the same would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and except as described in the Registration Statement, the Prospectus or
any Permitted Free Writing Prospectus, neither the Company nor any of its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe that any such
license, certificate, permit or authorization will not be renewed in the ordinary course, except where such revocation, modification or renewal would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

  

	 	(w)	Except as described in the Registration Statement, Prospectus or any Permitted Free Writing Prospectus, no labor disturbance by or dispute with employees of the Company or any of its subsidiaries exists or, to the
knowledge of the Company, is contemplated or threatened, except for those as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

 

	 	(x)	 (i) Except as described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, the
Company and its subsidiaries (A) are, and at all prior times were, in compliance with any and all applicable federal, state, 

  
 14 

	 	
local and foreign laws, rules, regulations, requirements, decisions and orders relating to the protection of human health or safety, the environment, natural resources, hazardous or toxic
substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”), (B) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under
applicable Environmental Laws to conduct their respective businesses, and (C) have not received notice of any actual or potential liability under or relating to any Environmental Laws, including for the investigation or remediation of any
disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, and have no knowledge of any event or condition that would reasonably be expected to result in any such notice, and (ii) except as described in the
Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, there are no costs or liabilities associated with Environmental Laws of or relating to the Company or its subsidiaries, except in the case of each of clauses (i)
and (ii) above, for any such failure to comply, or failure to receive required permits, licenses or approvals, or cost or liability, as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

  

	 	(y)	(i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for which the Company or any member of its
“Controlled Group” (defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414 of the Internal Revenue Code of 1986, as amended (the “Code”)) would have any
liability (each, a “Plan”) has been maintained in material compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Code; (ii) no
prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption; (iii) for each
Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding deficiency” as defined in Section 412 of the Code, whether or not waived, has occurred or is reasonably
expected to occur; (iv) the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those assumptions used to fund such Plan), except for any liability as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (v) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur, except for
any reportable event as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and (vi) neither the Company nor any member of its Controlled Group has incurred, nor reasonably expects to incur,
any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation, in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan”, within
the meaning of Section 4001(a)(3) of ERISA), except for any liability as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

  
 15 

	 	(z)	The Company maintains an effective system of “disclosure controls and procedures” (as defined in Rule 13a-15(e) of the Exchange Act) that is designed to ensure that information required to be disclosed by
the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including controls and procedures designed to ensure
that such information is accumulated and communicated to the Company’s management as appropriate to allow timely decisions regarding required disclosure. The Company has carried out evaluations of the effectiveness of its disclosure controls
and procedures as required by Rule 13a-15 of the Exchange Act. 

  

	 	(aa)	The Company maintains systems of “internal control over financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed
by, or under the supervision of, the Company’s principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with
management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is
permitted only in accordance with management’s general or specific authorization; (iv) interactive data in eXtensible Business Reporting Language (“XBRL Data”) included or incorporated by reference in the Registration
Statement fairly presents the information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto; and (v) the recorded accountability for assets is compared with the
existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus, there are no material weaknesses in
the Company’s internal control over financial reporting. 

  

	 	(bb)	The Registration Statement and the documents incorporated by reference therein include and incorporate by reference all XBRL Data required to be included therein; and the XBRL Data included or incorporated by reference
in the Registration Statement or the documents incorporated by reference therein fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable
thereto. 

  

	 	(cc)	 The Company and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses,
including business interruption insurance, which insurance is in amounts and insures against such losses and risks as the Company believes in its reasonable judgment are adequate to protect the

  
 16 

	 	
Company and its subsidiaries and their respective businesses; and neither the Company nor any of its subsidiaries has (i) received notice from any insurer or agent of such insurer that
capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage
expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business, except where such notice or non-renewal would not reasonably be expected to have a Material Adverse Effect.

  

	 	(dd)	Neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, employee, agent, affiliate or other person associated with or acting on behalf of the Company or any of its
subsidiaries has (i) used any funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct
or indirect unlawful payment or benefit to any foreign or domestic government or regulatory official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official
capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any
applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under any other applicable anti-bribery or anti-corruption laws; or
(iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or
benefit. The Company and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption
laws. 

  

	 	(ee)	The operations of the Company and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements, including those of the Currency and Foreign
Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its subsidiaries conducts business, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines issued, administered or enforced by any governmental or regulatory agency (collectively, the “Anti-Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental or
regulatory agency, authority or body or any arbitrator involving the Company or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

 

	 	(ff)	 Neither the Company nor any of its subsidiaries, nor, to the knowledge of the Company, any director, officer, or employee,
agent, or affiliate or other person 

  
 17 

	 	
associated with or acting on behalf of the Company or any of its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government, (including,
without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S. Department of State and including, without limitation, the designation as a “specially designated
national” or “blocked person”), the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor is the Company, any of its
subsidiaries located, organized or resident in a country or territory that is the subject or the target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Sudan, Syria and Crimea (each, a “Sanctioned Country”).
For the past five years, the Company and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was
the subject or the target of Sanctions or with any Sanctioned Country. 

  

	 	(gg)	No subsidiary of the Company is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other
distribution on such subsidiary’s capital stock, from repaying to the Company any loans or advances to such subsidiary from the Company or from transferring any of such subsidiary’s properties or assets to the Company or any other
subsidiary of the Company, except, in each case, as described in the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus. 

  

	 	(hh)	Neither the Company nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would reasonably be expected to give rise to a valid claim against
the Company or any of its subsidiaries or any of the Agents for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Shares by the Selling Stockholder. 

 

	 	(ii)	No person has the right to require the Company or any of its subsidiaries to register any securities for sale under the Act by reason of the filing of the Registration Statement with the Commission or the issuance and
sale of the Shares. 

  

	 	(jj)	The Company has not taken, directly or indirectly, any action designed to or that would reasonably be expected to cause or result in any stabilization or manipulation of the price of the Shares. 

 

	 	(kk)	No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) included or incorporated by reference in the Registration Statement, the Prospectus or any
Permitted Free Writing Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. 

  
 18 

	 	(ll)	Nothing has come to the attention of the Company that has caused the Company to believe that the statistical and market-related data included or incorporated by reference in the Registration Statement, the Prospectus
and any Permitted Free Writing Prospectus is not based on or derived from sources that are reliable and accurate in all material respects. 

  

	 	(mm)	There is and has been no failure on the part of the Company or any of the Company’s directors or officers, in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules
and regulations promulgated in connection therewith, including Section 402 related to loans and Sections 302 and 906 related to certifications. 

  

	 	(nn)	The Company is not an “ineligible issuer” and is a “well-known seasoned issuer”, in each case as defined under the Act and at the times specified in the Act in connection with the offering of the
Shares. The Company has paid the registration fee for this offering pursuant to Rule 457 under the Act. 

  

	 	(oo)	The Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Common Stock under
the Exchange Act or delisting the Common Stock from the Exchange nor has the Company received any notification that the Commission or the Exchange is contemplating terminating such registration or listing. The outstanding shares of the Common
Stock have been approved for listing and the Shares being sold hereunder have been approved for listing, subject only to official notice of issuance, on the Exchange. 

 

	 	(pp)	Except for the New York State stock transfer tax, there are no transfer taxes or other similar fees or charges under U.S. federal law or the laws of any state thereof, or any political subdivision thereof, required to
be paid in connection with the execution and delivery of this Agreement or the issuance and sale by the Company of the Shares. 

  

	 	(qq)	The Common Stock is an “actively-traded security” excepted from the requirements of Rule 101 of Regulation M under the Exchange Act by subsection (c)(1) of such rule. 

