Document:

EX-10.7

 Exhibit 10.7 

TALOS ENERGY, INC. 
 LONG
TERM INCENTIVE PLAN 
 1.    Purpose. The purpose of the Talos Energy, Inc. Long Term Incentive Plan (as
amended from time to time, the “Plan”) is to provide a means through which (a) Talos Energy, Inc., a Delaware corporation (f/k/a Sailfish Energy Holdings Corporation and, together with any successor thereto, the
“Company”), and its Affiliates may attract, retain and motivate qualified persons as employees, directors and consultants, thereby enhancing the profitable growth of the Company and its Affiliates and (b) persons upon
whom the responsibilities of the successful administration and management of the Company and its Affiliates rest, and whose present and potential contributions to the Company and its Affiliates are of importance, can acquire and maintain stock
ownership or awards the value of which is tied to the performance of the Company, thereby strengthening their concern for the Company and its Affiliates. Accordingly, the Plan provides for the grant of Options, SARs, Restricted Stock, Restricted
Stock Units, Stock Awards, Dividend Equivalents, Other Stock-Based Awards, Cash Awards, Substitute Awards, or any combination of the foregoing, as determined by the Committee in its sole discretion. 

2.    Definitions. For purposes of the Plan, the following terms shall be defined as set forth below: 

(a)     “Affiliate” means any Person that, directly or indirectly, controls, is controlled by, or
is under common control with, the Company. For purposes of the preceding sentence, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power (i) to vote more than 50% of the securities having ordinary voting power for the election of directors of the controlled Person or (ii) to direct or cause the
direction of the management and policies of the controlled Person, whether through the ownership of voting securities, by contract, or otherwise.  

(b)    “ASC Topic 718” means the Financial Accounting Standards Board Accounting Standards
Codification Topic 718, Compensation – Stock Compensation, as amended or any successor accounting standard. 

(c)    “Award” means any Option, SAR, Restricted Stock, Restricted Stock Unit, Stock Award,
Dividend Equivalent, Other Stock-Based Award, Cash Award, or Substitute Award, together with any other right or interest, granted under the Plan. 

(d)    “Award Agreement” means any written instrument (including any employment, severance or
change in control agreement) that sets forth the terms, conditions, restrictions and/or limitations applicable to an Award, in addition to those set forth under the Plan. 

(e)    “Board” means the Board of Directors of the Company. 

(f)    “Cash Award” means an Award denominated in cash granted under
Section 6(i). 
 (g)    “Change in Control” means the occurrence of
any of the following events after the Effective Date: 
 (i)    The acquisition (whether by purchase, merger,
consolidation or other similar transaction) by any Person or group (within the meaning of Section 13(d)(3) of the Exchange Act or Section 14(d)(2) of the Exchange Act) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of either (A) the then-outstanding shares of Stock or (B) the combined voting power of the then-outstanding voting securities of the
Company entitled to vote in the election of directors; 

  
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provided, however, that, for purposes of this Plan, the following acquisitions shall not constitute a Change in Control: (1) any acquisition by the Company or any Affiliate,
(2) any acquisition directly from the Company, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate, or (4) any Business Combination (as defined below) that does
not constitute a Change in Control under subsection (iii) below; 
 (ii)    During any period of twelve
(12) consecutive months, individuals who, as of the Effective Date, constitute the 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 Effective Date whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Board shall be considered as though such individual were a member of
the Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person or group (within the meaning of Section 13(d)(3) of the Exchange Act or Section 14(d)(2) of the Exchange Act) other than the Board; 

(iii)    The consummation of a reorganization (excluding a reorganization under either Chapter 7 or Chapter 11 of Title
11 of the United States Code), recapitalization, merger, consolidation, or other business combination (any of the foregoing, a “Business Combination”) of the Company or any direct or indirect subsidiary of the Company with any other
entity, in any case, with respect to which the Company voting securities outstanding immediately prior to such Business Combination do not, immediately following such Business Combination, continue to represent (either by remaining outstanding or
being converted into voting securities of the Company or any ultimate parent thereof) more than 50% of the then outstanding voting securities entitled to vote generally in the election of directors of the Company (or its successor) or any ultimate
parent thereof after the Business Combination; 
 (iv)    The consummation of a sale, transfer or other disposition of
all or substantially all of the assets of the Company and its subsidiaries (on a consolidated basis) in one or a series of related transactions to any Person or group (within the meaning of Section 13(d)(3) of the Exchange Act or
Section 14(d)(2) of the Exchange Act) that is not the Company or any Affiliate; or 
 (v)    Approval by the
stockholders of the Company of a complete liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, if a Change in Control constitutes a
payment event with respect to any portion of an Award that provides for a deferral of compensation under the Nonqualified Deferred Compensation Rules, the transaction or event described in clauses (i), (ii), (iii), (iv) or (v) above with
respect to such Award (or portion thereof) must also constitute a “change in control event,” as defined in Treasury Regulation § 1.409A-3(i)(5) to the extent required by the Nonqualified
Deferred Compensation Rules. 
 (h)    “Change in Control Price” means the amount determined in
the following clause (i), (ii), (iii), (iv) or (v), whichever the Committee determines is applicable, as follows: (i) the price per share offered to holders of Stock in any merger or consolidation, (ii) the per share Fair Market Value of
the Stock immediately before the Change in Control without regard to assets sold in the Change in Control and assuming the Company has received the consideration paid for the assets in the case of a sale of the assets, (iii) the amount
distributed per share of Stock in a dissolution transaction, (iv) the price per share offered to holders of Stock in any tender offer or exchange offer whereby a Change in Control takes place, or (v) if such Change in Control occurs other
than pursuant to a transaction described in clauses (i), (ii), (iii), or (iv) of this Section 2(h), the value per share of the Stock that may otherwise be obtained with respect to such Awards or to which such Awards
track, as determined by the Committee as of the date determined by the Committee to be the date of cancellation and surrender of such Awards. In the event that the consideration offered to stockholders of the Company in any transaction described in
this Section 2(h) or in Section 8(e) consists of anything other than cash, the Committee shall 

  
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determine the fair market value of the portion of the consideration offered which is other than cash and such determination by the Committee shall be final, conclusive and binding on all affected
Participants to the extent applicable to Awards held by such Participants. 
 (i)    “Code”
means the Internal Revenue Code of 1986, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations thereto. 

(j)    “Committee” means a committee of the Board of two or more directors designated by the Board
to administer the Plan; provided, however, that, unless otherwise determined by the Board, the Committee shall consist solely of two or more Qualified Members. 

(k)    “Dividend Equivalent” means a right, granted to an Eligible Person under
Section 6(g), to receive cash, Stock, other Awards or other property equal in value to dividends paid with respect to a specified number of shares of Stock, or other periodic payments. 

(l)    “Effective Date” means [●],
2018.1 
 (m)    “Eligible Person” means
any individual who, as of the date of grant of an Award, is an officer or employee of the Company or of any of its Affiliates, and any other person who provides services to the Company or any of its Affiliates, including directors of the Company;
provided, however, that, any such individual must be an “employee” of the Company or any of its parents or subsidiaries within the meaning of General Instruction A.1(a) to Form S-8 if
such individual is granted an Award that may result in such individual receiving Stock. An employee on leave of absence may be an Eligible Person. 

(n)    “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto. 

(o)    “Fair Market Value” of a share of Stock means, as of any specified date, (i) if the
Stock is listed on a national securities exchange, the closing sales price of the Stock, as reported on the stock exchange composite tape on that date (or if no sales occur on such date, on the last preceding date on which such sales of the Stock
are so reported); (ii) if the Stock is not traded on a national securities exchange but is traded over the counter on such date, the average between the reported high and low bid and asked prices of Stock on the most recent date on which Stock was
publicly traded on or preceding the specified date; or (iii) in the event Stock is not publicly traded at the time a determination of its value is required to be made under the Plan, the amount determined by the Committee in its discretion in
such manner as it deems appropriate, taking into account all factors the Committee deems appropriate, including the Nonqualified Deferred Compensation Rules. Notwithstanding this definition of Fair Market Value, with respect to one or more Award
types, or for any other purpose for which the Committee must determine the Fair Market Value under the Plan, the Committee may elect to choose a different measurement date or methodology for determining Fair Market Value so long as the determination
is consistent with the Nonqualified Deferred Compensation Rules and all other applicable laws and regulations. 

(p)     “ISO” means an Option intended to be and designated as an “incentive stock
option” within the meaning of Section 422 of the Code. 
 (q)    “Nonqualified Deferred
Compensation Rules” means the limitations or requirements of Section 409A of the Code, as amended from time to time, including the guidance and regulations promulgated thereunder and successor provisions, guidance and regulations
thereto. 
  

	1 	 Note: To be the Closing Date. 

  
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 (r)    “Nonstatutory Option” means an Option
that is not an ISO. 
 (s)    “Option” means a right, granted to an Eligible Person under
Section 6(b), to purchase Stock at a specified price during specified time periods, which may either be an ISO or a Nonstatutory Option. 

(t)    “Other Stock-Based Award” means an Award granted to an Eligible Person under
Section 6(h). 
 (u)    “Participant” means a person who has been
granted an Award under the Plan that remains outstanding, including a person who is no longer an Eligible Person. 

(v)    “Person” means any natural person, corporation, limited partnership, general partnership,
limited liability company, join stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust or other organization, whether or not a legal entity, custodian, trustee, executor, administrator, and
nominee or entity in a representative capacity. 
 (w)    “Qualified Member” means a member of
the Board who is (i) a “non-employee director” within the meaning of Rule 16b-3(b)(3), and (ii) “independent” under the listing standards or
rules of the securities exchange upon which the Stock is traded, but only to the extent such independence is required in order to take the action at issue pursuant to such standards or rules. 

(x)    “Restricted Stock” means Stock granted to an Eligible Person under
Section 6(d) that is subject to certain restrictions and to a risk of forfeiture. 

(y)    “Restricted Stock Unit” means a right, granted to an Eligible Person under
Section 6(e), to receive Stock, cash or a combination thereof at the end of a specified period or upon the occurrence of an event (which may or may not be coterminous with the vesting schedule of the Award). 

(z)    “Rule 16b-3” means Rule 16b-3, promulgated by the SEC under Section 16 of the Exchange Act. 

(aa)    “SAR” means a stock appreciation right granted to an Eligible Person under
Section 6(c). 
 (bb)    “SEC” means the Securities and Exchange
Commission. 
 (cc)    “Securities Act” means the Securities Act of 1933, as amended from time
to time, including the guidance, rules and regulations promulgated thereunder and successor provisions, guidance, rules and regulations thereto. 

(dd)    “Stock” means the Company’s Common Stock, par value $0.01 per share, and such other
securities as may be substituted (or re-substituted) for Stock pursuant to Section 8. 

(ee)    “Stock Award” means unrestricted shares of Stock granted to an Eligible Person under
Section 6(f). 
 (ff)    “Substitute Award” means an Award granted
under Section 6(j). 
 3.    Administration. 

(a)    Authority of the Committee. The Plan shall be administered by the Committee except to the extent the Board
elects to administer the Plan, in which case references herein to the “Committee” shall be deemed to include references to the “Board.” Subject to the express provisions of the Plan, Rule
16b-3 and other applicable laws, the Committee shall have the authority, in its sole and absolute discretion, to: 

(i)    designate Eligible Persons as Participants; 

  
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 (ii)    determine the type or types of Awards to be granted to an
Eligible Person; 
 (iii)    determine the number of shares of Stock or amount of cash to be covered by Awards; 

(iv)    determine the terms and conditions of any Award, including whether, to what extent and under what circumstances
Awards may be vested, settled, exercised, cancelled or forfeited (including conditions based on continued employment or service requirements or the achievement of one or more performance goals); 

(v)    modify, waive or adjust any term or condition of an Award that has been granted, which may include the
acceleration of vesting, waiver of forfeiture restrictions, modification of the form of settlement of the Award (for example, from cash to Stock or vice versa), early termination of a performance period, or modification of any other condition or
limitation regarding an Award; 
 (vi)    determine the treatment of an Award upon a termination of employment or other
service relationship; 
 (vii)    impose a holding period with respect to an Award or the shares of Stock received in
connection with an Award; 
 (viii)    interpret and administer the Plan and any Award Agreement; 

(ix)    correct any defect, supply any omission or reconcile any inconsistency in the Plan, in any Award, or in any Award
Agreement; and 
 (x)    make any other determination and take any other action that the Committee deems necessary or
desirable for the administration of the Plan. 
 The express grant of any specific power to the Committee, and the taking of any action by the Committee,
shall not be construed as limiting any power or authority of the Committee. Any action of the Committee shall be final, conclusive and binding on all Persons, including the Company, its Affiliates, stockholders, Participants, beneficiaries, and
permitted transferees under Section 7(a) or other Persons claiming rights from or through a Participant. Notwithstanding anything to the contrary herein, the Board may, in its sole discretion, at any time and from time to
time, exercise any and all rights, duties and responsibilities of the Committee under the Plan, including establishing procedures to be followed by the Committee, but excluding matters that under any applicable law, regulation or rule are
required to be determined in the sole discretion of the Committee. 
 (b)    Exercise of Committee Authority. At
any time that a member of the Committee is not a Qualified Member, any action of the Committee relating to an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect of the Company
where such action is not taken by the full Board may be taken either (i) by a subcommittee, designated by the Committee, composed solely of two or more Qualified Members, or (ii) by the Committee but with each such member who is not a
Qualified Member abstaining or recusing himself or herself from such action; provided, however, that upon such abstention or recusal, the Committee remains composed solely of two or more Qualified Members. Such action, authorized by
such a subcommittee or by the Committee upon the abstention or recusal of such non-Qualified Member(s), shall be the action of the Committee for purposes of the Plan. For the avoidance of doubt, the full Board
may take any action relating to an Award granted or to be granted to an Eligible Person who is then subject to Section 16 of the Exchange Act in respect of the Company. 

(c)    Delegation of Authority. The Committee may delegate any or all of its powers and duties under the Plan to a
subcommittee of directors or to any officer of the Company, including the power to perform administrative functions and grant Awards; provided, however, that such delegation does not (i) violate applicable law, or (ii) result
in the loss of an exemption under Rule 16b-3(d)(1) for Awards granted to 

  
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Participants subject to Section 16 of the Exchange Act in respect of the Company. Upon any such delegation, all references in the Plan to the “Committee,” other than in
Section 8, shall be deemed to include any subcommittee or officer of the Company to whom such powers have been properly delegated by the Committee. Any such delegation shall not limit the right of such subcommittee members
or such an officer to receive Awards; provided, however, that such subcommittee members and any such officer may not grant Awards to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate, or
take any action with respect to any Award previously granted to himself or herself, a member of the Board, or any executive officer of the Company or an Affiliate. Any such delegation may be revoked by the Committee at any time. The Committee may
also appoint agents who are not executive officers of the Company or members of the Board to assist in administering the Plan, provided, however, that such individuals may not be delegated the authority to grant or modify any Awards
that will, or may, be settled in Stock. 
 (d)    Limitation of Liability. The Committee and each member thereof
shall be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or employee of the Company or any of its Affiliates, the Company’s legal counsel, independent auditors, consultants or
any other agents assisting in the administration of the Plan. Members of the Committee and any officer or employee of the Company or any of its Affiliates acting at the direction or on behalf of the Committee shall not be personally liable for any
action or determination taken or made in good faith with respect to the Plan, and shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company with respect to any such action or determination. 

