Document:

Amended and Restated Equity Incentive Plan

 Exhibit 10.4 
 AMENDED AND RESTATED 
 EQUITY INCENTIVE PLAN 
 OF 
 ASCENT ENERGY INC.

 1. Purpose. The purpose of this Amended and Restated Equity Incentive Plan (this “Plan”) is to advance the interests
of the Corporation by encouraging and enabling the acquisition of a larger personal proprietary interest in the Corporation by employees and directors of the Corporation and its Subsidiaries upon whose judgment and keen interest the Corporation is
largely dependent for the successful conduct of its operations and by providing such employees and directors with incentives to put forth maximum efforts for the success of the Corporation’s business. It is anticipated that the acquisition of
such proprietary interest in the Corporation and such incentives will stimulate the efforts of such employees and directors on behalf of the Corporation and its Subsidiaries and strengthen their desire to remain with the Corporation and its
Subsidiaries. It is also expected that such incentives and the opportunity to acquire such a proprietary interest will enable the Corporation and its Subsidiaries to attract desirable employees and directors. 
 2. Definitions. When used in this Plan, unless the context otherwise requires: 
 (a) “Board of Directors” shall mean the Board of Directors of the Corporation, as constituted at any time. 
 (b) “Committee” shall mean the Committee hereinafter described in Section 3. 
 (c) “Consolidated Funded Debt” means the amount determined by the Committee in good faith to constitute, for the Corporation and
its consolidated Subsidiaries on a consolidated basis, the principal amount of all indebtedness of the Corporation and/or its Subsidiaries for borrowed money or the deferred purchase price of any property, including, without limitation,
interest-bearing obligations and capitalized interest, capitalized lease obligations, guaranties and obligations similar to those constituting the Corporation’s Consolidated Funded Debt at October 31, 2004. By way of illustration and not
of limitation, as of October 31, 2004, the Consolidated Funded Debt of the Corporation consisted of approximately $161,797,000 and was comprised of the following: (i) borrowings outstanding under the Corporation’s senior bank
revolving credit agreement, (ii) the aggregate principal amount of the Corporation’s senior notes, (iii) long term interest accrued on the Corporation’s senior notes and (iv) the Corporation’s subordinate debt.

 (d) “Corporation” shall mean Ascent Energy Inc. 
 (e) “Eligible Persons” shall mean those persons described in Section 4 who are potential recipients of Incentive Awards.

 (f) “Enterprise Appreciation Rights” shall mean rights to receive a percentage of the Total Eligible Enterprise
Value upon a Sale of the Corporation, if and to the extent provided pursuant to the Plan. 

 (g) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

 (h) “Incentive Award” shall mean an award of Enterprise Appreciation Rights granted pursuant to this Plan.

 (i) “Incentive Percentage” shall mean the percentage, set forth in the agreement evidencing the grant of
Enterprise Appreciation Rights, of the Total Eligible Enterprise Value to be received pursuant to such Rights. 
 (j)
“Internal Revenue Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (k) “Plan” shall mean
this Equity Incentive Plan of Ascent Energy Inc., as adopted by the Board of Directors, and effective as of May 20, 2005, as such Plan from time to time may be amended. 
 (l) “Sale of the Corporation” shall mean the occurrence of one of the following events, whether in a single transaction or in a
series of related transactions: 
 (i) the merger of the Corporation, the consolidation of the Corporation, or the sale or
transfer of a majority of the outstanding voting securities of the Corporation, to any person or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act), in each case under circumstances in which the holders of a
majority in voting power of the outstanding voting securities of the Corporation, immediately prior to such transaction, own less than a majority in voting power of the outstanding voting securities of the Corporation, or the surviving or resulting
corporation or acquirer, as the case may be, immediately following such transaction or series of related transactions; or 
 (ii) a sale of all or substantially all of the assets of the Corporation as an entirety. 
 (m)
“Subsidiary” shall mean any corporation or limited liability company 50% or more of whose stock or membership interests having general voting power is owned by the Corporation, or by another Subsidiary as herein defined, of the Corporation
or any limited partnership or limited liability company of which the Corporation or another Subsidiary is the sole general partner or manager, as the case may be. 
 (n) “Total Eligible Enterprise Value” shall mean the excess of the value (on a present value basis with present value being
determined in accordance with customary financial practices and using a discount rate equal to the U.S. Treasury rate for instruments with comparable maturities, except that debt securities shall be valued at their face amount) of the consideration
payable to the Corporation or its securityholders in a Sale of the Corporation transaction, over Consolidated Funded Debt of the Corporation ) immediately prior to the Sale of the Corporation. The Total Eligible Enterprise Value shall be adjusted to
reflect, in the case of a sale of assets, the difference between current assets not sold and current liabilities not assumed. 