 

	 	(rr)	Any certificate signed by any officer of the Company or any subsidiary of the Company delivered to the Agents or to counsel for the Agents pursuant to or in connection with this Agreement shall be deemed a
representation and warranty by the Company to the Agents as to the matters covered thereby. 

 4. Representations and Warranties of
the Selling Stockholder. The Selling Stockholder represents and warrants to each Agent, on and as of each Representation Date that: 
  

	 	(a)	 The Selling Stockholder has full right, power and authority to execute and deliver this Agreement and any Terms Agreement
and perform its obligations hereunder or thereunder; and all action required to be taken for the due and proper 

  
 19 

	 	
authorization, execution and delivery by it of this Agreement and any Terms Agreement and the consummation by it of the transactions contemplated hereby and thereby has been duly and validly
taken (or, in the case of any Terms Agreement, such action will have been duly and validly authorized). 

  

	 	(b)	This Agreement has been, and any Terms Agreement will have been, duly authorized, executed and delivered by the Selling Stockholder. 

 

	 	(c)	The execution, delivery and performance by the Selling Stockholder of this Agreement or any Terms Agreement, the sale of the Shares, the compliance by the Selling Stockholder with the terms hereof or of any Terms
Agreement and the consummation of the transactions contemplated hereby or by any Terms Agreement will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the
creation or imposition of any lien, charge or encumbrance upon any property or assets of the Selling Stockholder or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which
the Selling Stockholder or any of its subsidiaries is a party or by which the Selling Stockholder or any of its subsidiaries is bound or to which any of the property or assets of the Selling Stockholder or any of its subsidiaries is subject,
(ii) result in any violation of the provisions of the certificate of formation or limited liability company agreement or similar organizational documents of the Selling Stockholder or (iii) result in the violation of any law or statute or
any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority. 

  

	 	(d)	No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Selling
Stockholder of this Agreement or any Terms Agreement, the sale of the Shares and compliance by the Selling Stockholder with the terms hereof or of any Terms Agreement and the consummation of the transactions contemplated hereby or by any Terms
Agreement, except for those that have been obtained and such consents, approvals, authorizations, orders and registrations or qualifications as may be required under applicable state securities laws. 

 

	 	(e)	At the time when the Company issues the Shares to the Selling Stockholder, the Selling Stockholder will have good and valid title to the Shares to be sold hereunder or under any Terms Agreement, free and clear of all
liens, encumbrances, equities or adverse claims; and upon the delivery of, against payment for, such Shares pursuant to this Agreement or any Terms Agreement, any purchaser will acquire good and marketable title thereto, free and clear of all liens,
encumbrances, equities or adverse claims. 

  

	 	(f)	The Selling Stockholder has not taken, directly or indirectly, any action designed to or that would reasonably be expected to cause or result in any stabilization or manipulation of the price of the Shares.

  
 20 

	 	(g)	The Registration Statement does not or will not, as then amended or supplemented, as of each Representation Date, 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; as of each Representation Date, the Prospectus, as then amended or supplemented, together with all of the then issued Permitted Free Writing Prospectuses, if any, will not contain
an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the
foregoing representations and warranties in this Section 4(g) apply only to information in the Registration Statement and the Prospectus relating to the Selling Stockholder furnished to the Company in writing by the Selling Stockholder
expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus (or any amendment or supplement thereto) or any Permitted Free Writing Prospectus, it being understood and agreed that the only such information furnished by the
Selling Stockholder consists of the information set forth on Schedule II-A attached hereto. 

 

	 	(h)	Except as disclosed in the annual, quarterly and current reports of Noble Corporation plc, a public limited company incorporated under the laws of England and Wales, and Noble Corporation, a Cayman Islands company,
filed with the Commission on Forms 10-K, 10-Q and 8-K, neither the Selling Stockholder nor any of its subsidiaries nor, to the knowledge of the Selling Stockholder, any director, officer, employee, agent, affiliate or other person associated with or
acting on behalf of the Selling Stockholder or any of its subsidiaries has (i) used any funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in
furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government or regulatory official or employee, including of any government-owned or controlled entity or of a public
international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of
the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under any
other applicable anti-bribery or anti-corruption laws; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence
payment, kickback or other unlawful or improper payment or benefit. The Selling Stockholder and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and
ensure compliance with all applicable anti-bribery and anti-corruption laws. 

  

	 	(i)	 The operations of the Selling Stockholder and its subsidiaries are and have been conducted at all times in compliance with
the Anti-Money Laundering Laws and 

  
 21 

	 	
no action, suit or proceeding by or before any court or governmental or regulatory agency, authority or body or any arbitrator involving the Selling Stockholder or any of its subsidiaries with
respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Selling Stockholder, threatened. 

  

	 	(j)	Neither the Selling Stockholder nor any of its subsidiaries, nor, to the knowledge of the Selling Stockholder, any director, officer, or employee, agent, or affiliate or other person associated with or acting on behalf
of the Selling Stockholder or any of its subsidiaries is currently the subject or the target of any Sanctions, nor is the Selling Stockholder, any of its subsidiaries located, organized or resident in a Sanctioned Country; and the Selling
Stockholder will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund
or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or the target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or
(iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. For the past five years, the Selling
Stockholder and its subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not engage in, any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target
of Sanctions or with any Sanctioned Country. 

  

	 	(k)	The Selling Stockholder has been duly organized and is validly existing and in good standing under the laws of Delaware, is duly qualified to do business and is in good standing in each jurisdiction in which its
ownership or lease of property or the conduct of its businesses requires such qualification, and have all power and authority necessary to own or hold its properties and to conduct the businesses in which it is engaged, except where the failure to
be so qualified, in good standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the business, properties, management, financial position, results of operations or prospects of the
Selling Stockholder and its subsidiaries taken as a whole. 

  

	 	(l)	That each sale of Shares by the Selling Stockholder is not and will not be prompted by any material information concerning or relating to the Company which is not set forth in the Registration Statement or the
Prospectus. 

 5. Certain Covenants of the Company. The Company hereby agrees with each Agent: 

 

	 	(a)	 For so long as the delivery of a prospectus is required (whether physically or through compliance with Rule 172 under
the Act or any similar rule) in connection with the offering or sale of the Shares, before amending or supplementing the Registration Statement or the Prospectus (in each case, other than due to the filing of an Incorporated Document), (i) to
furnish to each Agent a 

  
 22 

	 	
copy of each such proposed amendment or supplement within a reasonable period of time before filing any such amendment or supplement with the Commission, (ii) that the Company will not use
or file any such proposed amendment or supplement to which an Agent reasonably objects, unless the Company’s legal counsel has advised the Company that filing such document is required by law, and (iii) that the Company will not use or
file any Permitted Free Writing Prospectus to which an Agent reasonably objects. 

  

	 	(b)	To prepare a Prospectus Supplement with respect to any Shares sold pursuant to this Agreement in a form previously approved by the Agents and to file such Prospectus Supplement pursuant to Rule 424(b) under the Act
(and within the time periods required by Rule 424(b) and Rules 430A, 430B or 430C under the Act) and to file any Permitted Free Writing Prospectus to the extent required by Rule 433 under the Act and to provide copies of the
Prospectus and such Prospectus Supplement and each Permitted Free Writing Prospectus (to the extent not previously delivered or filed on the Commission’s Electronic Data Gathering, Analysis and Retrieval system or any successor system thereto
(collectively, “EDGAR”)) to the Agents via e-mail in “.pdf” format on such filing date to an e-mail account designated by each Agent and, at an Agent’s request, to also furnish
copies of the Prospectus and such Prospectus Supplement to each exchange or market on which sales were effected as may be required by the rules or regulations of such exchange or market. 