(e)    Participants in Non-U.S. Jurisdictions. Notwithstanding any
provision of the Plan to the contrary, to comply with applicable laws in countries other than the United States in which the Company or any of its Affiliates operates or has employees, directors or other service providers from time to time, or to
ensure that the Company complies with any applicable requirements of foreign securities exchanges, the Committee, in its sole discretion, shall have the power and authority to: (i) determine which of the Company’s Affiliates shall be
covered by the Plan; (ii) determine which Eligible Persons outside the United States are eligible to participate in the Plan; (iii) modify the terms and conditions of any Award granted to Eligible Persons outside the United States to
comply with applicable foreign laws or listing requirements of any foreign exchange; (iv) establish sub-plans and modify exercise procedures and other terms and procedures, to the extent such actions may
be necessary or advisable (any such sub-plans and/or modifications shall be attached to the Plan as appendices), provided, however, that no such sub-plans
and/or modifications shall increase the share limitations contained in Section 4(a); and (v) take any action, before or after an Award is granted, that it deems advisable to comply with any applicable governmental
regulatory exemptions or approval or listing requirements of any such foreign securities exchange. For purposes of the Plan, all references to foreign laws, rules, regulations or taxes shall be references to the laws, rules, regulations and taxes of
any applicable jurisdiction other than the United States or a political subdivision thereof. 
 4.    Stock Subject
to Plan. 
 (a)    Number of Shares Available for Delivery. Subject to adjustment in a manner consistent with
Section 8, [●]2 shares of Stock are reserved and available for delivery with respect to Awards, and such total number of shares of Stock shall be available for
issuance upon the exercise of ISOs. 
 (b)    Application of Limitation to Grants of Awards. Subject to
Section 4(c), no Award may be granted if the number of shares of Stock that may be delivered in connection with such Award exceeds the number of shares of Stock remaining available under the Plan minus the number of shares
of Stock issuable in settlement of or relating to then-outstanding Awards. The Committee may adopt reasonable counting procedures to ensure appropriate counting, avoid double counting (as, for example, in the case of tandem or Substitute Awards) and
make adjustments if the number of shares of Stock actually delivered differs from the number of shares previously counted in connection with an Award. 

 

	2 	 Note: This figure to equal 10% of outstanding shares.

  
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 (c)    Availability of Shares Not Delivered under Awards. If all
or any portion of an Award expires or is cancelled, forfeited, exchanged, settled in cash or otherwise terminated, the shares of Stock subject to such Award (including shares forfeited with respect to Restricted Stock) shall not be considered
“delivered shares” under the Plan, shall be available for delivery with respect to Awards, and shall no longer be considered issuable or related to outstanding Awards for purposes of Section 4(b). Notwithstanding
the foregoing, (i) the number of shares tendered or withheld in payment of any exercise or purchase price of an Award or taxes relating to an Award, (ii) shares that were subject to an Option or SAR but were not issued or delivered as a
result of the net settlement or net exercise of such Option or SAR, and (iii) shares repurchased on the open market with the proceeds of an Option’s exercise price, will not, in each case, be available for delivery with respect to Awards
under the Plan. If an Award may be settled only in cash, such Award need not be counted against any share limit under this Section 4. 

(d)    Shares Available Following Certain Transactions. Substitute Awards granted in accordance with applicable
stock exchange requirements and in substitution or exchange for awards previously granted by a company acquired by the Company or any subsidiary or with which the Company or any subsidiary combines shall not reduce the shares authorized for issuance
under the Plan or the limitations on grants to non-employee members of the Board under Section 5(b), nor shall shares subject to such Substitute Awards be added to the shares
available for issuance under the Plan (whether or not such Substitute Awards are later cancelled, forfeited or otherwise terminated). Additionally, in the event that a company acquired by the Company or any subsidiary or with which the Company or
any subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to
the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the
consideration payable to the holders of common stock of the entities party to such acquisition or combination) may, if and to the extent determined by the Board and subject to compliance with applicable stock exchange requirements, be used for
Awards under the Plan and shall not reduce the shares authorized for issuance under the Plan (and shares subject to such Awards shall not be added to the shares available for issuance under the Plan as provided above); provided that Awards using
such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to
individuals who were not, prior to such acquisition or combination, employed by (and who were not non-employee directors or consultants of) the Company or any of its subsidiaries immediately prior to such
acquisition or combination. 
 (e)    Stock Offered. The shares of Stock to be delivered under the Plan shall be
made available from (i) authorized but unissued shares of Stock, (ii) Stock held in the treasury of the Company, or (iii) previously issued shares of Stock reacquired by the Company, including shares purchased on the open market. 

5.    Eligibility; Award Limitations for Non-Employee Members of the Board.

 (a)    Awards may be granted under the Plan only to Eligible Persons. 

(b)    In each calendar year during any part of which the Plan is in effect, a
non-employee member of the Board may not (i) be granted Awards having a grant date fair value (determined pursuant to ASC Topic 718 or such other applicable financial accounting rules) in excess of
$600,000 or (ii) receive total compensation (including Awards, retainers and other fees related to service on the Board or committees of the Board, whether paid currently or on a deferred basis and whether paid in cash, Stock or other property)
for such non-employee member’s service on the Board in excess of $750,000; provided, that, the limits set forth in this Section 5(b) shall be without regard to grants of Awards,
if any, made to a non-employee member of the Board during any period in which such individual was an employee of the Company or of any of its Affiliates or was otherwise providing services to the Company or to
any of its Affiliates other than in the capacity as a director of the Company. 

  
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 6.    Specific Terms of Awards. 

(a)    General. Awards may be granted on the terms and conditions set forth in this
Section 6. Awards granted under the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with any other Award. In addition, the Committee may impose on any Award or the
exercise thereof, at the date of grant or thereafter (subject to Section 10), such additional terms, conditions and restrictions, not inconsistent with the provisions of the Plan, as the Committee shall determine in its
sole discretion. Without limiting the scope of the preceding sentence, the Committee may use such business criteria and other measures of performance as it may deem appropriate in establishing any performance goals applicable to an Award, and any
such performance goals may differ among Awards granted to any one Participant or to different Participants. To the extent provided in an Award Agreement, the Committee may exercise its discretion to reduce or increase the amounts payable under any
Award. 
 (b)    Options. The Committee is authorized to grant Options, which may be designated as either ISOs or
Nonstatutory Options, to Eligible Persons on the following terms and conditions and such additional terms, conditions and restrictions, not inconsistent with the provisions of the Plan, as the Committee shall determine in its sole discretion: 

(i)    Exercise Price. Each Award Agreement evidencing an Option shall state the exercise price per share of Stock
(the “Exercise Price”) established by the Committee; provided, however, that except as provided in Section 6(j) or in Section 8, the Exercise Price of an
Option shall not be less than the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of the date of grant of the Option (or in the case of an ISO granted to an individual who owns
stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or its parent or any of its subsidiaries, 110% of the Fair Market Value per share of the Stock on the date of grant). 

(ii)    Time and Method of Exercise; Other Terms. The Committee shall determine the methods by which the Exercise
Price may be paid or deemed to be paid, the form of such payment, including cash or cash equivalents, Stock (including previously owned shares or through a cashless exercise, i.e., “net settlement”, a broker-assisted exercise, or other
reduction of the amount of shares otherwise issuable pursuant to the Option), other Awards or awards granted under other plans of the Company or any Affiliate, other property, or any other legal consideration the Committee deems appropriate
(including notes or other contractual obligations of Participants to make payment on a deferred basis), the methods by or forms in which Stock will be delivered or deemed to be delivered to Participants, including the delivery of Restricted Stock
subject to Section 6(d), and any other terms and conditions of any Option. In the case of an exercise whereby the Exercise Price is paid with Stock, such Stock shall be valued based on the Stock’s Fair Market Value as
of the date of exercise. No Option may be exercisable for a period of more than ten years following the date of grant of the Option (or in the case of an ISO granted to an individual who owns stock possessing more than 10% of the total combined
voting power of all classes of stock of the Company or its parent or any of its subsidiaries, for a period of more than five years following the date of grant of the ISO); provided, that if the period to exercise the Option (other than in the case
of an ISO) would expire at a time when trading in the shares of Stock is prohibited by the Company’s insider trading policy (or any Company-imposed “blackout period”) or any applicable law, then the period to exercise the Option shall
be automatically extended until the 30th day following the expiration of such prohibition. 
 (iii)    ISOs. The
terms of any ISO granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code. ISOs may only be granted to Eligible Persons who are employees of the Company or employees of a parent or any subsidiary
corporation of the Company (within the meaning of Sections 424(e) and (f) of the Code). Except as otherwise provided in Section 8, no term of the Plan relating to ISOs (including any SAR in tandem therewith) shall be
interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be exercised, so as to disqualify either the Plan or any ISO under Section 422 of the Code, unless the Participant has first requested the change that
will result in such disqualification. ISOs shall not be granted more than ten years after the earlier of the adoption of the Plan or the approval of the Plan by 

  
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the Company’s stockholders. Notwithstanding the foregoing, to the extent that the aggregate Fair Market Value of shares of Stock subject to an ISO and the aggregate Fair Market Value of
shares of stock of any parent or subsidiary corporation (within the meaning of Sections 424(e) and (f) of the Code) subject to any other incentive stock options of the Company or a parent or subsidiary corporation (within the meaning of
Sections 424(e) and (f) of the Code) that are exercisable for the first time by a Participant during any calendar year exceeds $100,000, or such other amount as may be prescribed under Section 422 of the Code, such excess shall be treated
as Nonstatutory Options in accordance with the Code. As used in the previous sentence, Fair Market Value shall be determined as of the date the ISO is granted. If a Participant shall make any disposition of shares of Stock issued pursuant to an ISO
under the circumstances described in Section 421(b) of the Code (relating to disqualifying dispositions), the Participant shall notify the Company of such disposition within the time provided to do so in the applicable Award Agreement. 

(c)    SARs. The Committee is authorized to grant SARs to Eligible Persons on the following terms and conditions
and such additional terms, conditions and restrictions, not inconsistent with the provisions of the Plan, as the Committee shall determine in its sole discretion: 

(i)    Right to Payment. An SAR is a right to receive, upon exercise thereof, the excess of (A) the Fair
Market Value of one share of Stock on the date of exercise over (B) the grant price of the SAR as determined by the Committee. 

(ii)    Grant Price. Each Award Agreement evidencing an SAR shall state the grant price per share of Stock
established by the Committee; provided, however, that except as provided in Section 6(j) or in Section 8, the grant price per share of Stock subject to an SAR shall not be less than
the greater of (A) the par value per share of the Stock or (B) 100% of the Fair Market Value per share of the Stock as of the date of grant of the SAR. 

(iii)    Method of Exercise and Settlement; Other Terms. The Committee shall determine the form of consideration
payable upon settlement, the method by or forms in which Stock (if any) will be delivered or deemed to be delivered to Participants, and any other terms and conditions of any SAR. SARs may be either free-standing or granted in tandem with other
Awards. No SAR may be exercisable for a period of more than ten years following the date of grant of the SAR; provided, that if the period to exercise the SAR would expire at a time when trading in the shares of Stock is prohibited by the
Company’s insider trading policy (or any Company-imposed “blackout period”) or any applicable law, then the period to exercise the SAR shall be automatically extended until the 30th day following the expiration of such prohibition

 (iv)    Rights Related to Options. An SAR granted in connection with an Option shall entitle a Participant,
upon exercise, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount determined by multiplying (A) the difference obtained by subtracting the Exercise Price with respect to a share of
Stock specified in the related Option from the Fair Market Value of a share of Stock on the date of exercise of the SAR, by (B) the number of shares as to which that SAR has been exercised. The Option shall then cease to be exercisable to the
extent surrendered. SARs granted in connection with an Option shall be subject to the terms and conditions of the Award Agreement governing the Option, which shall provide that the SAR is exercisable only at such time or times and only to the extent
that the related Option is exercisable and shall not be transferable except to the extent that the related Option is transferrable. 

(d)    Restricted Stock. The Committee is authorized to grant Restricted Stock to Eligible Persons on the following
terms and conditions and such additional terms, conditions and restrictions, not inconsistent with the provisions of the Plan, as the Committee shall determine in its sole discretion: 

(i)    Restrictions. Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture
and other restrictions, if any, as the Committee may impose. Except as provided in Section 7(a)(iii) and Section 7(a)(iv), during the restricted period applicable to the Restricted Stock, the
Restricted Stock may not be sold, transferred, pledged, hedged, hypothecated, margined or otherwise encumbered by the Participant. 

  
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 (ii)    Dividends and Splits. As a condition to the grant of an
Award of Restricted Stock, the Committee may allow a Participant to elect, or may require, that any cash dividends paid on a share of Restricted Stock be automatically reinvested in additional shares of Restricted Stock, applied to the purchase of
additional Awards or deferred without interest to the date of vesting of the associated Award of Restricted Stock. Unless otherwise determined by the Committee and specified in the applicable Award Agreement, Stock distributed in connection with a
Stock split or a Stock dividend, and other property (other than cash) distributed as a dividend, in each case, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Stock or
other property has been distributed. 
 (e)    Restricted Stock Units. The Committee is authorized to grant
Restricted Stock Units to Eligible Persons on the following terms and conditions and such additional terms, conditions and restrictions, not inconsistent with the provisions of the Plan, as the Committee shall determine in its sole discretion: 

(i)    Award and Restrictions. Restricted Stock Units shall be subject to such restrictions (which may include a
risk of forfeiture) as the Committee may impose. 
 (ii)    Settlement. Settlement of vested Restricted Stock
Units shall occur upon vesting or upon expiration of the deferral period specified for such Restricted Stock Units by the Committee (or, if permitted by the Committee, as elected by the Participant). Restricted Stock Units shall be settled by
delivery of (A) a number of shares of Stock equal to the number of Restricted Stock Units for which settlement is due, or (B) cash in an amount equal to the Fair Market Value of the specified number of shares of Stock equal to the number
of Restricted Stock Units for which settlement is due, or a combination thereof, as determined by the Committee at the date of grant or thereafter. 

(f)    Stock Awards. The Committee is authorized to grant Stock Awards to Eligible Persons as a bonus, as
additional compensation, or in lieu of cash compensation any such Eligible Person is otherwise entitled to receive, in such amounts and subject to such other terms and conditions, not inconsistent with the provisions of the Plan, as the Committee in
its discretion determines to be appropriate. 
 (g)    Dividend Equivalents. The Committee is authorized to grant
Dividend Equivalents to Eligible Persons, entitling any such Eligible Person to receive cash, Stock, other Awards, or other property equal in value to dividends or other distributions paid with respect to a specified number of shares of Stock on
such terms, conditions and restrictions, not inconsistent with the provisions of the Plan, as the Committee shall determine in its sole discretion. Dividend Equivalents may be awarded on a free-standing basis or in connection with another Award
(other than an Award of Restricted Stock or a Stock Award). The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or at a later specified date and, if distributed at a later date, may be deemed to have been
reinvested in additional Stock, Awards, or other investment vehicles or accrued in a bookkeeping account without interest, and subject to such restrictions on transferability and risks of forfeiture, as the Committee may specify. With respect to
Dividend Equivalents granted in connection with another Award, absent a contrary provision in the Award Agreement, such Dividend Equivalents shall be subject to the same restrictions and risk of forfeiture as the Award with respect to which the
dividends accrue and shall not be paid unless and until such Award has vested and been earned. 
 (h)    Other
Stock-Based Awards. The Committee is authorized, subject to limitations under applicable law, to grant to Eligible Persons such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based
on, or related to, Stock, as deemed by the Committee to be consistent with the purposes of the Plan, including convertible or exchangeable debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock, Awards with
value and payment contingent upon performance of the Company or any other factors designated by the Committee, and Awards valued by reference to the book value of Stock or the value of securities of, or the performance of, specified Affiliates of
the Company. The Committee shall determine the terms, conditions and restrictions of such Other Stock-Based Awards, not inconsistent with the provisions of the Plan, as the Committee shall determine in its sole discretion.

  
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Stock delivered pursuant to an Other-Stock Based Award in the nature of a purchase right granted under this Section 6(h) shall be purchased for such consideration, paid
for at such times, by such methods, and in such forms, including cash, Stock, other Awards, or other property, as the Committee shall determine. 

