Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

by and among 
 PIONEER
ENERGY SERVICES CORP. 
 and 

THE HOLDERS PARTY HERETO 

Dated as of May 29, 2020 
  

 TABLE OF CONTENTS 

 
  

							
			
		  		  	 	PAGE	 
			
	1.	  	 Definitions
	  	 	2	 
			
	2.	  	 Demand Registration
	  	 	7	 
			
	3.	  	 Shelf Registration
	  	 	8	 
			
	4.	  	 Shelf Takedowns
	  	 	8	 
			
	5.	  	 Piggyback Registration
	  	 	9	 
			
	6.	  	 Priority in Public Offerings
	  	 	10	 
			
	7.	  	 Postponement; Suspensions; Withdrawals
	  	 	11	 
			
	8.	  	 Company Undertakings
	  	 	12	 
			
	9.	  	 Securityholder Undertakings
	  	 	17	 
			
	10.	  	 Registration Expenses
	  	 	18	 
			
	11.	  	 Lock-Up Agreements
	  	 	19	 
			
	12.	  	 Indemnification; Contribution
	  	 	20	 
			
	13.	  	 Transfer of Registration Rights
	  	 	24	 
			
	14.	  	 Limitations on Subsequent Registration Rights
	  	 	24	 
			
	15.	  	 Board Observer Right
	  	 	24	 
			
	16.	  	 Amendment, Modification and Waivers; Further Assurances
	  	 	25	 
			
	17.	  	 Miscellaneous
	  	 	26	 
		
	 Schedule I  List of Holders of Company Securities on the Effective
Date
	  			
	 Schedule II   Opt-Out
Elections
	  			
	 Annex A    Form of Joinder Agreement
	  			

  

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made as of May 29, 2020 by and among Pioneer Energy Services
Corp. (the “Company”), the holders of Company Securities identified on Schedule I hereto (collectively, the “Initial Securityholders”) and any other Person who shall at any time be a party to or bound by this
Agreement as a result of the execution and delivery to the Company of a Joinder substantially in the form attached as Annex A (a “Joinder”), in accordance with the terms hereof (collectively, the “Subsequent
Securityholders” and together with the Initial Securityholders, the “Securityholders”). 
 RECITALS: 

WHEREAS, on March 2, 2020, certain of the Company’s subsidiaries (collectively, the “Debtors”)1 filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101, et seq. (the “Bankruptcy Code”) in the United States
Bankruptcy Court for the Southern District of Texas (Houston Division) (the “Bankruptcy Court”); 
 WHEREAS, pursuant to a
“prepackaged” plan of reorganization (as it may be amended, modified or supplemented from time to time, the “Plan”), as of the date hereof (the “Effective Date”), each of the Securityholders will be issued
Common Stock (as defined below) and certain Securityholders will be issued Convertible Notes (as defined below); 
 WHEREAS, on May 11,
2020, the Bankruptcy Court entered an order confirming the Plan, including this Agreement to read as set forth herein; 
 WHEREAS, in
accordance with the Plan, each of the Company and the Initial Securityholders desire to enter into this Agreement with respect to the registration rights, priorities and obligations of the Securityholders set forth herein; and 

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Company and each of the Securityholders hereby agree as follows: 

 

	1 	 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax
identification number, if applicable, are as follows: Pioneer Energy Services Corp. (8619); Pioneer Coiled Tubing Services, LLC (6232); Pioneer Drilling Services, Ltd. (2497); Pioneer Fishing & Rental Services, LLC (4399); Pioneer Global
Holdings, Inc. (4707); Pioneer Production Services, Inc. (1361); Pioneer Services Holdings, LLC (4706); Pioneer Well Services, LLC (7572); Pioneer Wireline Services Holdings, Inc. (6455); and Pioneer Wireline Services, LLC (2205). The headquarters
for the above-captioned Debtors is 1250 N.E. Loop 410, Suite 1000, San Antonio, Texas 78209. 

 1. Definitions. 

(a) As used herein, the following terms have the following meanings: 

“Affiliate” shall mean, when used with reference to any Person, any Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with such specified Person and, in respect of any Securityholder, any investment fund, vehicle or holding company of which such Securityholder or any Affiliate of such
Securityholder serves as the general partner, managing member or discretionary manager or advisor; provided that limited partners, non-managing members or other similar direct or indirect
investors in a Securityholder (in their capacities as such) shall not be deemed to be Affiliates of such Securityholder. 

“Alternative Securities Exchange” means, excluding any National Securities Exchange, any other securities exchange or over-the-counter quotation system, including, without limitation, the NYSE MKT, the Nasdaq Capital Market, any quotation or other listing service provided by the OTC Markets
Group or the Financial Industry Regulatory Authority, Inc., any “pink sheet” or other alternative listing service or any successor or substantially equivalent service to any of the foregoing. 

“beneficially owned,” “beneficial ownership” and similar phrases have the same meanings as such terms have
under Rule 13d-3 and 13d-5 (or any successor rule then in effect) promulgated under the Exchange Act, except that in calculating the beneficial ownership of any
Securityholder, such Securityholder shall be deemed to have beneficial ownership of all securities that such Securityholder has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a
subsequent condition. The calculation of beneficial ownership for a Securityholder shall also include any securities beneficially owned by any Affiliates and Related Funds of such Securityholder. 

“Block Sale” means the sale of Company Securities to one or more purchasers that are financial institutions in an
underwritten offering registered under the Securities Act without a prior public marketing process by means of a bought deal or pursuant to an “overnight” underwritten offering. 

“Board of Directors” means the board of directors of the Company. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized
by law to close. 
 “Capital Stock” means the capital stock of the Company. 

“Company Securities” means any Capital Stock or equity interests of the Company, including the Convertible Notes, the Common
Stock and any other security convertible into or exercisable or exchangeable for such Capital Stock or equity interests of the Company, including any security, bond, note, indebtedness, warrant, option or other right or instrument exercisable for or
exchangeable or convertible into such Capital Stock or equity interests. 

  
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 “Common Stock” shall mean the shares of common stock, par value $0.01 per
share, of the Company. 
 “Commission” means the United States Securities and Exchange Commission or any successor
governmental agency. 
 “control” (including the terms “controlling,” “controlled by” and “under
common control with”) means, unless otherwise noted, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting shares, by contract,
or otherwise. 
 “Convertible Notes” means the Company’s 5% Convertible Senior Unsecured PIK Notes due 2025, issued
pursuant to the Convertible Notes Indenture. 
 “Convertible Notes Indenture” means the indenture dated as of the date
hereof between the Company and Wilmington Trust, National Association, as trustee, in respect of the Company’s 5% Convertible Senior Unsecured PIK Notes due 2025. 

“Counsel to the Securityholders” means the legal counsel, which shall be experienced in the federal securities laws, to the
Securityholders selected (i) in the case of a Demand Registration or Shelf Takedown, by the Securityholders beneficially owning a majority of the Registrable Securities (on an as converted to Common Stock basis) initially requesting such Demand
Registration or Shelf Takedown; (ii) in the case of a Piggyback Registration, the Securityholders beneficially owning a majority of the Registrable Securities (on an as converted to Common Stock basis) requested to be included in such Piggyback
Registration; and (iii) in the case of a Shelf Registration, by the Securityholders beneficially owning a majority of the Registrable Securities (on an as converted to Common Stock basis) to be included in such Shelf Registration. 

“Effective Date” has the meaning assigned to such term in the Plan, and is the date hereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“Excluded Registration” means a registration of the Company’s equity securities (i) pursuant to a Registration
Statement on Form S-8 (or other registration solely relating to an offering or sale to employees or directors of the Company or any of its subsidiaries pursuant to any employee stock plan or other employee
benefit arrangement), (ii) pursuant to a Registration Statement on Form S-4 (or similar form), (iii) involving shares issued as consideration for the acquisition by the Company of another Person or in respect
of an employee benefit or dividend reinvestment plan, or (iv) pursuant to a Shelf Registration Statement pursuant to which only the initial purchasers and subsequent transferees of debt securities of the Company or any subsidiary that are
convertible for equity securities and that are initially issued pursuant to Rule 144A and/or Regulation S (or any successor provision) of the Securities Act may resell such notes and sell the equity securities into which such debt securities may be
converted. 

  
 3 

 “FINRA” means the Financial Industry Regulatory Authority or any successor
regulatory authority. 
 “Material Adverse Effect” means any material adverse effect on the business, properties, assets,
operations, results of operations, condition (financial or otherwise) or prospects of the Company and its subsidiaries, taken as a whole. 

“National Securities Exchange” means The Nasdaq Global Market, The Nasdaq Global Select Market or The New York Stock
Exchange. 
 “Ownership Percentage” means, with respect to any Securityholder at any time, a fraction, (x) the
numerator of which is the total number of outstanding shares of Voting Stock beneficially owned by such Securityholder at such time and (y) the denominator of which is the total number of shares of outstanding Voting Stock at such time. For all
purposes of determining a Securityholder’s Ownership Percentage, all shares of Voting Stock beneficially owned by such Securityholder’s Affiliates and Related Funds shall be deemed to be beneficially owned by such Securityholder at such
time (disregarding for purposes of such determination of Ownership Percentage any impact of the Restricted Ownership Percentage (as such term is defined in the Convertible Notes Indenture) applicable to such Securityholder and its Affiliates and
Related Funds). 
 “Person” means an individual, corporation, limited liability company, partnership, association, trust or
other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Prospectus” means the prospectus or prospectuses included in any Registration Statement (including, without limitation, a
prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance on Rule 430A under the Securities Act or any successor rule thereto), as amended or supplemented by any
prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other amendments and supplements to the prospectus, including post-effective amendments
and all material incorporated by reference in such prospectus or prospectuses. 
 “Public Offering” means any sale or
distribution to the public of Company Securities pursuant to an underwritten offering registered under the Securities Act, whether by the Company, by any Securityholders and/or by any other holders of Company Securities, including a Block Sale. 

“Qualified IPO” means a firm commitment underwritten initial Public Offering of shares of Common Stock that provides for at
least $100 million in gross proceeds to the Company and, immediately after such Public Offering, the Common Stock is quoted or listed for trading on a National Securities Exchange. 