 

	 	(c)	 To file promptly all reports and any definitive proxy or information statements required to be filed by the Company with
the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act for so long as the delivery of a prospectus is required (whether physically or through compliance with Rule 172 under the Act or any similar rule) in
connection with the offering or sale of the Shares, and during such same period to advise the Agents, promptly after the Company receives notice thereof, (i) of the time when any amendment to the Registration Statement has been filed or has
become effective or any supplement to the Prospectus, any Permitted Free Writing Prospectus or any amended Prospectus has been filed with the Commission, (ii) of the issuance by the Commission of any stop order or any order preventing or
suspending the use of any prospectus relating to the Shares or the initiation or threatening of any proceeding for that purpose, pursuant to Section 8A of the Act, (iii) of any objection by the Commission to the use of Form S-3ASR by
the Company pursuant to Rule 401(g)(2) under the Act, (iv) of the suspension of the qualification of the Shares for offering or sale in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, (v) of
any request by the Commission for the amendment of the Registration Statement or the amendment or supplementation of the Prospectus or for additional information, (vi) of the occurrence of any event as a result of which the Prospectus or any
Permitted Free Writing Prospectus as then amended or supplemented includes any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of
the circumstances existing when the Prospectus or any such Permitted Free Writing 

  
 23 

	 	
Prospectus is delivered to a purchaser, not misleading and (vii) of the receipt by the Company of any notice of objection of the Commission to the use of the Registration Statement or any
post-effective amendment thereto. 

  

	 	(d)	In the event of the issuance of any such stop order or of any such order preventing or suspending the use of any such prospectus or suspending any such qualification, to use promptly its commercially reasonable efforts
to obtain its withdrawal. 

  

	 	(e)	To furnish such information as may be required and otherwise to cooperate in qualifying the Shares for offering and sale under the securities or blue sky laws of such states as an Agent may reasonably designate and to
maintain such qualifications in effect so long as required for the distribution of the Shares; provided that the Company shall not be required to qualify as a foreign corporation, become a dealer of securities, or become subject to taxation
in, or to consent to the service of process under the laws of, any such state. 

  

	 	(f)	To make available to the Agents at their offices in New York City, without charge, as soon as practicable after the Registration Statement becomes effective, and thereafter from time to time to furnish to the Agents, as
many copies of the Prospectus and the Prospectus Supplement (or of the Prospectus or Prospectus Supplement as amended or supplemented if the Company shall have made any amendments or supplements thereto and documents incorporated by reference
therein after the effective date of the Registration Statement) and each Permitted Free Writing Prospectus as the Agents may reasonably request for so long as the delivery of a prospectus is required (whether physically or through compliance with
Rule 172 under the Act or any similar rule); and for so long as this Agreement is in effect, the Company will prepare and file promptly such amendment or amendments to the Registration Statement, the Prospectus or any Permitted Free Writing
Prospectus as may be necessary to comply with the requirements of Section 10(a)(3) of the Act. 

  

	 	(g)	To furnish or make available to the Agents during the term of this Agreement and for a period of two years thereafter (i) copies of any reports or other communications which the Company shall send to its
stockholders or shall from time to time publish or publicly disseminate and (ii) copies of all annual, quarterly and current reports filed with the Commission on Forms 10-K, 10-Q and 8-K, or such other similar form as may be designated by the
Commission, and to furnish to the Agents from time to time during the term of this Agreement such other information as the Agents may reasonably request regarding the Company or its subsidiaries, in each case as soon as such reports, communications,
documents or information becomes available or promptly upon the request of the Agents, as applicable; provided, however, that the Company shall have no obligation to provide the Agents with any document filed on EDGAR or
included on the Company’s Internet website. 

  
 24 

	 	(h)	If, at any time during the term of this Agreement, any event shall occur or condition shall exist as a result of which it is necessary in the reasonable opinion of counsel for the Agents or counsel for the Company, to
further amend or supplement the Prospectus or any Free Writing Prospectus as then amended or supplemented in order that the Prospectus or any such Free Writing Prospectus will not include an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary in order to make the statements therein not misleading, in light of the circumstances existing at the time the Prospectus or any such Free Writing Prospectus is delivered to a purchaser, or if
it shall be necessary, in the reasonable opinion of either such counsel, to amend or supplement the Registration Statement, the Prospectus or any Free Writing Prospectus in order to comply with the requirements of the Act, in the case of such a
determination by counsel for the Company, immediate notice shall be given, and confirmed in writing, to the Agents to cease the solicitation of offers to purchase the Shares in the Agents’ capacity as agents, and, in either case, the Company
will promptly prepare and file with the Commission such amendment or supplement, whether by filing documents pursuant to the Act, the Exchange Act or otherwise, as may be necessary to correct such untrue statement or omission or to make the
Registration Statement, the Prospectus or any such Free Writing Prospectus comply with such requirements. 

  

	 	(i)	To generally make available to its security holders as soon as reasonably practicable, but not later than 90 days after the close of the period covered thereby, an earnings statement (in a form complying with the
provisions of Section 11(a) under the Act and Rule 158 of the Commission promulgated thereunder) covering the twelve-month period beginning not later than the first day of the Company’s fiscal quarter next following the
“effective date” (as defined in such Rule 158) of the Registration Statement. 

  

	 	(j)	The Company will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the stabilization
or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares; provided that nothing herein shall prevent the Company from filing or submitting reports under the Exchange Act or issuing press
releases in the ordinary course of business. 

  

	 	(k)	 (i) Except as otherwise agreed between the Company and the Agents, to pay all costs, expenses, fees and taxes in
connection with (A) the preparation and filing of the Registration Statement (including registration fees pursuant to Rule 456(b)(1)(i) under the Act), the Prospectus, any Permitted Free Writing Prospectus and any amendments or supplements
thereto, and the printing and furnishing of copies of each thereof to the Agents and to dealers (including costs of mailing and shipment), (B) the registration, issue and delivery of the Shares, (C) the preparation, printing and delivery
to the Agents of this Agreement, the Shares, and such other documents as may be required in connection with the offer, purchase, sale, issuance or delivery of the Shares and any cost associated

  
 25 

 
with electronic delivery of any of the foregoing by the Agents to investors, (D) the qualification of the Shares for offering and sale under state laws and the determination of their
eligibility for investment under state law as aforesaid (including the reasonable legal fees and filing fees and other disbursements of counsel for the Agents in connection therewith) and the printing and furnishing of copies of any blue sky surveys
or legal investment surveys to the Agents, (E) the listing of the Shares on the Exchange and any registration thereof under the Exchange Act, (F) any filing for review of the public offering of the Shares by FINRA, (G) the fees and
disbursements of counsel to the Company and (H) the performance of the Company’s other obligations hereunder; provided that the Agents agree to timely and properly pay the New York State stock transfer tax, and the Selling
Stockholder agrees to reimburse the Agents for associated carrying costs if such tax payment is not rebated on the date of payment and for any portion of such tax payment not rebated. It is understood, however, that the Agents shall be responsible
for any transfer taxes on resale of Shares by the Agents, any costs and expenses associated with the sale and marketing of the Shares and fees of the Agents’ counsel other than as specifically provided above or elsewhere in this Agreement. 

(ii) If Shares having an aggregate Gross Sales Price of $100,000,000 or more have not been offered and sold under this Agreement and all Terms
Agreements by June 17, 2016 (or such earlier date at which the Company terminates this Agreement), the Company shall reimburse the Agents for all of the Agents’ out-of-pocket expenses, including the reasonable fees and disbursements of a
single counsel for the Agents incurred by the Agents in connection with the offering contemplated by this Agreement. 
  