(i)    Cash Awards. The Committee is authorized to grant Cash Awards, on a free-standing basis or as an element of,
a supplement to, or in lieu of any other Award under the Plan to Eligible Persons in such amounts and subject to such other terms, conditions and restrictions, not inconsistent with the provisions of the Plan, as the Committee in its discretion
determines to be appropriate. 
 (j)    Substitute Awards. Awards may be granted in substitution or exchange for
any other Award granted under the Plan or under another plan of the Company or an Affiliate or any other right of an Eligible Person to receive payment from the Company or an Affiliate. Awards may also be granted under the Plan in substitution for
awards held by individuals who become Eligible Persons as a result of a merger, consolidation or acquisition of another entity or the assets of another entity by or with the Company or an Affiliate. Such Substitute Awards referred to in the
immediately preceding sentence that are Options or SARs may have an exercise price that is less than the Fair Market Value of a share of Stock on the date of the substitution if such substitution complies with the Nonqualified Deferred Compensation
Rules and other applicable laws and exchange rules. 
 (k)    No Repricing. Except as provided in
Section 6(j) or in Section 8, without the approval of the stockholders of the Company, the terms of outstanding Awards may not be amended to (i) reduce the Exercise Price or grant price of an
outstanding Option or SAR, (ii) grant a new Option, SAR or other Award in substitution for, or upon the cancellation of, any previously granted Option or SAR that has the effect of reducing the Exercise Price or grant price thereof,
(iii) exchange any Option or SAR for Stock, cash or other consideration when the Exercise Price or grant price per share of Stock under such Option or SAR equals or exceeds the Fair Market Value of a share of Stock or (iv) take any other
action that would be considered a “repricing” of an Option or SAR under the applicable listing standards of the national securities exchange on which the Stock is listed (if any). 

7.    Certain Provisions Applicable to Awards. 

(a)    Limit on Transfer of Awards. 

(i)    Except as provided in Sections 7(a)(iii) and (iv), each Option and SAR shall be exercisable only by
the Participant during the Participant’s lifetime, or by the Person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. Notwithstanding anything to the contrary in this
Section 7(a), an ISO shall not be transferable other than by will or the laws of descent and distribution. 

(ii)    Except as provided in Sections 7(a)(i), (iii) and (iv), no Award, other than a Stock Award,
and no right under any such Award, may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be
void and unenforceable against the Company or any Affiliate. 
 (iii)    To the extent specifically provided by the
Committee, an Award may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the Committee may from time to time
establish. 
 (iv)    An Award may be transferred pursuant to a domestic relations order entered or approved by a court
of competent jurisdiction upon delivery to the Company of a written request for such transfer and a certified copy of such order. 

(b)    Form and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan and any applicable
Award Agreement, payments to be made by the Company or any of its Affiliates upon the exercise or 

  
 11 

 
settlement of an Award may be made in such forms as the Committee shall determine in its discretion, including cash, Stock, other Awards or other property, and may be made in a single payment or
transfer, in installments, or on a deferred basis (which may be required by the Committee or permitted at the election of the Participant on terms and conditions established by the Committee); provided, however, that any such deferred
or installment payments will be set forth in the Award Agreement. Payments may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of Dividend
Equivalents or other amounts in respect of installment or deferred payments denominated in Stock. 

(c)    Evidencing Stock. The Stock or other securities of the Company delivered pursuant to an Award may be
evidenced in any manner deemed appropriate by the Committee in its sole discretion, including in the form of a certificate issued in the name of the Participant or by book entry, electronic or otherwise, and shall be subject to such stop transfer
orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Stock or other securities are then listed, and any applicable laws, and
the Committee may cause a legend or legends to be inscribed on any such certificates to make appropriate reference to such restrictions. Further, if certificates representing Restricted Stock are registered in the name of the Participant, the
Company may retain physical possession of the certificates and may require that the Participant deliver a stock power to the Company, endorsed in blank, related to the Restricted Stock. 

(d)    Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee
shall determine, but shall not be granted for less than the minimum lawful consideration. 
 (e)    Additional
Agreements. Each Eligible Person to whom an Award is granted under the Plan may be required to agree in writing, as a condition to the grant of such Award or otherwise, to subject an Award that is exercised or settled following such Eligible
Person’s termination of employment or service to a general release of claims and/or a noncompetition or other restrictive covenant agreement in favor of the Company and its Affiliates, with the terms and conditions of such agreement(s) to be
determined in good faith by the Committee. 
 8.    Subdivision or Consolidation; Recapitalization; Change in
Control; Reorganization. 
 (a)    Existence of Plans and Awards. The existence of the Plan and the Awards
granted hereunder shall not affect in any way the right or power of the Company, the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital
structure or its business, any merger or consolidation of the Company, any issue of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other
disposition of all or any part of its assets or business or any other corporate act or proceeding. 

(b)    Additional Issuances. Except as expressly provided herein, the issuance by the Company of shares of stock of
any class, including upon conversion of shares or obligations of the Company convertible into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with
respect to, the number of shares of Stock subject to Awards theretofore granted or the purchase price per share of Stock, if applicable. 

(c)    Subdivision or Consolidation of Shares. The terms of an Award and the share limitations under the Plan shall
be subject to adjustment by the Committee from time to time, in accordance with the following provisions: 
 (i)    If
at any time, or from time to time, the Company shall subdivide as a whole (by reclassification, by a Stock split, by the issuance of a distribution on Stock payable in Stock, or otherwise) the number of shares of Stock then outstanding into a
greater number of shares of Stock, then, as appropriate (A) the maximum number of shares of Stock available for delivery with respect to Awards and applicable limitations with respect to Awards provided in
Section 4(a) and Section 5(b) (other than cash limits) shall be increased 

  
 12 

 
proportionately, and the kind of shares or other securities available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities)
that may be acquired under any then outstanding Award shall be increased proportionately, and (C) the price (including the Exercise Price or grant price) for each share of Stock (or other kind of shares or securities) subject to then
outstanding Awards shall be reduced proportionately, without changing the aggregate purchase price or value as to which outstanding Awards remain exercisable or subject to restrictions. 

(ii)    If at any time, or from time to time, the Company shall consolidate as a whole (by reclassification, by reverse
Stock split, or otherwise) the number of shares of Stock then outstanding into a lesser number of shares of Stock, then, as appropriate (A) the maximum number of shares of Stock available for delivery with respect to Awards and
applicable limitations with respect to Awards provided in Section 4(a) and Section 5(b) (other than cash limits) shall be decreased proportionately, and the kind of shares or other securities
available for the Plan shall be appropriately adjusted, (B) the number of shares of Stock (or other kind of shares or securities) that may be acquired under any then outstanding Award shall be decreased proportionately, and (C) the price
(including the Exercise Price or grant price) for each share of Stock (or other kind of shares or securities) subject to then outstanding Awards shall be increased proportionately, without changing the aggregate purchase price or value as to which
outstanding Awards remain exercisable or subject to restrictions. 
 (d)    Recapitalization. In the event of any
change in the capital structure or business of the Company or other corporate transaction or event that would be considered an “equity restructuring” within the meaning of ASC Topic 718 and, in each case, that would result in an additional
compensation expense to the Company pursuant to the provisions of ASC Topic 718, if adjustments to Awards with respect to such event were discretionary or otherwise not required (each such an event, an “Adjustment Event”),
then the Committee shall equitably adjust (i) the aggregate number or kind of shares that thereafter may be delivered under the Plan, (ii) the number or kind of shares or other property (including cash) subject to an Award, (iii) the
terms and conditions of Awards, including the purchase price, grant price or Exercise Price of Awards and performance goals, as applicable, and (iv) the applicable limitations with respect to Awards provided in
Section 4(a) and Section 5(b) (other than cash limits) to equitably reflect such Adjustment Event (“Equitable Adjustments”). In the event of any change in the capital
structure or business of the Company or other corporate transaction or event that would not be considered an Adjustment Event, and is not otherwise addressed in this Section 8, the Committee shall have complete discretion
to make Equitable Adjustments (if any) in such manner as it deems appropriate with respect to such other event. 

(e)    Change in Control. Except to the extent otherwise provided in any applicable Award Agreement, vesting of any
Award shall not occur solely upon the occurrence of a Change in Control and, in the event of a Change in Control, the Committee, acting in its sole discretion without the consent or approval of any holder, may exercise any power enumerated in
Section 3 (including the power to accelerate vesting, waive any forfeiture conditions or otherwise modify or adjust any other condition or limitation regarding an Award) and may also effect one or more of the following
alternatives, which may vary among individual holders and which may vary among Awards held by any individual holder: 

(i)    accelerate the time of exercisability of an Award so that such Award may be exercised in full or in part for a
limited period of time on or before a date specified by the Committee, after which specified date all unexercised Awards and all rights of holders thereunder shall terminate; 

(ii)    redeem in whole or in part outstanding Awards by requiring the mandatory surrender to the Company by selected
holders of some or all of the outstanding Awards held by such holders (irrespective of whether such Awards are then vested or exercisable) as of a date, specified by the Committee, in which event the Committee shall thereupon cancel such Awards and
pay to each holder an amount of cash or other consideration per Award (other than a Dividend Equivalent or Cash Award, which the Committee may separately require to be surrendered in exchange for cash or other consideration determined by the
Committee in its discretion) equal to the Change in Control Price, less the Exercise Price with respect to an Option and less the grant price with 

  
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respect to a SAR, as applicable to such Awards; provided, however, that to the extent the Exercise Price of an Option or the grant price of an SAR equals or exceeds the Change in
Control Price, such Award may be cancelled for no consideration; 
 (iii)    cancel Awards that remain subject to a
restricted period as of the date of a Change in Control without payment of any consideration to the Participant for such Awards; or 

(iv)    make such adjustments to Awards then outstanding as the Committee deems appropriate to reflect such Change in
Control (including the substitution, assumption, or continuation of Awards by the successor company or a parent or subsidiary thereof); 
 provided,
however, that so long as the event is not an Adjustment Event, the Committee may determine in its sole discretion that no adjustment is necessary to Awards then outstanding. If an Adjustment Event occurs, this
Section 8(e) shall only apply to the extent it is not in conflict with Section 8(d). 

(f)    Any adjustment provided under this Section 8 may provide, in the Committee’s sole
discretion, for the elimination of any fractional share of Stock that might otherwise become subject to an Award. 

9.    General Provisions. 

(a)    Tax Withholding. The Company and any of its Affiliates are authorized to withhold from any Award granted, or
any payment relating to an Award, including from a distribution of Stock, taxes due or potentially payable in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the
Company, its Affiliates and Participants to satisfy the payment of withholding taxes and other tax obligations relating to any Award in such amounts as may be determined by the Committee. The Committee shall determine, in its sole discretion, the
form of payment acceptable for such tax withholding obligations, including the delivery of cash or cash equivalents, Stock (including previously owned shares, net settlement, a broker-assisted sale, or other cashless withholding or reduction of the
amount of shares otherwise issuable or delivered pursuant to the Award), other property, or any other legal consideration the Committee deems appropriate. Any determination made by the Committee to allow a Participant who is subject to Rule 16b-3 to pay taxes with shares of Stock through net settlement or previously owned shares shall be approved by either a committee made up of solely two or more Qualified Members or the full Board. If such tax
withholding amounts are satisfied through net settlement or previously owned shares, the maximum number of shares of Stock that may be so withheld or surrendered shall be the number of shares of Stock that have an aggregate Fair Market Value on the
date of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized without
creating adverse accounting treatment for the Company with respect to such Award, as determined by the Committee. 

(b)    Limitation on Rights Conferred under Plan. Neither the Plan nor any action taken hereunder shall be
construed as (i) giving any Eligible Person or Participant the right to continue as an Eligible Person or Participant or in the employ or service of the Company or any of its Affiliates, (ii) interfering in any way with the right of the
Company or any of its Affiliates to terminate any Eligible Person’s or Participant’s employment or service relationship at any time, (iii) giving an Eligible Person or Participant any claim to be granted any Award under the Plan or to
be treated uniformly with other Participants and/or employees and/or other service providers, or (iv) conferring on a Participant any of the rights of a stockholder of the Company unless and until the Participant is duly issued or transferred
shares of Stock in accordance with the terms of an Award. 
 (c)    Relationship to Other Benefits. No Award or
payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company or any Affiliate except as otherwise specifically provided in such
other plan or as required by applicable law. 

  
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 (d)    Governing Law; Submission to Jurisdiction. All questions
arising with respect to the provisions of the Plan and Awards shall be determined by application of the laws of the State of Delaware, without giving effect to any conflict of law provisions thereof, except to the extent Delaware law is preempted by
federal law. The obligation of the Company to sell and deliver Stock hereunder is subject to applicable laws and to the approval of any governmental authority required in connection with the authorization, issuance, sale, or delivery of such Stock. With respect to any claim or dispute related to or arising under the Plan, the Company and each Participant who accepts an Award hereby consent to the exclusive jurisdiction, forum and venue of the
state and federal courts located in Houston, Texas. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION, OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE
PARTICIPANT’S RIGHTS OR OBLIGATIONS HEREUNDER. 
 (e)    Severability and Reformation. If any provision of
the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision
shall be construed or deemed amended to conform to the applicable law or, if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be
stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. If any of the terms or provisions of the Plan or any Award Agreement conflict with the requirements of Rule 16b-3 (as those terms or provisions are applied to Eligible Persons who are subject to Section 16 of the Exchange Act) or Section 422 of the Code (with respect to ISOs), then those conflicting terms or
provisions shall be deemed inoperative to the extent they so conflict with the requirements of Rule 16b-3 (unless the Board or the Committee, as appropriate, has expressly determined that the Plan or such
Award should not comply with Rule 16b-3) or Section 422 of the Code, in each case, only to the extent Rule 16b-3 and such sections of the Code are applicable. With
respect to ISOs, if the Plan does not contain any provision required to be included herein under Section 422 of the Code, that provision shall be deemed to be incorporated herein with the same force and effect as if that provision had been set
out at length herein; provided, further, that, to the extent any Option that is intended to qualify as an ISO cannot so qualify, that Option (to that extent) shall be deemed a Nonstatutory Option for all purposes of the Plan. 

(f)    Unfunded Status of Awards; No Trust or Fund Created. The Plan is intended to constitute an
“unfunded” plan for certain incentive awards. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate and a Participant or
any other Person. To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Company or such
Affiliate. 
 (g)    Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor its
submission to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board or a committee thereof to adopt such other incentive arrangements as it may deem desirable. Nothing contained in the
Plan shall be construed to prevent the Company or any of its Affiliates from taking any corporate action which is deemed by the Company or such Affiliate to be appropriate or in its best interest, whether or not such action would have an adverse
effect on the Plan or any Award made under the Plan. No employee, beneficiary or other Person shall have any claim against the Company or any of its Affiliates as a result of any such action. 

(h)    Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any
Award, and the Committee shall determine in its sole discretion whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares of Stock or whether such fractional shares of Stock or any rights thereto
shall be cancelled, terminated, or otherwise eliminated with or without consideration. 
 (i)    Interpretation.
Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the 

  
 15 

 
construction or interpretation of the Plan or any provision thereof. Words in the masculine gender shall include the feminine gender, and, where appropriate, the plural shall include the singular
and the singular shall include the plural. In the event of any conflict between the terms and conditions of an Award Agreement and the Plan, the provisions of the Plan shall control. The use herein of the word “including” following any
general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not
non-limiting language (such as “without limitation”, “but not limited to”, or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items
or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. References herein to any agreement, instrument or other document means such agreement, instrument or other document as amended,
supplemented and modified from time to time to the extent permitted by the provisions thereof and not prohibited by the Plan. 

(j)    Facility of Payment. Any amounts payable hereunder to any individual under legal disability or who, in the
judgment of the Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such individual, or may be applied for the benefit of such individual in any manner that the Committee may select, and the
Company shall be relieved of any further liability for payment of such amounts. 
 (k)    Conditions to Delivery of
Stock. Nothing herein or in any Award Agreement shall require the Company to issue any shares with respect to any Award if that issuance would, in the opinion of counsel for the Company (if the Company has requested such an opinion), constitute
a violation of the Securities Act, any other applicable statute or regulation, or the rules of any applicable securities exchange or securities association, as then in effect. In addition, each Participant who receives an Award under the Plan shall
not sell or otherwise dispose of Stock that is acquired upon grant, exercise or vesting of an Award in any manner that would constitute a violation of any applicable federal or state securities laws, the Plan or the rules, regulations or other
requirements of the SEC or any stock exchange upon which the Stock is then listed. At the time of any exercise of an Option or SAR, or at the time of any grant of any other Award, the Company may, as a condition precedent to the exercise of such
Option or SAR or settlement of any other Award, require from the Participant (or in the event of his or her death, his or her legal representatives, heirs, legatees, or distributees) such written representations, if any, concerning the holder’s
intentions with regard to the retention or disposition of the shares of Stock being acquired pursuant to the Award and such written covenants and agreements, if any, as to the manner of disposal of such shares as, in the opinion of counsel to the
Company (if the Company has requested such an opinion), may be necessary to ensure that any disposition by that holder (or in the event of the holder’s death, his or her legal representatives, heirs, legatees, or distributees) will not involve
a violation of the Securities Act, any other applicable state or federal statute or regulation, or any rule of any applicable securities exchange or securities association, as then in effect. Stock or other securities shall not be delivered pursuant
to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award Agreement (including any Exercise Price, grant price, or tax withholding) is received by the Company. 