“Registrable Securities” means at any time, (i) the Convertible Notes and the Common Stock of the Company held or
beneficially owned by any Securityholder, including any Common Stock beneficially owned by such Securityholder’s Affiliates and Related Funds and (ii) any Common Stock issued or issuable upon the conversion, exercise

  
 4 

 
or exchange, as applicable, of the Convertible Notes or any other securities or interests of the Company held or beneficially owned by such Securityholder, its Affiliates and its Related Funds
and any Common Stock or other securities issued as or pursuant to (or issuable upon the conversion, exercise or exchange of any warrant, right or other security that is issued as or pursuant to) a dividend, stock split, combination or any
reclassification, recapitalization, merger, consolidation, exchange or any other distribution or reorganization with respect to, or in exchange for, or in replacement of, the securities referenced in clause (i) or (ii) above;
provided, however, that as to any Registrable Securities, such securities shall irrevocably cease to constitute Registrable Securities upon the earliest to occur of (A) the date on which such securities have been disposed of
pursuant to an effective Registration Statement under the Securities Act, (B) the date on which such securities have been disposed of pursuant to Rule 144, (C) the date that is the later of (i) the date on which such Securityholder
beneficially owns less than 5% of the Voting Stock and (ii) the date on which such Securityholder may effect the sale or other disposition of such securities without registration under the Securities Act and without regard to volume and manner
of the sale requirements under Rule 144 and (D) such Registrable Securities are held by the Company or one of its subsidiaries. 

“Registration Date” means the date on which the Company becomes subject to Section 13(a) or Section 15(d) of the
Exchange Act. 
 “Registration Statement” means any registration statement of the Company, including the Prospectus,
amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference in such registration statement. 

“Related Fund” means with respect to any Person, an Affiliate of such Person or any fund, account or investment vehicle that
is controlled, managed, advised or sub-advised by any Securityholder, an Affiliate thereof or the same investment manager, advisor or sub-advisor as the Securityholder
or an Affiliate of such investment manager, advisor or sub-advisor. 
 “Rule 144”
means Rule 144 promulgated under the Securities Act (or any successor rule then in effect). 
 “Rule 144A” means Rule 144A
promulgated under the Securities Act (or any successor rule then in effect). 
 “Securities Act” means the Securities Act
of 1933, as amended from time to time. 
 “Voting Stock” shall mean Common Stock and the Convertible Notes, provided
that the amount of shares of Voting Stock outstanding in respect of the Convertible Notes shall be determined by giving effect, immediately prior to the relevant date of determination, to the conversion of the Convertible Notes into Common Stock in
accordance with Article 14 of the Convertible Notes Indenture assuming “Physical Settlement” (as defined in the Convertible Notes Indenture). 

  
 5 

 (b) Each of the following terms is defined in the Section set forth opposite such term: 

 

			
	 Term
	  	 Section

	Agreement	  	Preamble
	Bankruptcy Code	  	Preamble
	Bankruptcy Court	  	Preamble
	Company	  	Preamble
	Company Demand Registration Notice	  	2(a)
	Company Shelf Takedown Notice	  	3(a)
	Covered Notice	  	9(e)
	Debtors	  	Preamble
	Demand Registration	  	2(a)
	Demand Registration Notice	  	2(a)
	Due Diligence Information	  	8(a)(xii)
	Effective Date	  	Preamble
	End of Suspension Notice	  	7(b)
	Form S-1 Shelf	  	3(a)
	Form S-3 Shelf	  	3(a)
	IPO	  	2(a)
	Joinder	  	Preamble
	Lock-Up Agreement	  	11(b)
	Long-Form Registration	  	2(a)
	Losses	  	12(a)
	MFN Release	  	11(d)
	Opt-Out Election	  	9(e)
	Piggyback Registration	  	5(a)5(a)
	Piggyback Registration Notice	  	5(a)
	Plan	  	Recitals
	Registration Expenses	  	10(a)
	Restricted Period	  	11(a)
	road show	  	12(a)
	Sale Event	  	11(a)
	Shelf Registration Statement	  	3(a)
	Shelf Supplement	  	4(b)
	Shelf Takedown	  	4(a)
	Shelf Takedown Notice	  	4(a)
	Short-Form Registration	  	2(a)
	Securityholder	  	Preamble
	Subsequent Securityholders	  	Preamble
	Suspension Event	  	7(b)
	Suspension Notice	  	7(b)
	Withdrawal Request	  	7(c)

  
 6 

 2. Demand Registration. 

(a) Any time after the date of this Agreement one or more Securityholders with an aggregate Ownership Percentage of least 30% (the
“Demand Ownership Threshold”) (provided that after the Company’s initial Public Offering (the “IPO”), such Demand Ownership Threshold shall decrease to 15%) may request that the Company file a
Registration Statement to effect the registration and sale under the Securities Act, including a Public Offering, of all or any portion of the Registrable Securities held by such requesting party or parties on Form
S-1 or any successor thereto (a “Long-Form Registration”) or, if available, a Form S-3 or any successor thereto (a “Short-Form
Registration” and, together with each Long-Form Registration and Shelf Registration (as defined below), a “Demand Registration”); provided, however, that the Company shall not be obligated to effect
(i) more than three (3) such Demand Registrations and underwritten Shelf Takedowns, taken together, in any 12-month period in the aggregate for all requesting Securityholders and (ii) any Demand
Registration with respect to which the requesting Securityholder (or requesting Securityholders, as the case may be) proposes to sell Registrable Securities in such Demand Registration at an anticipated aggregate offering price (calculated based
upon the market price of the Registrable Securities on the date on which the Company receives the written request for such Demand Registration) to the public of less than $10.0 million unless such Demand Registration includes all of the
then-outstanding Registrable Securities. 
 (b) Such request for a Demand Registration shall be made by giving written notice to the Company
(a “Demand Registration Notice”), which shall specify the number of Registrable Securities required to be included in the Demand Registration and whether or not such Demand Registration will involve a Public Offering. Upon receipt
of any Demand Registration Notice, the Company shall promptly (but in no event later than ten (10) days following receipt thereof) give written notice to all Securityholders holding Registrable Securities of receipt of such Demand Registration
Notice (a “Company Demand Registration Notice”) and, subject to the provisions of Section 6, shall include in such Demand Registration all Registrable Securities with respect to which the Company has received written requests
for inclusion therein within ten (10) Business Days after sending the Company Demand Registration Notice. 
 (c) The Company shall use
commercially reasonable efforts to prepare and file with (or confidentially submit to) the Commission, within forty-five (45) days after receipt of the Demand Registration Notice, a Registration Statement on Form
S-1 or, if applicable, Form S-3 covering all Registrable Securities the requesting Securityholders and other Securityholders have requested be included in such Demand
Registration and shall use its commercially reasonable efforts to cause such Registration Statement to be declared effective and to commence the Public Offering, if applicable, as promptly as practicable. Demand Registrations shall be Short-Form
Registrations whenever the Company is permitted to use any applicable short form registration statement under the rules and regulations of the Securities Act, unless the underwriters, if any, in their reasonable discretion, determine that the use of
a Long-Form Registration is necessary in order for the successful offering of such Registrable Securities. The Registration Statement may include Common Stock of the Company to be sold by the Company for its own account. 

  
 7 

 (d) If the Demand Registration is requested by Securityholders, the initial requesting
Securityholders that beneficially own a majority of the Registrable Securities (on an as converted to Common Stock basis) initially requested to be included in the Demand Registration shall (i) select the investment banking firm or firms to act
as the managing underwriter or underwriters in connection with such Public Offering and (ii) if the Common Stock is not then listed on any National Securities Exchange, select the National Securities Exchange the Common Stock is to be listed
upon. Notwithstanding the foregoing, any investment banking firm selected pursuant to this Section 2(d) will be subject to the reasonable approval of the Company. 

3. Shelf Registration. 

(a) Following the earlier to occur of (1) the six-month anniversary of the date of this Agreement
and (2) the Company becoming eligible to file a shelf registration statement on Form S-3, the Company will use commercially reasonable efforts to file a shelf registration statement (a “Shelf
Registration Statement”) on Form S-1 or any successor thereto (a “Form S-1 Shelf”) or, if available, Form
S-3 or any successor thereto (a “Form S-3 Shelf” and, together with each Form S-1 Shelf, a “Shelf
Registration”), registering the resale of all of the Registrable Securities held by the Securityholders, on a delayed or continuous basis. The Company will use commercially reasonable efforts to cause such Shelf Registration to be declared
effective as promptly as practicable after filing. 
 (b) The Company shall maintain the effectiveness of the Shelf Registration and replace
such Shelf Registration as necessary until the date on which all Registrable Securities included in the Shelf Registration have been sold or otherwise cease to be Registrable Securities. The Company shall use its commercially reasonable efforts to
convert any Form S-1 Shelf to a Form S-3 Shelf as soon as reasonably practicable after the Company becomes eligible to use Form
S-3. 
 4. Shelf Takedowns. 

(a) At any time that a Shelf Registration Statement is effective, any Securityholder may request to sell all or any portion of its Registrable
Securities included in the Shelf Registration in a Public Offering (each, a “Shelf Takedown”). Such request for a Shelf Takedown shall be made by giving written notice to the Company (a “Shelf Takedown Notice”),
which shall specify the number of Registrable Securities proposed to be sold in the Shelf Takedown as well as whether the Registrable Securities are proposed to be sold in a Block Sale (if so requested, a “Securityholder Block
Sale”). Except in connection with a Securityholder Block Sale, upon receipt of any Shelf Takedown Notice, the Company shall promptly (but in no event later than five (5) days following receipt thereof) give written notice to all
Securityholders of receipt of such Shelf Takedown Notice (a “Company Shelf Takedown Notice”) and shall include, subject to the provisions of Section 6, in such Shelf Takedown all Registrable Securities with respect to which the
Company has received written requests for inclusion therein within three (3) Business Days after sending the Company Shelf Takedown Notice. 

