Document:

Exhibit 10.3

      

    

      EXECUTION VERSION

     

      

    INCREMENTAL COMMITMENT AGREEMENT

     

    

    dated as of April 25, 2020,

     

    

    made by

     

    

    THE INCREASING LENDER PARTY HERETO,

    

    

    as Increasing Lender,

    

    

    relating to the

     

    

    AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT

     

    

    dated as of May 6, 2019,

     

    

    among

     

    

    SPECIAL VALUE CONTINUATION PARTNERS LLC,

    as Borrower,

    

    

    the Lenders from time to time party thereto,

     

    

    and

     

    

    ING CAPITAL LLC,

    as Administrative Agent,

    Arranger and Bookrunner

     

    

    
      
        

    

    INCREMENTAL COMMITMENT AGREEMENT (this “Agreement”), dated as of April 25, 2020 and effective as of the Effective Date (as defined below), by and among SPECIAL VALUE CONTINUATION PARTNERS LLC,
      a Delaware limited liability company (the “Borrower”), 36th STREET CAPITAL PARTNERS HOLDINGS, LLC, a Delaware limited liability company (the “Subsidiary Guarantor”), ING CAPITAL LLC (“ING”), in its capacity as
      Administrative Agent (in such capacity, the “Administrative Agent”), and City National Bank, N.A., as increasing lender (the “Increasing Lender”), relating to the AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT AGREEMENT, dated as
      of May 6, 2019 (as amended by Amendment No. 1 to Amended & Restated Senior Secured Revolving Credit Agreement, dated as of April 9, 2020, Amendment No. 2  to Amended & Restated Senior Secured Revolving Credit Agreement, dated as of April 17,
      2020, and as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Administrative Agent and the lenders from time to time party thereto (each, a “Lender”
      and, collectively, the “Lenders”).

    

    

    A.         The Borrower has requested that the Increasing Lender provide an additional Multicurrency Commitment on and as of the Effective Date in an aggregate amount equal to the amount set forth
      opposite the Increasing Lender’s name on Schedule 1 hereto under the heading “Incremental Multicurrency Commitment Amount” (the “Incremental Commitment”), pursuant to Section 2.06(e) of the Credit Agreement.

    

    

    B.          The Increasing Lender is willing to make the Incremental Commitment on and as of the Effective Date on the terms and subject to the conditions set forth herein and in the Credit
      Agreement.

    

    

    Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto
      agree as follows:

    

    

    SECTION 1.  Defined Terms; Interpretation; Etc.  Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the
      Credit Agreement.  The rules of construction set forth in Section 1.03 of the Credit Agreement shall apply equally to this Agreement.  This Agreement shall be a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents.

    

    

    SECTION 2.  Incremental Commitment.  (a)  Pursuant to Section 2.06(e) of the Credit Agreement and subject to the terms and conditions hereof, the Increasing Lender hereby agrees to make the
      Incremental Commitment to the Borrower effective on and as of the Effective Date. The Incremental Commitment shall constitute an additional “Multicurrency Commitment”, an additional “Commitment” and a “Commitment Increase” for all purposes of the
      Credit Agreement and the other Loan Documents, and the Effective Date shall be the “Commitment Increase Date” of the Incremental Commitment for purposes of Section 2.06(e) of the Credit Agreement.

     

    

    
      
        

    

    
    (b)       The terms of the Incremental Commitment shall be identical to the terms and provisions of the Multicurrency Commitments of the Extending Lenders made under the Credit Agreement immediately
      prior to the Effective Date.

    

    

    (c)       On the Effective Date, in connection with the adjustments, if any, to any
        outstanding Loans and participation interests contemplated by Section 2.06(e)(iv) of the Credit Agreement, if the Increasing Lender is notified by the Administrative Agent, the Increasing Lender shall make a payment to the Administrative Agent, for
        the account of the other Lenders, in an amount calculated by the Administrative Agent in accordance with such Section, so that after giving effect to such payment and to the distribution thereof to the other Lenders in accordance with such Section,
        the Loans are held ratably by the Lenders in accordance with the respective Commitments of such Lenders (after giving effect to the Incremental Commitment and any other Commitment Increases, if any, occurring on the Effective Date).