 3. Administration. The Plan shall be administered by the Board of Directors or a Committee of the
Board of Directors. The members of the Committee shall be selected by the Board of Directors. Any member of the Committee may resign by giving written notice thereof to the Board of Directors, and any member of the Committee may be removed at any
time, with or without cause, by the Board of Directors. If, for any reason, a member of the Committee shall cease to serve, the vacancy shall be filled by the Board of Directors. During any period of time in which the Plan is administered by the
Board of Directors, all references in the Plan to the Committee shall be deemed to refer to the Board of Directors. 
 The Committee shall
have full power and authority to administer and interpret the Plan. Determinations of the Committee as to any question which may arise with respect to the interpretation of the provisions of the Plan and Incentive Awards shall be final. The
Committee may authorize and establish such rules, regulations and revisions thereof not inconsistent with the provisions of the Plan, as it may deem advisable to make the Plan and Incentive Awards effective or provide for their administration, and
may take such other action with regard to the Plan and Incentive Awards as it shall deem desirable to effectuate their purpose. 
 4.
Participants. The class of persons who are potential recipients of Incentive Awards granted under this Plan shall consist of employees and directors of the Corporation or a Subsidiary, as determined by the Committee. The parties to whom
Incentive Awards are granted under this Plan, and the Incentive Percentage under each such Incentive Award, shall be determined by the Committee in its sole discretion, subject, however, to the terms and conditions of this Plan. 
 5. Aggregate Plan Limit. The aggregate Incentive Percentages under outstanding Incentive Awards shall not exceed 13.5%. If the amount payable
pursuant to an Incentive Award ceases to be payable for any reason, the Incentive Percentage under such Incentive Award shall again be available for future grants of Incentive Awards. 
 6. Grant of, and Payment under, Enterprise Appreciation Rights. The Committee shall have the authority to grant to any Eligible Person, in its
sole discretion, Enterprise Appreciation Rights. Except as otherwise provided in Section 10, upon the Sale of the Corporation, the holder of Enterprise Appreciation Rights which are then vested shall be entitled to receive payment from the
Corporation of an amount equal to the then vested portion of the product obtained by multiplying (i) the Total Eligible Enterprise Value upon such Sale of the Corporation, by (ii) the Incentive Percentage under such holder’s Incentive
Award. 
 Payment of the amount determined hereunder upon the Sale of the Corporation shall be paid by the Corporation to each holder of
Enterprise Appreciation Rights on or before the thirtieth (30th) day following the Sale of the Corporation,
unless otherwise provided to the contrary in the Enterprise Appreciation Rights agreement applicable to such holder. Payment may be made solely in cash, or in the same form of consideration as received by the Corporation or its securityholders in
such transaction, as determined by the Committee. 
 Enterprise Appreciation Rights shall be evidenced by an agreement executed on behalf of
the Corporation and by the Eligible Person to whom the Rights are granted. The form of Enterprise Appreciation Rights agreement shall be as determined from time to time by the Committee, and need not be identical with respect to each grantee.