(l)    Section 409A of the Code. It is the general intention, but not the obligation, of the Committee to design
Awards to comply with or to be exempt from the Nonqualified Deferred Compensation Rules, and Awards will be operated and construed accordingly. Neither this Section 9(l) nor any other provision of the Plan is or contains a
representation to any Participant regarding the tax consequences of the grant, vesting, exercise, settlement, or sale of any Award (or the Stock underlying such Award) granted hereunder, and should not be interpreted as such. In no event shall the
Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with the Nonqualified Deferred Compensation
Rules. Notwithstanding any provision in the Plan or an Award Agreement to the contrary, in the event that a “specified employee” (as defined under the Nonqualified Deferred Compensation Rules) becomes entitled to a payment under an Award
that would be subject to additional taxes and interest under the Nonqualified Deferred Compensation Rules if the Participant’s receipt of such payment or benefits is not delayed until the earlier of (i) the date of the Participant’s
death, or (ii) the date that is six months after the Participant’s “separation from service,” as defined under the Nonqualified Deferred Compensation Rules (such 

  
 16 

 
date, the “Section 409A Payment Date”), then such payment or benefit shall not be provided to the Participant until the Section 409A
Payment Date. Any amounts subject to the preceding sentence that would otherwise be payable prior to the Section 409A Payment Date will be aggregated and paid in a lump sum without interest on the Section 409A Payment Date. The applicable
provisions of the Nonqualified Deferred Compensation Rules are hereby incorporated by reference and shall control over any Plan or Award Agreement provision in conflict therewith. 

(m)    Clawback. The Plan and all Awards granted hereunder are subject to any written clawback policies that the
Company, with the approval of the Board or an authorized committee thereof, may adopt either prior to or following the Effective Date, including any policy adopted to conform to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
and rules promulgated thereunder by the SEC and that the Company determines should apply to Awards. Any such policy may subject a Participant’s Awards and amounts paid or realized with respect to Awards to reduction, cancelation, forfeiture or
recoupment if certain specified events or wrongful conduct occur, including an accounting restatement due to the Company’s material noncompliance with financial reporting regulations or other events or wrongful conduct specified in any such
clawback policy. 
 (n)    Status under ERISA. The Plan shall not constitute an “employee benefit plan”
for purposes of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. 
 (o)    Plan
Effective Date and Term. The Plan was adopted by the Board to be effective on the Effective Date. No Awards may be granted under the Plan on and after the tenth anniversary of the Effective Date, which is [●], 2028. However, any Award
granted prior to such termination (or any earlier termination pursuant to Section 10), and the authority of the Board or Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any
conditions or rights under such Award in accordance with the terms of the Plan, shall extend beyond such termination until the final disposition of such Award. 

10.    Amendments to the Plan and Awards. The Committee may (a) amend, alter, suspend, discontinue or
terminate any Award or Award Agreement or (b) amend or alter the Plan without the consent of stockholders or Participants, except that any amendment or alteration to the Plan, including any increase in any share limitation, shall be subject to
the approval of the Company’s stockholders not later than the annual meeting next following such Committee action if such stockholder approval is required by any applicable law or regulation or the rules of any stock exchange or automated
quotation system on which the Stock may then be listed or quoted, and the Committee may otherwise, in its discretion, determine to submit other changes to the Plan to stockholders for approval; provided, that, without the consent of an
affected Participant, no such Committee action may materially and adversely affect the rights of such Participant under any previously granted and outstanding Award. The Board may (i) amend, alter, suspend, discontinue or terminate the
Committee’s authority to grant Awards or (ii) amend, alter, suspend, discontinue or terminate the Plan; provided, that, without the consent of an affected Participant, no such Board action may materially and adversely affect the
rights of such Participant under any previously granted and outstanding Award. For purposes of clarity, any adjustments made to Awards pursuant to Section 8 will be deemed not to materially and adversely affect the rights
of any Participant under any previously granted and outstanding Award and therefore may be made without the consent of affected Participants. 

  
 17EX-10.10

 Exhibit 10.10 

EXECUTION VERSION 

EMPLOYMENT AGREEMENT 

This Employment Agreement (“Agreement”) is made and entered into as of February 3, 2012 (the
“Effective Date”), by and between Talos Energy Operating Company LLC, a Delaware limited liability company (the “Company”), and Timothy S. Duncan (hereafter “Executive”).

 RECITALS 

WHEREAS, the Company is a wholly owned subsidiary of Talos Energy LLC, a Delaware limited liability company
(“Parent”); and 
 WHEREAS, the Executive and Parent have entered into a limited liability company agreement
of Parent, dated February 3, 2012 (the “LLC Agreement”); and 
 WHEREAS, the Executive and Parent have
entered into an Interest Award Agreement whereby the Executive shall be issued Series B Units in Parent (the “Interest Award Agreement”); and 

WHEREAS, the Company wishes to employ Executive, and Executive wishes to be employed by the Company on the terms and conditions
contained herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the parties
hereto agree as follows: 
 1.    Employment. During the Employment Period (as defined in
Section 4 hereof), the Company shall employ Executive, and Executive shall serve, as President and Chief Executive Officer. Executive shall be appointed and shall serve as President and Chief Executive
Officer of the Parent. For the avoidance of doubt, Executive shall not be considered an employee of Parent. 

2.    Duties and Responsibilities of Executive. 

(a)    During the Employment Period, Executive shall devote his full time and attention to the business of the Company and
its Affiliates (as defined below), will act in the best interests of the Company and its Affiliates and will perform with due care his duties and responsibilities. Executive’s duties will include those normally incidental to the position(s) set
forth in Section 1 above of as well as whatever additional duties may be assigned to him by any senior officers or by the Board of Directors of the Company (the “Board”) from
time to time. Executive agrees to cooperate fully with any senior officers and the Board, and not to engage in any activity that interferes with the performance of Executive’s duties hereunder. During the Employment Period, Executive will not
hold any type of outside employment, engage in any type of consulting or otherwise render services to or for any other person, entity or business concern without the advance written approval of the Board; provided, that it shall not be a

 
violation of this Agreement for Executive to serve on corporate, civic, or charitable boards or committees described in Exhibit A (except for boards
or committees of a Competing Business (as defined in Section 10)) so long as such service does not interfere with the performance of Executive’s duties and responsibilities under this Agreement.

 For purposes of this Agreement, “Affiliate” means, with respect to any person, any other person directly or indirectly
controlling, controlled by, or under common control with such specified person. For purposes of the definition of “Affiliate”, “control” when used with respect to any person means the power to direct the management and policies
of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have correlative meanings. For the sake of clarity, Parent and its
Subsidiaries and their affiliated entities are Affiliates of the Company. 
 (b)    Executive expressly represents and
covenants to the Company that, other than as set forth in that certain Non-Competition Agreement by and among Executive, Phoenix Exploration Company, LP, Apache Corporation and Castex Energy Inc attached
hereto as Annex 1, he is not subject or a party to any employment agreement, noncompetition covenant, nondisclosure agreement, or any other agreement, covenant, understanding, or restriction that would
prohibit Executive from executing this Agreement and fully performing his duties and responsibilities hereunder, or would in any manner, directly or indirectly, limit or affect the duties and responsibilities that may now or in the future be
assigned to Executive hereunder. 
 (c)    Executive acknowledges and agrees that Executive owes the Company a duty of
loyalty as a fiduciary of the Company, and that the obligations described in this Agreement are in addition to, and not in lieu of, the obligations Executive owes the Company under the common law. 

3.    Compensation. Any salary, bonus and other compensation payments hereunder shall be subject to all
applicable payroll and other taxes. 
 (a)    During the Employment Period the Company shall pay to Executive an
annualized base salary of $350,000 (the “Base Salary”) (less applicable taxes and withholdings) in consideration for Executive’s services under this Agreement, payable in accordance with the Company’s customary
payroll practices for executive salaries as in effect from time to time. 
 (b)    The Company shall establish, and
Executive shall be entitled to participate in, an annual performance bonus plan under which Executive will be eligible for an annual bonus (the “Annual Performance Bonus”) based on satisfaction of performance targets
established by the Board after consultation with Executive. Bonus determinations will be made by the Board within 60 calendar days of the end of each calendar year and any Annual Performance Bonus to which Executive is entitled for any calendar year
will be payable in accordance with the Company’s customary payroll practices for executive bonuses, but in no event later than March 15 of the year following the calendar year to which it relates. The Board may also award additional
bonuses or other compensation to Executive at any time in its sole and complete discretion. 

  
 2 

 4.    Term of Employment. The initial term of this Agreement
shall be for the period beginning on the Effective Date and ending at midnight (EST) on the second anniversary thereof (the “Initial Term”). On the last day of the Initial Term and each anniversary thereafter (each such date
being referred to as a “Renewal Date”), provided that this Agreement has not been earlier terminated, this Agreement shall automatically renew and extend for a period of 12 months (each a “Renewal
Term”) unless written notice of non-renewal and termination is delivered from one party to the other at least 30 days prior to the Renewal Date. Notwithstanding any other provision of this
Agreement, this Agreement may be terminated at any time during the Initial Term or the Renewal Term (if any) in accordance with Section 6. The period from the Effective Date through the date of
termination of this Agreement, regardless of the time or reason for such termination, shall be referred to herein as the “Employment Period.” 

5.    Benefits. Subject to the terms and conditions of this Agreement, Executive shall be entitled to the
following benefits during the Employment Period: 
 (a)    Reimbursement of Business Expenses. The Company
agrees to reimburse Executive for reasonable documented business-related expenses incurred in the performance of Executive’s duties under this Agreement in accordance with the Company’s expense reimbursement policies as in effect from time
to time. 
 (b)    Benefit Plans and Programs. To the extent permitted by applicable law and subject to
the terms and eligibility requirements of any such plan or program, Executive will be invited to participate in all benefit plans and programs, including improvements or modifications of the same, that are maintained by the Company generally for
executive employees of the Company from time to time, subject to the eligibility requirements and other terms and conditions of those plans and programs. Such benefit plans and programs shall include, but are not limited to, plans and programs
related to medical and dental coverage. The Company will not, however, by reason of this Section 5(b) be obligated either (i) to institute, maintain, or refrain from changing, amending, or
discontinuing any such benefit plan or program, or (ii) to provide Executive with all benefits provided to any other person or individual employed by the Company or any of its Affiliates. 

(c)    Vacation. Executive shall be eligible to take up to four weeks of paid vacation per calendar year,
which such vacation shall accrue and be taken in accordance with the Company’s vacation policies as may exist from time to time. Any vacation not used in a calendar year will not roll over to the following calendar year and Executive shall not
receive pay for accrued, unused vacation upon termination. 
 6.    Termination of Employment. 

(a)    Company’s Right to Terminate. The Company shall have the right to terminate this Agreement and
Executive’s employment with the Company at any time for any of the following reasons: 
 (i)    Upon
Executive’s death; 
 (ii)    Upon Executive’s Disability (as defined below); 

  
 3 

 (iii)    For Cause (as defined in
Section 7); or 
 (iv)    For any other reason whatsoever,
in the sole and complete discretion of the Company, including termination at the end of the Initial Term or any Renewal Term as a result of the Company’s notice of non-renewal as described in
Section 4. 
 (b)    Executive’s Right to Terminate.
Executive will have the right to terminate this Agreement and Executive’s employment with the Company at any time for: 

(i)    Good Reason (as defined in Section 7); or 

(ii)    For any other reason whatsoever, in the sole and complete discretion of Executive. 

(c)    “Disability.” For purposes of this Agreement, Executive shall be considered to have a
“Disability” if he is eligible for benefits under a long-term disability plan maintained by the Company or, in the absence of such a plan, Executive shall be considered to have a “Disability” if due to
a mental or physical impairment, Executive is incapable, after reasonable accommodation, of performing the essential duties and services required of Executive hereunder for a period of 90 consecutive calendar days or a total of 120 calendar days
during any 12 month period. 
 7.    Severance Payments. 

(a)    Termination by the Company. If (i) the Company terminates this Agreement and Executive’s
employment with the Company and, if applicable, its Affiliates during the then-existing Initial Term or a Renewal Term (if any) pursuant to Section 6(a)(iv), (ii) before the 60th day following
Executive’s termination of employment, Executive has signed and has not revoked a termination of employment agreement acceptable to the Company and substantially similar to Exhibit B that contains
a complete release of all claims against the Company, its Affiliates, and their designees (“Release”) and such Release has become effective and irrevocable, and (iii) Executive continues to comply with Executive’s
ongoing obligations under Sections 9 and 10 of this Agreement, the Company shall pay Executive severance in accordance with Section 7(c). Provided,
however, that the Company will not be required to pay Executive severance if the Company terminates this Agreement and Executive’s employment after receiving notice that Executive intends to resign (and such resignation is not for Good Reason).
For the avoidance of doubt, Section 7(c) shall not apply if Executive’s employment is terminated upon the expiration of the Initial Term or a Renewal Term after one party has provided the other
with a notice of non-renewal as set forth in Section 4 above, but instead, in such instance, Sections 7(d)
and 7(e) shall apply. 
 (b)    Termination by Executive. If (i) Executive
terminates this Agreement and Executive’s employment with the Company and, if applicable, its Affiliates during the Initial Term or a Renewal Term (if any) pursuant to
Section 6(b)(i), (ii) before the 60th day following Executive’s termination of employment, Executive has signed and has not revoked a Release and such Release has
become effective and irrevocable, and (iii) Executive continues to comply with Executive’s ongoing obligations under Sections 9 and 10 of this Agreement, the Company shall
pay Executive severance in accordance with Section 7(c). 

  
 4 

 (c)    Severance Amount. If the Company is required to pay
Executive severance by the express terms of Sections 7(a) or 7(b), the Company shall pay Executive the following as severance: 

(i)    Executive’s Base Salary at the rate in effect immediately prior to the Termination Date
(without any reduction thereof that constitutes Good Reason) as salary continuation for a period ending on the earliest to occur of (A) 24 months following the date on which this Agreement and Executive’s employment with the Company and
its Affiliates is terminated (the “Termination Date”), (B) in the event a Liquidation Event occurs on or within the first 12 months following the Termination Date, 12 months following such Liquidation Event, or
(C) the date on which Executive accepts an offer of employment on a substantially full-time basis or is otherwise engaged in a business venture or ventures (other than personal passive investing) on a substantially full-time basis (as
applicable, the “Severance Period”), payable in substantially equal monthly installments pursuant to the Company’s customary payroll practices for executive salaries. 

(ii)    If Executive or any of Executive’s dependents was participating in any group health plans
maintained by the Company or Parent as of the Termination Date (the “Company Group Health Plans”), the Company shall reimburse Executive every 30 days for the duration of the Severance Period an amount equal to the employer
contribution, determined as of the Termination Date, for coverage under such Company Group Health Plans for the type and level of post-termination coverage elected by Executive and his dependents under such Company Group Health Plans (as described
below), provided: (A) Executive and, if applicable, his dependents are qualified to elect and/or receive continuation coverage under the Company Group Health Plans after the Termination Date pursuant to any applicable state or federal
continuation coverage law, including COBRA; (B) Executive (and, if applicable, his dependents) makes the appropriate timely written election to continue coverage under any of the Company Group Health Plans; and (C) the applicable Company
Group Health Plan continues in effect. If an applicable Company Group Health Plan does not continue in effect for any portion of the Severance Period, the requirements of (A), (B) and (C) shall not be applicable and the Company
shall pay to Executive every 30 days for the remainder of the Severance Period, an amount equal to the employer contribution, determined immediately prior to termination of the applicable Group Health Plan for coverage under such Company Group
Health Plans for the type and level of coverage applicable to Executive and his dependents under such terminated Company Group Health Plans. The Company’s obligations under this paragraph will cease if and when group health coverage under
another employer’s plan of Executive is made available to Executive, notwithstanding that Executive or such dependent may not in fact become covered under such other employer’s plan. Executive agrees to deliver prompt notice to the Company
upon the availability of such group health coverage. In addition, Executive agrees and understands that the election of such continuation coverage and the payment of any premium due with respect to such continuation coverage will remain
Executive’s sole responsibility, and the Company will assume no obligation for payment of any such premium relating to continuation coverage. 