  
 8 

 (b) The Company shall commence the Public Offering and prepare and file with the Commission,
as soon as practicable after the date on which it received the Shelf Takedown Notice, any amendments or supplements (each, a “Shelf Supplement”) to the applicable Shelf Registration Statement to enable the Registrable Securities
included in the Shelf Takedown to be offered and sold and, if such Shelf Supplement is an amendment to such Shelf Registration Statement, shall use its reasonable best efforts to cause such Shelf Supplement to be declared effective by the Commission
as soon as practicable. 
 (c) The initial requesting Securityholders that beneficially own a majority of the Registrable Securities
initially requested to be included in the Shelf Takedown shall select the investment banking firm or firms to act as the managing underwriter or underwriters in connection with such Public Offering. Notwithstanding the foregoing, any investment
banking firm selected pursuant to this Section 4(c) will be subject to the reasonable approval of the Company. 
 (d) Notwithstanding
any of the foregoing provisions of this Section 4, the Company shall not be obligated to effect an underwritten Shelf Takedown or Securityholder Block Sale within thirty-five (35) days after the pricing of a previous Securityholder Block
Sale or within sixty (60) days after the pricing of a previous underwritten Shelf Takedown or Demand Registration and the Registrable Securities requested to be sold by the Securityholders in such underwritten Shelf Takedown or Securityholder
Block Sale shall have an anticipated aggregate gross offering price (before deducting underwriting discounts and commission) of at least $10 million or $7 million, respectively, and provided, further, that the Company shall not be
obligated to effect more than three (3) Demand Registrations and underwritten Shelf Takedowns, taken together, in any 12-month period in the aggregate for all requesting Securityholders. 

5. Piggyback Registration. 

(a) Whenever the Company proposes to register any of its equity securities under the Securities Act or conduct a Public Offering of registered
securities for its own account or the account of any security holder of the Company (other than a Securityholder Block Sale, a Demand Registration, a Shelf Registration or a Shelf Takedown or pursuant to an Excluded Registration) on a form which
would permit the registration or offering of Registrable Securities (a “Piggyback Registration”), the Company shall give prompt written notice (in any event no later than five (5) Business Days prior to the filing of such
Registration Statement or commencement of such Public Offering) to all holders of Registrable Securities of its intention to effect such Piggyback Registration (the “Piggyback Registration Notice”). The Company shall, subject to the
provisions of Section 6(b) below, include in such Piggyback Registration all Registrable Securities beneficially owned by Securityholders on the date of the Piggyback Registration Notice with respect to which the Company has received written
requests for inclusion therein within five (5) Business Days after the date of the Piggyback Registration Notice. 

  
 9 

 6. Priority in Public Offerings. 

(a) For any Demand Registration or Shelf Takedown involving a Public Offering, if the managing underwriter of such Demand Registration or Shelf
Takedown advises the Company and Securityholders of Registrable Securities in writing that in its reasonable and good faith opinion the number of Registrable Securities and other Company Securities if any, requested to be included in such Demand
Registration or Shelf Takedown exceeds the number of Registrable Securities and other Common Stock, if any, that can be reasonably sold without adversely affecting the proposed offering price range acceptable to the Securityholders beneficially
owning a majority of the Registrable Securities (on an as converted to Common Stock basis) initially requesting such Demand Registration or Shelf Takedown, the Company shall thereafter include in such Demand Registration or Shelf Takedown
(A) first, the Registrable Securities beneficially owned by the Securityholders initiating such Demand Registration or Shelf Takedown, allocated on a pro rata basis on the basis of the number of Registrable Securities owned by such
Securityholders; (B) second, the Registrable Securities beneficially owned by any other Securityholders requesting inclusion in such Demand Registration or Shelf Takedown, allocated on a pro rata basis among them on the basis of the number of
Registrable Securities owned by such other Securityholders; (C) third, any Company Securities to be sold by the Company for its own account and requested to be included in such Demand Registration or Shelf Takedown; and (D) fourth, any
other Company Securities requested to be included in such Demand Registration or Shelf Takedown. 
 (b) For any Piggyback Registration
involving a Public Offering, if the managing underwriter of such Piggyback Registration advises the Company and holders of Registrable Securities in writing that in its reasonable and good faith opinion the number of Registrable Securities and other
securities, if any, requested to be included in such Piggyback Registration exceeds the number of Registrable Securities and other securities, if any, that can be reasonably sold without adversely affecting the proposed offering price range
acceptable to the Company, the Company shall thereafter include in such Piggyback Registration (i) in the case of an offering initiated by the Company (A) first, any Company Securities to be sold by the Company for its own account
requested to be included in such Piggyback Registration; (B) second, the Registrable Securities beneficially owned by the Securityholders requesting inclusion in such Piggyback Registration, allocated on a pro rata basis among the respective
Securityholders on the basis of the number of Registrable Securities owned by such Securityholders and (C) third, other Company Securities requested to be included in such Piggyback Registration and (ii) in the case of an offering not
initiated by the Company, (A) first, the Company Securities owned by the Securityholders initiating such offering, allocated on a pro rata basis among such initiating Securityholders on the basis of the number of Company Securities included in
the applicable Registration Statement owned by such Securityholders, (B) second, the Registrable Securities beneficially owned by the Securityholders requesting inclusion in such Piggyback Registration, allocated on a pro rata basis among the
respective Securityholders on the basis of the number of Registrable Securities owned by such Securityholders (on an as converted to Common Stock basis); (C) third, any Company Securities to be sold by the Company for its own account requested
to be included in such Piggyback Registration; and (D) fourth, other Company Securities requested to be included in such Piggyback Registration. 

  
 10 

 7. Postponement; Suspensions; Withdrawals. 

(a) Postponement. The Company may suspend for up to forty-five (45) days (i) the filing, effectiveness or use of a
Registration Statement for any Demand Registration or Shelf Supplement for any Shelf Takedown or (ii) the continued use of any other Registration Statement filed and declared effective pursuant to this Agreement if the Board of Directors
determines in good faith, after consultation with its legal counsel, that the offer or sale of Registrable Securities would reasonably be expected to (i) have a Material Adverse Effect on any proposal or plan by the Company or any of its
subsidiaries to engage in any material acquisition of assets or stock (other than in the ordinary course of business) or any material merger, consolidation, tender offer, recapitalization, reorganization, financing, offering or other transaction
involving the Company or any of its subsidiaries; or (ii) require the premature disclosure of material non-public information that the Company has a bona fide business purpose in preserving as
confidential; provided, however, that in no event shall the Securityholders be suspended from selling Registrable Securities for a period that exceeds an aggregate of 90 days in any 365-day period. 

(b) Suspension. In the event that the Board of Directors determines to postpone the filing, effectiveness or use of any
Registration Statement or Shelf Supplement or suspend the use of any Registration Statement filed and declared effective pursuant to this Agreement pursuant to this Section 7 (a “Suspension Event”), the Company shall give a
notice to the Securityholders of Registrable Securities included or to be included in such Registration Statement or Shelf Supplement (a “Suspension Notice”), which shall state that such suspension shall continue only for so long as
the Suspension Event or its effect is continuing. A Securityholder shall not sell any Registrable Securities pursuant to such Registration Statement at any time after it has received a Suspension Notice from the Company and prior to receipt of an
End of Suspension Notice (as defined below). Securityholders may recommence sales of Registrable Securities pursuant to the Registration Statement following further written notice to such effect (an “End of Suspension Notice”) from
the Company, and such End of Suspension Notice shall be given by the Company to the Securityholders promptly following the conclusion of any Suspension Event. 

(c) Withdrawal Requests. Any Securityholder may withdraw its request for inclusion of Registrable Securities in a Registration
Statement or Shelf Supplement by giving written notice to the Company of its intention to remove its Registrable Securities from such Registration Statement or Shelf Supplement within two (2) Business Days before the earlier of (i) the
expected date of the commencement of marketing efforts for the Public Offering in connection with such Registration Statement or (ii) the effectiveness of the Registration Statement (a “Withdrawal Request”). The Company shall
pay all Registration Expenses in connection with any Registration Statement subject to a Withdrawal Request. 

  
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 8. Company Undertakings. 

(a) Whenever Registrable Securities are registered pursuant to this Agreement, the Company shall promptly: 

(i) use commercially reasonable efforts to effect the registration and sale of such Registrable Securities as soon as reasonably practicable
in accordance with the intended method of disposition thereof; 
 (ii) before filing a Registration Statement or Prospectus or any
amendments or supplements thereto, furnish to the Securityholders whose Registrable Securities are requested to be included in the Registration Statement copies of all such documents, other than exhibits, documents that are incorporated by reference
and such documents that are otherwise publicly available on the Electronic Data Gathering, Analysis, and Retrieval system maintained by the Commission (“EDGAR”), proposed to be filed and provide Counsel to the Securityholders with a
reasonable opportunity to review and comment on such documents of no less than five (5) Business Days; 
 (iii) prepare and file with
the Commission a Registration Statement with regard to such Registrable Securities as soon as reasonably practicable but not later than the time required hereby and use its commercially reasonable efforts to cause such Registration Statement to
become effective as soon thereafter as is reasonably practicable; 
 (iv) (A) prepare and file with the Commission such amendments and
supplements to each Registration Statement as may be necessary to comply with the provisions of the Securities Act, including post effective amendments to each Registration Statement as may be necessary to keep such Registration Statement
continuously effective for the applicable time period required hereunder and, if applicable, file any Registration Statements pursuant to Rule 462(b) promulgated under the Securities Act; (B) cause the related Prospectus to be supplemented by
any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; (C) comply in all material respects with the provisions of the
Securities Act and the Exchange Act and any applicable securities exchange or other recognized trading market with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended
methods of disposition by the sellers thereof set forth in such Registration Statement as so amended or in such Prospectus as so supplemented; and (D) provide additional information related to each Registration Statement as requested by, and
obtain any required approval necessary from, the Commission or any federal or state governmental authority; 
 (v) furnish to each seller of
Registrable Securities, and the managing underwriters, if any, without charge, such number of copies of the applicable Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement and all
exhibits and other documents filed therewith as such seller or such managing underwriters, if any, shall reasonably request to facilitate the 