 7. Vesting of Enterprise Appreciation Rights. Except as otherwise determined by the Committee and
provided in an applicable Enterprise Appreciation Rights agreement, Enterprise Appreciation Rights, after the grant thereof, shall become vested at the rate of 10% on the date of grant, and an additional 30% on each of the first, second and third
anniversaries of the date of grant provided that the holder is still in the employ or service of the Corporation or a Subsidiary on the applicable vesting date. Notwithstanding the foregoing, all Enterprise Appreciation Rights granted to any
Eligible Person shall become fully vested upon the occurrence of a Sale of the Corporation while the holder of such Enterprise Appreciation Rights is still in the employ or service of the Corporation. 
 8. Consideration for Incentive Awards. The Corporation shall obtain such consideration for the grant of an Incentive Award as the Committee in its
discretion may determine. 
 9. Non-Transferability of Incentive Awards. An Incentive Award shall not be transferable otherwise than
by will or the laws of descent and distribution. 
 10. Termination of Employment or Service. Notwithstanding any other provision of
the Plan to the contrary, in the event the holder is terminated by the Corporation for cause or in the event the holder voluntarily leaves the employ of the Corporation (other than death or permanent disability), prior to the time a payment(s) due
holder hereunder is received, then all or any part (including any vested portion) of any Enterprise Appreciation Rights with respect to which payment was not previously made upon a Sale of the Corporation shall terminate and be forfeited immediately
upon the cessation or termination of the holder’s employment, or service as a director of, the Corporation or any Subsidiary, and the holder shall not be entitled to receive any payment thereafter in connection with such Enterprise Appreciation
Rights or the Incentive Award under which they were granted. A holder of Enterprise Appreciation Rights whose employment by, or service as a director of, the Corporation or a Subsidiary ceases or is terminated on account of the death or permanent
disability of such holder, or as a result of termination by the Corporation without cause, shall retain such Enterprise Appreciation Rights for a period of six months following such termination of employment or service to the extent such Enterprise
Appreciation Rights were vested prior to death, permanent disability or termination without cause. 
 11. Compliance with Securities
Act. Any holder of an Incentive Award shall make such representations and furnish such information as may, in the opinion of counsel for the Corporation, be appropriate to permit the Corporation, in the light of the then existence or
non-existence in respect of an effective Registration Statement under the Securities Act of 1933, as from time to time amended (the “Securities Act”), to make payment pursuant to an Incentive Award. 
 12. Income Tax Withholding. If the Corporation or a Subsidiary shall be required to withhold any amounts by reason of any Federal, State, local or
foreign tax rules or regulations in respect of any Incentive Award, the Corporation or the Subsidiary shall be entitled to take such action as it deems appropriate in order to ensure compliance with such withholding requirements. In order to
facilitate payment by the holder of an Incentive Award of his withholding obligations with respect to the Incentive Award, the Corporation or Subsidiary may, at its election, (a) deduct from any cash payment otherwise due to the holder, the
appropriate withholding amount, 

 
(b) require the holder to pay to the Corporation or Subsidiary in cash the appropriate withholding amount, or (c) permit the holder to elect to have the
Corporation withhold a portion of the securities or other property to be delivered with respect to such Incentive Award, the value of which is equal to the required withholding amount. 
 13. Amendment of the Plan. Except as hereinafter provided, the Board of Directors or the Committee may at any time withdraw or from time to time
amend the Plan as it relates to, and the terms and conditions of, any Incentive Awards not theretofore granted, and the Board of Directors or the Committee, with the consent of the affected holder of an Incentive Award, may at any time withdraw or
from time to time amend the Plan as it relates to, and the terms and conditions of, any outstanding Incentive Award. Notwithstanding the foregoing, the Board of Directors or the Committee may amend the Plan and any outstanding Incentive Award,
without the consent of the holder, if and to the extent required to comply with the requirements of Section 409A of the Internal Revenue Code. 
 14. No Right of Employment or Service. Nothing contained herein or in an Incentive Award shall be construed to confer on any employee or director any right to be continued in the employ of the Corporation or any Subsidiary or as a
director of the Corporation or a Subsidiary or derogate from any right of the Corporation and any Subsidiary to retire, request the resignation of, or discharge employee or director (without or with pay), at any time, with or without cause.

 15. Effective Date of the Plan. This Plan is effective as of May 20, 2005 (the “Effective Date”). 
 16. Final Grant Date. No Incentive Award shall be granted under the Plan after May 20, 2015; provided, however, Incentive Awards granted on
or prior to that date shall continue and extend beyond that date pursuant and subject to this Plan.Employment Agreement of Terry W. Carter