  
 5 

 (iii)    Notwithstanding the foregoing and provided that the
Release has become effective and irrevocable prior to such time, payments under this Section 7(g) shall commence on the 60th day following the Termination Date and the portion of such payments that
would otherwise have been paid prior to such date shall be accumulated and paid to Executive without interest on such date. If the Release has not become effective and irrevocable on or prior to the 60th day following the Termination Date, Executive
shall not be entitled to any payments under this Section 7(c). Payments under this Section 7(c) shall be in lieu of any severance benefits otherwise due to
Executive under any severance pay plan or program maintained by the Company that covers its employees or executives generally. 

(d)    Nonrenewal by the Company. If (i) Executive’s employment with the Company and its
Affiliates is terminated upon the expiration of the Initial Term or a Renewal Term after the Company has provided Executive with a notice of non-renewal as set forth in
Section 4 above, (ii) before the 60th day following Executive’s termination of employment, Executive has signed and has not revoked a Release and such Release has become effective and
irrevocable, and (iii) Executive continues to comply with Executive’s ongoing obligations under Sections 9 and 10 of this Agreement, the Company shall pay Executive severance in accordance
with Section 7(e). 
 (e)    Severance upon Nonrenewal by the
Company. If the Company is required to pay Executive severance by the express terms of Section 7(d), the Company shall pay Executive the following as severance: 

(i)    Executive’s Base Salary at the rate in effect immediately prior to the Termination Date as
salary continuation for one hundred eighty days following the Date of Termination (the “Nonrenewal Severance Period”), payable in substantially equal monthly installments pursuant to the Company’s customary payroll
practices for executive salaries. 
 (ii)    If Executive or any of Executive’s dependents was
participating in any Company Group Health Plans as of the Termination Date, the Company shall reimburse Executive every 30 days for the duration of the Nonrenewal Severance Period an amount equal to the employer contribution, determined as of the
Termination Date, for coverage under such Company Group Health Plans for the type and level of post-termination coverage elected by Executive and his dependents under such Company Group Health Plans (as described below), provided: (A) Executive
and, if applicable, his dependents are qualified to elect and/or receive continuation coverage under the Company Group Health Plans after the Termination Date pursuant to any applicable state or federal continuation coverage law, including COBRA;
(B) Executive (and, if applicable, his dependents or estate) makes the appropriate timely written election to continue coverage under any of the Company Group Health Plans; and (C) the applicable Company Group Health Plan continues in
effect. If an applicable Company Group Health Plan does not continue in effect for any portion of the Nonrenewal Severance Period, the 

  
 6 

 
requirements of (A), (B) and (C) shall not be applicable and the Company shall pay to Executive every 30 days for the remainder of the Nonrenewal Severance Period, an amount
equal to the employer contribution, determined immediately prior to termination of the applicable Group Health Plan for coverage under such Company Group Health Plans for the type and level of coverage applicable to Executive and his dependents
under such terminated Company Group Health Plans. The Company’s obligations under this paragraph will cease if and when group health coverage under another employer’s plan of Executive is made available to Executive, notwithstanding
that Executive or such dependent may not in fact become covered under such other employer’s plan. Executive agrees to deliver prompt notice to the Company upon the availability of such group health coverage. In addition, Executive agrees and
understands that the election of such continuation coverage and the payment of any premium due with respect to such continuation coverage will remain Executive’s sole responsibility, and the Company will assume no obligation for payment of any
such premium relating to continuation coverage. 
 (iii)    Notwithstanding the foregoing and provided
that the Release has become effective and irrevocable prior to such time, payments under this Section 7(e) shall commence on the 60th day following the date of termination and the portion of such
payments that would otherwise have been paid prior to such date shall be accumulated and paid to Executive without interest on such date. If the Release has not become effective and irrevocable on or prior to the 60th day following the date of
termination, Executive shall not be entitled to any payments under this Section 7(e). Payments under this Section 7(e) shall be in lieu of any severance
benefits otherwise due to Executive under any severance pay plan or program maintained by the Company that covers its employees or executives generally 

(f)    Termination in Event of Executive’s Death or Disability. If
(i) the Company terminates this Agreement and Executive’s employment with the Company and its Affiliates during the then-existing Initial Term or the Renewal Term (if any) pursuant to
Sections 6(a)(i) or 6(a)(ii), (ii) before the 60th day following Executive’s termination of employment, Executive or Executive’s estate (as
applicable) has signed and has not revoked a Release, and such Release has become effective and irrevocable, and (iii) in the case of Disability, Executive continues to comply with Executive’s ongoing obligations under
Sections 9 and 10 of this Agreement, the Company shall pay Executive (or Executive’s estate as applicable) the severance described in accordance with
Section 7(g). 
 (g)    Death or Disability Severance. If
the Company is required to pay Executive severance by the express terms of Section 7(f), the Company shall pay Executive the following as severance: 

(i)    Executive’s Base Salary at the rate in effect immediately prior to the Termination Date as
salary continuation for the duration of the Severance Period, payable in substantially equal monthly installments pursuant to the Company’s customary payroll practices for executive salaries. 

  
 7 

 (ii)    If Executive or any of Executive’s dependents
was participating in any Company Group Health Plans as of the Termination Date, the Company shall reimburse Executive (or, if applicable, his estate) every 30 days for the duration of the Severance Period an amount equal to the employer
contribution, determined as of the Termination Date, for coverage under such Company Group Health Plans for the type and level of post-termination coverage elected by Executive and his dependents under such Company Group Health Plans (as described
below), provided: (A) Executive and, if applicable, his dependents are qualified to elect and/or receive continuation coverage under the Company Group Health Plans after the Termination Date pursuant to any applicable state or federal
continuation coverage law, including COBRA; (B) Executive (and, if applicable, his dependents or estate) makes the appropriate timely written election to continue coverage under any of the Company Group Health Plans; and (C) the applicable
Company Group Health Plan continues in effect. If an applicable Company Group Health Plan does not continue in effect for any portion of the Severance Period, the requirements of (A), (B) and (C) shall not be applicable and the
Company shall pay to Executive (or the estate) every 30 days for the remainder of the Severance Period, an amount equal to the employer contribution, determined immediately prior to termination of the applicable Group Health Plan for coverage under
such Company Group Health Plans for the type and level of coverage applicable to Executive and his dependents under such terminated Company Group Health Plans. The Company’s obligations under this paragraph will cease if and when group
health coverage under another employer’s plan of Executive is made available to Executive, notwithstanding that Executive or such dependent may not in fact become covered under such other employer’s plan. Executive agrees to deliver prompt
notice to the Company upon the availability of such group health coverage. In addition, Executive agrees and understands that the election of such continuation coverage and the payment of any premium due with respect to such continuation coverage
will remain Executive’s sole responsibility, and the Company will assume no obligation for payment of any such premium relating to continuation coverage. 

(iii)    Notwithstanding the foregoing and provided that the Release has become effective and irrevocable
prior to such time, payments under this Section 7(c) shall commence on the 60th day following the date of termination and the portion of such payments that would otherwise have been paid prior to such
date shall be accumulated and paid to Executive without interest on such date. If the Release has not become effective and irrevocable on or prior to the 60th day following the date of termination, Executive shall not be entitled to any payments
under this Section 7(g). Payments under this Section 7(g) shall be in lieu of any severance benefits otherwise due to Executive under any severance pay
plan or program maintained by the Company that covers its employees or executives generally. 

(h)    Cause. “Cause” means the occurrence or existence of any of the following
events: 
 (i)    Executive’s having engaged in material mismanagement in providing services to the
Company or its Affiliates, provided that the Company specifically terminates Executive’s employment for Cause hereunder within 120 days from the date the Company has notice of such mismanagement; 

  
 8 

 (ii)    Executive’s having engaged in conduct that he
knew, based on facts known to him, could reasonably be expected to be materially injurious to the Company or its Affiliates, provided that the Company specifically terminates Executive’s employment for Cause hereunder within 120 days from the
date the Company has notice of such conduct; 
 (iii)    Executive’s material breach of this
Agreement or the LLC Agreement, provided that the Company specifically terminates Executive’s employment for Cause hereunder within 120 days from the date the Company has notice of such breach; 

(iv)    Executive’s having been convicted of, or having entered a plea bargain or settlement admitting
guilt for, any felony or any crime involving moral turpitude or where, as a result of such crime, the continued employment of Executive would have, or could reasonably be expected to have, a material adverse impact on the Company’s or any of
its Affiliates’ reputations, provided that the Company specifically terminates Executive’s employment for Cause hereunder within 120 days from the date the Company has notice of such conviction or crime; or 

(v)    Executive’s having been the subject of any order, judicial or administrative, obtained or
issued by the Securities and Exchange Commission, for any securities violation involving fraud including, for example, any such order consented to by Executive in which findings of facts or any legal conclusions establishing liability are neither
admitted nor denied, provided that the Company specifically terminates Executive’s employment for Cause hereunder within 120 days from the date the Company has notice of such order. 

In any case involving the occurrence or existence of the events set forth in clauses (i)
or (iii) of this definition, if the Company desires to terminate Executive’s employment for Cause in accordance herewith, it shall first give written notice of the facts and circumstances providing the basis for Cause to
Executive, and allow Executive 30 days from the date of such notice to (i) remedy, cure or rectify, if possible, the situation giving rise to the Company’s allegations of Cause or (ii) explain and provide evidence, to the reasonable
satisfaction of the Board, why Executive’s conduct does not give rise to Cause. 
 (i)    Good
Reason. “Good Reason” means the occurrence of any of the following events without Executive’s consent: 

(i)    Any material reduction in Executive’s initial Base Salary under this Agreement; 

(ii)    Any material breach by the Company or Parent of this Agreement or the Interest Agreement, which
material breach the parties agree will have a significant adverse effect on the employment of Executive; 

  
 9 

 (iii)    Any material reduction in Executive’s title,
duties, or responsibilities that constitutes a de facto demotion, whether by Company or Parent; or 

(iv)    Any relocation of Executive’s principal place of employment to a location that is more than
fifty (50) miles from the then current location. 
 Executive’s Termination Date shall not be considered to be on account of Good Reason unless
(i) within 60 days after the date on which Executive knows, or should reasonably be expected to know, that one of the events set forth in
paragraphs (i)- (iv) has occurred, Executive provides written notice to the Board of the applicable facts and circumstances, (ii) the Company does not remedy,
cure or rectify the event within 30 days from the date on which written notice is received from Executive, and (iii) Executive terminates his employment within 30 days after the expiration of the 30-day
cure period. 
 (j)    Later Determinations. Notwithstanding any other provision of this Agreement, if
Executive’s employment with the Company is terminated such that Executive is entitled to severance from the Company and Cause existed on or prior to such termination, the Board may determine after such termination that Executive shall not be
entitled to any severance from the Company, and any and all severance payments from the Company to Executive in any form or amount shall cease and any such payments or reimbursements already made to Executive must be returned to the Company;
provided, however, that the provisions of this Section 7(j) shall not apply to the extent that (i) the Company had knowledge of such Cause and did not terminate the employment of the Executive
within 120 days of receiving notice thereof or (ii) in the event the Company did not have knowledge of such Cause prior to the termination of the employment of the Executive or the Company had knowledge of such Cause and the employment of the
Executive terminated other than for Cause prior to 120 days after the Company had knowledge thereof, the Company does not act to implement the provisions of this Section 7(j) within 120 days of
obtaining such knowledge of such Cause. For purposes hereof, “knowledge” shall mean the actual knowledge of the executives and members of senior management of Parent and its Subsidiaries. 

8.    Conflicts of Interest. Executive agrees that he shall promptly disclose to the Board any conflict of
interest involving Executive upon Executive becoming aware of such conflict. 
 9.    Confidentiality. The
Company shall provide Executive new and valuable Confidential Information of the Company and it may also provide Employee confidential information of third parties who have supplied such information to the Company. For purposes of this
Section 9, the term “Company” shall include the Company and its Affiliates. In consideration of such Confidential Information and other valuable consideration provided hereunder,
Executive agrees to comply with this Section 9. 

(a)    “Confidential Information” means, without limitation and regardless of whether such
information or materials are expressly identified as confidential or proprietary, (i) any and all non-public, confidential or proprietary information or work product of the Company or its Affiliates,
(ii) any information that gives the Company or its Affiliates a competitive business advantage or the opportunity of obtaining such advantage, (iii) any 

  
 10 

 
information the disclosure or improper use of which could be detrimental to the interests of the Company or its Affiliates, (iv) any trade secrets of the Company or its Affiliates, and
(v) any other information regarding the Company or any of its Affiliates, including but not limited to information regarding any of their businesses, operations, assets (including any Oil and Gas Interests as defined below), liabilities,
properties, systems, methods, models, processes, results, performance, investments, investors, financial affairs, future plans, business prospects, acquisition or investment opportunities, strategies, business partners, business relationships,
contracts, contractual relationships, organizational or personnel matters, policies or procedures, management or compensation matters, compliance or regulatory matters, as well as any technical, seismic, industry, market or other data, studies or
research, or any forecasts, projections, valuations, derivations or other analyses, performed, generated, collected, gathered, synthesized, purchased or owned by, or otherwise in the possession of, the Company or its Affiliates. Confidential
Information also includes any non-public, confidential or proprietary information about, or belonging to, any third party that has been entrusted to the Company or its Affiliates. Notwithstanding the
foregoing, Confidential Information does not include any information which is or becomes generally known by the public other than as a result of Executive’s actions or inactions. 

(b)    Protection. Executive promises (i) to keep the Confidential Information, and all documentation,
materials and information relating thereto, strictly confidential, (ii) not to use the Confidential Information for any purpose other than as required in connection with fulfilling his duties as Executive for the benefit of the Company, and
(iii) to return to the Company all Confidential Information in Executive’s possession upon completion of any work for the Company requiring Executive to have such Confidential Information or upon separation from the Company for any reason.
For the avoidance of doubt, Executive specifically acknowledges and agrees that any use by Executive of such Confidential Information other than as required in connection with fulfilling his duties as Executive for the benefit of the Company will be
a material breach of this Agreement. 
 (c)    Scope. Executive understands and agrees that all
Confidential Information, in whatever medium (verbal, written, electronic or other), is subject to this Agreement whether provided directly to Executive or not, whether provided to Executive prior to the Effective Date of this Agreement or not, and
whether inadvertently disclosed to Executive or not. Confidential Information that was or is available to Executive or to which Executive had or has access will be deemed to have been provided to Executive. Executive also hereby agrees that
Confidential Information shall be deemed to include information regarding the assets of the Company, even if such information was learned by Executive prior to formation of the Company. 

(d)    Value and Security. Executive understands and agrees that all Confidential Information, and every
portion thereof, constitutes the valuable intellectual property of the Company, its Affiliates, and/or third parties, and Executive further acknowledges the importance of maintaining the security and confidentiality of the Confidential Information
and of not misusing the Confidential Information. 
 (e)    Disclosure Required By Law. If Executive is
legally required to disclose any Confidential Information, Executive shall promptly notify the Company in writing of such 

  
 11 

 
request or requirement so that the Company may seek an appropriate protective order or other relief. Executive agrees to cooperate with and not to oppose any effort by the Company to resist or
narrow such request or to seek a protective order or other appropriate remedy. In any case, Executive will (A) disclose only that portion of the Confidential Information that, according to the advice of his or her counsel, is required to be
disclosed, (B) use his best efforts to obtain assurances that such Confidential Information will be treated confidentially, and (C) promptly notify the Company in writing of the items of Confidential Information so disclosed. 