    

    

    SECTION 3.  Conditions Precedent to Incremental Commitment.  This Agreement, and the Incremental Commitment of the Increasing Lender, shall become effective on and as of the Business Day (the
      “Effective Date”) occurring on or after April 29, 2020 (or such earlier date as mutually agreed to in writing (which may be an email) by each of the Borrower, the Administrative Agent and the Increasing Lender in their sole discretion), on
      which each of the following conditions are satisfied (provided that if such conditions are not satisfied, waived or extended on or prior to May 12, 2020, this Agreement shall automatically terminate and no longer be in effect):

    

    

    (a)          the Administrative Agent shall have received counterparts of this Agreement that, when taken together, bear the signatures of the Borrower, the Subsidiary Guarantor, the Administrative
      Agent and the Increasing Lender;

    

    

    (b)          on the Effective Date, each of the conditions set forth or referred to in Section 2.06(e)(i) of the Credit Agreement shall be satisfied, and pursuant to Section 2.06(e)(ii)(x) of the
      Credit Agreement the Administrative Agent shall have received a certificate of a duly authorized officer of the Borrower dated as of the Effective Date certifying as to the foregoing;

    

    

    (c)          (i) the Increasing Lender shall have received all fees due to the Increasing Lender on or prior to the Effective Date, including pursuant to any outstanding fee letters or commitment
      letters by and between the Borrower and the Increasing Lender, and (ii) ING, in its capacity as the lead arranger, shall have received all fees due to it on the Effective Date, including pursuant to any outstanding fee letters by and between the
      Borrower and ING;

    

    

    (d)          the Borrower shall have paid, or substantially concurrently with the Effective Date is paying, Dechert LLP, counsel for the Administrative Agent, for its reasonable and documented fees,
      charges and disbursements; and

     

    

    
      2

      
        

    

    (e)          pursuant to Section 9.03 of the Credit Agreement, the Administrative Agent shall have received all other documented out-of-pocket fees, costs and expenses related to this Agreement owing
      on the Effective Date.

     

    

    SECTION 4.  Representations and Warranties of the Borrower and the Subsidiary Guarantor.  To induce the other parties hereto to enter into this Agreement, each of the Borrower and the
      Subsidiary Guarantor represents and warrants to the Administrative Agent and the Increasing Lender that, as of the date hereof and as of the Effective Date:

    

    

    (a)        This Agreement has been duly authorized, executed and delivered by the Borrower and the Subsidiary Guarantor, and constitutes a legal, valid and binding obligation of the Borrower and the
      Subsidiary Guarantor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general
      equitable principles (whether enforcement is sought by proceedings in equity or at law).  The Credit Agreement, as modified by this Agreement, constitutes a legal, valid and binding obligation of the Borrower and the Subsidiary Guarantor in
      accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether
      enforcement is sought by proceedings in equity or at law).

    

    

    (b)         Each of the representations and warranties made by the Borrower and the Subsidiary Guarantor in or pursuant to the Loan Documents are true and correct in all material respects as if made
      on the date hereof and on the Effective Date (except to the extent they relate specifically to an earlier date, in which case they are true and correct in all material respects as of such earlier date, and unless a representation or warranty is
      already qualified by materiality or by Material Adverse Effect, in which case it is true and correct in all respects).

    

    

    (c)          No Default has occurred and is continuing on the date hereof or on the Effective Date or shall result from the Incremental Commitment.

    

    

    SECTION 5.  Representations, Warranties and Covenants of the Increasing Lender. The Increasing Lender (a) represents and warrants on the date hereof and on the Effective Date that (i) it has
      full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are
      required to be satisfied by it in order to make the Incremental Commitment, and (iii) it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender.