 Exhibit 10.6 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) dated as of
April 1, 2005 by and between Ascent Energy Inc., a Delaware corporation (the “Company”), and Terry W. Carter (the “Executive”). 
 WITNESSETH: 
 WHEREAS, the Executive has been providing services to the Company and the Company has been compensating the Executive; and 
 WHEREAS, the Company desires to continue to employ the Executive upon the terms and conditions and in the
capacities set forth herein; 
 NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive hereby agree as follows: 
 1. Employment and Term of Employment. Subject to the terms and conditions of this Agreement, the Company hereby agrees to employ the Executive, and the Executive hereby agrees to serve the
Company as President, Chief Executive Officer and Chief Operating Officer for a term beginning on the date hereof (the “Effective Date”) and ending on the third anniversary of such date (the “Term of
Employment”). On the second anniversary date hereof and on each annual anniversary of such date thereafter (such date and each annual anniversary thereafter being referred to herein as a “Renewal Date”), the Term of Employment shall
be automatically extended so as to terminate two years from such Renewal Date, unless, not less than 90 days prior to such Renewal Date, written notice is given by either the Company or the Executive that the Term of Employment shall not be so
extended. In no event, however, will this Agreement extend beyond the Executive’s normal retirement date pursuant to any Company employee benefit plan in which he may be a participant. 
 2. Scope of Employment. During the Term of Employment, the Executive Agrees to serve as
President, Chief Executive Officer and Chief Operating Officer of the Company and will perform the duties and functions as are normal and customary to such positions and that are consistent with the responsibilities
contained in the Company’s bylaws and (ii) perform such other duties not inconsistent with his position as are assigned to him, from time to time, by the Board of Directors, which shall have direct
supervision over the Executive. Executive also agrees to serve, if elected, as an officer or director of any subsidiary of affiliate of the Company. During the Term of Employment, Executive shall devote his full business time, attention, skill and
efforts to the faithful performance of his duties hereunder. The foregoing shall not be construed to prevent the Executive from making investments in businesses or enterprises so long as such investments do not require any services on the part of
the Executive in the operation of such business or enterprises and do not violate the terms and conditions of this Agreement. 
 3. Compensation. During the Term of Employment, in consideration of the Executive’s services hereunder, including, without limitation, service as an officer, director or member of any
committee of the board of directors of the Company or of any subsidiary or 
  

			
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affiliate thereof, and in consideration of the Executive’s covenants regarding confidentiality in Section 5 hereof and noncompetition in
Section 6 hereof, the Executive shall receive a salary at the rate of $275,000.00 per year (payable at such regular intervals as other employees of the Company are compensated in accordance with the
Company’s employment practices), which amount shall be subject to review annually by the Board of Directors of the Company and may be adjusted at its discretion, provided that such salary may not be
reduced. In addition, the Executive shall be entitled to participate in any applicable bonus, incentive compensation or other programs created by the board of directors of the Company from time to time for the benefit of such employee.

 “For purposes of Section 7(c)(i) or 7(d)(i) hereof, “annual rate of total compensation” shall mean
the sum of (i) the annual rate of salary set forth above, as the same may be increased from time to time as provided above; and (tt) the most recent annual bonus (whether in cash or securities) awarded the Executive; or (Hi) in the case of
clause (ii)above, for purposes of Section 7(d)(i), it shall be the greater of (A) the most recent annual bonus (whether in cash or securities) awarded the Executive, (B) the last annual bonus (whether in cash or securities) awarded
the Executive prior to the “Change of Control” and (C) 50% of the annual rate of salary set forth above, as the same may be increased from time to time as provided above.” 
 4. Additional Compensation and Benefits. As additional compensation for the Executive’s services under
this Agreement, the Executive’s covenants regarding confidentiality in Section 5 hereof and noncompetition in Section 6 hereof, during the Term of Employment, the Company agrees to provide the Executive with the non-cash benefits
being provided to him on the date of this Agreement (or the equivalent of such benefits) and, without duplication, any other non-cash benefits provided by the Company to its other officers and key employees as they may exist from time to time. Such
benefits shall include leave or vacation time, medical and dental insurance, life insurance, retirement and disability benefits as may hereafter by provided by the Company in accordance with its policies as well as any stock option plan or similar
employee benefit program for which key executives are or shall become eligible. In addition, The Company shall pay the annual premiums for a one million dollar term life insurance policy issued by West Coast Life Insurance Company (Policy Number
Z02387095) and for an individual disability policy provided by Provident Life and Accident Insurance Company (Policy Number LAR364206), both of which are transferable should Mr. Carter leave the company for any reason. The Company shall
reimburse the Executive for reasonable and necessary expenses incurred by the Executive in furtherance of the Company’s business, provided that such expenses are incurred in accordance with the Company’s policies and upon presentation of
the documentation in accordance with expense reimbursement policies of the Company as they may exist from time to time, and submission to the Company of adequate documentation in accordance with federal income tax regulations and administrative
pronouncements. 
  