(f)    Third-Party Confidentiality Agreements. To the extent that the Company possesses any confidential
information that is subject to any confidentiality agreements with, or obligations to, third parties, Executive will comply with all such agreements or obligations in full. 

(g)    Survival. The covenants made by Executive in this
Section 9 will survive termination of this Agreement indefinitely. 

10.    Agreement Not to Compete. 

(a)    Covenants. In consideration of the Company’s providing Confidential Information as described in
Section 9 as well as Executive’s employment hereunder in which Executive will be associated with the goodwill of the Company, and to protect the trade secrets and Confidential Information of
Company disclosed or entrusted to Executive by Company or created or developed by Employee for Company and the goodwill developed by Executive on behalf of Company, and as an express incentive for Company to enter into this Agreement, Executive
agrees that, except in the ordinary course and scope of his employment hereunder, Executive shall not, either as principal, agent, independent contractor, consultant, director, officer, employee, employer, advisor, stockholder, partner, member,
joint venturer, owner or in any other individual or representative capacity whatsoever, whether paid or unpaid, either for his own benefit or for the benefit of any other person or entity: 

(i)    during the Coverage Period, engage or carry on in Competitive Duties within the Restricted Area;

 (ii)    during the Coverage Period, form or otherwise provide services to a Competing Business within
the Restricted Area or directly or indirectly acquire any 5% or greater equity ownership, voting interest or profit participation interest in, any Competing Business within the Restricted Area; 

(iii)    during the Coverage Period with respect to any customer, supplier, licensee, licensor or other
business relation (including any third party seller, owner or lessor of Oil and Gas Interests or property related thereto) of the Company or its Affiliates with which or whom Executive had direct or indirect involvement while employed by the Company
or about which Executive had Confidential Information, or access to Confidential Information, while employed by the Company, directly or indirectly (A) divert, take away, or attempt to divert or take away such customer, supplier or other
business relation, (B) cause or induce any such customer, supplier or business relation to modify or terminate its relationship with the Company or its Affiliates, 

  
 12 

 
(C) offer or provide Competitive Products or Services to such customer, supplier or business relation, or (D) otherwise interfere with or compete for the business relationship between
the Company or its Affiliates and such customer, supplier or business relation; 
 (iv)    during the
Coverage Period with respect to any Restricted Prospects, directly or indirectly (A) acquire, attempt to acquire, or assist a third person in acquiring, any interest in or rights to such Restricted Prospects, (B) acquire, attempt to
acquire or assist a third party in acquiring any equity or other interest or right in any company, business, joint venture or other enterprise owning or controlling or seeking to own or control any interest in or rights to such Restricted Prospects,
or (C) otherwise divert, take away, interfere with or compete for any acquisition by the Company or its controlled Affiliates of such Restricted Prospects or any other transaction or arrangement contemplated by the Company or its Affiliates
relating to such Restricted Prospects (or attempt to do any of the foregoing); or 
 (v)    during the
Employment Period and the twelve (12) month period following the Termination Date, directly or indirectly, recruit or otherwise solicit or induce any employee, officer, consultant, contractor, or subscriber of the Company or its controlled
Affiliates (A) to terminate its employment or arrangement with the Company, or (B) to otherwise change its relationship with the Company or its Affiliates. 

(vi)    at any time use the names of the Company or its Affiliates in connection with any business that is
or would be in competition in any manner whatsoever with the Company or any of its Affiliates. 

(b)    Disclosure and Authorization. In consideration of the Company’s promises herein, for a period of
24 months immediately following the termination of Executive’s employment for any reason, Executive promises to disclose to the Company any employment, consulting, or other service relationship Executive enters into after the termination of
Executive’s employment with the Company for any reason. Such disclosure shall be made within 7 days of Executive entering into such employment, consulting or other service relationship. Executive expressly consents to and authorizes the Company
to disclose both the existence and terms of this Agreement to any future employer or user of Executive’s services and to take any steps the Company deems necessary to enforce this Agreement. 

(c)    Requests for Modification. Executive represents that Executive is willing and able to engage in other
employment not prohibited by this Agreement. In the event Executive subsequently decides that Executive would like to pursue an opportunity prohibited by the terms of this Agreement, Executive agrees to make written request to Company for a
modification of the restrictions contained in this Agreement prior to pursuing the opportunity, such request to include the name and address of the organization or entity involved (if any) and the title, nature, and duties of the activity Executive
wishes to pursue. Executive agrees and understands that the Company is under no obligation whatsoever to grant any such modification and will decide any such request in its sole and absolute discretion. 

(d)    Value and Reasonableness. Executive understands and acknowledges that the Company has made
substantial investments to develop its business interests, goodwill, and 

  
 13 

 
Confidential Information. Executive agrees that such investments are worthy of protection, and that the Company’s need for the protection afforded by this
Section 10 is greater than any hardship Executive might experience by complying with its terms and that the restrictions contained herein are necessary to protect the Company’s legitimate business
interests. Executive agrees that the limitations as to time, geographic area, and scope of activity to be restrained contained in this Agreement are reasonable and are not greater than necessary to protect the Confidential Information and/or the
goodwill or other business interests of the Company. 
 (e)    Reformation Requested. The Company and
Executive believe the limitations as to time, geographic area, and scope of activity contained in this Section 10 are reasonable and do not impose a greater restraint than necessary to protect
Confidential Information, goodwill, and other legitimate business interests of the Company. However, in the event an arbitrator or court of competent jurisdiction determines that the limitations agreed upon are not appropriate, the parties agree to,
and hereby do, request that the court reform the limitations to the satisfaction of the court. It is the express intent of the Company and Executive that the terms of this Competition Agreement be enforced to the full extent permitted by law and not
to any greater extent. 
 (f)    Right to Injunction. Executive acknowledges that Executive’s
violation of Sections 9 and/or 10 of this Agreement will cause irreparable harm to the Company for which damages cannot adequately be measured, and Executive agrees that the Company
shall be entitled as a matter of right to specific performance of Executive’s obligations under Sections 9 and 10 and an injunction, from any court of competent jurisdiction,
restraining any violation or further violation of such agreements by Executive or others acting on his/her behalf, without any showing of irreparable harm and without any showing that the Company does not have an adequate remedy at law. The
Company’s right to injunctive relief shall be cumulative and in addition to any other remedies provided by law or equity. 

(g)    “Competing Business” means any individual, sole proprietorship, business, firm, company,
partnership, joint venture, organization, or other person, entity or arrangement that competes, or has plans to compete, or that owns or controls a significant interest in any entity that competes, or has plans to compete, with the Company, or those
Affiliates of the Company for which Executive has material responsibilities, with respect to the business in which the Company or such Affiliate(s) engage. For the avoidance of doubt, Competing Businesses include those individuals and entities that
engage in the business of acquiring, exploiting and developing oil and gas assets in the Gulf of Mexico and Gulf Coast. 

(h)    “Competitive Duties” means duties: (i) for a Competing Business that are similar to or
substantially related to the duties that Executive had during the last twelve (12) months of Executive’s employment with the Company; (ii) that are performed in the capacity of a director, officer, partner, or executive of a Competing
Business; (iii) that involve the formation, management, operation, or control of a Competing Business or any recognized subdivision or department thereof; or (iv) for a Competing Business that involve the performance of, or the management
or supervision of personnel engaged in, any activity which is similar to or substantially related to any activity with which Executive had direct or indirect involvement while employed by the Company or about which Executive had Confidential
Information, or access to Confidential Information, while employed by the Company. 

  
 14 

 (i)    “Competitive Products or Services” means any
products or services that are similar to or competitive with the products or services being offered, marketed, or actively developed by the Company or its Affiliates as of the date of the termination of Executive’s employment for any reason.

 (j)    “Coverage Period” means the period of time beginning on the Effective Date of this
Agreement and ending 24 months following Executive’s Termination Date; provided, however, that in the event a Liquidation Event occurs, such period shall end upon the earlier of (i) 24 months following Executive’s Termination Date, or
(ii) 12 months following such Liquidation Event; provided, further, that in the event this Agreement terminates upon the expiration of the Initial Term or a Renewal Term after the Company has provided Executive with a notice of non-renewal as set forth in Section 4, such period shall end one hundred eighty days following Executive’s Termination Date. 

(k)    “Hydrocarbons” means oil, condensate gas, casinghead gas and other liquid or gaseous
hydrocarbons. 
 (l)    “Liquidation Event” has the meaning set forth in the LLC Agreement. 

(m)    “Oil and Gas Interests” means: (i) direct and indirect interests in and rights with
respect to oil, gas, mineral and related properties (including revenues or net revenues therefrom) and assets of any kind and nature, direct or indirect, including without limitation working, royalty and overriding royalty interests, mineral
interests, leasehold interests, production payments, operating rights, net profits interests, other non-working interests and non-operating interests;
(ii) interests in and rights with respect to Hydrocarbons and other minerals or revenues therefrom and contracts or agreements in connection therewith and claims and rights thereto (including oil and gas leases, operating agreements,
unitization and pooling agreements and orders, division orders, transfer orders, mineral deeds, royalty deeds, oil and gas sales, exchange and processing contracts and agreements and, in each case, interests thereunder), surface interests, fee
interests, reversionary interests, reservations and concessions; (iii) easements, rights of way, licenses, permits, leases, and other interests associated with, appurtenant to, or necessary for the operation of any of the foregoing; and
(iv) interests in equipment and machinery (including well equipment and machinery), oil and gas production, gathering, transmission, compression, treating, processing and storage facilities (including tanks, tank batteries, pipelines and
gathering systems), pumps, water plants, electric plants, gasoline and gas processing plants, refineries and other tangible personal property and fixtures associated with, appurtenant to, or necessary for the operation of any of the foregoing,
regardless of location. 
 (n)    “Restricted Area” means (i) those geographic areas within
the parishes listed on Annex 2 hereto and within a 50 mile radius of those areas where the Company or any of its Affiliates for which Executive has material responsibilities: (A) conducts any
material portion of its business as of the Termination Date; or (B) is contemplating conducting a meaningful amount of business as of the date Executive’s employment is terminated for any reason as evidenced by definite and demonstrable
actions by the Company or its Affiliates with respect to the area and (ii) those other geographic areas outside the State of Louisiana and within a 50-mile radius of the areas where the Company or any of
its Affiliates for which Executive has 

  
 15 

 
material responsibilities: (A) conducts any material portion of its business as of the Termination Date; or (B) is contemplating conducting a meaningful amount of business as
of the date Executive’s employment is terminated for any reason as evidenced by definite and demonstrable actions by the Company or its Affiliates with respect to the area. 

(o)    “Restricted Prospects” includes the following: (i) any Oil and Gas Interests within
the Restricted Area; or (ii) any Oil and Gas Interests or other properties, sites, locations, assets, acquisitions, investments or other business prospects upon which the Company or its controlled Affiliates have expended resources at any time
during Executive’s employment or are contemplating expending resources in the future as at the date of the termination of Executive’s employment, and with which Executive had direct or indirect involvement while employed by the Company or
about which Executive had Confidential Information, or access to Confidential Information, while employed by the Company. 

(p)    This Section 10 shall survive any termination of this Agreement for
the periods stated herein. 
 11.    Defense of Claims. Executive agrees that, during the Employment
Period and for a reasonable period after the Termination Date, upon request from the Company, Executive will cooperate with the Company and its Affiliates in the defense of any claims or actions that may be made by or against the Company or any of
its Affiliates that relate to Executive’s prior areas of responsibility, except if Executive’s reasonable interests are adverse to the Company or Affiliates in such claim or action. The Company agrees to pay or reimburse Executive for all
of Executive’s reasonable travel and other direct expenses incurred, or to be reasonably incurred, to comply with Executive’s obligations under this Section 11, provided Executive provides
reasonable documentation of same. 
 12.    Withholdings: Right of Offset. The Company may withhold and
deduct from any payments made or to be made pursuant to this Agreement (i) all federal, state, local and other taxes as may be required pursuant to any law or governmental regulation or ruling and (ii) to the extent permissible under
Section 409A (as hereinafter defined), (1) any deductions consented to in writing by Executive and (2) any other sums owed by Executive to the Company, any Affiliate, or any employee benefit plan or program of the Company or any
Affiliate. 
 13.    Severability. It is the desire of the parties hereto that this Agreement be enforced
to the maximum extent permitted by law, and should any provision contained herein be held unenforceable by a court of competent jurisdiction or arbitrator (pursuant to Section 15), the parties hereby
agree and consent that such provision shall be reformed to create a valid and enforceable provision to the maximum extent permitted by law; provided, however, if such provision cannot be reformed, it shall be deemed ineffective and deleted herefrom
without affecting any other provision of this Agreement. 
 14.    Title and Headings; Construction.
Titles and headings to Sections hereof are for the purpose of reference only and shall in no way limit, define or otherwise affect the provisions hereof. Any and all Exhibits referred to in this Agreement are, by such reference, incorporated herein
and made a part hereof for all purposes. The words “herein”, “hereof”, “hereunder” and other compounds of the word “here” shall refer to the entire Agreement and not to any particular provision hereof. 

  
 16 

 15.    Arbitration; Injunctive Relief; Attorneys’ Fees.
Subject to Section 15(b), any dispute, controversy or claim between Executive and the Company arising out of or relating to this Agreement, Executive’s employment with Company, or the termination
of either will be finally settled by arbitration in Houston, Texas before, and in accordance with the then-existing rules for the resolution of employment disputes then obtaining of, the American Arbitration Association. The arbitrator’s award
shall be reasoned, final and binding on both parties and may be enforced in a court of competent jurisdiction. 

(a)    Notwithstanding Section 15(a), an application for emergency,
temporary ore preliminary injunctive relief by either party (including, without limitation, pursuant to Section 10(g)) shall not be subject to arbitration under this
Section 15; provided, however, that the remainder of any such dispute (beyond the application for emergency, temporary or preliminary injunctive relief) shall be subject to arbitration under this
Section 15. 
 (b)    Each side shall share equally the cost of the
arbitrator and bear its own costs and attorneys’ fees incurred in connection with any arbitration, unless a statutory claim authorizing the award of attorneys’ fees is at issue, in which event the arbitrator may award a reasonable
attorneys’ fee in accordance with the jurisprudence of that statute. 
 (c)    Nothing in this
Section 15 shall prohibit a party to this Agreement from (i) instituting litigation to enforce any arbitration award or (ii) joining another party to this Agreement in a litigation initiated
by a person which is not a party to this Agreement. IN ENTERING THIS AGREEMENT, THE PARTIES EXPRESSLY ACKNOWLEDGE AND AGREE THAT THEY ARE KNOWINGLY AND VOLUNTARILY WAIVING THEIR RIGHTS TO A JURY TRIAL. 

16.    Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF TEXAS, WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS. THE EXCLUSIVE VENUE FOR THE RESOLUTION OF ANY DISPUTE RELATING TO THIS AGREEMENT OR EXECUTIVE’S EMPLOYMENT (THAT IS NOT SUBJECT TO ARBITRATION UNDER SECTION 15 FOR ANY REASON)
SHALL BE IN THE STATE AND FEDERAL COURTS LOCATED IN HARRIS, COUNTY TEXAS AND THE PARTIES HEREBY EXPRESSLY CONSENT TO THE JURISDICTION OF THOSE COURTS. 

17.    Entire Agreement and Amendment. This Agreement contains the entire agreement of the parties with
respect to Executive’s employment and the other matters covered herein (except to the extent that other agreements are specifically referenced herein); moreover, this Agreement supersedes all prior and contemporaneous agreements and
understandings, oral or written, between the parties hereto concerning the subject matter hereof. This Agreement may be amended, waived or terminated only by a written instrument executed by both parties hereto. 

18.    Survival of Certain Provisions. Wherever appropriate to the intention of the parties hereto, the
respective rights and obligations of said parties, including, but not limited to, the rights and obligations set forth in Sections 6 through 16 hereof, shall survive any termination
or expiration of this Agreement for any reason. 