     

    

    SECTION 6.  Consent and Reaffirmation.  (a) The Subsidiary Guarantor hereby consents to this Agreement and the transactions contemplated hereby, (b) the Borrower and the Subsidiary Guarantor
      agree that, notwithstanding the effectiveness of this Agreement on the Effective Date, the Guarantee and Security Agreement and each of the other Security Documents shall continue to be in full force and effect, (c) the Borrower and the Subsidiary

      

    

    
      3

      
        

    

    Guarantor acknowledge that, on and after the Effective Date, the terms “Revolving Credit Agreement Obligations,” “Guaranteed Obligations” and “Secured Obligations” (each as defined in the Guarantee and Security
      Agreement) include any and all Loans made now or in the future by the Increasing Lender in respect of the Incremental Commitment and all interest and other amounts owing in respect thereof under the Loan Documents (including all interest and expenses
      accrued or incurred subsequent to the commencement of any bankruptcy or insolvency proceeding with respect to the Borrower, whether or not such interest or expenses are allowed as a claim in such proceeding), and (d) as of the date hereof and as of
      the Effective Date, the Subsidiary Guarantor confirms its guarantee of the Guaranteed Obligations and the Borrower and the Subsidiary Guarantor confirm their grant of a security interest in their assets as Collateral for the Secured Obligations, all
      as provided in the Loan Documents as originally executed (and amended prior to the Effective Date and supplemented by this Agreement on and as of the Effective Date).  On the Effective Date, each reference in the Credit Agreement to “this Agreement,”
      “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the Credit Agreement as modified by this Agreement and each reference in any other Loan Document shall mean the Credit Agreement as modified by this
      Agreement.

    

    

    SECTION 7.  Notices.  All notices hereunder shall be given in accordance with the provisions of Section 9.01 of the Credit Agreement.

    

    

    SECTION 8.  Expenses.  The Borrower agrees to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent in connection with this Agreement in accordance
      with the Credit Agreement. The Borrower agrees, promptly on or after the Effective Date, to pay the Administrative Agent for the account of the Lenders the amounts, if any, payable under Section 2.13 of the Credit Agreement as a result of the
      adjustments of Borrowings pursuant to Section 2(c) of this Agreement.

    

    

    SECTION 9.  Counterparts.  This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered
      shall be deemed an original, but all such counterparts together shall constitute but one and the same contract.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or electronic transmission shall be as effective
      as delivery of a manually executed counterpart hereof.

    

    

    SECTION 10.  Applicable Law; Jurisdiction; Consent to Service of Process; Other.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.  THE
      PROVISIONS OF SECTION 9.09 OF THE CREDIT AGREEMENT (AND ALL OTHER APPLICABLE PROVISIONS OF ARTICLE IX OF THE CREDIT AGREEMENT) ARE HEREBY INCORPORATED BY REFERENCE.

     

    

    SECTION 11.  WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
      DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER 

     

    

    
      4

      
        

    

    BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
      THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

    

    

    SECTION 12.  Headings.  The headings of this Agreement are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

    

    

    SECTION 13.  No Third Party Beneficiaries.  This Agreement is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights
      in favor of, any other person or entity.  No person or entity other than the parties hereto shall have any rights under or be entitled to rely upon this Agreement.

    

    

    SECTION 14.  Acknowledgment and Consent.  The Administrative Agent hereby acknowledges that it has received notice pursuant to Section 2.06(e)(i) of the Credit Agreement within the time
      period required thereunder.  The Administrative Agent hereby consents to the Incremental Commitment.  Pursuant to Section 2.06(e)(i)(C) of the Credit Agreement, each of the Administrative Agent and the Borrower hereby consents to the Incremental
      Commitment provided for herein.  For the avoidance of doubt, pursuant to Section 2.06(e)(iv) of the Credit Agreement, the Borrower hereby acknowledges, and consents to the fact that, the Effective Date (and thereby the Commitment Increase Date with
      respect to the Incremental Commitment provided for herein), may occur on a day other than the last day of an Interest Period.

    

    

    [Remainder of page intentionally left blank]

     

    

    
      5

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized representatives as of the day and year first above written.

    

    

    	 	
            SPECIAL VALUE CONTINUATION PARTNERS LLC, as Borrower

          
	 	 	 
	 	
            By:

          	
            BlackRock TCP Capital Corp.