			
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 5. Confidentiality and Other Matters. 
 (a). Confidentiality. The Executive shall hold in a fiduciary
capacity for the benefit of the Company all financial information, customer lists, contracts, books, records, materials, maps, data, reports, including but not limited to, results of exploration, drilling, drill cores, cuttings, and other samples,
and other information relating to the business or affairs of the Company (such information being collectively referred to herein as the “Confidential Information”). During the Term of Employment and after termination of the
Executive’s employment hereunder, the Executive agrees: (i) to take all such precautions as may be reasonably necessary to prevent the disclosure to any third party of any of the Confidential Information; (ii) not to use for the
Executive’s own benefit any of the Confidential Information; and (Hi) not to aid any other person or entity in the use of the Confidential Information in competition with the Company. Notwithstanding any provision contained herein to the
contrary, the term “Confidential Information” shall not be deemed to include any general knowledge, skills or experience acquired by the Executive or any knowledge or information known to the public in general. The Executive further agrees
that upon termination of his employment for any reason, he will surrender to the Company all Confidential Information, and any copies thereof, produced by him or coming into his possession and agrees that all such materials, and copies thereof, are
at all times the property of the Company. The Executive further agrees that he shall not otherwise knowingly act or conduct himself (i) to the material detriment of the Company, its subsidiaries or affiliates, or (ii) in a manner which is
inimical or contrary to the interests thereof. 
 (b). Discoveries and
Inventions. If the Executive, in the course of his employment with the Company, makes any discovery, improvement, or invention which pertains to or may be useful in the business of the Company, its subsidiaries or
affiliates at the time of cessation of his employment, such discovery, improvement, or invention shall be the exclusive property of the Company. The Executive shall execute and deliver to the Company, with further compensation, any and all documents
which the Company deems necessary or appropriate to more fully and more perfectly evidence the Company’s ownership thereof. 
 (c). Notification of Discoveries. The Executive hereby assigns to the Company all his right, title and interest in and to any and all inventions, discoveries, developments,
improvements, techniques, designs, data and all other work products, whether tangible or intangible, as described in 5(b) herein, which Executive conceives, reduces to practice or otherwise creates in the course of his employment and in which the
law recognizes any protectable interest. The Executive agrees to perform all acts necessary to enable the Company to learn of and to protect the right it receives hereunder, including, but not limited to, making full and immediate disclosure to the
Company. 
 (d). Non-Solicitation. Without the prior written consent of
the Company, the Employee covenants and agrees that during the term of this Agreement and for a period of one year thereafter, he shall not hire or attempt to hire for or on behalf of himself or any business organization, any officer, or employee of
the Company, or encourage for or on behalf of himself or any business organization, any officer, or employee to terminate his or her relationship or employment with the Company. 
  