	 	(l)	The Company will not, and each Agent covenants that it will not, distribute any offering material in connection with the offer and sale of the Shares, other than the Registration Statement, the Prospectus, any Permitted
Free Writing Prospectus and other materials permitted by the Act or the rules and regulations promulgated thereunder. 

  

	 	(m)	 From and including the date hereof through and including June 17, 2016, the Company will not (i) offer, pledge,
announce the intention to sell, 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 or otherwise transfer or dispose of, directly or indirectly, or
file with the Commission a registration statement under the Act (other than a registration statement on Form S-8) relating to any shares of its Common Stock or any securities convertible into, or exercisable or exchangeable for, such shares or
(ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of such shares, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery
of shares or such other securities, in cash or otherwise, without the prior written consent of the Selling Stockholder or the applicable Agent with respect to such Agency Transaction, other than the Shares to be sold hereunder and any securities of
the Company issued pursuant to, or upon the 

  
 26 

	 	
exercise or conversion of any securities of the Company that are outstanding at the time such Transaction Proposal is delivered and issued pursuant to, the Company’s equity incentive plans
disclosed in the Prospectus. 

  

	 	(n)	Pursuant to reasonable procedures developed in good faith, to retain copies of each Permitted Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Act.

  

	 	(o)	To use its reasonable efforts to cause the Shares to be listed on the Exchange. 

  

	 	(p)	That it consents to each Agent trading in the Common Stock for such Agent’s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.

  

	 	(q)	If immediately prior to the third anniversary (the “Renewal Deadline”) of the initial effective date of the Registration Statement, the aggregate Gross Sales Price of Shares sold by the Company is less
than the Maximum Amount and this Agreement has not expired or been terminated, the Company will, prior to the Renewal Deadline, file, if it has not already done so and is eligible to do so, a new automatic shelf registration statement relating to
the Shares, in a form satisfactory to the Agents. If the Company is no longer eligible to file an automatic shelf registration statement, the Company will, prior to the Renewal Deadline, if it has not already done so, file a new shelf registration
statement relating to the Shares, in a form satisfactory to the Agents, and will use its best efforts to cause such registration statement to be declared effective within 60 days after the Renewal Deadline. The Company will take all other action
necessary or appropriate to permit the issuance and sale of the Shares to continue as contemplated in the expired registration statement relating to the Shares. References herein to the Registration Statement shall include such new automatic shelf
registration statement or such new shelf registration statement, as the case may be. 

  

	 	(r)	That each Transaction Proposal made by the Selling Stockholder that is accepted by an Agent by means of a Transaction Acceptance and each execution and delivery by the Selling Stockholder of a Terms Agreement shall be
deemed to be (i) an affirmation that the representations and warranties of the Company herein contained and contained in any certificate delivered to the Agents pursuant hereto are true and correct at the Time of Acceptance or the date of such
Terms Agreement, as the case may be, and (ii) an undertaking that such representations and warranties will be true and correct on any Time of Sale, any Closing Date and at the time of delivery to the applicable Agent of Shares pursuant to the
Transaction Proposal and Transaction Acceptance or the Time of Delivery, as applicable, as though made at and as of each such time (it being understood that such representations and warranties shall relate to the Registration Statement, the
Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of such Transaction Acceptance or Terms Agreement, as the case may be). 

  
 27 

	 	(s)	That each time that (i) the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall be amended or supplemented (including, except as noted in the proviso at the end of this
Section 5(s), by the filing of any Incorporated Document, but excluding any prospectus supplement filed pursuant to Section 5(b) hereof) or (ii) the Shares are delivered to an Agent pursuant to a Terms Agreement, in each case, the
Company shall, unless the Agents agree otherwise, furnish or cause to be furnished to the Agents forthwith a certificate, dated the date of filing with the Commission or the date of effectiveness of such amendment or supplement, as applicable, as to
the matters set forth in Exhibit A-1 hereto at the time of the filing or effectiveness of such amendment or supplement, as applicable, as though made at and as of such time (except that
such statements shall be deemed to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to such time) or, in lieu of such certificate, a certificate of the same tenor as the
certificate referred to in Section 7(a)(i) hereof, modified as necessary to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of delivery of such certificate;
provided, however, that the Company will not be required to furnish such a certificate to the Agents in connection with the filing of a Current Report on Form 8-K unless (A) such Current Report on Form 8-K is filed at any
time during which either a Transaction Acceptance is binding or a prospectus relating to the Shares is required to be delivered under the Act and (B) the Agents have reasonably requested such a certificate based upon the event or events
reported in such Current Report on Form 8-K. 

  

	 	(t)	 That each time that (i) the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall be
amended or supplemented (including, except as noted in the proviso at the end of this Section 5(t), by the filing of any Incorporated Document, but excluding any prospectus supplement filed pursuant to Section 5(b) hereof) or (ii) the
Shares are delivered to the Agents pursuant to a Terms Agreement, in each case, the Company shall, unless the Agents agree otherwise, furnish or cause to be furnished forthwith to the Agents and to counsel for the Agents the written opinions of
(A) Davis Polk & Wardwell LLP, special counsel for the Company, and (B) the General Counsel of the Company, a Deputy or Assistant General Counsel of the Company or other counsel satisfactory to the Agents, dated the date of filing with
the Commission or the date of effectiveness of such amendment or supplement, as applicable, in form and substance reasonably satisfactory to the Agents, of the same tenor as the opinions referred to in Section 7(a)(iii) and
Section 7(a)(ii) hereof, respectively, but modified as necessary to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of delivery of such opinions or, in
lieu of such opinions, counsel last furnishing such opinions to the Agents shall furnish the Agents with letters substantially to the effect that the Agents may rely on such last opinions to the same extent as though they were dated the date of
such letters authorizing reliance (except that statements in such last opinions shall be deemed to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and

  
 28 

	 	
supplemented to the time of delivery of such letters authorizing reliance); provided, however, that the Company will not be required to furnish such opinions to the Agents in
connection with the filing of a Current Report on Form 8-K unless (1) such Current Report on Form 8-K is filed at any time during which either a Transaction Acceptance is binding or a prospectus relating to the Shares is required to be
delivered under the Act and (2) the Agents have reasonably requested such opinions based upon the event or events reported in such Current Report on Form 8-K. 

 

	 	(u)	That each time that (i) the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall be amended or supplemented (including, except as noted in the proviso at the end of this
Section 5(u), by the filing of any Incorporated Document, but excluding any prospectus supplement filed pursuant to Section 5(b) hereof) or (ii) the Shares are delivered to an Agent pursuant to a Terms Agreement, in each case, the Company
shall, unless the Agents agree otherwise, cause Ernst & Young LLP promptly to furnish to the Agents a letter, dated the date of filing with the Commission or the date of effectiveness of such amendment or supplement, as applicable, of the same
tenor as the letter referred to in Section 7(a)(iv) hereof, but modified to relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the date of such letter; provided,
however, that the Company will not be required cause Ernst & Young LLP to furnish such letter to the Agents in connection with the filing of a Current Report on Form 8-K unless (A) such Current Report on Form 8-K is filed at any time
during which either a Transaction Acceptance is binding or a prospectus relating to the Shares is required to be delivered under the Act and (B) the Agents have reasonably requested such a letter based upon the event or events reported in such
Current Report on Form 8-K. 