  
 12 

 
disposition of the Registrable Securities owned by such seller and a copy of any and all transmittal letters or other correspondence to or received from the Commission or any other governmental
authority relating to such offer; provided, that the Company, in its discretion, may satisfy its obligation to furnish any such documents to the Securityholders and underwriters by filing such documents with the Commission so they are
publicly available on EDGAR; 
 (vi) (A) register or qualify such Registrable Securities under such other securities or blue sky laws of
such jurisdictions as any seller reasonably requests in writing, (B) keep such registration or qualification in effect for so long as such Registration Statement remains in effect, and (C) do any and all other acts and things which may be
reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by such seller (provided that the Company shall not be required to (x) qualify generally to
do business in any jurisdiction where it would not otherwise be required to qualify but for this subsection, (y) subject itself to taxation in any such jurisdiction or (z) consent to general service of process in any such jurisdiction);

 (vii) notify each selling Securityholder, the managing underwriters and Counsel to the Securityholders at any time when a Prospectus
relating to the applicable Registration Statement is required to be delivered under the Securities Act upon the happening of any event as a result of which the Prospectus relating to such Registration Statement or any document incorporated or deemed
to be incorporated therein by reference, contains an untrue statement of a material fact or omits any material fact necessary to make the Prospectus relating thereto not misleading or otherwise requires the making of any changes in such Registration
Statement, Prospectus, or document, and, at the request of any such seller and subject to Section 4(a) hereof, and shall promptly prepare a supplement or amendment to such Prospectus, furnish copies of such supplement or amendment to each
seller of such Registrable Securities, Counsel to the Securityholders and the managing underwriters, if any, as the same shall reasonably request and file such supplement or amendment with the Commission so that, as thereafter delivered to the
purchasers of such Registrable Securities, such Prospectus as so amended or supplemented shall not contain an untrue statement of a material fact or omit to state any fact necessary to make the statements therein not misleading, 

(viii) notify each selling Securityholder, the managing underwriters, if any, and Counsel to the Securityholders as soon as the Company
(A) becomes aware of any comments or inquiries by the Commission or any requests by the Commission or any federal or state governmental authority for amendments or supplements to a Registration Statement or related Prospectus covering
Registrable Securities or for additional information relating thereto, (B) becomes aware of the issuance, or receives a written threat of issuance, by the Commission of any stop order suspending, or a written statement threatening to suspend,
the effectiveness of a Registration Statement covering the Registrable Securities or (C) receives any notification with respect to the suspension of the qualification or exemption from qualification of any Registrable Security for sale in any
jurisdiction or the initiation or written threat of any proceeding for such purpose; 

  
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 (ix) use reasonable best efforts (A) to cause the Common Stock (including any Common
Stock underlying any Registrable Securities) to be listed on any National Securities Exchange duly selected by Securityholders in accordance herewith, in accordance with the applicable National Securities Exchange or Alternative Securities Exchange
listing requirements, and (B), if the Common Stock is then listed on a National Securities Exchange or included for quotation on an Alternative Securities Exchange, to cause all such Registrable Securities continue to be so listed or included; 

(x) provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the effective date of
the applicable Registration Statement; 
 (xi) in connection with any Public Offering: (A) enter into and perform under such customary
agreements (including underwriting agreements in customary form, including customary representations and warranties and provisions with respect to indemnification and contribution) and take all such other actions as the Securityholders beneficially
owning a majority of the Registrable Securities initially requested to be sold or the underwriters, if any, reasonably request in order to facilitate the disposition of such Registrable Securities and provide commercially reasonable cooperation,
including causing appropriate officers to attend and participate in “road shows” and analyst or investor presentations and such other customary selling or other informational meetings organized by the underwriters, if any; and (B) use
commercially reasonable efforts to obtain and cause to be furnished to the managing underwriters a signed counterpart of (i) one or more comfort letters from the Company’s independent public accountant(s) in customary form and covering
such matters of the type customarily covered by comfort letters and (ii) a legal opinion and negative assurance letter of counsel to the Company addressed to the relevant underwriters in customary form and covering such matters of the type
customarily covered by such letters as the managing underwriters reasonably request; 
 (xii) upon reasonable notice and during normal
business hours, make available for inspection by a representative appointed by the Securityholders of a majority of Registrable Securities proposed to be included in any Public Offering pursuant to a Registration Statement, Counsel to the
Securityholders, and any underwriter participating in any Public Offering pursuant to such Registration Statement, as applicable, all financial and other records and pertinent corporate documents of the Company, and cause the Company’s
officers, directors, employees and independent accountants to supply all information reasonably requested by any such Person in connection with such Public Offering, and make themselves available at mutually convenient times to discuss the business
of the Company and other matters reasonably requested by any such Person in connection with such Public Offering to enable them to exercise their due diligence responsibility, as applicable, provided that recipients of such financial and other
records and pertinent corporate documents agree in writing to keep the confidentiality thereof pursuant to a written agreement reasonably acceptable to the Company; 

  
 14 

 (xiii) in the event of the issuance or threatened issuance of any stop order suspending the
effectiveness of a Registration Statement, or of any order suspending or preventing the use of any related Prospectus or suspending the qualification of any Common Stock included in such Registration Statement for sale in any jurisdiction, the
Company shall use commercially reasonable efforts to (A) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such order and (B) obtain the withdrawal of any order suspending or
preventing the use of any related Prospectus or suspending qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction at the earliest practicable date; 

(xiv) provide a CUSIP number for the Registrable Securities prior to the effective date of the first Registration Statement including
Registrable Securities (or maintain existing CUSIP numbers for any Registrable Securities that previously obtained such a CUSIP number); 

(xv) promptly notify in writing the participating Securityholders, the sales or placement agent, if any, therefor and the managing
underwriters of the securities being sold, if any, (A) when such Registration Statement or related Prospectus or any Prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to any such Registration
Statement or any post-effective amendment, when the same has become effective; and (B) of any written comments by the Commission and by the blue sky or securities commissioner or regulator of any state with respect thereto; 

(xvi) cooperate with each Securityholder and each underwriter, if any, participating in the disposition of such Registrable Securities and
their respective counsel in connection with any filings required to be made with FINRA; 
 (xvii) within the deadlines specified by the
Securities Act, make all required filing fee payments in respect of any Registration Statement or Prospectus used under this Agreement (and any Public Offering covered thereby); 

(xviii) if requested by any participating Securityholder or the managing underwriters, if any, promptly include in a Prospectus Supplement or
Registration Statement amendment such information regarding the Company or the offering as the Securityholder or managing underwriters, if any, may reasonably request, including in order to permit the intended method of distribution of such
securities, and make all required filings of such Prospectus supplement or such Registration Statement amendment as soon as reasonably practicable after the Company has received such request; 

(xix) in the case of certificated Registrable Securities, cooperate with the participating Securityholders of Registrable Securities and the
managing underwriters, if any, to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities to be sold after receiving written representations from each participating Securityholder
that the Registrable Securities represented by the certificates so delivered by such Securityholder will be transferred in accordance with the Registration Statement, and enable such Registrable Securities to be in such denominations and registered
in such names as the Securityholders or managing underwriters, if any, may reasonably request at least two (2) Business Days prior to any sale of Registrable Securities provided that nothing in this Agreement shall require the Company to issue
securities in certificated form unless such securities are already in certificated form; and 

  
 15 

 (xx) use commercially reasonable efforts to take all other actions deemed necessary or
advisable in the reasonable judgment of the Company to effect the registration and sale of the Registrable Securities contemplated hereby. 

(b) The Company shall hold in confidence and not make any disclosure of information concerning a Securityholder provided to the Company
pursuant to this Agreement unless (i) disclosure of such information is necessary to comply with federal or state securities laws or the rules of any applicable securities exchange or other recognized trading market, (ii) the disclosure of
such information is necessary to avoid or correct a misstatement or omission in, or is otherwise required to be included in, any Registration Statement or Prospectus pursuant to the Securities Act or any rule or regulation thereunder, (iii) the
release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made
generally available to the public other than by disclosure in violation of this Agreement or any other agreement. The Company agrees that to the extent permitted by law, it shall, upon learning that disclosure of such information concerning a
Securityholder is sought in or by a court or governmental body of competent jurisdiction or through other means, use its reasonable best efforts to give prompt written notice to such Securityholder (or such Securityholder’s counsel) and allow
such Securityholder, at the Securityholder’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 

(c) As of the date hereof and except as provided pursuant to the Plan, the Company represents and warrants that it is not a party to, or
otherwise subject to, any other agreement granting registration rights to any other Person with respect to any securities of the Company, including securities convertible, exercisable or exchangeable into or for shares of any Capital Stock of the
Company. 
 (d) With a view to making available certain rules and regulations of the Commission that may permit the sale of the Registrable
Securities to the public without registration, on and after the date the Company becomes a reporting company under the Exchange Act and until such date as no Securityholder owns any Registrable Securities, the Company shall: 

(i) use commercially reasonable efforts to continue to file in a timely manner all reports and other documents required, if any, to be filed
by it under the Securities Act and the Exchange Act and the rules and regulations adopted thereunder; and 
 (ii) make available information
necessary to comply with Section 4(a)(7) under the Securities Act and Rule 144 and Rule 144A promulgated under the Securities Act, if available, with respect to resales of the Registrable Securities under the Securities Act to the extent
required from time to time to enable such Securityholder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Section 4(a)(7), Rule 144 and Rule 144A promulgated under
the Securities Act, or any successor rules or regulations hereafter adopted by the Commission. 

  
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 (e) At any time the Company is not required to file public reports with the Securities
Exchange Commission, the Company will continue to provide such public reports on EDGAR until the later of (i) such date as no Securityholder owns any Registrable Securities; (ii) the third anniversary of the date of this Agreement; and
(iii) such date as no Securityholder owns any Convertible Notes. 
 (f) The Company acknowledges and agrees that nothing in this
Agreement shall prohibit the Securityholders, at any time and from time to time, from selling or otherwise transferring Registrable Securities pursuant to a private placement or other transaction which is not registered pursuant to the Securities
Act. 
 9. Securityholder Undertakings. 