          
	 	
            Its: Sole Member

          
	 	 	 
	 	
            By:

          	/s/ Howard Levkowitz
	 	
            Name: Howard Levkowitz

          
	 	
            Title:

          	Chief Executive Officer

    

    

    [Signature Page to Incremental Commitment Agreement]

     

    

    
      
        

    

    	 	
            36TH STREET CAPITAL PARTNERS HOLDINGS, LLC, as Subsidiary Guarantor

          
	 	 	 
	 	By:	
            Special Value Continuation Partners LLC

          
	 	
            Its: Sole Member

          
	 	 	 
	 	
            By:

          	
            BlackRock TCP Capital Corp.

          
	 	
            Its: Sole Member

          
	 	 	 
	 	
            By:

          	/s/ Howard Levkowitz
	 	
            Name:

          	Howard Levkowitz
	 	
            Title:

          	Chief Executive Officer

    

    

    [Signature Page to Incremental Commitment Agreement]

     

    

    
      
        

    

    	 	
            ING CAPITAL LLC,

          	 
	 	
            as Administrative Agent

          	 
	 	 	 
	 	
            By:

          	/s/ Patrick Frisch 	 
	 	 	
            Name: Patrick Frisch 

          	 
	 	 	
            Title: Managing Director 

          	 
	 	 	 	 
	 	
            By:

          	/s/ Dominik Breuer	 
	 	 	
            Name: Dominik Breuer

          	 
	 	 	
            Title: Director 

          	 

    

    

    [Signature Page to Incremental Commitment Agreement]

    

    

    
      
        

    

    	 	
            CITY NATIONAL BANK, N.A.,

          
	 	
            as Increasing Lender

          
	 	 	 
	 	
            By

          	/s/ Marc D. Galindo

          

    	 	
            Name:

          	Marc D. Galindo
	 	
            Title:

          	
            Senior Vice President

          

    

    

    [Signature Page to Incremental Commitment Agreement]

     

    

    
      
        

    

    Schedule 1

    

    

    Incremental Commitment

    

    

    	
            Lender

          	 	
            Multicurrency

            Commitment

            Amount

            (immediately

            prior to Effective

            Date)

          	 	 	
            Incremental

            Multicurrency

            Commitment

            Amount

          	 	 	
            Incremental

            Dollar

            Commitment

            Amount

          	 	 	
            Multicurrency

            Commitment

            Amount (on and

            immediately after

            the Effective Date)

          	 
	
            City National Bank, N.A.

          	 	
            $

          	
            20,000,000

          	 	 	
            $

          	
            4,800,000

          	 	 	
            $

          	
            0

          	 	 	
            $

          	
            24,800,000EX-10.30

 Exhibit 10.30 

CHAPARRAL ENERGY, L.L.C. 

EXECUTIVE SEVERANCE PLAN 

PARTICIPATION AND RESTRICTIVE COVENANT AGREEMENT 

This Participation and Restrictive Covenant Agreement (this “Agreement”) is entered into as of
            , 20[●] between Chaparral Energy, L.L.C. (the “Employer”), and [Executive Name] (“Executive”). 

WHEREAS, the Compensation Committee of the Company’s Board of Directors has adopted the Chaparral Energy, L.L.C. Executive
Severance Plan, effective as of [●], 2019 (the “Severance Plan”), to provide certain benefits to participants upon a qualifying termination of employment, as contemplated under the Severance Plan; 

WHEREAS, the Plan Administrator (as defined in the Severance Plan) has decided to offer Executive the opportunity to participate in the
Severance Plan, subject to the terms of the Severance Plan and this Agreement; 
 WHEREAS, as a condition of eligibility to
participate in the Severance Plan, Executive must agree to be bound by the terms of this Agreement, including the restrictive covenants contained in Section 4, and Executive agrees and acknowledges that participation in the
Severance Plan is good, valuable, and sufficient consideration for Executive’s promises and commitments as set forth in this Agreement including, without limitation, the restrictive covenants contained in Section 4;
and 
 WHEREAS, Executive acknowledges that Executive has carefully reviewed the Severance Plan and this Agreement and has decided
that Executive wishes to enter into this Agreement on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration
of the mutual covenants, promises and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Employer and Executive agree as follows: 