  

	 	(v)	To disclose in its quarterly reports on Form 10-Q, in its annual report on Form 10-K and/or, in prospectus supplements, the number of the Shares issued to Noble pursuant to the Settlement Agreement and sold by Noble
through the Agents under this Agreement, the net proceeds to the Selling Stockholder, if any, from the sale of the Shares and the compensation paid by the Selling Stockholder, if any, with respect to sales of the Shares pursuant to this Agreement
during the relevant quarter. 

  

	 	(w)	To reasonably cooperate with any reasonable due diligence review requested by the Agents or the Agents’ counsel from time to time in connection with the transactions contemplated hereby or any Terms Agreement.

  

	 	(x)	That no Stock Issuance (as defined in the Settlement Agreement) shall occur when there is a Suspension Notice (as defined in the Settlement Agreement) in effect. 

 

	 	(y)	To promptly furnish to the Agents any instructions to issue and sell shares of Common Stock pursuant to the Settlement Agreement. 

  
 29 

 6. Certain Covenants of the Selling Stockholder. The Selling Stockholder hereby agrees with
each Agent: 
  

	 	(a)	The Selling Stockholder will not prepare or have prepared on its behalf or use, distribute or refer to, any “free writing prospectus”, as defined in Rule 405 under the Act, without the prior consent of
the Agents. 

  

	 	(b)	The Selling Stockholder will not directly or indirectly use the proceeds of the Shares sold hereunder or under any Terms Agreement, or lend, contribute or otherwise make available such proceeds to a subsidiary, joint
venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any
activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of
Sanctions. 

  

	 	(c)	The Selling Stockholder will not, and will cause its subsidiaries not to, take, directly or indirectly, any action designed to cause or result in, or that constitutes or might reasonably be expected to constitute, the
stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Shares. 

  

	 	(d)	From and including the date hereof through and including June 17, 2016, the Selling Stockholder will not (i) offer, pledge, announce the intention to sell, 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 or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into, or exercisable or
exchangeable for, such shares or (ii) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of such shares, whether any such transaction described in clause (i) or (ii)
above is to be settled by delivery of shares or such other securities, in cash or otherwise, without the prior written consent of the Agents, other than the Shares to be sold hereunder. 

 

	 	(e)	The Selling Stockholder consents to each Agent trading in the Common Stock for such Agent’s own account and for the account of its clients at the same time as sales of the Shares occur pursuant to this Agreement.

  

	 	(f)	 Each Transaction Proposal made by the Selling Stockholder that is accepted by an Agent by means of a Transaction Acceptance
and each execution and delivery by the Selling Stockholder and the Company of a Terms Agreement shall be deemed to be (i) an affirmation that the representations and warranties of the Selling Stockholder herein contained and contained in any
certificate delivered to the Agents pursuant hereto are true and correct at the Time of Acceptance or the date of such Terms Agreement, as the case may be, and (ii) an undertaking that such representations and warranties will be true and
correct on any Time of Sale, any 

  
 30 

	 	
Closing Date and at the time of delivery to the applicable Agent of Shares pursuant to the Transaction Proposal and Transaction Acceptance or the Time of Delivery, as applicable, as though made
at and as of each such time (it being understood that such representations and warranties shall relate to the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus as amended and supplemented to the time of such Transaction
Acceptance or Terms Agreement, as the case may be). 

  

	 	(g)	Each time that (i) the Registration Statement, the Prospectus or any Permitted Free Writing Prospectus shall be amended or supplemented (including, except as noted in the proviso at the end of this
Section 6(g), by the filing by the Company of any Incorporated Document, but excluding any prospectus supplement filed pursuant to Section 5(b) hereof) or (ii) the Shares are delivered to an Agent pursuant to a Terms Agreement, in
each case, the Selling Stockholder shall, unless the Agents agree otherwise, furnish or cause to be furnished forthwith to the Agents and to counsel for the Agents a certificate of the same tenor as the certificate referred to in
Section 7(b)(i) hereof; provided, however, that the Selling Stockholder will not be required to furnish such certificate to the Agents in connection with the filing by the Company of a Current Report on Form 8-K unless
(1) such Current Report on Form 8-K is filed at any time during which either a Transaction Acceptance is binding or a prospectus relating to the Shares is required to be delivered under the Act and (2) the Agents have reasonably requested
such certificate based upon the event or events reported in such Current Report on Form 8-K. 

  

	 	(h)	To report to the Company as soon as practicable following the end of each fiscal quarter of the Company the number of the Shares sold through the Agents under this Agreement, the net proceeds to the Selling Stockholder,
if any, from the sale of the Shares and the compensation paid by the Selling Stockholder, if any, with respect to sales of the Shares pursuant to this Agreement during the relevant quarter. 

7. Execution of Agreement. Each Agent’s obligation to execute this Agreement shall be subject to the satisfaction of the following
conditions in connection with, and on the intended date of the execution of, this Agreement: 
  

	 	(a)	the Company shall have delivered to the Agents and to the Selling Stockholder: 

 (i) an
officer’s certificate signed by one of its executive officers certifying as to the matters set forth in Exhibit A-1 hereto; 

(ii) an opinion of the General Counsel or a Deputy or Assistant General Counsel of the Company, addressed to the Agents and dated the
date of this Agreement, in the form of Exhibit B hereto; 

  
 31 

 (iii) an opinion and a 10b-5 statement of Davis Polk & Wardwell LLP, special counsel
for the Company, addressed to the Agents and dated the date of this Agreement, in the form of Exhibit C hereto; 

(iv) a letter of Ernst & Young LLP, dated the date of this Agreement and addressed to the Agents, in a form reasonably satisfactory
to the Agents and the Agents’ counsel; 
 (v) evidence reasonably satisfactory to the Agents and the Agents’ counsel that the
Registration Statement is effective; 
 (vi) evidence reasonably satisfactory to the Agents and the Agents’ counsel that the
Shares have been approved for listing on the Exchange, subject only to notice of issuance on or before the date hereof; 
 (vii)
resolutions duly adopted by the Company’s board of directors, and certified by an officer of the Company, authorizing the Company’s execution of this Agreement and the consummation by the Company of the transactions contemplated hereby,
including the issuance of the Shares; and 
 (viii) such other documents as the Agents shall reasonably request; 

 

	 	(b)	the Selling Stockholder shall have delivered to the Agents: 

 (i) an officer’s
certificate signed by one of its executive officers certifying as to the matters set forth in Exhibit A-2 hereto; 

(ii) an opinion of Baker Botts L.L.P., counsel for the Selling Stockholder, addressed to the Agents and dated the date of this Agreement,
in the form of Exhibit D hereto; 
 (iii) resolutions duly adopted by the Selling Stockholder’s members
or managers, and certified by an officer of the Selling Stockholder, authorizing the Selling Stockholder’s execution of this Agreement and the consummation by the Selling Stockholder of the transactions contemplated hereby, including the sale
of the Shares; 
 (iv) a properly completed and executed United States Treasury Department Form W-9 or W-8 (or other applicable form or
statement specified by the Treasury Department regulations in lieu thereof) in order to facilitate the Agents’ documentation of their compliance with the reporting and withholding provisions of the Tax Equity and Fiscal Responsibility Act of
1982 with respect to the transactions herein contemplated; and 
 (v) such other documents as the Agents shall reasonably request; 

  
 32 

	 	(c)	the Agents shall have received the favorable opinion of Cravath, Swaine & Moore LLP, special counsel for the Agents, as to the matters set forth in Exhibit E hereto.