(a) Each selling Securityholder that requests inclusion of its Registrable Securities in any Registration Statement shall furnish to the
Company such information regarding such Securityholder and its plan and method of distribution of such Registrable Securities as the Company may, from time to time, reasonably request. The Company may refuse to proceed with the registration of such
Securityholder’s Registrable Securities if such Securityholder unreasonably fails to furnish such information within a reasonable time after receiving such request. 

(b) No Securityholder may participate in any Public Offering hereunder unless such Securityholder (i) agrees to sell its securities on the
basis provided in any underwriting arrangements in customary form entered into pursuant to this Agreement and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements; provided that no Securityholder included in any Public Offering shall be required to (x) make any representations or warranties to the Company or the underwriters
other than (A) representations and warranties regarding (1) such Securityholder’s ownership of its Registrable Securities to be sold or transferred, (2) such Securityholder’s power and authority to effect such transfer, and
(3) such matters pertaining to compliance with securities laws as may be reasonably requested by the Company or the underwriters, and (B) such other representations, warranties and other provisions relating to such Securityholder’s
participation in such Public Offering as may be reasonably requested by the underwriters, or (y) to undertake any indemnification obligations to the Company with respect thereto, except as otherwise provided in Section 12(b), or to the
underwriters with respect thereto, except to the extent of the indemnification being given to the underwriters and their controlling Persons in Section 12(b). 

  
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 (c) Each of the Securityholders shall hold in confidence and not make any disclosure of
information regarding any other Securityholder included in any Company Demand Registration Notice, Company Shelf Registration Notice and Company Shelf Takedown Notice provided to such Securityholders pursuant to this Agreement unless
(i) disclosure of such information is necessary to comply with federal or state securities laws or the rules of any applicable securities exchange or other recognized trading market, (ii) the release of such information is ordered pursuant
to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iii) such information has been made generally available to the public other than by
disclosure in violation of this Agreement or any other agreement. The Securityholders agree that to the extent permitted by law, such Securityholders shall, upon learning that disclosure of such information concerning another Securityholder is
sought in or by a court or governmental body of competent jurisdiction or through other means, use such Securityholder’s reasonable best efforts to give prompt written notice to the other Securityholder (or such other Securityholder’s
counsel) and allow such other Securityholder, at the other Securityholder’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 

(d) In the case of a Shelf Takedown or Demand Registration involving a Public Offering requested by Securityholders pursuant to this Agreement,
the price, underwriting discount and other financial terms of the related underwriting agreement for the Registrable Securities shall be determined by the Securityholders beneficially owning a majority of the Registrable Securities initially
requested to be included in such Public Offering. 
 (e) Notwithstanding anything to the contrary in this Agreement, any
Securityholder may make a written election (an “Opt-Out Election”) to no longer receive from the Company any Company Demand Registration Notice, Company Shelf Registration Notice, Company
Shelf Takedown Notice, Piggyback Registration Notice or Suspension Notice (other than a Suspension Notice with respect to a Registration Statement as to which such Securityholder’s Registrable Securities are, or have been requested to be,
included in) (each, a “Covered Notice”), and, following receipt of such Opt-Out Election, the Company shall not be required to, and shall not, deliver any such Covered Notice to such
Securityholder from the date of such Opt-Out Election and such Securityholder shall have no right to participate in any Registration Statement or Public Offering as to which such Covered Notices pertain. An Opt-Out Election shall remain in effect until it has been revoked in writing and received by the Company. A Securityholder who previously has given the Company an Opt-Out
Election may revoke such election at any time, and there shall be no limit on the ability of a Securityholder to issue and revoke subsequent Opt-Out Elections. As of the date of this Agreement, the
Securityholders listed on Schedule II hereto have given the Company an Opt-Out Election. 

10. Registration Expenses. 

(a) The Company shall pay all fees and expenses incurred in connection with registrations and Public Offerings made pursuant to this Agreement
(excluding any underwriting discounts, fees or selling commissions or fees, or transfer taxes of any Securityholder, “Registration Expenses”), which shall include, without limitation, (i) all stock exchange, Commission, FINRA
and other registration and filing fees, (ii) all fees and expenses incurred in connection with complying with any securities or blue sky laws 

  
 18 

 
(including reasonable fees, charges and disbursements of counsel in connection with blue sky qualifications of the Registrable Securities), (iii) all printing, messenger and delivery expenses,
(iv) all fees, charges and disbursements of counsel to the Company and of its independent public accountants and any other accounting and legal fees, charges and expenses incurred by the Company (including any expenses arising from any special
audits or “comfort letters” required in connection with or incident to any registration) and other Persons retained by the Company and (v) all fees and expenses incurred in connection with the listing of the Registrable Securities on
a National Securities Exchange or Alternative Securities Exchange. 
 (b) The Company shall pay the reasonable fees and out-of-pocket expenses of one Counsel to the Securityholders, relating to or in connection with any registration or offering of Registrable Securities pursuant to this
Agreement, as well as the reasonable fees and out-of-pocket expenses of any additional counsel retained by any Securityholder for the purpose of rendering a legal
opinion on behalf of such Securityholder in connection with any Public Offering if the managing underwriters of such Public Offering or the Company reasonably request such legal opinion and Counsel to the Securityholders cannot reasonably provide
such legal opinion due to legal jurisdiction or otherwise. 
 (c) The Company shall not be required to pay any underwriting fees, discounts
and commissions, or any transfer taxes or similar taxes or charges, if any, attributable to the sale of Registrable Securities, and all such fees, discounts, commissions, taxes and charges related to any Registrable Securities shall be the sole
responsibility of the Securityholders of such Registrable Securities. 
 11. Lock-Up
Agreements. 
 (a) If reasonably requested by the Board of Directors, (i) each Securityholder that offers any Registrable Securities
in an IPO or in any other Public Offering following an IPO, (ii) each Securityholder with an Ownership Percentage of at least 10% for whom the managing underwriter reasonably requests consistent with customary market practices (in the event of
a Qualified IPO (whether or not participating therein)), and (iii) each of the Company’s executive officers and directors shall agree, for a period of up to 180 days following the date of the final prospectus in the case of an IPO or for a
period of up to 90 days in the case of any other Public Offering following an IPO (the “Restricted Period”) not to (A) offer, sell, contract to sell (including any short sale), pledge, grant any option to purchase, transfer or
otherwise dispose of (including sales pursuant to Rule 144 or Section 1145 of the Bankruptcy Code), directly or indirectly, any Company Securities (including Company Securities that may be deemed to be owned beneficially by such Securityholder
in accordance with the rules and regulations of the Commission), (B) enter into a transaction that would have the same effect as described in clause (A) above, (C) enter into any swap, hedge or other arrangement that transfers, in whole or in
part, any of the economic consequences or ownership of any Company Securities, whether such transaction is to be settled by delivery of such Company Securities, in cash or otherwise (each of (A), (B) and (C) above, a “Sale
Event”), or (D) publicly disclose the intention to enter into any Sale Event, unless the underwriters managing the IPO or Public Offering otherwise agree in writing in a Lock-Up Agreement
pursuant to this Section 11. 

  
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 (b) Any lock-up agreement (a “Lock-Up Agreement”) required pursuant to this Section 11 shall be addressed to the managing underwriters of such IPO or Public Offering and be in customary form and substance with customary exceptions
as reasonably requested by such managing underwriters. Each Person that is required to execute a Lock-Up Agreement pursuant to this Section 11 agrees to execute a
Lock-Up Agreement setting forth such party’s agreement not to engage in any Sale Events during the Restricted Period if reasonably requested by the managing underwriters of such Public Offering.
Notwithstanding the foregoing, the Securityholders shall only be required to enter into Lock-Up Agreements pursuant to this Section 11 if each of the Company’s executive officers and directors have
entered into and are bound by Lock-Up Agreements that are not less restrictive than the Securityholders’ Lock-Up Agreements. 

(c) If reasonably requested by the managing underwriters for any IPO or Public Offering, the Company shall (i) agree to a customary lock
up provision applicable to the Company in an underwriting agreement as reasonably requested by the managing underwriters for such IPO or Public Offering, including customary exceptions to be agreed in good faith between the Company and the managing
underwriters for such IPO or Public Offering and (ii) use commercially reasonable efforts to cause each of its executive officers and directors, in each case, to enter into Lock-Up Agreements with the
managing underwriters of such IPO Public Offering meeting the requirements of this Section 11. 
 (d) Any waiver of requirements or
restrictions in this Section 11 that is granted by the underwriters to (i) any person or entity with an Ownership Percentage of at least 1% or (ii) any of the Company’s executive officers and directors, in each case, shall also
apply to the same extent to all Securityholders for the same proportion of Company Securities waived for such other person (the “MFN Release”) unless such waiver is in connection with an underwritten offering pursuant to an
effective SEC registration statement, all Securityholders shall be eligible to participate in such offering and the MFN Release shall only apply with respect to such Securityholder’s sales in such offering; provided, that the foregoing
provision shall not apply until the underwriters have waived the requirements or restrictions in this Section 11 with respect to Company Securities having an aggregate value at least equal to 1.0% of the aggregate fair market value of the
Common Stock then outstanding. 
 12. Indemnification; Contribution. 

(a) Indemnification by the Company. The Company shall indemnify and hold harmless each Securityholder registered pursuant to this
Agreement, such Securityholder’s Affiliates, Related Funds, directors, officers, employees, members, managers, agents and any Person who controls any such Securityholder (within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act), any underwriter that facilitates the sale of the Registrable Securities and any Person who controls such underwriter (within the meaning of Section 15 of the Securities Act or

  
 20 

 
Section 20 of the Exchange Act) to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities and expenses (“Losses”)
to which they or any of them may become subject insofar as such Losses arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement pursuant to which Registrable Securities were
registered, Prospectus, preliminary prospectus, any road show, as defined in Rule 433(h)(4) under the Securities Act (“road show”), or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary in the case of any Prospectus, preliminary prospectus or road show, in light of the circumstances under which they were made, to make the statements therein
not misleading. The Company agrees to reimburse each such indemnified party for any reasonable legal or other out-of-pocket expenses incurred by them in connection with
investigating or defending any such Losses; provided, however, that the Company will not be liable in any case to the extent that any such Loss arises out of or is based upon any such untrue or alleged untrue statement or omission or
alleged omission made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of any such Securityholder specifically for inclusion therein, including, without limitation, any notice and
questionnaire or out of sales of Registrable Securities made during a Suspension Event after notice is given pursuant to Section 7 hereof. This indemnity agreement will be in addition to any liability which the Company may otherwise have. 