1.    Plan. The terms of the Severance Plan are incorporated by reference into this Agreement, and this Agreement
shall be a part of and governed by the terms of the Severance Plan, as amended from time to time or terminated in accordance with Section 8(l) of the Severance Plan, subject to the termination of Executive’s participation in the Severance
Plan as provided in Sections 2 and 8(l) of the Severance Plan. Executive is an intended third-party beneficiary of the Severance Plan. 

2.    Participation Subject to Execution and Return of this Agreement. This Agreement and Executive’s
designation as a Participant in the Severance Plan shall be null and void unless Executive agrees to be bound by and executes this Agreement and returns it to the Employer on or before
[                , 20[●]]1. 

 

	1 	 Note to Draft: Date to be 30 days after this Agreement is delivered to Executive. 

 3.    Definitions. The capitalized terms used, but not defined in
this Agreement, shall have the respective meanings set forth in the Severance Plan. 
 4.    Restrictive
Covenants. 
 (a)    Nondisclosure of Confidential Information. Executive acknowledges that it is the policy
of the Company and the Employer to maintain as secret and confidential (i) all valuable and unique information, (ii) other information heretofore or hereafter acquired by the Company, the Employer, or any of their Affiliates and deemed by
it to be confidential, and (iii) information developed or used by the Company, the Employer, or any of their Affiliates, in each case, relating to the business, operations, employees and customers of the Company, the Employer, or any of their
Affiliates including, but not limited to, the mental impressions of Executive acquired by Executive during his or her employment by the Employer as well as any employee information (all such information described in
clauses (i), (ii) and (iii) above, other than information that is known to the public or becomes known to the public through no fault of Executive, is hereinafter referred to as “Confidential
Information”). The parties recognize that the services to be performed by Executive pursuant to this Agreement are special and unique and that by reason of his or her employment by the Employer before, on and after the date hereof,
Executive has acquired and will acquire previously undisclosed Confidential Information. Executive recognizes that all such Confidential Information is the property of the Company, the Employer, and their subsidiaries. Accordingly, at any time
following the termination of Executive’s employment and subject to Section 4(j), Executive shall not, except in the proper performance of his or her duties under this Agreement, directly or indirectly, without the
prior written consent of the Company or the Employer, use the Confidential Information for any purpose or disclose the Confidential Information to any Person other than the Company, the Employer, or their subsidiaries, whether or not such Person is
a competitor of the Company, the Employer, or their subsidiaries, and shall prevent the use, publication or disclosure of any Confidential Information obtained by, or which has come to the knowledge of, Executive before, on and after the date
hereof. For purposes of the foregoing, the parties acknowledge and agree that overseeing, supervising, consulting with or advising others with respect to the acquisition or disposition of producing or
non-producing leasehold, mineral interests or royalty interests (including, without limitation, farm-ins, farm-out, poolings,
leasing activities, unitizations and similar activities), during the 12-month period commencing on the Termination Date, solely as relates to any county or parish in which the Company conducts oil and gas
operations on the Termination Date will necessarily require and be deemed hereby to constitute the use and/or disclosure of Confidential Information in violation of the covenant set forth in this Section 4(a). For avoidance
of doubt and notwithstanding the foregoing provisions of the immediately preceding sentence, following the 12-month anniversary of the Termination Date (but not before such time), Executive’s retention of
Executive’s mental impressions of Confidential Information, without conscious memorization or subsequent reference to Confidential Information, will not preclude the activities described in the immediately preceding sentence. 