  
 17 

 19.    Waiver of Breach. No waiver by either party hereto of a
breach of any provision of this Agreement by the other party, or of compliance with any condition or provision of this Agreement to be performed by such other party, will operate or be construed as a waiver of any subsequent breach by such other
party or any similar or dissimilar provision or condition at the same or any subsequent time. The failure of either party hereto to take any action by reason of any breach will not deprive such party of the right to take action at any time while
such breach continues. 
 20.    Assignment. Neither this Agreement nor any rights or obligations
hereunder shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession) or by the Company, except that the Company may assign this Agreement to an Affiliate or any
successor (whether by merger, purchase or otherwise) to all or substantially all of the equity, assets or businesses of the Company, if such Affiliate or successor agrees to assume the obligations of the Company hereunder. 

21.    Notices. Notices provided for in this Agreement shall be in writing and shall be deemed to have been
duly received (i) when delivered in person or sent by facsimile transmission, (ii) on the first business day after such notice is sent by air express overnight courier service, or (iii) on the third business day following deposit in
the United States mail, registered or certified mail, return receipt requested, postage prepaid and addressed, to the following address, as applicable: 

If to Company, addressed to: 

Talos Energy Operating Company LLC 

1600 Smith, Suite 5000 
 Houston,
TX 77002 
 Fax: (281) 852-6623 

Attn: John L. Harrison 
 If
to Executive, addressed to: 
 Timothy S. Duncan 

2322 Kings Trail 
 Kingwood, TX
77339 
 Attn: Timothy S. Duncan 

The address set forth below Executive’s name on the execution page hereof; or to such other address as either party may have furnished to
the other party in writing in accordance with this Section 21. 

22.    Section 409A. 

(a)    General. The intent of the Parties is that the payments and benefits under this Agreement comply with
or be exempt from Section 409A of the Internal Revenue Code of 

  
 18 

 
1986, as amended, (the “Code”) and the regulations and guidance promulgated thereunder (collectively,
“Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. The Company and Executive shall take commercially
reasonable efforts to reform or amend any provision hereof to the extent that either of them reasonably determine that such provision would or could reasonably be expected to cause Executive to incur any additional tax or interest under
Section 409A to try to comply with or be exempt from Section 409A through good faith modifications, in any case, to the minimum extent reasonably appropriate to conform with Section 409A, provided that any such modifications shall not
increase the cost or liability to the Company. To the extent that any provision hereof is modified in order to comply with or be exempt from Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably
possible, maintain the original intent and economic benefit to Executive and the Company of the applicable provision without violating the provisions of Section 409A. 

(b)    Separation from Service. Notwithstanding anything in this Agreement to the contrary, any compensation
or benefits payable under this Agreement that is designated under this Agreement as payable upon Executive’s termination of employment shall be payable only upon Executive’s “separation from service” with the Company within the
meaning of Section 409A (a “Separation from Service”). 
 (c)    Specified
Employee. Notwithstanding anything in this Agreement to the contrary, if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to
the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not
be provided to Executive prior to the earlier of (i) the expiration of the six-month period measured from the date of Executive’s Separation from Service or (ii) the date of Executive’s
death. Upon the first business day following the expiration of the delay period described in the preceding sentence, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate or
beneficiaries), and any remaining payments due to Executive under this Agreement shall be paid as otherwise provided herein. 

(d)    Expense Reimbursements. To the extent that any reimbursements under this Agreement are subject to
Section 409A, any such reimbursements payable to Executive shall be paid to Executive no later than December 31 of the year following the year in which the expense was incurred; provided, that Executive submits Executive’s
reimbursement request promptly following the date the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year, other than medical expenses referred to in
Section 105(b) of the Code, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. 

(e)    Installments. Executive’s right to receive any installment payments under this Agreement,
including without limitation any continuation salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all times be
considered a separate and 

  
 19 

 
distinct payment as permitted under Section 409A. Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless such acceleration or
deferral would not result in additional tax or interest pursuant to Section 409A. 
 23.    Executive
Acknowledgement. Executive acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained
in writing herein, and has entered into this Agreement freely based on Executive’s own judgment. 

24.    Counterparts. This Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a copy hereof containing multiple signature pages, each signed by one party, but together
signed by both parties hereto. 
 SIGNATURE PAGE FOLLOWS 

  
 20 

 IN WITNESS WHEREOF, Executive has hereunto set his hand, and the Company has caused this
Agreement to be executed in its name and on its behalf, to be effective as of the Effective Date first above written. 
  

					
	EXECUTIVE:
		
	By:	 	 /s/ Timothy S. Duncan

		 	Name:	 	Timothy S. Duncan
	
	COMPANY:
	
	TALOS ENERGY OPERATING COMPANY LLC
		
	By:	 	Talos Energy Operating GP LLC, its managing member
		
	By:	 	Talos Energy LLC, its sole member
		
	By:	 	 /s/ John L. Harrison

		 	Name:	 	John L. Harrison
		 	Title:	 	Executive Vice President and Chief Financial Officer

  
 Signature Page of 

Timothy S. Duncan Employment Agreement 

 ANNEX 1 

Non-Competition Agreement by and among Executive, Phoenix Exploration 

Company, LP, Apache Corporation and Castex Energy Inc. 

[See Attached] 

  

ANNEX 1 

PAGE 1 

 NON-COMPETITION AND
NON-SOLICITATION AGREEMENT 
 This Non-Competition and Non-Solicitation Agreement (this “Agreement”) dated as of August 31, 2011, is by and between Phoenix Exploration Company LP, a Delaware limited partnership
(“Phoenix”), Apache Corporation, a Delaware corporation (“Apache”) and Castex Energy, Inc., a Texas corporation (“Castex” and together with Phoenix and Apache, each a
“Protected Party” and collectively the “Protected Parties”), Timothy S. Duncan, a Texas resident (the “Restricted Party”). Each of the Protected Party and the Restricted
Party are each individually referred to herein as a “Party” and together collectively referred to herein as the “Parties”. All capitalized terms not defined herein shall have the meaning ascribed to
such terms in the Purchase Agreement (as defined below). 
 RECITALS 

WHEREAS, as of the date hereof, the Protected Parties purchased from the Restricted Party and certain other Persons one hundred percent
(100%) of the partnership interests in Phoenix pursuant to that certain Partnership Interest Purchase Agreement dated as of August 4, 2011 (as amended, together with the exhibits and schedules thereto, and the documents and instruments to be
delivered pursuant thereto, the “Purchase Agreement”) by and between certain Affiliates of the Protected Parties, Phoenix, the Restricted Party (or certain Affiliates thereof) and the other Seller’s party thereto; 

WHEREAS, Phoenix, the Protected Parties and/or certain of their Affiliates own certain oil and gas assets located on, under or within
the Oil and Gas Properties and other lands described on Exhibit A attached hereto. 

WHEREAS, as a material inducement to the Protected Parties to enter into the Purchase Agreement and consummate the transactions
contemplated thereunder, the Protected Parties require that the Restricted Party agrees not to compete with or against the Protected Parties or any of their Affiliates in the Business (as defined below) in the Protected Area (as defined below) for
the Term (as defined below) pursuant to the terms of this Agreement; and WHEREAS, the Restricted Party will derive substantial direct and indirect benefit from the transactions contemplated by the Purchase Agreement, including the direct or indirect
of the Restricted Party’s percentage share of the Adjusted Purchase Price. 
 NOW, THEREFORE, in consideration of the
foregoing, the premises, and the mutual covenants and agreements set forth below and in the Purchase Agreement, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.1    Certain Defined Terms. As used in this Agreement: 

1.1.1    “Affiliate” means (a) any other Person that directly or indirectly through one or
more intermediaries, controls, is controlled by or is under common control with such Person, or (b) any Person in which Restricted Party is an officer, director, employee, manager, 

 
advisor, consultant or broker. For purposes of this definition, “control” of a Person means the power, direct or indirect, to direct or cause the direction of the management and
policies of such Person whether through ownership of voting securities or ownership interests, by contract or otherwise, and specifically with respect to a corporation, partnership or limited liability company, means direct or indirect ownership of
more than twenty percent (20%) of the voting securities in such corporation or of the voting interest in a partnership or limited liability company. 

1.1.2    “Business” means the business or similar business of owning, acquiring (either directly
or indirectly), disposing (including any option or commitment to acquire in the future), exploring for, producing or operating oil and gas and associated mineral properties, or interests, including working interests, mineral interests, royalty and
overriding royalty interests, production payments, net profits or similar interests, in oil, gas and associated minerals in the Protected Area. 

1.1.3    “Competition” means directly or indirectly conducting, controlling or participating in
the Business, either alone or in association with any Affiliate of a Restricted Party. 

1.1.4    “Person” means any individual, corporation, partnership, limited liability company,
trust, estate or any other entity. 
 1.1.5    “Protected Area” means the area defined as the
“Protected Area” described on Exhibit A attached hereto. 

1.1.6    “Restricted Interest” means any lease, mineral interest, royalty or overriding royalty,
fee right, reversionary interest, non-participating royalty interest, mineral servitude, license, concession or other right covering oil, gas and related hydrocarbons (or a contractual right to acquire such an
interest) or an undivided interest therein or portion thereof, together with all appurtenances, easements, permits, licenses, servitudes and rights-of-way situated upon
or used or held for future use in connection with such an interest or the exploration, development or operation thereof. A “Restricted Interest” shall also mean and include (a) all rights and interests in all lands and interests
unitized or pooled therewith pursuant to any law, rule, regulation or agreement and (b) any agreements, contracts, options, instruments or other arrangements to acquire, either directly or indirectly or of record or beneficially, any of the
interests described in this definition. 
 1.1.7    “Term” means the period beginning as of the
date hereof and ending on February 28, 2013, inclusive of that date. 
 1.2    Other Defined Terms.
Capitalized terms used herein but not defined have the meanings assigned to such terms in the Purchase Agreement. 

  
 -2- 

 ARTICLE II 

NON-COMPETITION 

2.1    Covenant Not to Compete. During the Term, the Restricted Party shall not, nor shall the Restricted
Party permit any of its Affiliates to, directly or indirectly, for Restricted Party’s or its respective Affiliate’s account engage (or assist any other Person) in Competition with the Protected Parties or any Affiliate of the Protected
Parties or enter into discussions or negotiations to do any of the foregoing. Notwithstanding anything herein to the contrary, the Parties acknowledge and agree that the Restricted Party may own or hold, as a passive investment, not more than two
percent (2%) of the outstanding securities of any Person engaged in the Business if the securities of such Person are listed on any national or regional securities exchange or have been registered under Section 12(g) of the Securities Exchange
Act of 1934, as amended. For the avoidance of doubt, the Restricted Party may be employed by, or consult for, a Person engaged in Competition with the Protected Parties or any Affiliate of the Protected Parties so long as the Restricted Party does
not, directly or indirectly, conduct, control or participate in the Business of such Person and does not disclose any information regarding the Business to such Person. 

2.2    Affiliates of Restricted Party. At all times during the Term of this Agreement, the Restricted Party
shall cause their respective Affiliates to comply with the terms of this Agreement as if such Affiliates were a “Restricted Party” under this Agreement. 

ARTICLE III 
 NON-SOLICITATION 

3.1    Non-Solicitation. The Restricted Party agrees that during the
Term, neither the Restricted Party nor any of its Affiliates shall: (a) solicit, induce or attempt to induce, persuade or entice any employee of Phoenix that was an employee of Phoenix immediately prior to the Protected Parties’ purchase
of Phoenix and remained an employee of Phoenix immediately after the Protected Parties’ purchase of Phoenix to leave such Person’s employ to work for a competitor of any such Person in the same or similar capacity as the employee worked
for Phoenix at the time the Protected Parties purchased Phoenix, provided, however, that this restriction shall not apply to any solicitations contained in an advertisement directed generally to the public or the trade; or (b) solicit, induce
or attempt to induce any supplier of Phoenix or its subsidiaries who provided services to Phoenix or its subsidiaries in the twelve-month period immediately preceding the date hereof, to terminate, or otherwise alter, its relationship with Phoenix
or its subsidiaries. If the Restricted Party or any of its Affiliates is found to have breached any promise made in this Agreement, the Term shall automatically be extended by the period of time for which such Person was in breach so that the
Protected Parties are provided the benefit of the full Term. 
 ARTICLE IV 

RELIEF 

4.1    Restrictions Reasonable. Restricted Party acknowledges that the Term, the Protected Area, and the
nature of the restrictions agreed upon pursuant to this Agreement are reasonable and necessary for the protection of the Protected Parties and their Affiliates. It is expressly understood that if a court of competent jurisdiction shall find the
foregoing restrictive 

  
 -3- 

 
covenants to be invalid or unenforceable by reason of being too broad in scope, then any or all of such invalid or unenforceable provisions shall be amended by said court so as to cause said
restrictive covenant to be valid and enforceable to the fullest extent permitted by law. 
 4.2    Injunctive
Relief. The Restricted Party agrees and acknowledges that a remedy at law for any breach or attempted breach of this Agreement hereof will be inadequate and that any such breach or attempted breach will result in irreparable harm to the
Protected Parties and their Affiliates for which no adequate remedy at law exists. Accordingly, the Protected Parties shall, in addition to any other remedy that may be available, be entitled to obtain injunctive relief and specific performance,
including temporary restraining orders, preliminary injunctions and permanent injunctions, requiring compliance with the terms of this Agreement. 

4.3    Conveyance of Acquired Interests. The Restricted Party acknowledges that the granting of injunctive
relief may not adequately compensate the Protected Parties for damages resulting from any breach of Article II. Accordingly, the Protected Parties may seek actual damages from the Restricted Party for each and every breach by the
Restricted Party of the non-competition provisions of Article II. In addition, and without limitation of other remedies hereunder or pursuant to law, in the event
the Restricted Party breaches this Agreement by acquiring any Restricted Interests of any nature whatsoever within the Protected Area during the Term, the Restricted Party shall, within ten (10) Business Days of the Protected Parties’
request, assign or otherwise transfer such interest to the Protected Parties or their designated Affiliates , free and clear of any liens, claims or encumbrances created by, through or under the Restricted Party or its Affiliates, and the Protected
Parties shall simultaneously reimburse the Restricted Party for the Restricted Party’s actual, direct, documented, reasonable out-of-pocket costs and expenses of
such acquisition. In such a case of a breach of this Agreement, the Protected Parties’ relief shall be limited to all remedies at law and equity, including, and not limited to, specific performance and monetary damages. 

4.4    Attorney’s Fees. If any suit or other action is brought with respect to the interpretation or
enforcement of this Agreement, the prevailing Party shall be entitled to receive, among other remedies, reimbursement for its reasonable costs and expenses, including, without limitation, reasonable attorneys’ fees. 

ARTICLE V 
 GENERAL
TERMS 
 5.1    Acknowledgement. The Restricted Party acknowledges and agrees that this Agreement,
including the rights, covenants, restrictions and remedies set forth in Article II, Article III and Article IV above, (a) are ancillary to and part of the consummation of the transactions described in
the Purchase Agreement, (b) contain reasonable limitations as to time, geographical area and scope of activity, (c) do not impose a greater restraint than is necessary to protect the goodwill and other business interests in and to the
Partnership Interests transferred at Closing by the Restricted Party and the other Sellers to the Protected Parties under the terms of the Purchase Agreement and (d) comply with and are enforceable as of the date hereof under Section 15.50
et. seq. of the Texas Business and Commerce Code. The Restricted Party agrees and acknowledges that on and after the date hereof it has and shall derived substantial direct and indirect benefit from the transaction contemplated by the Purchase
Agreement, including the direct or indirect receipt of the Restricted Party’s percentage share of the Adjusted Purchase Price. 

  
 -4- 

 5.2    Governing Law. Without regard to principles of conflicts
of Law, this Agreement shall be construed, interpreted and enforced in accordance with and governed by the Laws of the state of Texas applicable to contracts made and to be performed entirely within such state. 