(b) Indemnification by the Securityholders. Each Securityholder severally (and not jointly) shall indemnify and hold harmless the
Company and each of its Affiliates, directors, officers, employees, members, managers, agents and each Person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), any
underwriter that facilitates the sale of Registrable Securities and any Person who controls such underwriter (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the fullest extent permitted by
applicable law, from and against any and all Losses to which they or any of them may become subject insofar as such Losses arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration
Statement pursuant to which Registrable Securities were registered, Prospectus, preliminary Prospectus, road show or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein
a material fact required to be stated therein or necessary in the case of any Prospectus, preliminary prospectus or road show, in light of the circumstances under which they were made, to make the statements therein not misleading, to the extent,
but only to the extent, that any such untrue statement or alleged untrue statement or omission or alleged omission is contained in any written information furnished to the Company by or on behalf of such Securityholder specifically for inclusion
therein; provided, however, that the maximum amount to be indemnified by such Securityholder pursuant to this Section 12(b) shall be limited to the net proceeds (after deducting underwriters’ discounts and commissions)
received by such Securityholder in the registration to which such Registration Statement, Prospectus, preliminary prospectus or road show relates; provided, further, that a Securityholder shall not be liable in any case to the extent
that prior to the filing of any such Registration Statement, Prospectus, preliminary prospectus or road show or any amendment thereof or supplement thereto, 

  
 21 

 
each Securityholder has furnished in writing to the Company, information expressly for use in, and within a reasonable period of time prior to the effectiveness of such Registration Statement or
the use of the Prospectus, preliminary prospectus or road show, or any amendment thereof or supplement thereto which corrected or made not misleading information previously provided to the Company. This indemnity agreement will be in addition to any
liability which any such Securityholder may otherwise have. 
 (c) Conduct of Indemnification Proceedings. Promptly after receipt by
an indemnified party under this Section 12 of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under this Section 12(c), notify the
indemnifying party in writing of the commencement thereof; provided that failure of the indemnified party to notify the indemnifying party (i) will not relieve the indemnifying party from liability under Section 12(a) or
Section 12(b) above unless and to the extent such action and such failure results in material prejudice to the indemnifying party and forfeiture by the indemnifying party of substantial rights and defenses; and (ii) will not, in any event,
relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in Section 12(a) or Section 12(b) above. The indemnifying party shall be entitled to participate in any such
action and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to the indemnified party (who shall not, except with the consent of the
indemnified party, be counsel to the indemnifying party), and, except as provided in the next sentence, after notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying party shall
not be liable to such indemnified party for any legal expenses of other counsel or any other expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of investigation.
Notwithstanding the indemnifying party’s rights in the prior sentence, the indemnified party shall have the right to employ its own counsel, and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel
if: 
 (iii) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with an
actual or potential conflict of interest; 
 (iv) the actual or potential defendants in, or targets of, any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified parties which are different from or additional to those available to the
indemnifying party; 
 (v) the indemnifying party has not employed counsel reasonably satisfactory to the indemnified party to represent the
indemnified party within a reasonable time after notice of the institution of such action; or 
 (vi) the indemnifying party authorized the
indemnified party to employ separate counsel at the expense of the indemnifying party. 

  
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 No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of
each indemnified party (which consent shall not be unreasonably withheld), consent to entry of any judgment or enter into any settlement or compromise unless such settlement or compromise (x) includes as an unconditional term thereof the giving
by the claimant or plaintiff therein, to such indemnified party, of a full and final release from all liability in respect to such claim or litigation and (y) does not include a statement as to, or an admission of, fault, culpability or a
failure to act by or on behalf of such indemnified party. Notwithstanding anything in this Section 12, in no event shall the indemnifying party be liable for fees, costs and expenses of more than one counsel (in addition to any local counsel)
separate from their own counsel for any indemnified party. 
 (d) Contribution. In the event that the indemnity provided in
Section 12(a) or Section 12(b) above is unavailable or insufficient to hold harmless an indemnified party for any reason, then each applicable indemnifying party agrees to contribute to the aggregate Losses paid or payable (including
reasonable legal or other reasonable out-of-pocket expenses incurred in connection with investigating or defending same) to such indemnified party in such proportion as
is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other; provided, however, that the maximum amount of liability in respect of such contribution shall be limited
in the case of any Securityholder to the net proceeds (after deducting underwriters’ discounts and commissions) received by such Securityholder in connection with such registration. The parties agree that it would not be just and equitable if
contribution pursuant to this Section 12(d) were determined by pro rata allocation (even if the Securityholders of Registrable Securities or any agents or underwriters or all of them were treated as one entity for such purpose) or by any
other method of allocation which does not take account of the equitable considerations referred to above in this Section 12(d). The amount paid or payable by an indemnified party as a result of the Losses referred to above in this
Section 12(d) shall be deemed to include any reasonable legal or other reasonable out-of-pocket expenses incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this Section 12(d), no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 12, each Person who controls any Securityholder, agent or underwriter (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) and each director, officer, employee and agent of any such Securityholder, agent or underwriter shall have the same rights to contribution as such Securityholder, agent or underwriter, and each Person who
controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and each officer and director of the Company shall have the same rights to contribution as the Company, subject in each case to
the applicable terms and conditions of this Section 12(d). 
 (e) Survival. The provisions of this Section 12 will
remain in full force and effect, regardless of any investigation made by or on behalf of any Securityholder or the Company or any of the officers, directors or controlling Persons referred to in this Section 12, and will survive the transfer of
Registrable Securities. 

  
 23 

 13. Transfer of Registration Rights. 

The rights of a Securityholder hereunder may be transferred, assigned, or otherwise conveyed on a pro rata basis in connection with any
transfer, distribution, assignment, or other conveyance of Registrable Securities to any transferee or assignee; provided that all of the following additional conditions are satisfied with respect to any transfer, assignment or conveyance of
rights hereunder: (a) such transfer, assignment or conveyance is effected in accordance with applicable securities laws and in compliance with the charter documents of the Company; (b) such transferee or assignee agrees in writing to
become subject to the terms of this Agreement by executing and delivering to the Company a Joinder; and (c) the Company is given written notice by such Securityholder within twenty (20) Business Days of such transfer or assignment, stating
the name and address of the transferee or assignee, identifying the Registrable Securities with respect to which such rights are being transferred or assigned and the total number of Registrable Securities and other Company Securities beneficially
owned by such transferee or assignee. 
 14. Limitations on Subsequent Registration Rights. 

From and after the date hereof, the Company shall not, without the prior written consent of the Securityholders beneficially owning a majority
of Registrable Securities then outstanding, enter into any agreement (other than pursuant to Section 13 hereof) with any current or future holder of any Company Securities that would allow such current or future holder to require the Company to
include securities in any Registration Statement other than an Excluded Registration filed by the Company or for Securityholders on a basis other than pari passu with, or expressly subordinate to, the piggyback rights of the Securityholders
of Registrable Securities hereunder; provided, that in no event shall the Company enter into any agreement (other than pursuant to Section 13 hereof) that would permit another holder of securities of the Company to participate on a
pari passu basis (in terms of priority of cut-back based on advice of underwriters) with a requesting Securityholder in a Public Offering pursuant to this Agreement. 

15. Board Observer Right. 

A Securityholder that, together with its Affiliates and Related Funds, owns more than 5% of the outstanding shares of the Voting Stock shall
have the right to designate one Board observer who shall be entitled to attend all meetings of the Board of Directors and any committee thereof and receive all materials that are provided to directors of the Company or committee members; provided
that such Board observer shall have no voting rights with respect to actions taken or elected not to be taken by the Board of Directors or any committee thereof. 

  
 24 

 16. Amendment, Modification and Waivers; Further Assurances. 

(a) Amendment. This Agreement may be amended, modified, superseded, cancelled, renewed or extended only by a written instrument signed
by (i) the Company, and (ii) the Securityholders of at least a majority of the Registrable Securities that are shares of Voting Stock; provided, that (1) no provision of this Agreement shall be modified or amended in a manner
that is disproportionately and materially adverse to any Securityholder, without the prior written consent of such Securityholder, as applicable, and (2) none of the provisions of Sections 8(e) and 15 may be amended, modified, superseded or
cancelled, unless such action is approved by the affirmative vote of the Securityholders of at least 66 2/3% of the Registrable Securities that are shares of Voting Stock. The terms and conditions
of this Agreement may be waived only by written waiver signed by the party hereto waiving compliance. 
 (b) Notwithstanding
Section 16(a), the addition of new parties to this Agreement in accordance with its terms as a result of any transfers permitted in accordance with this Agreement shall not be deemed to be an amendment requiring the consent of any
Securityholder. 
 (c) Changes in Common Stock. If, and as often as, there are any changes in the Common Stock or other capital stock
of the Company by way of stock split, stock dividend, combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions hereof as may
be required so that the rights and privileges granted hereby shall continue with respect to the Registrable Securities as so changed and the Company shall make appropriate provision in connection with any merger, consolidation, reorganization or
recapitalization that any successor to the Company (or resulting parent thereof) shall agree, as a condition to the consummation of any such transaction, to expressly assume the Company’s obligations hereunder. 

(d) Effect of Waiver. No waiver of any terms or conditions of this Agreement shall operate as a waiver of any other breach of such terms
and conditions or as a waiver of any other term or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision hereof. No written waiver hereunder, unless it by its own terms
explicitly provides to the contrary, shall be construed to effect a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any other instance or for any other purpose or impair the right of
the party against whom such waiver is claimed in all other instances or for all other purposes to require full compliance with such provision. The failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of
such provision and shall not affect the right of such party thereafter to enforce each provision of this Agreement in accordance with its terms. 