 8. Conditions of the Agents’ Obligation. Each Agent’s obligation to solicit purchases on an agency basis for the
Shares or otherwise take any action pursuant to a Transaction Acceptance and to purchase the Shares pursuant to any Terms Agreement shall be subject to the satisfaction of the following conditions: 

 

	 	(a)	At the Time of Acceptance, at the time of the commencement of trading on the Exchange on the Purchase Date and at the time of closing on the Closing Date or, with respect to a transaction pursuant to a Terms Agreement,
at the Time of Sale and at the Time of Delivery: 

 (i) The representations and warranties on the part of the Company and
the Selling Stockholder herein contained or contained in any certificate of an officer or officers of the Company or the Selling Stockholder delivered pursuant to the provisions hereof shall be true and correct in all respects. 

(ii) The Company and the Selling Stockholder shall have performed and observed its covenants and other obligations hereunder and/or under
any Terms Agreement, as the case may be, in all material respects. 
 (iii) With respect to an Agency Transaction, from the Time of
Acceptance until the Closing Date, or, with respect to a transaction pursuant to a Terms Agreement, from the Time of Sale until the Time of Delivery, trading in the Common Stock on the Exchange shall not have been suspended. 

(iv) From the date of this Agreement, no event or condition of a type described in Section 3(e) hereof shall have occurred or shall
exist, which event or condition is not described in any Permitted Free Writing Prospectus (excluding any amendment or supplement thereto) or the Prospectus (excluding any amendment or supplement thereto) and the effect of which in the judgment of
the Agents makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Shares on the Closing Date or at the Time of Delivery, as the case may be, on the terms and in the manner contemplated by this Agreement or any
Terms Agreement, as the case may be, any Permitted Free Writing Prospectus and the Prospectus. 
 (v) The Shares to be sold pursuant to
the Transaction Acceptance or pursuant to a Terms Agreement, as applicable, shall have been approved for listing on the Exchange, subject only to notice of issuance. 

(vi) (A) No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any
federal, state or foreign governmental or regulatory authority that would, as of the Closing Date or as of the Time of Delivery, as the case may be, prevent the issuance or sale of the Shares and (B) no injunction or order of any federal, state
or foreign court shall have been issued that would, as of the Closing Date or as of the Time of Delivery, as the case may be, prevent the issuance or sale of the Shares. 

  
 33 

 (vii) (A) No order suspending the effectiveness of the Registration Statement shall be
in effect, and no proceeding for such purpose or pursuant to Section 8A under the Act shall be pending before or threatened by the Commission; (B) the Prospectus and each Permitted Free Writing Prospectus shall have been timely filed with
the Commission under the Act (in the case of any Permitted Free Writing Prospectus, to the extent required by Rule 433 under the Act); (C) all requests by the Commission for additional information shall have been complied with to the
satisfaction of the Agents; and (D) no suspension of the qualification of the Shares for offering or sale in any jurisdiction, and no initiation or threatening of any proceedings for any of such purposes, will have occurred and be in effect at
the time of a Transaction Acceptance. 
 (viii) No amendment or supplement to the Registration Statement, the Prospectus or any
Permitted Free Writing Prospectus shall have been filed to which the Agents shall have reasonably objected in writing. 
 (ix)
Subsequent to the relevant Time of Acceptance or, in the case of a Placement, subsequent to execution of the applicable Terms Agreement, (A) no downgrading shall have occurred in the rating accorded any debt securities or preferred equity
securities of or guaranteed by the Company or any of its subsidiaries by any “nationally recognized statistical rating organization”, as such term is defined by the Commission for purposes of Section 3(a)(62) of the Exchange Act and
(B) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of any debt securities or preferred equity securities of or guaranteed by the Company or any
of its subsidiaries (other than an announcement with positive implications of a possible upgrading) in each case that has not been described in any Permitted Free Writing Prospectus issued prior to any related Time of Sale. 

 

	 	(b)	At every date specified in Sections 5(s), 5(t), 5(u) and 6(g) hereof and on such other dates as reasonably requested by the Agents, the Agents shall have received the officer’s certificates, opinions of
counsel and accountants’ letters provided for under Sections 5(s), 5(t), 5(u) and 6(g), respectively. 

 9. Termination by
the Agents. 
  

	 	(a)	If the solicitation of purchases on an agency basis of the Shares, as contemplated by this Agreement, is not carried out by any Agent for any reason permitted under this Agreement or if such sale is not carried out
because the Company or the Selling Stockholder is unable to comply in all material respects with any of the terms of this Agreement or any Terms Agreement, the Company and the Selling Stockholder shall not be under any obligation or liability under
this Agreement to such Agent (except to the extent provided in Sections 5(k) and 11 hereof) and such Agent shall be under no obligation or liability to the Company under this Agreement (except to the extent provided in Section 11 hereof)
or to one another hereunder. 

  
 34 

	 	(b)	Each Agent may terminate this Agreement with respect to itself for any reason upon giving prior written notice to the Company and the Selling Stockholder. Any such termination shall be without liability of any
party to any other party, except that the provisions of Sections 5(g) and 5(i) (to the extent any Shares have been sold pursuant to this Agreement) and Sections 5(k) and 11 hereof shall remain in full force and effect notwithstanding such
termination. 

  

	 	(c)	(i) In the case of any purchase by an Agent pursuant to a Terms Agreement, the obligations of such Agent pursuant to such Terms Agreement shall be subject to termination at any time at or prior to the Time of
Delivery, if, (A) since the time of execution of the Terms Agreement or the respective dates as of which information is given in the Registration Statement, the Prospectus and any Permitted Free Writing Prospectus, (I) trading generally
shall have been materially suspended or materially limited on or by, as the case may be, either the Exchange or the NASDAQ Global Select Market, (II) trading of any securities of the Company shall have been suspended on any exchange or in any
over-the counter market, (III) a general moratorium on commercial banking activities in New York shall have been declared by either Federal or New York State authorities, (IV) there shall have occurred any attack on, or outbreak or
escalation of hostilities or act of terrorism involving, the United States, or any change in financial markets or any calamity or crisis that, in each case, in such Agent’s judgment, is material and adverse or (V) any material disruption
of settlements of securities or clearance services in the United States that would materially impair settlement and clearance with respect to the Shares and (B) in the case of any of the events specified in clauses (A)(I) through (V), such
event singly or together with any other such event specified in clauses (A)(I) through (V) makes it, in such Agent’s judgment, impracticable to market the Shares on the terms and in the manner contemplated in the Prospectus. If such Agent
elects to terminate its obligations pursuant to this paragraph, the Selling Stockholder shall be notified promptly in writing. 

(ii) In the case of any Agency Transaction, the obligations of the applicable Agent to make the payment specified in Section 2(c) of this
Distribution Agreement shall be subject to termination or reduction as determined by such Agent in good faith and in a commercially reasonable manner taking into account the nature and duration of the relevant event or events in clause (A), at any
time at or prior to the scheduled Closing Date for such Agency Transaction, if, (A) on any Exchange Business Day on which Shares subject to such Agency Transaction are scheduled to be sold, (I) trading generally shall have been materially suspended
or materially limited on or by, as the case may be, either the Exchange or the NASDAQ Global Select Market, (II) trading of any securities of the Company shall have been suspended on any exchange or in any over-the counter market, (III) a general
moratorium on commercial banking activities in New York shall have been declared by either Federal or New York State 

  
 35 

 
authorities, (IV) there shall have occurred any attack on, or outbreak or escalation of hostilities or act of terrorism involving, the United States, or any change in financial markets or any
calamity or crisis that, in each case, in such Agent’s judgment, is material and adverse or (V) any material disruption of settlements of securities or clearance services in the United States that would materially impair settlement and
clearance with respect to the Shares. If such Agent elects to terminate or so reduce its obligations to make the payment specified in Section 2(c) of this Distribution Agreement pursuant to this paragraph, the Selling Stockholder shall be notified
promptly in writing. 
 10. Termination by the Selling Stockholder. The Selling Stockholder may terminate this Agreement in its sole
discretion at any time upon prior written notice to the Agents; provided that, with respect to any pending sale through a Direct Seller, the obligations of the Selling Stockholder and the Company, including, without limitation, the provisions
of Sections 1(e) and 5(k), shall remain in full force and effect notwithstanding such termination. 
 11. Indemnity and Contribution. 