(b)    Non-Solicitation. Executive shall not, for a period of 12 months
following the Termination Date (the “Non-Solicitation Period”), either personally or by directing, assisting or encouraging his or her agent and whether for himself or herself or on behalf of
any other person or entity, directly or indirectly hire or solicit any employee or consultant of the Employer, including by attempting, directly or indirectly, to persuade any such employee or consultant to discontinue

  
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his or her status of employment or consultancy with the Employer to become an employee or consultant of any other person or entity. Additionally, during the
Non-Solicitation Period, Executive shall not, for himself or on behalf of any person or entity, directly solicit any established customer of the Employer or the Company for the purpose of causing such customer
to purchase goods, services or a combination of goods and services from another person or entity in lieu of goods, services or a combination thereof from the Employer or the Company. For purposes of this Agreement, an “established
customer” shall be given the broadest possible interpretation under Oklahoma law. Nothing contained in this provision is intended to prohibit general advertising or solicitation not specifically directed at any or all of the Employer’s or
the Company’s customers or employees. 

(c)    Non-Competition. 

(i)    As part of the consideration for the severance benefits to be paid to Executive hereunder, to
protect the trade secrets and Confidential Information of the Company and its customers and clients that have been and will be entrusted to Executive, the business goodwill of the Company and its subsidiaries that will be developed in and through
Executive and the business opportunities that will be disclosed or entrusted to Executive by the Company and its subsidiaries, and as an additional incentive for the Company to enter into this Agreement, during the Term, Executive shall not
directly or indirectly, individually or on behalf of any other person or entity, manage, participate in, work for, consult with, render services for, or take an interest in (as an owner, stockholder, partner or lender) (i) any Competitor in an
area of Competing Business or (ii) any entity for the purposes of evaluating an investment or financing activity in any counties in which the Company or the Employer operates. 

(ii)    For purposes of Section 4(c)(i): 

(A)    “Competitor” means any business, company or individual that is in, or is actively
seeking to be in, the Competing Business in any county or parish in which the Company or the Employer operates. 

(B)    “Competing Business” means the acquisition, exploration, exploitation, development,
production and/or operation of oil and gas properties. 
 (iii)    Executive acknowledges that each of
the covenants of Section 4(c)(i) are in addition to, and shall not be construed as a limitation upon, any other covenant provided in Section 4. Executive agrees that the scope of prohibited
activities and time duration of each of the covenants set forth in Section 4(c)(i) are reasonable in nature and are no broader than are necessary to maintain the confidentiality and the goodwill of the Company’s
proprietary and Confidential Information, plans and services and to protect the other legitimate business interests of the Company, including, without limitation, the goodwill developed by Executive with the Company’s customers, suppliers,
licensees and business relations. It is also the intent of the Company and Executive that such covenants be construed and enforced in accordance with the changing activities, business and locations of the Company throughout the term of this
covenant. The covenants in Section 4(c)(i) are severable and separate, and the unenforceability of any specific covenant shall not affect 

  
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the provisions of any other covenant. Moreover, in the event any court of competent jurisdiction shall determine that the scope or duration set forth are unreasonable, then it is the intention of
the parties that such restrictions be enforced to the fullest extent which the court deems reasonable, and this Agreement shall thereby be reformed. 

(iv)    Nothing in this Section 4(c) shall prohibit: (A) direct or indirect
ownership of publicly traded securities which are issued by a Competitor involved in or conducting a Competing Business, provided that Executive, directly or indirectly, does not own more than 5% of the outstanding equity or voting securities
of such Competitor; (B) ownership of royalty interests where Executive owns the surface of the land covered by the royalty interest and the ownership of the royalty interest is incidental to the ownership of such surface estate, provided that
any such surface estate does not adjoin, or is not near to, any property ownership interest held directly or indirectly by the Company; (C) direct or indirect ownership of royalty interests or overriding royalty interests owned prior to the
date of this Agreement; or (D) direct or indirect ownership of working interests or other interests in oil and gas owned prior to date of this Agreement and disclosed by Executive to the Company in writing. 

(v)    For the avoidance of doubt, Executive will have no continuing obligations under this
Section 4(c) following the 12-month anniversary of the Termination Date. 

(d)    Non-Disparagement. Following the termination of
Executive’s employment for any reason, Executive shall not disparage the Employer, the Company, or any of their Affiliates, including any of the officers or directors, or the reputation of such entities. 