			
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 (e). Definitions; Remedies. For
purposes of this Section 5, the “Company” shall be defined as the Company and its affiliated companies including (without limitation) its successors and assigns and its subsidiaries and each of their respective successors and assigns.
In the event of a breach or threatened breach by the Executive of the provisions of this Section 5, the Company shall be entitled to an injunction restraining the Executive from violating such provisions without the necessity of posting a bond
therefor. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies available to it at law or in equity. Except as specifically set forth herein, the parties agree that the provisions of this Section 5 shall
survive the earlier termination of the Executive’s employment with the Company, as the continuation of this covenant is necessary for the protection of the Company. 
 6. Noncompetition. 
 (a). Noncompetition Activities. The Executive acknowledges that the nature of the employment under this Agreement is such as will bring
the Executive in personal contact with patrons or customers of the Company and will enable him to acquire valuable information as to the nature and character of the business of the Company, thereby enabling him, by engaging in a competing business
in his own behalf, or for another, to take advantage of such knowledge and thereby gain an unfair advantage. Accordingly, the Executive covenants and agrees that he will not, without the prior written consent of the Company during the Term of
Employment and for the period of one year thereafter, engage directly or indirectly for himself, or as an agent, representative, officer, director or employee of others, in the exploration for hydrocarbons in fields or properties being developed, or
explored by the Company during the time of his employment or prospects on which the Company worked; provided, however, that not withstanding the foregoing, the Executive may have passive investments in a competing business if such competing business
is publicly traded and if such investment constitutes less than five percent (5%) of the equity of such competing business. 
 (b). Scope. In the event that the provisions of this Section 6 should ever be deemed to exceed the time, geographic or activity related limitations
permitted by applicable law, then such provision shall be reformed to the maximum time, geographic or activity related limitations permitted by applicable law. In the event of a breach or threatened breach by Executive of the provisions of this
Section 6, the Company shall be entitled to an injunction restraining the Executive from violating such provisions without the necessity of posting a bond therefor. Nothing herein shall be construed as prohibiting the Company from pursuing any
other remedies available to it at law or in equity. Except as specifically set forth herein, the parties agree that this Section 6 shall remain in effect for its full term notwithstanding the earlier termination of the Executive’s
employment with the Company, as the continuation of this covenant is necessary for the protection of the Company. For purposes of this Section 6, the “Company” shall be defined as the Company and its affiliated companies including
(without limitation) its successors and assigns and its subsidiaries and each of their respective successors and assigns. 
 7.
Termination. 
 (a). Termination by Company for Cause.
The Company may terminate the Executive’s employment hereunder -with Cause (defined below) and without prior notice. If the 
  

			
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Company terminates the Executive’s employment with Cause, the Executive shall only be entitled to receive (i) accrued but unpaid compensation
pursuant to Section 3 of this Agreement, and (ii) those benefits under Section 4 which are required under the Executive Income Retirement Security Act of 1974, as amended (“ERISA”), or other laws. As used in this Agreement,
“Cause” shall mean (i) any material failure of the Executive after written notice to perform his duties specified in Section 2 of this Agreement when such failure shall have continued for 30 days after receipt of such notice,
(ii) any material failure of the Executive after written notice to follow any written direction of the Board of Directors or the President and CEO when such failure shall have continued for 30 days after receipt of such notice, (Hi) willful
misconduct or negligence in the performance of his duties, including but not limited to, the diversion or taking advantage of a corporate opportunity, ftv) commission of fraud by the Executive against the Company, its affiliates or customers,
(v) a material breach by the Executive of Sections 5 or 6 of this Agreement, or (vi) conviction of the Executive of a felony offense or a crime involving moral turpitude. If the Company terminates the Executive’s employment for Cause,
the Term of Employment shall end upon such termination. 
 (b). Death or
Disability. In the event of the Executive’s death or of the Executive’s sickness or disability of a permanent nature rendering the Executive unable to perform his duties hereunder for a period of
90 consecutive days or 120 days in any twelve month period during the Term of Employment, the Company shall pay to the Executive or the estate of the Executive, as applicable, in the year of death or disability or the year thereafter compensation
which would otherwise be payable to the Executive pursuant to Section 3 hereof up to the end of the sixth month after his death or the expiration of the 90 consecutive day period or on the 120^ day referred to above, as the case may be, during
which he was unable to perform his duties hereunder. The Term of Employment shall end upon the Executive’s death or upon the expiration of the 90 consecutive day period or the 120th day referred to above, as the case may be. 
 (c). Termination by Company Without Cause or by the Executive with Good
Reason. If either the Company terminates the Executive’s employment without Cause or the Executive terminates his employment for Good Reason (as hereinafter defined), the Company shall: 

 

	 	(i)	pay the Executive, in accordance with the Company’s normal payroll practices, his current rate of total compensation for the remaining term of employment, as extended
pursuant to Section 1, or if the Company so elects, pay the Executive such amount in lump sum form within 30 days after the date of such termination; 

  

	 	(ii)	pay the Executive any accrued but unpaid compensation as of the date of the termination of employment; and 

  

	 	(iii)	continue until the first anniversary of the termination of the Executive’s employment, or such longer period as any plan, program or policy or ERISA or other laws may
provide, benefits to the Executive as set forth in Section 7(f) below. 