 

	 	(a)	The Company agrees to indemnify and hold harmless each Agent, each Agent’s affiliates, the directors and officers of each Agent and each Agent’s affiliates, and each person, if any, who controls such Agent
within the meaning of Section 15 of the Act or Section 20 of the Exchange Act and the Selling Stockholder, the Selling Stockholder’s affiliates, the directors and officers of the Selling Stockholder and the Selling Stockholder’s
affiliates, and each person, if any, who controls the Selling Stockholder within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, in each case, from and against any and all losses, claims, damages and liabilities
(including, without limitation, reasonable out of pocket legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred) that arise out of, or are based upon,
(i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order
to make the statements therein not misleading or (ii) any untrue statement or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Permitted Free Writing Prospectus (or any
amendment or supplement thereto) or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case
except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any Agent Information or any Selling
Stockholder Information, it being understood and agreed that the only such information furnished by the Agents and the Selling Stockholder consists of the information described as such in subsections (b) and (c) below, respectively.

  
 36 

	 	(b)	The Selling Stockholder agrees to indemnify and hold harmless each Agent, each Agent’s affiliates, the directors and officers of each Agent and the Agent’s affiliates, and each person, if any, who controls
such Agent within the meaning of Section 15 of the Act or Section 20 of the Exchange Act and the Company, its directors, its officers who signed the Registration Statement and each person, if any, who controls the Company within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act, in each case to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of,
or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to the Selling Stockholder furnished to the Company in writing by the Selling
Stockholder expressly for use in the Registration Statement, the Basic Prospectus, the Prospectus (or any amendment or supplement thereto) or any Permitted Free Writing Prospectus, it being understood and agreed that the only such information
furnished by the Selling Stockholder consists of the information set forth on Schedule II-A attached hereto. 

  

	 	(c)	Each Agent agrees to indemnify and hold harmless the Company, its directors, its officers who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of
the Act or Section 20 of the Exchange Act and the Selling Stockholder, in each case, to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out
of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to the Agents furnished to the Company in writing by the Agents expressly for use
in the Registration Statement, the Basic Prospectus, the Prospectus (or any amendment or supplement thereto) or any Permitted Free Writing Prospectus, it being understood and agreed that the only such information furnished by the Agents consists of
the information set forth on Schedule II-B attached hereto. 

  

	 	(d)	 If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought
or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a), (b) or (c) above, such person (the “Indemnified Person”) shall promptly notify the person against whom such
indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under this Section 11 except to
the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from
any liability that it may have to an Indemnified Person otherwise than under this Section 11. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the
Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the 

  
 37 

	 	
Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 11 that the Indemnifying Person may designate in such proceeding
and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably
satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or
(iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than
one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be paid or reimbursed as they are incurred. Any such separate firm for the Agents, their affiliates, directors and
officers and any control persons of the Agents shall be designated in writing by the Agents or, if applicable, the Direct Seller, any such separate firm for the Selling Stockholder, its affiliates, directors and officers and any control persons of
the Selling Stockholder shall be designated in writing by the Selling Stockholder and any such separate firm for the Company, its directors, its officers who signed the Registration Statement and any control persons of the Company shall be
designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but, if settled with such consent or if there be a final judgment for the plaintiff,
the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have
requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written
consent if (A) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (B) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request
prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have
been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such
Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

  
 38 

	 	(e)	If the indemnification provided for in paragraphs (a), (b) and (c) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then
each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities
(i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Selling Stockholder, on the one hand, and the applicable Agents, on the other, from the offering of the Shares or (ii) if the
allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company and the Selling
Stockholder, on the one hand, and the applicable Agents, on the other, in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The
relative benefits received by the Company and the Selling Stockholder, on the one hand, and the applicable Agents, on the other, shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the
Selling Stockholder from the sale of the Shares and the total discounts and commissions received by the Agents in connection therewith bear to the aggregate Gross Sales Price of such Shares. The relative fault of the Company and the Selling
Stockholder, on the one hand, and the applicable Agents, 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 relates to information supplied by the Company or the Selling Stockholder, on the one hand, or by the applicable Agents, on the other, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. 

  

	 	(f)	The Company, the Selling Stockholder and the Agents agree that it would not be just and equitable if contribution pursuant to this Section 11 were determined by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph
(e) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this
Section 11, in no event shall an Agent be required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Agent with respect to the offering of the Shares exceeds the amount of any damages
that such Agent has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act)
shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 

  
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	 	(g)	The remedies provided for in this Section 11 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. 

12. Notices. All notices and other communications under this Agreement and any Terms Agreement shall be in writing and shall be deemed to
have been duly given if mailed or transmitted and confirmed by any standard form of communication, and (a) shall be sufficient in all respects if delivered or sent to: if to J.P. Morgan Securities LLC, to J.P. Morgan Securities LLC, 383 Madison
Avenue, 7th Floor, New York, New York 10179, to the attention of the Special Equities Group, Adam Rosenbluth (email adam.s.rosenbluth@jpmorgan.com) and Brett Chalmers (email
brett.chalmers@jpmorgan.com); and if to HSBC Securities (USA) Inc., to HSBC Securities (USA) Inc., Attention: Prospectus Department, 452 Fifth Avenue, New York, New York 10018, telephone: +1 (877) 429-7459, or by emailing:
nyequity.syndicate@us.hsbc.com; (b) if to the Selling Stockholder, shall be sufficient in all respects if delivered or sent to the Selling Stockholder at the officers of the Selling Stockholder at 13135 South Dairy Ashford Road, Sugar Land,
Texas 77478, to the attention of Legal Department (email: SRechter@noblecorp.com), with a copy to John D. Geddes at Baker Botts L.L.P., One Shell Plaza, 910 Louisiana Street, Houston, Texas 77002-4995 (email: john.geddes@bakerbotts.com);
and (c) if to the Company, shall be sufficient in all respects if delivered or sent to the Company at the offices of the Company at 333 North Central Avenue, Phoenix, Arizona 85004, to the attention of the Chief Financial Officer (email
kathleen_quirk@fmi.com), with a copy to Monique A. Cenac at Jones Walker LLP, 333 N. Central Avenue, 25th Floor, Phoenix, Arizona 85004 (email mcenac@joneswalker.com). Notwithstanding the foregoing, Transaction Proposals shall be delivered
by the Selling Stockholder to the Agents via e-mail in “.pdf” format to the applicable Agent as follows: if to J.P. Morgan Securities LLC, to Adam Rosenbluth (email: adam.s.rosenbluth@jpmorgan.com), Brett Chalmers (email:
brett.chalmers@jpmorgan.com), Jemil Salih (email: jemil.d.salih@jpmorgan.com) and Ara Movsesian (email: ara.movsesian@jpmorgan.com), if to HSBC Securities (USA) Inc., to Jeffrey Nicklas (email: jeffreynicklas@us.hsbc.com); and Transaction
Acceptances shall be delivered by the Agents to the Company via e-mail in “.pdf” format to: Kathleen L. Quirk (email: kathleen_quirk@fmi.com), with copies to Dionne M. Rousseau (email: drousseau@joneswalker.com) and Monique A. Cenac
(email: mcenac@joneswalker.com). 
 13. No Fiduciary Relationship. The Selling Stockholder acknowledges and agrees that each Agent is acting
solely in the capacity of an arm’s length contractual counterparty to the Selling Stockholder with respect to the offering of Shares contemplated hereby (including in connection with determining the terms of the offering) and not as a financial
advisor or a fiduciary to, or an agent of, the Selling Stockholder or any other person. Additionally, no Agent is advising the Selling Stockholder or any other person as to any legal, tax, investment, accounting or regulatory matters in any
jurisdiction. The Selling Stockholder shall consult with its own advisors concerning such matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and no Agent shall have
any responsibility or liability to the Selling Stockholder with respect thereto. Any 