(e)    Cooperation. Upon reasonable request, Executive agrees to cooperate with the Company and the Employer
and all individuals employed by the Company or the Employer in any and all matters relating to the Company or the Employer, including cooperation in any transition of his or her duties as an employee of the Employer or any Affiliate thereof, as well
as any ongoing investigations by the Securities and Exchange Commission (the “SEC”) and related investigations or any other related matters at the request of the Company or the Employer. 

(f)    Obligations of Executive Upon Termination. Upon termination of Executive’s employment for any
reason, Executive shall return to the Employer all property of the Company, Employer, and their Affiliates, including, without limitation, all documents and copies, including, without limitation, hard and electronic copies, of documents in his or
her possession or under his or her control relating to any Confidential Information including, but not limited to, internal and external business forms, manuals, correspondence, notes and computer programs, and Executive shall not make or retain any
copy or extract of any of the foregoing. In addition, Executive shall resign from all positions held with the Company, the Employer, and their Affiliates. 

(g)    Remedies. Executive acknowledges and understands that Section 4(a),
Section 4(b), and the other provisions of this Agreement are of a special and unique nature, the loss of which cannot be adequately compensated for in damages by an action at law, and that the breach or threatened breach of
the provisions of this Agreement would cause the Company, the Employer, and their Affiliates irreparable harm. In the event of a breach or threatened breach by 

  
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Executive of the provisions of this Agreement, the Company, the Employer, and their Affiliates, as applicable, shall be entitled to an injunction restraining him from such breach in addition to
other appropriate equitable and legal relief. Nothing contained in this Agreement shall be construed as prohibiting the Company, the Employer, or their Affiliates from pursuing, or limiting their ability to pursue, any other remedies available for
any breach or threatened breach of this Agreement by Executive, including, without limitation, the right to repayment of any Severance Payment (net of any taxes Executive has paid or is required to pay in respect thereof) already paid to Executive
as contemplated by Section 3 of the Severance Plan. Notwithstanding anything to the contrary in this Agreement, the Company and the Employer may amend the provisions of Section 4 without the
approval of Executive or any other person to provide for less restrictive limitations as to time, geographical area, or scope of activity to be restrained. Any such less restrictive limitations may, in sole discretion of the Company and the
Employer, apply only with respect to the enforcement of this Agreement in certain jurisdictions specified in any such amendment. At the request of the Company or the Employer, Executive shall consent to any such amendment and shall execute and
deliver to the Company and the Employer a counterpart signature page to such amendment; provided, however, that Executive’s failure to do so shall not impact the validity of the amendment. 

(h)    After-Acquired Evidence. Notwithstanding any provision of this Agreement to the contrary, if the
Company or the Employer determines that Executive is eligible to receive any Severance Payment payable under Section 3 of the Severance Plan, but, after such determination, the Company or the Employer within the subsequent
twenty-four (24) months acquire evidence that (i) Executive has materially breached the terms of Section 4; or (ii) one or more of clauses (ii), clause (iv)
and, to the extent such breach was willful, clause (viii) in the Severance Plan’s definition of “Cause” existed prior to the Termination Date that has subsequently resulted in material injury to the Company,
and had the Employer been aware of all material facts relating to such condition, would have given the Employer the right to terminate Executive’s employment for Cause, then, in each case, the Company and the Employer shall have the right to
cease payment of any future installments of such Severance Payments and prompt repayment of any portion of the Severance Payment (net of any taxes Executive has paid or is required to pay in respect thereof) already paid to Executive as contemplated
by Section 3 of the Severance Plan. 
 (i)    Clawback. To the extent required
by applicable law or any applicable securities exchange listing standards, amounts paid or payable under this Agreement shall be subject to the provisions of any applicable clawback policies or procedures adopted by the Company, the Employer, or
their Affiliates, which clawback policies or procedures may provide for forfeiture and/or recoupment of amounts paid or payable under this Agreement. Notwithstanding any provision of this Agreement to the contrary, and to the extent required by
applicable law or any applicable securities exchange listing standards, the Company and the Employer reserve the right, without the consent of Executive, to adopt any such clawback policies and procedures, including, without limitation, such
policies and procedures applicable to this Agreement with retroactive effect. 
 (j)    Protected Activities.
Nothing in this Agreement is intended to, or does, prohibit Executive from (i) filing a charge or complaint with, providing truthful information to, or cooperating with an investigation being conducted by a governmental agency (such as the
Equal Employment Opportunity Commission, another other fair employment practices agency, the National Labor Relations Board, the Department of Labor, or the SEC); (ii) engaging in other 