(e) Further Assurances. Each of the parties hereto shall execute all such further instruments and documents and take all such further
action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this Agreement. 

  
 25 

 17. Miscellaneous. 

(a) Successors and Assigns. All covenants and agreements in this Agreement by or on behalf of any of the parties hereto shall bind and
inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. In addition, whether or not any express assignment has been made, the provisions of this Agreement which are for the benefit of
Securityholders of Registrable Securities are also for the benefit of, and enforceable by, any subsequent Securityholder. No assignment of this Agreement by the Company, or any of the Company’s rights, interests or obligations hereunder, shall
be effective against any Securityholder without the prior written consent of such Securityholder (such consent not to be unreasonably withheld). 

(b) Remedies; Specific Performance. Any Person having rights under any provision of this Agreement shall be entitled to enforce such
rights specifically, to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor; provided that the liability of the Securityholders shall be several and not
joint. The Company and each other party hereto agrees and acknowledges that money damages would be an inadequate remedy for any breach of the provisions of this Agreement and that any party hereto may in its sole discretion obtain specific
performance and/or injunctive relief (without posting any bond or other security) to enforce or prevent violation of the provisions of this Agreement and shall not be required to prove irreparable injury or that such party does not have an adequate
remedy at law with respect to any breach of this Agreement (each of which elements the parties hereby admit). Each of the parties hereto further agree and acknowledge that each and every obligation applicable to it contained in this Agreement shall
be specifically enforceable against it and hereby waives and agrees not to assert any defenses against an action for specific performance of their respective obligations hereunder. All rights and remedies existing under this Agreement are cumulative
to, and not exclusive of, any rights or remedies available under this Agreement or otherwise. 
 (c) Notices. All notices, demands or
other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when (i) delivered personally to the recipient,
(ii) e-mailed or sent by facsimile to the recipient or (iii) one Business Day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands and
other communications shall be sent to the Company at the address set forth below and to any Securityholder at the address set forth on the signature page hereto (with copies sent at the address set forth below), or at such address or to the
attention of such other Person as the recipient party has specified by prior written notice to the sending party. 
 if to the Company: 

Pioneer Energy Services Corp. 

1250 N.E. Loop 410, Suite 1000 

San Antonio, Texas 78209 

Attention: Bryce Seki, VP—General Counsel 

E-mail: BSeki@pioneeres.com 

  
 26 

 
with copies to: 
 Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 
 New
York, New York 10019 
 Attention: Brian S. Hermann, 

Elizabeth R. McColm, 

Brian Bolin 

Eugene Y. Park 
 E-mail:     bhermann@paulweiss.com 
 emccolm@paulweiss.com 

bbolin@paulweiss.com 

epark@paulweiss.com 

if to any Securityholder, at its address and the address of any representative listed on its signature pages 

with copies (which shall not constitute notice) to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
New York 10017 
 Attention: Damian S. Schaible 

Natasha Tsiouris 

Erik Jerrard 
 E-mail:     damian.schaible@davispolk.com, 

natasha.tsiouris@davispolk.com 

erik.jerrard@davispolk.com 

and 
 Fried, Frank, Harris,
Shriver & Jacobson LLP 
 One New York Plaza 

New York, New York 10004 

Attention: Brad Eric Scheler 

Warren de Wied 

John M. Bibona 
 E-mail:     brad.eric.scheler@friedfrank.com 

warren.de.wied@friedfrank.com 

john.bibona@friedfrank.com 

  
 27 

 If any time period for giving notice or taking action hereunder expires on a day which is a
Saturday, Sunday or legal holiday in the State of New York or the jurisdiction in which the Company’s principal office is located, the time period shall automatically be extended to the Business Day immediately following such Saturday, Sunday
or legal holiday. 
 (d) No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its
securities which is inconsistent with or violates the rights granted to the Securityholders of Registrable Securities in this Agreement. 

(e) Counterparts. This Agreement may be executed in one or more counterparts, and may be delivered by means of facsimile or electronic
transmission in portable document format (“pdf”), each of which shall be deemed to be an original and shall be binding upon the party who executed the same, but all of such counterparts shall constitute the same agreement. 

(f) Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for
convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns,
pronouns, and verbs shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof,
and, if applicable, hereof. The words “include,” “includes” or “including” in this Agreement shall be deemed to be followed by “without limitation.” The use of the words “or,” “either” or
“any” shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted
jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. All references to laws, rules, regulations and forms in this
Agreement shall be deemed to be references to such laws, rules, regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in effect at the time. All references to agencies, self-regulatory
organizations or governmental entities in this Agreement shall be deemed to be references to the comparable successors thereto from time to time. 

(g) Delivery by Facsimile and Electronic Means. This Agreement, the agreements referred to herein, and each other agreement or
instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or other electronic means, shall be treated in
all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such
agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the
use of a facsimile machine or other electronic means to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or other electronic means as a defense to
the formation or enforceability of a contract and each such party forever waives any such defense. 

  
 28 

 (h) Arm’s Length Agreement. Each of the parties to this Agreement agrees and
acknowledges that this Agreement has been negotiated in good faith, at arm’s length, and not by any means prohibited by law. 
 (i)
Sophisticated Parties; Advice of Counsel. Each of the parties to this Agreement specifically acknowledges that (i) it is a knowledgeable, informed, sophisticated Person capable of understanding and evaluating the provisions set forth in
this Agreement and (ii) it has been fully advised and represented by legal counsel of its own independent selection and has relied wholly upon its independent judgment and the advice of such counsel in negotiating and entering into this
Agreement. 
 (j) Governing Law. This Agreement and the exhibits, attachments and annexes hereto shall be governed by, and construed
in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) to the extent such rules or provisions would cause
the application of the laws of any jurisdiction other than the State of Delaware. 
 (k) Submission to Jurisdiction. Any action, suit
or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby must be brought in the Court of Chancery of the State of Delaware, or to the
extent such court does not have subject matter jurisdiction, the United States District Court for the District of Delaware, or to the extent such court also does not have subject matter jurisdiction, another court of the State of Delaware, County of
New Castle, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any case of action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the
State of Delaware, and each party consents to the exclusive jurisdiction and venue of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and irrevocably waives, to the fullest extent permitted by
law, any objection that it may now or hereafter have to the laying of the venue of any such, action, suit or proceeding in any such court or that any such action, suit or proceeding brought in any such court has been brought in an inconvenient
forum. 
 (l) Waiver of Jury Trial. Each of the parties to this Agreement hereby agrees to waive its respective rights to a jury trial
of any claim or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate
to the subject matter of this Agreement, including contract claims, tort claims and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material inducement to enter into this Agreement, that each has
already relied on this waiver in entering into this Agreement and that each will continue to rely on this waiver in 

  
 29 

 
their related future dealings. Each party hereto further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury
trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 17(l) AND EXECUTED
BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court.

 (m) Complete Agreement. This Agreement and any certificates, documents, instruments and writings that are delivered pursuant
hereto, represent the complete agreement among the parties hereto as to all matters covered hereby, and supersedes any prior agreements or understandings among the parties. 

(n) Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a
particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 (o)
Termination. This Agreement shall terminate and be of no further force or effect when there shall no longer be any Registrable Securities outstanding; provided that (i) any Securityholder may elect to terminate its rights under
this Agreement by giving the Company written notice thereof and (ii) this Agreement shall automatically terminate with respect to a Securityholder that no longer holds any Registrable Securities; provided further that the provisions of
Sections 8(b), 8(e), 9(e), 10, 11, 12, 15 and 17 shall survive any termination pursuant to this Section 17(o). 
 (p) Independent
Agreement by the Securityholders. The obligations of each Securityholder hereunder are several and not joint with the obligations of any other Securityholder, and no provision of this Agreement is intended to confer any obligations on any
Securityholder vis-à-vis any other Securityholder. Nothing contained herein, and no action taken by any Securityholder pursuant hereto, shall be deemed to
constitute the Securityholders as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Securityholders are in any way acting in concert or as a group with respect to such obligations or the
transactions contemplated herein. 
 [Signature Pages Follow] 

  
 30 

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

			
	 PIONEER ENERGY SERVICES CORP.

		
	 By:
	 	 /s/ Lorne E. Phillips

		 	 Name: Lorne E. Phillips

		 	 Title:   Executive Vice President and Chief

		 	     Financial Officer

 [Signature Page to Registration Rights Agreement] 

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

			
	
[SECURITYHOLDER]

			
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  

			
	Address:
	
	  

	
	  

	
	  

		
	Telephone:	 	  

		
	Fax No.:	 	  

		
	E-mail:	 	  

 SCHEDULE I 

List of Holders of the Company Securities on the Effective Date 

Redacted. 

 SCHEDULE II 

Opt-Out Elections 

None. 

 ANNEX A 

Form of Joinder Agreement 

THIS JOINDER AGREEMENT is made and entered into by the undersigned with reference to the following facts: 

Reference is made to the Registration Rights Agreement, dated as of May 29, 2020, as amended (the “Registration Rights
Agreement”), by and among Pioneer Energy Services Corp. (the “Company”) and the other parties thereto. Capitalized terms used but not defined in this Joinder Agreement shall have the meanings ascribed thereto in the
Registration Rights Agreement. 
 As a condition to the acquisition of rights under the Registration Rights Agreement in accordance with the
terms thereof, the undersigned agrees as follows: 
 1. The undersigned hereby agrees to be bound by the provisions of the Registration
Rights Agreement and undertakes to perform each obligation as if a party thereunder and an original signatory thereto in such capacity. 
 2.
This Joinder Agreement shall bind, and inure to the benefit of, the undersigned hereto and its respective devisees, heirs, personal and legal representatives, executors, administrators, successors and assigns. 

3. This Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to
any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) to the extent such rules or provisions would cause the application of the laws of any jurisdiction other than the State of
Delaware. 
 [Signature Page Follows] 

 IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement. 