  
 40 

 
review by the Agents of the Company, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Agents and shall not be on
behalf of the Selling Stockholder. 
 14. Governing Law; Construction. This Agreement, any Terms Agreement and any claim, counterclaim or
dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement or any Terms Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State
of New York, other than rules governing choice of applicable law. The Section headings in this Agreement and any Terms Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement or any Terms
Agreement. 
 15. Submission to Jurisdiction. Except as set forth below, no Claim may be commenced, prosecuted or continued in any court
other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have exclusive jurisdiction over the adjudication of such
matters, and the Selling Stockholder and the Company consent to the jurisdiction of such courts and personal service with respect thereto. Each of the Agents, the Selling Stockholder and the Company, on its behalf and, to the extent permitted
by applicable law, on behalf of its stockholders and affiliates, waives all right to trial by jury in any action, proceeding or counterclaim, whether based upon contract, tort or otherwise, in any way arising out of or relating to this Agreement or
any Terms Agreement. The Company and the Selling Stockholder each agree that a final and non-appealable judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and the
Selling Stockholder and may be enforced in any other courts in the jurisdiction of which the Company or the Selling Stockholder is or may be subject, by suit upon such judgment. 

16. Parties in Interest. The agreements set forth herein and in any Terms Agreement have been and are made solely for the benefit of the
Agents and the Selling Stockholder and, to the extent provided in Section 11 hereof, the controlling persons, directors and officers referred to in such section, and their respective successors, assigns, heirs, personal representatives and
executors and administrators. No other person, partnership, association or corporation (including a purchaser, as such purchaser, from any of the Agents) shall acquire or have any right under or by virtue of this Agreement or any Terms
Agreement. 
 17. Counterparts. This Agreement and any Terms Agreement may be signed in counterparts (which may include counterparts
delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. 

18. Successors and Assigns. This Agreement shall be binding upon the Agents, the Company and the Selling Stockholder and their respective
successors and assigns and any successor or assign of any substantial portion of the Company’s, the Selling Stockholder’s and the Agents’ respective businesses and/or assets. 

19. Survival. The respective indemnities, rights of contribution, representations, warranties and agreements of the Company, the Selling
Stockholder and the Agents contained in 

  
 41 

 
this Agreement or made by or on behalf of the Company, the Selling Stockholder or the Agents pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of
and payment for the Shares and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Company, the Selling Stockholder or the Agents. 

20. Certain Defined Terms. For purposes of this Agreement, (a) except where otherwise expressly provided, the term
“affiliate” has the meaning set forth in Rule 405 under Act and (b) the term “significant subsidiary” has the meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act. 

21. Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure
therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 
 22. Miscellaneous. 

 

	 	(a)	Certain of the Agents may be direct or indirect subsidiaries of banks. Such Agents are not banks and are separate from any bank affiliated thereto. Because such Agents are separately incorporated entities,
each such Agent is solely responsible for its own contractual obligations and commitments, including obligations with respect to sales and purchases of securities. Securities sold, offered or recommended by such Agents are not deposits, are not
insured by the Federal Deposit Insurance Corporation, are not guaranteed by a branch or agency of any bank affiliated therewith and are not otherwise an obligation or responsibility of a branch or agency of any bank affiliated therewith.

  

	 	(b)	Lending affiliates of the Agents may have lending relationships with issuers of securities underwritten or privately placed by the Agents. To the extent required under the securities laws, prospectuses and other
disclosure documents for securities underwritten or privately placed by such Agents will disclose the existence of any such lending relationships and whether the proceeds of the issue will be used to repay debts owed to affiliates of such Agents.

  

	 	(c)	The Agents and one or more of their respective affiliates may make markets in the Common Stock or other securities of the Company, in connection with which they may buy and sell, as agent or principal, for long or short
account, shares of the Common Stock or other securities of the Company, at the same time that the Agents are acting as agents pursuant to this Agreement; provided that each Agent acknowledges and agrees that any such transactions are not
being, and shall not be deemed to have been, undertaken at the request or direction of, or for the account of, the Company or the Selling Stockholder, and that neither the Company nor the Selling Stockholder has and shall have control over any
decision by such Agents and their respective affiliates to enter into any such transactions. 

  

	 	(d)	 Each Agent acknowledges and agrees that the arrangements among the Agents in connection with the transactions contemplated
by this Agreement shall be 

  
 42 

	 	
governed by J.P. Morgan Securities LLC’s Master Agreement Among Underwriters (the “MAAU”) (whether or not each such Agent has previously signed the MAAU), and any Direct
Seller may act on behalf of the other Agents hereunder in connection with the sales of the Shares and otherwise as if it is the Manager (as defined in the MAAU). It is agreed and understood that the application of the MAAU to the transactions
contemplated by this Agreement is solely for purposes of convenience and shall not create any implication that the Agents are underwriters for purposes of the Act or otherwise. 

 

	 	(e)	Except as may otherwise be provided in a Terms Agreement, if an Agent is appointed as a Direct Seller, each of the Agents represents to the Selling Stockholder that such Direct Seller is authorized to act on behalf of
the several Agents in connection with making any determination or judgment to be made by the Agents pursuant to this Agreement, and the Selling Stockholder shall be entitled to act and rely upon any request, notice, consent, waiver or agreement
purportedly given on behalf of the Agents when the same shall have been given by such Direct Seller; provided, however, that at such time as an Agent is party to a Transaction Acceptance at that time in effect, the consent, approval,
determination, judgment or similar action by such Agent shall also be required to the extent provided by this Agreement. 

 [Signature
page follows] 

  
 43 

 If the foregoing correctly sets forth the understanding among the Selling Stockholder, the Company and the
Agents, please so indicate in the space provided below for the purpose, whereupon this letter and your acceptance shall constitute a binding agreement among the Selling Stockholder, the Company and each Agent. 

 

			
	Very truly yours,
	
	NOBLE DRILLING (U.S.) LLC
		
	By:	 	 /s/ Dennis Lubojacky

	Name:	 	Dennis Lubojacky
	Title:	 	Vice President

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

 

			
	 J.P. MORGAN SECURITIES LLC

		
	By:	 	 /s/ Adam S. Rosenbluth

	Name:	 	Adam S. Rosenbluth
	Title:	 	Executive Director
	
	 HSBC SECURITIES (USA) INC.

		
	By:	 	 /s/ Jeffrey Nicklas

	 Name:
	 	 Jeffrey Nicklas

	 Title:
	 	 Director

	
	 FREEPORT-MCMORAN INC.

		
	By:	 	 /s/ Kathleen L. Quirk

	 Name:
	 	Kathleen L. Quirk
	 Title:
	 	Executive Vice President, Chief Financial Officer & Treasurer

 [Distribution Agreement]

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