  
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legally-protected activities; (iii) giving truthful testimony or making statements under oath in response to a subpoena or other valid legal process or in any legal proceeding;
(iv) otherwise making truthful statements as required by law or valid legal process; or (v) disclosing a trade secret in confidence to a governmental official, directly or indirectly, or to an attorney, if the disclosure is made solely for
the purpose of reporting or investigating a suspected violation of law. Accordingly, Executive understands that he or she shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret
that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or
(ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Executive likewise understands that, in the event he or she files a lawsuit for retaliation by the Company or the Employer
for reporting a suspected violation of law, he or she may disclose the trade secret(s) of the Company or the Employer to his attorney and use the trade secret information in the court proceeding, if he or she (i) files any document containing
the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order. In accordance with applicable law, and notwithstanding any other provision of this Agreement, nothing in this Agreement or any of any
policies or agreements of the Company, the Employer, or their Affiliates applicable to Executive (i) impedes his or her right to communicate with the SEC or any other governmental agency about possible violations of federal securities or other
laws or regulations or (ii) requires him to provide any prior notice to the Company, the Employer, or their Affiliates or obtain their prior approval before engaging in any such communications. 

5.    Not a Contract for Employment; Survival. This Agreement does not entitle Executive to employment with the
Employer, the Company, or any of their respective Affiliates for any specified duration. Executive’s employment is “at will” and may be terminated by either party at any time for any or no reason, with or without notice. This
Agreement shall survive any such employment termination and any termination of Executive’s participation in the Severance Plan. 

6.    Counterparts. This Agreement may be executed and delivered (including by email transmission or other
customary means of electronic transmission (e.g., pdf) in one or more counterparts, all of which shall be considered one and the same instrument. 

7.    Adequacy of Consideration. Executive acknowledges and agrees that the Severance Benefits to which Executive
may be eligible under the Severance Plan are good, valuable, and adequate consideration to which Executive would not be entitled if Executive did not enter into this Agreement and the Severance Plan, or if Executive does not abide by the provisions
of this Agreement and the Severance Plan, including the Restrictive Covenants contemplated in Section 4. 

8.    Governing Law; Entire Agreement; Amendment. The validity, interpretation, and construction of this Agreement
shall be governed by the laws of Oklahoma without regard to its principles of conflicts law. This Agreement and the Severance Plan constitute the complete agreement between Executive and the Employer or the Company concerning the subject matter
therein and they supersede and replace in its entirety any prior written or oral understandings entered into between Executive and the Employer or the Company relating to severance or similar pay. For the avoidance of doubt, and subject to
Section 4(j) above, nothing in this Agreement shall 

  
 6 

 
limit, restrict or supersede any fiduciary, statutory, tort or other non-contractual obligations of Executive to the Employer or the Company any of their
respective Affiliates (including without limitation under any applicable trade secrets laws), or any obligations of the Employee under any code of conduct, other applicable rule or policy of the Employer or the Company or any of their respective
Affiliates, or any obligations (including with respect to non-competition, non-solicitation, intellectual property, confidentiality) that Executive has or may have
pursuant to any plan, policy, or agreement with the Employer or the Company any of their respective, all of which shall continue in full force and effect in accordance with their respective terms. This Agreement may only be amended in a writing
signed by all parties. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the
     day of                 , 20[●]. 
  

			
	CHAPARRAL ENERGY, L.L.C.

 
			
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

 

			
	 EXECUTIVE

 

 
			
	Name:	 	  

  
 8

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