  

			
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 As used in this Agreement, “Good Reason” shall mean: (A) the failure by the Company to
elect or re-elect or to appoint or re-appoint the Executive to the office of President, Chief Executive Officer and Chief Operating Officer of the Company without Cause; (B) a material change by the Company of the Executive’s function,
duties or responsibilities that would cause the Executive’s position with the Company to become of less dignity, responsibility, importance or scope from the position and attributes thereof described in Section 2 above; (C) the
Company requires the Executive to re-locate his primary office to a location that is greater than 50 miles from the location of the Company as of the date hereof, or (D) any other material breach of this Agreement by the Company and the
continuance of such breach for at least 30 days.” 
 (d). Termination Following a Change of
Control. If, within one year of a Change of Control, either the Company terminates the Executive’s employment without Cause or the Executive terminates his employment for Good Reason, then, in addition to any
amounts to which the Executive may otherwise be entitled hereunder, the Company shall: 
  

	 	(i)	pay to the Executive, within 30 days after the date of such termination, a lump sum cash payment equal to an additional two (2) times the Executive’s then
current annual rate of total compensation; 

 (e). Change of
Control. As used in this Agreement, a “Change of Control” shall mean: 
  

	 	(i)	The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended) (a
“Person”) of beneficial ownership of 50% or more of either (i) the then outstanding shares of common stock of the Company (the “Outstanding Common Stock”) or (ii) the combined voting power of the then outstanding voting
securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); provided, however that for purposes of this subsection (i), the following acquisitions shall not constitute a Change
of Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company or its affiliates, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any
corporation controlled by the Company, or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (in) hereof; or 

  

	 	(ii)	Individuals, who, as of the date hereof, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at
least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of
the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but excluding, for this purpose, any such 

  

			
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individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

  

	 	(iii)	Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Corporate
Transaction”) in each case, unless, following such Corporate Transaction, (A) (I) all or substantially all of the persons who were beneficial owners of the Outstanding Common Stock immediately prior to such Corporate Transaction
beneficially own, directly or indirectly, more than 60 percent of the then outstanding shares of common stock of the corporation resulting from such Corporate Transaction, and (2) all or substantially all of the persons who were beneficial
owners of the Outstanding Voting Securities immediately prior to such Corporate Transaction beneficially own, directly or indirectly, more than 60 percent of the combined voting power of the then outstanding voting securities entitled to vote
generally in the election of directors of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries), (B) no Person (excluding (1) any corporation resulting from such Corporate Transaction or any employee benefit plan (or related trust) of the Company or such
corporation resulting from such Corporate Transaction and (2) any Person approved by the Incumbent Board) beneficially owns, directly or indirectly, 40 percent or more of the then outstanding shares of common stock of the corporation resulting
from such Corporate Transaction or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to such Corporate Transaction. 

 (f). Insurance and Other Special Benefits. To the extent Executive is
eligible thereunder, for a period of 12 months following termination pursuant to Section 7(c), or for a period of 24 months following termination pursuant to Section 7(d) hereof, Executive shall continue to be provided life insurance,
disability and long term disability policies provided to the Executive on the date hereof or such successor policies in effect at the time of Executive’s termination, and shall also continue to be covered for the applicable period by each other
insurance, disability, health or other benefit program, plan or policy by which he was covered at the time of the Executive’s termination. In the event Executive is ineligible to continue to be so covered under the terms of any such life
insurance, disability, long-term disability, insurance, health or other benefit program, plan or policy, the Company shall provide to Executive through other sources such benefits, including such additional benefits, as may be necessary to make the
benefits applicable to Executive substantially equivalent to those in effect immediately prior to such termination, provided that (i) the costs paid by the Company for such benefit programs do not exceed the costs which it would have paid if
such benefit programs were still available to such Executive or (ii) if during such period Executive should enter into the employ of another 
  