5.3    Forum. THE PARTIES AGREE THAT THIS AGREEMENT CONSTITUTES A “MAJOR TRANSACTION” AS DEFINED
BY SECTION 15.020 OF THE TEXAS CIVIL PRACTICE AND REMEDIES CODE. THE PARTIES ALSO AGREE, PURSUANT TO SECTION 15.020 OF THE TEXAS CIVIL PRACTICE AND REMEDIES CODE, THAT ANY LAWSUIT INVOLVING THIS AGREEMENT BROUGHT BY EITHER PARTY WILL BE BROUGHT ONLY
IN HARRIS COUNTY, TEXAS, WHETHER SUCH LAWSUIT BE BROUGHT IN FEDERAL OR STATE COURT. THE PARTIES MUTUALLY CONSENT TO THE JURISDICTION OF THE FEDERAL AND STATE COURTS IN HARRIS COUNTY, TEXAS, AND AGREE THAT ANY ACTION, SUIT, OR PROCEEDING CONCERNING,
RELATED TO, OR ARISING OUT OF THIS AGREEMENT AND/OR THE NEGOTIATION OF THIS AGREEMENT WILL BE BROUGHT ONLY IN A FEDERAL OR STATE COURT IN HARRIS COUNTY, TEXAS. THE PARTIES AGREE THAT THEY WILL NOT RAISE ANY DEFENSE OR OBJECTION OR FILE ANY MOTION
BASED ON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE, INCONVENIENCE OF THE FORUM, OR THE LIKE IN ANY CASE FILED IN A FEDERAL OR STATE COURT IN HARRIS COUNTY, TEXAS. THIS AGREEMENT IS MADE AND PARTIALLY PERFORMABLE IN HARRIS COUNTY, TEXAS, AND
VENUE WILL BE IN HARRIS COUNTY, TEXAS. 

5.4    Non-Circumvention. No Restricted Party or any Affiliate of
any Restricted shall enter into any agreement, contract, or arrangement with any Affiliate or third party with respect to the Protected Area or take any other action or enter into or cause an Affiliate to enter into any alternative transaction with
the purpose of circumventing the intent and obligations of the Parties hereunder. 
 5.5    Entire
Agreement. This Agreement and the Purchase Agreement and the other Transaction Documents constitutes the entire understanding among the Parties, their respective members, shareholders, officers, directors and employees with respect to the
subject matter hereof, superseding all written or oral negotiations and discussions, and prior agreements and understandings relating to such subject matter. 

5.6    Binding Effect. This Agreement shall be binding upon, and shall inure to the benefit of, the Parties,
and their respective successors and assigns. 
 5.7    Notices. All notices and other communications
required under this Agreement shall (unless otherwise specifically provided herein) be in writing and be delivered personally, by 

  
 -5- 

 
recognized commercial courier or delivery service which provides a receipt, by telecopier (with receipt acknowledged), or by registered or certified mail (postage prepaid), at the following
addresses: 
 If to a Restricted Party: 

Timothy S. Duncan 
 2322
Kings Trail 
 Kingwood, TX 77339 

Telephone: 713-775-1451 

Facsimile: 
 Attention: 

If to Apache: 
 Apache
Corporation 
 2000 Post Oak Blvd. Suite 100 

Houston, Texas 77056 
 Telephone: 713-296-6000 
 Facsimile: 713-296-6459 
 Attention: Vice President - Business Development 

If to Castex: 
 Castex Energy,
Inc. 
 333 North Sam Houston Parkway East Suite 1060 

Houston, Texas 77060 
 Telephone: 281-878-0048 
 Facsimile: 281-447-1009 
 Attention: James W. Carrington, Jr. 

5.8    Amendments and Waivers. Except for waivers specifically provided for in this Agreement, this
Agreement may not be modified or amended nor any rights hereunder waived except by an instrument in writing signed by all Parties that specifically references this Agreement, states that it is intended to modify or amend this Agreement or waive a
right hereunder and specifies the provision(s) to be modified, amended or waived. No waiver of, or consent to a change in, any provisions of this Agreement shall be deemed or shall constitute a waiver of, or consent to a change in, other provisions
hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 

5.9    Severability. The Parties hereby expressly agree and contract that it is not the intention of any
Party to violate any public policy, statutory or common law, and that if any sentence, paragraph, clause or combination of the same of this Agreement is in violation of the law of any state where applicable, such sentence, paragraph, clause or
combination of same shall be void in the jurisdictions where it is unlawful, and the remainder of such paragraph and this Agreement shall remain binding on the Parties to make the covenants of this Agreement binding only to the extent that it
may be lawfully done under existing applicable laws. In the event that any part of any covenant of this Agreement is determined by a court of law to be overly broad thereby making the covenant unenforceable, the Parties agree, and it is their
desire, that such court shall substitute a judicially enforceable limitation in its place, and that as so modified the covenant shall be binding upon the Parties as if originally set forth herein. 

  
 -6- 

 5.10    Counterpart Execution. This Agreement may be executed
in counterparts, all of which are identical and all of which constitute one and the same instrument. It shall not be necessary for the Protected Parties and the Restricted Party to sign the same counterpart. Facsimile copies of signatures shall
constitute original signatures for all purposes of this Agreement and any enforcement hereof. 

5.11    Interpretation. In this Agreement: (a) captions are for convenience only and shall not be
considered a part of, or affect the construction or interpretation of, any provision of this Agreement; (b) references to the singular includes the plural, and vice versa; (c) reference to any Article or Section means an Article or Section
of this Agreement; (d) unless expressly provided to the contrary, “hereunder”, “hereof”, “herein” and words of similar import are references to this Agreement as a whole and not any particular Section or other
provision of this Agreement; and (e) “Include” and “including” shall mean include or including without limiting the generality of the description preceding such term. 

[Signature page to follow] 

  
 -7- 

 IN WITNESS WHEREOF, the undersigned have executed and delivered this Agreement as of the date set
forth above. 
  

			
	RESTRICTED PARTY:
		
	By:	 	  

	Name:	 	Timothy S. Duncan

  
 Restricted Party
Signature Page to Non-Competition and Non-Solicitation Agreement 

 
			
	APACHE:
	
	APACHE CORPORATION
		
	By:	 	  

	Name:	 	J.A. Jeppesen
	Title:	 	Executive Vice President

  
 Apache Signature Page to Non-Competition and Non-Solicitation Agreement 

 
			
	CASTEX:
	
	CASTEX ENERGY, INC.
		
	By:	 	  

	Name:	 	John B. Napier
	Title:	 	Vice President

  
 Castex Signature Page to Non-Competition and Non-Solicitation Agreement 

 EXHIBIT A 

PROTECTED AREA 
 For
purposes of this Agreement, the Protected Area shall be defined as follows: 
 As to all Oil and Gas Properties owned or leased by Phoenix Exploration
Company, LP and its subsidiaries as of the Effective Date within the State of Louisiana and State of Louisiana Waters, the Protected Area shall be defined as including both (b) such Oil and Gas Properties and (c) any areas that are located
both within three miles of any portion of such Oil and Gas Properties and within the same parish(es) in which any portion of such Oil and Gas Properties is located; As to all Oil and Gas Properties owned or leased by Phoenix Exploration Company, LP
and its subsidiaries as of the Effective Date within the portion of the Outer Continental Shelf adjacent to the State of Louisiana, the Protected Area shall be defined as including both (d) the offshore blocks (as established under the Outer
Continental Shelf Lands Act) which comprise such Oil and Properties and (e) any offshore blocks that have one or more boundaries or corners that touch any one or more boundaries or corners of any such offshore blocks which comprise such Oil and
Properties under clause (c) (hereinafter a “border block”) provided however, assuming that the parish boundaries of each Louisiana coastal parish were extended to the outer edges
of the Outer Continental Shelf, only those portions of the border blocks which would be located within the same parish(es) as the offshore blocks which comprise such Oil and Gas Properties shall be included within the Protection Area. As to all Oil
and Gas Properties owned or leased by Phoenix Exploration Company, LP and its subsidiaries as of the Effective Date within the portion of the Outer Continental Shelf not adjacent to the State of Louisiana, the Protected Area shall be defined as
including both (f) the offshore blocks (as established under the Outer Continental Shelf Lands Act) which comprise such Oil and Properties and (g) any offshore blocks that have one or more boundaries or corners that touch any one or more
boundaries or corners of any such offshore blocks which comprise such Oil and Properties under clause (e). 

  
 EXHIBIT A

 ANNEX 2 

The following parishes within the State of Louisiana: Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Bienville, Bossier, Caddo, Calcasieu,
Caldwell, Cameron, Catahoula, Claiborne, Concordia, De Soto, East Baton Rouge, East Carroll, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson, Jefferson David, La Salle, Lafayette, Lafourche, Lincoln, Livingston,
Madison, Morehouse, Natchitoches, Orleans, Ouachita, Plaquemines, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Bernard, St. Charles, St. Helena, St. James, St. John the Baptist, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa,
Tensas, Terrebonne, Union, Vermillion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, West Feliciana, Winn. 

  
 ANNEX 2

 PAGE 1 

 EXHIBIT A 

Executive is engaged in the following activities: 
 Board of
Directors for Just About Kids – Kingwood HS Academic Booster Club Advisory Board – University of Houston Petroleum Engineering Program 

  

EXHIBIT A 

PAGE 1 

 EXHIBIT B 

TERMINATION OF EMPLOYMENT AGREEMENT 

This termination of employment agreement (the “Agreement”) is between Talos Energy Operating Company LLC, a Delaware
limited liability company (the “Company”), and Timothy S. Duncan (“Executive”) or, in the case of termination because of Executive’s death, Executive’s estate, pursuant to that
employment agreement between Executive and Company dated February 3, 2012 (the “Employment Agreement”). 

WHEREAS, Executive’s employment with Company has been terminated, or will be terminated, in exchange for certain severance benefits and
other valuable consideration provided herein; 
 NOW, THEREFORE, the parties agree to terminate their employment relationship on the
following terms and conditions. 
 1.    Termination of Employment. Company and Executive agree that
Executive’s employment with Company has been terminated, or shall be terminated, as of (the “Termination Date”), pursuant to Section 6 of the Employment Agreement. 

2.    Complete Release and Other Consideration from Executive. In exchange for Company’s obligations under
this Agreement, Executive agrees as follows: 
 3.    Release of Claims. Executive, on his own behalf and on
behalf of any of Executive’s respective heirs, family members, executors, agents, and assigns, hereby and forever releases Company, its direct and indirect subsidiaries and affiliates, and each of their respective current and former officers,
directors, equity holders, members, managers, employees, agents, representatives, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries and predecessor and
successor corporations and assigns (collectively, the “Releasees”) from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of
action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Executive may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and
including the date that Executive executes this Agreement (which shall be on or after the Termination Date (as defined in the Employment Agreement)) including, without limitation: 

(a)    any and all claims relating to or arising from Executive’s employment or service relationship with Company or
any of its direct or indirect subsidiaries or affiliates and the termination of that relationship; 
 (b)    any and all
claims relating to, or arising from, Executive’s right to purchase, or actual purchase of any shares of stock or other equity interests of Company or any of its affiliates, including, without limitation, any claims for fraud, misrepresentation,
breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law; 

  

EXHIBIT B 

PAGE 1 

 (c)    any and all claims for wrongful discharge of employment; termination
in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional
infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal
injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits; 
 (d)    any
and all claims for violation of any federal, state, or municipal statute, including, but not limited to the following statutes (each as amended, if applicable), Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the
Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the
Executive Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; 

(e)    any and all claims arising out of any other laws and regulations relating to employment or employment
discrimination; 
 (f)    any and all claims arising out of any other federal, local, state or foreign law; 

(g)    any claim for any loss, cost, damage, or expense arising out of any dispute over the
non-withholding or other tax treatment of any of the proceeds received by Executive during the course of his employment or service relationship or as a result of this Agreement; and 

(h)    any and all claims for attorneys’ fees and costs. 

Executive agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to
the matters released. This release does not release claims that cannot be released as a matter of law, including, but not limited to, Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity
Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against Company (with the understanding that Executive’s release of claims herein
bars Executive from recovering monetary or other personal relief from Company or any Releasee), claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law, claims to continued
participation in certain of Company’s group benefit plans pursuant to the terms and conditions of COBRA, claims to any benefit entitlements vested as the date of separation of Executive’s employment, pursuant to written terms of any
employee benefit plan of Company or its affiliates and Executive’s right under applicable law and Company’s D&O policy to seek indemnity for acts committed, or omissions, within the course and scope of Executive’s employment
duties. 

  

EXHIBIT B 

PAGE 2 

 (i)    Acknowledgment of Waiver of Claims under ADEA. Executive understands
and acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (“ADEA”), and that this waiver and release is knowing and voluntary. Executive understands and agrees
that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Executive understands and acknowledges that the consideration given for this waiver and release is in
addition to anything of value to which Executive was already entitled. Executive further understands and acknowledges that he has been advised by this writing that: (a) he should consult with an attorney prior to executing this Agreement;
(b) he has [21/45] days within which to consider this Agreement; (c) he has 7 days following his execution of this Agreement to revoke this Agreement, which he may do by providing written notice of revocation to Company as provided in
Section 21 of the Employment Agreement; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes
Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the
event Executive signs this Agreement and returns it to Company in less than the [21/45] day period identified above, Executive hereby acknowledges that he has freely and voluntarily chosen to waive the complete time period allotted for considering
this Agreement. 
 4.    Confidentiality. Except as may be required by law or court order or as may be necessary
in an action arising out of this Agreement, Executive agrees not to disclose the existence or terms of this Agreement to anyone other than Executive’s immediate family, attorneys, tax advisors, and financial counselors, provided that Executive
first informs them of this confidentiality clause and secures their agreement to be bound by it. Executive understands and agrees that a breach of this confidentiality provision by any of these authorized persons will be deemed a material breach of
this Agreement by Executive. 
 5.    Executive’s Representations. Executive acknowledges, agrees and
expressly represents that, as of the date he executes this Agreement: (i) he has received all compensation and other sums that he is owed by the Releasees (other than sums owed pursuant to this Agreement; and (ii) he has received all
leaves (paid and unpaid) that he was owed through the Termination Date. 
 6.    Release and Other Consideration from
Company. In exchange for Executive’s obligations under this Agreement, Company shall pay Executive those severance payments described in Section 7(c) or (e), as applicable, of the
Employment Agreement, on the terms provided in the Employment Agreement. Executive acknowledges that these severance payments are conditioned on Executive’s compliance with Sections 9 and
10 of the Employment Agreement and subject to Sections 7(h) and 7(i) of the Employment Agreement. Company may withhold from any severance payments all federal, state, local,
and other taxes and withholdings as may be required pursuant to any law or governmental regulation or ruling. 

7.    Right to Consult an Attorney; Period of Review. Executive is encouraged to consult with an attorney before
signing this Agreement. From the date this Agreement is first presented to Executive, Executive will have [21/45] days in which to review this Agreement. Executive may use as little or much of this [21/45]-day
review period as Executive chooses. 

  

EXHIBIT B 

PAGE 3 

 8.    Amendment; Continuing Obligations. This Agreement supersedes all
prior and contemporaneous agreements and understandings, oral or written, between the parties hereto concerning the subject matter hereof and thereof. This Agreement may be amended, waived or terminated only by a written instrument executed by both
parties hereto. Executive hereby reaffirms and agrees to continue to abide by the terms set forth in Sections 7 through 15 of the Employment Agreement and expressly acknowledges the
enforceability and continuing effect of those terms. 
 9.    Revocation. Upon signing this Agreement, Executive
will have 7 days to revoke the Agreement. To properly revoke the Agreement, Company must receive written notice of revocation from Executive by the close of business on the 7th day after the date the Agreement is signed by Executive. Written notice
must be delivered pursuant to Section 21 of the Employment Agreement. 

10.    Choice of Law. This Agreement will be governed in all respects by the laws of the State of Texas, without
regard to its choice of law principles. This Agreement is subject to the arbitration provisions in Section 15 of the Employment Agreement. 

11.    Effectiveness of Agreement. This Agreement will be effective, and the payments described above will be made,
only if Executive executes the Agreement within [21/45] days of receiving it and only if Executive does not revoke the Agreement under Section 8 above. 

[SIGNATURE PAGE FOLLOWS] 

  

EXHIBIT B 

PAGE 4 

 
			
	EXECUTIVE:
		
	By:	 	  

	Name:	 	Timothy S. Duncan
	Date:	 	
	
	TALOS ENERGY OPERATING COMPANY LLC
		
	By:	 	Talos Energy Operating Company GP LLC, its managing member
		
	By:	 	Talos Energy LLC, its sole member
		
	By:	 	  

		 	Name:
		 	Title:

  

EXHIBIT B 

PAGE 5

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