			
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company or firm which provides to Executive substantially similar benefit coverage, Executive’s participation in the comparable benefits provided by
the Company, either directly or through such other sources, shall cease. Nothing contained in this paragraph shall be deemed to require or permit termination or restriction of any of Executive’s coverage under any plan or program thereto to
which Executive is entitled under the terms of such plan or program, whether at the end of the aforementioned 12- or 24-month period, as the case may be, or at any other time. 
 (g). Limitation on Payments. If any amount or benefit payable under this
Agreement is subject to the excise tax imposed under Section 4999 of the Code, the Executive shall receive the maximum amount permitted without the imposition of an excise tax under Section 4999 of the Code. In making a determination as to
whether a payment or other benefit payable under this Agreement would cause an excise tax to be imposed under Section 4999 all payments or benefits under this Agreement shall be consolidated with the benefits provided by all other arrangements,
programs, plans, agreements or understandings of any land between the Company and the Executive if they are of a type that would be included in determining what tax, if any, is due under Section 4999. In the event it is determined that any such
excise tax would be due, the Executive shall have the right to elect to reduce any one or more of the agreements, plans, programs, arrangements or understandings in any way that he determines and if any one agreement, plan, program, arrangement or
understanding has more than one benefit, he may choose between benefits in order to reach the required reduction overall. The determinations required to be made under this provision shall be made by the Company’s auditors and such
determinations shall be final and binding on the Company and the Executive except in the case of manifest error. Should the Company’s auditors fail or refuse to make any determination required by the provision then another accounting firm shall
be selected by the mutual agreement of the Company and the Executive, and if they fail to reach an agreement, then the Company shall select one accounting firm at its expense and the Executive shall select a second accounting firm at
Executive’s expense; and those two accounting firms shall select the accounting firm which shall make the determination required of the Company’s auditors above. 
 8. Expenses. The Company shall promptly pay or reimburse Executive for all costs and expenses,
including, without limitation, court costs and attorneys’ fees, incurred by Executive as a result of any claim, action or proceeding (including, without limitation, a claim, action or proceeding by Executive against the Company) arising out of,
or challenging the validity or enforceability of, this Agreement or any provision hereof, provided such Executive’s claim, action or proceeding is materially successful against the Company. 
 9. Governing Law. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of Texas. Venue and jurisdiction of any action relating to this Agreement shall lie in Collin County. 
 10. Notice. Any notice, payment, demand or communication required or permitted to be given by this Agreement shall be deemed to have been sufficiently given or served for all
purposes if delivered personally or if sent by registered or certified mail, return receipt requested, postage prepaid, addressed to such party at its address set forth below such party’s signature to this Agreement or to such other address as
shall have been furnished in writing by 
  

			
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such party for whom the communication is intended. Any such notice shall be deemed to be given on the date so delivered. 
 11. Severabillty. In the event any provisions hereof shall be modified or held ineffective by any court, such adjudication shall not
invalidate or render ineffective the balance of the provisions hereof. 
 12. Entire Agreement. This Agreement
constitutes the sole agreement between the parties with respect to the employment of the Executive by the company and supersedes any and all other agreements, oral or written, between the parties. This Agreement may not be modified or amended except
by a writing signed by the parties. 
 13. Waiver. Any waiver or breach of any of the terms of this Agreement shall not
operate as a waiver of any other breach of such terms or conditions, or any other terms or conditions, nor shall any failure to enforce any provisions hereof operate as a waiver of such provision or any other provision hereof. 
 14. Assignment. This Agreement is a personal employment contract and the rights and interests of the Executive hereunder may not be
sold, transferred, assigned or pledged. Subject to Section 7(d) hereof, the Company may assign its rights under this Agreement to (i) any entity into or with which the Company is merged or consolidated or to which the Company transfers all
or substantially all of its assets or (ii) any entity, which at the time of such assignment, controls, is under common control with, or is controlled by the Company. 
 15. Successors. This Agreement shall be binding upon and inure to the benefit of the Executive and his heirs, executors, administrators
and legal representatives. This Agreement shall be binding upon and inure to the benefit of the Company and its successors and assigns. 
 16. Section Headings. The section headings in this Agreement have been inserted for convenience and shall not be used for interpretive purposes or to otherwise construe this Agreement. 
  

			
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 IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the date first written above and intend that this Agreement have the effect of a sealed instrument. 
  

			
	ASCENT ENERGY INC.
		
	By:	 	 /s/ Terry W. Carter

	Name:	 	Terry W. Carter
	Title:	 	President, CEO, COO

  

			
	 1700 Redbud Blvd.
	  	
	 Suite 450
	  	
	 McKinney, TX 75069
	  	

  

	
	EXECUTIVE
	
	 /s/ Terry W. Carter

	Terry W. Carter

  

			
	 3308 Langley
	  	
	 Plano, TX 75025
	  	
	  	  	

 Address of Executive 
  

			
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