 

			
	 [SECURITYHOLDER]

		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 Date:
	 	  

  

			
	Address:	 	  

		
		 	  

		
		 	  

		
		 	  

		
	Phone Number:	 	  

		
	Facsimile Number:	 	  

		
	E-mail for Notice:	 	  

		
	I.R.S. I.D. Number:	 	  

		
	Amount of Registrable Securities Acquired:EX-10.4

 Exhibit 10.4 

PIONEER ENERGY SERVICES CORP. 

2020 EMPLOYEE INCENTIVE PLAN 

ARTICLE 1 
 PURPOSE 

Pioneer Energy Services Corp., a Delaware corporation (the “Company”), hereby establishes the Pioneer Energy Services Corp.
2020 Employee Incentive Plan (the “Plan”), effective as of May 29, 2020 (the “Effective Date”). The purpose of the Plan is to advance the interests of the Company and its shareholders by providing a means by which
the Company and its Subsidiaries can attract, retain and motivate selected employees and provide such individuals with an opportunity to participate in the increased value of the Company and its Subsidiaries which their effort, initiative and skill
have helped produce. 
 ARTICLE 2 

DEFINITIONS 
 As used in the Plan,
the following terms shall have the meanings set forth below: 
 “Affiliate” means, with respect to any Person, any other
Person directly or indirectly controlling, controlled by or under common control with such Person. For the purpose of this definition, the term “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise. 
 “Award” means any grant of Options,
Restricted Stock, RSUs or Other Share-Based Awards granted under the Plan. 
 “Award Agreement” means any written
agreement, contract or other instrument or document evidencing any Award, which may, but need not (as determined by the Committee), be required to be executed or acknowledged by a Participant as a condition precedent to receiving an Award or the
benefits under an Award. 
 “Beneficial owner” or “beneficially own” has the meaning given to such term in
Rule 13d-3 under the Exchange Act. 
 “Board” means the board of directors of the
Company. 
 “Bylaws” means the Bylaws of the Company, as amended from time to time. 

“Cause” shall mean and include (unless otherwise provided in a Participant’s Award Agreement) the Participant’s
(a) commission of any act or omission constituting fraud under any law of the State of Texas or other law applicable to the Participant, (b) conviction of, or a plea of nolo contendere to, a felony, (c) embezzlement or theft of
property or funds of the Company or any of its Affiliates or (d) refusal to perform the Participant’s duties with the Company; (e) failure to follow the instructions of the Board or the Participant’s supervisor or a senior
executive officer that, in each case, are lawful, 

 
reasonable and commensurate with the Participant’s title and duties, (f) conduct in connection with the Participant’s duties, performance or responsibilities that is fraudulent,
unlawful or grossly negligent; or (g) willful misconduct with respect to the Participant’s duties; provided, that the conduct described in clauses (d), (e) and (g) shall not constitute Cause unless the Company has provided the
Participant with written notice of such conduct and, to the extent curable, the Participant fails to cure such conduct within 10 days of receiving such notice. 

“Change in Control” means the consummation of any transaction or series of transactions, pursuant to which one or more
Persons or Groups (as such term is used in Section 13(d) of the Exchange Act) (other than a Permitted Holder) acquires or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person or Group shall be deemed to have “beneficial ownership” of all securities that such Person or Group has the right to acquire (such right, an
“option right”), whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of (a) capital stock of the Company possessing (i) the power to vote more than 50% of the capital
stock of the Company or (ii) the voting power sufficient to elect a majority of the members of the Board or the board of directors of any successor to the Company (whether such transaction is effected by merger, consolidation, recapitalization,
sale or transfer of the Company’s capital stock or otherwise), in either case determined on a fully-diluted basis (taking in account all such securities that such Persons or Groups have the right to acquire pursuant to any option right), or
(b) all or substantially all of the assets of the Company and its Subsidiaries. 
 “Code” means the Internal Revenue
Code of 1986, as amended, and applicable rules and regulations thereunder. 
 “Committee” means a committee of two or more
members of the Board designated by the Board to administer the Plan, or if no such committee has been designated, the Board. 

“Common Shares” means shares of the common stock, par value $0.01 per share, of the Company and any other security into which
such common stock may hereafter be converted or changed. 
 “Company Group” means the Company, its Subsidiaries, and any of
their Affiliates. 
 “Convertible Bonds” has the meaning set forth in the Charter. 

“Disability” means any medically determinable physical or mental impairment resulting in the Participant’s inability to
engage in any substantial gainful activity, where such impairment is likely to result in death or can be expected to last for a continuous period of not less than 12 months, as determined reasonably and in good faith by the Committee. 

“Eligible Individual” means any employee of the Company or any of its Subsidiaries. 

“Encumbrance” means any lien, security interest, pledge, claim, option, right of first refusal, marital right or other
encumbrance with respect to any Common Share issued in respect of any Award. 

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
applicable rules and regulations thereunder. 
 “Exercise Price” means the price at which a Common Share may be purchased
by a Participant pursuant to an Option, as set forth in the relevant Award Agreement. 
 “Fair Market Value” means, with
respect to a Common Share as of any date of determination, the fair market value as determined in good faith by the Board in its sole discretion. 

“Incentive Stock Option” means an Option granted pursuant to Section 6.01 that is intended to meet the requirements of
Section 422 of the Code. 
 “Option” means an option to purchase Common Shares. 

“Other Share-Based Award” means any award of, denominated in or based on Common Shares granted to a Participant, pursuant to
Section 6.04, which may include, for the avoidance of doubt, stock appreciation rights, dividend or dividend equivalent rights and other similar awards. 

“Participant” means an Eligible Individual who receives an Award under the Plan. 

“Permitted Holder” means the Company or any of its Affiliates, any employee benefit plan(s) sponsored by the Company or any
of its Affiliates, or any Person or Group (as such term is used in Sections 13(d) of the Exchange Act), who beneficially owns (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act, except that a Person or Group shall be deemed to have “beneficial ownership” of all securities that such Person or Group has the right to acquire (such right, an “option right”), whether such right is
exercisable immediately or only after the passage of time) at least 10% of the Common Shares on the Effective Date on a fully-diluted basis (taking into account all such securities that such Person or Group has the right to acquire pursuant to any
option right), and the respective controlled Affiliates of such Person or Group. 
 “Person” means an individual,
corporation, limited liability Company, partnership, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Plan” has the meaning set forth in Article 1. 

“Restricted Stock” means any award of Common Shares that is subject to vesting conditions pursuant to
Section 6.02. 
 “Restricted Stock Units” or “RSUs” means a contractual right to receive the value of
the underlying Common Shares in cash, Common Shares or a combination thereof pursuant to Section 6.03. 

 “Section 409A” has the meaning assigned to it in Article
15. 
 “Securities Act” means the Securities Act of 1933, as amended, and applicable rules and regulations thereunder. 

“Shareholder” shall have the meaning designated in the Bylaws. 

“Subsidiary” means with respect to any Person, any entity of which securities or other ownership interests having ordinary
voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. 

“Unvested Award” means, as of any date, any Award (or any portion thereof) which by its terms has not yet vested as of such
date. 
 “Vested Award” means, as of any date, any Award (or any portion thereof) which by its terms has vested as of such
date. 
 ARTICLE 3 

ADMINISTRATION 

Section 3.01. Committee. The Plan shall be administered by the Committee. 

Section 3.02. Authority of the Committee. Subject to the provisions of the Plan, the
Committee shall have the authority, in its discretion and on behalf of the Company: 
 (a) to select from among the Eligible Individuals
those persons who shall receive Awards, to determine the time or times of receipt, to determine the types of Awards and the number of Common Shares covered by the Awards, to establish the terms, conditions, performance criteria, restrictions and
other aspects of the Awards and the provisions of the applicable Award Agreement and to modify, amend, cancel or suspend Awards; 
 (b) to
interpret the Plan; 
 (c) to prescribe, amend and rescind any rules and regulations relating to the Plan; 

(d) to determine whether, to what extent and under what circumstances Awards may be settled in cash, Common Shares, other Awards or other
property, including without limitation the authority to settle Awards in cash or property upon a Change in Control or other similar corporate transaction; 

(e) to determine whether, to what extent and under what circumstances, cash, Common Shares, other Awards, other property and any other amounts
payable with respect to an Award shall or may be deferred either automatically or at the election of the Participant or of the Committee; 

(f) to cancel and re-grant, accelerate vesting or adjust the Exercise Price of an Award previously
granted under the Plan; and 

 (g) to make all other determinations and findings, including factual findings, deemed
necessary or advisable for the administration of the Plan. 
 Section 3.03. Committee Discretion. In
exercising its authority, the Committee shall have the broadest possible discretion, including but not limited to the ability to take different actions with respect to different Participants under the Plan. Unless otherwise expressly provided in the
Plan, all designations, determinations, interpretations and other decisions made in good faith by the Committee under or with respect to the Plan, any Award or Award Agreement shall be final, binding and conclusive on all persons. 

Section 3.04. Committee Delegation. To the extent permitted by applicable law, the Committee may delegate its
authority, or specified items thereof, to one or more designated officers of the Company or other committees of the Board. 
 ARTICLE 4 

SHARES SUBJECT TO THE PLAN 

Section 4.01. General Limitation. 

(a) Subject to Section 4.02 below, the maximum number of Common Shares that may be issued under the Plan is 1,198,074 Common Shares. 

(b) To the extent any Common Shares covered by an Award is not issued because the Award is forfeited, canceled or expires without being
exercised, such Common Shares shall not be deemed to have been issued for purposes of determining the maximum number of Common Shares available for issuance under the Plan. 

(c) Notwithstanding anything to the contrary in Section 4.01(b) above, Common Shares subject to an Award shall not again be available for
issuance under the Plan if such Common Shares are (i) Common Shares tendered to or withheld by the Company (by either actual delivery or by attestation) to satisfy payment of the Exercise Price of any Option or any Other Share-Based Award
granted under the Plan or (ii) not delivered because the Award is settled in cash or are Common Shares withheld to satisfy applicable tax withholding obligations or otherwise arising from an Option or other Award. 

Section 4.02. Adjustments. In the event that any corporate transaction or distribution (including, without limitation, any
stock split, stock dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split up, spin off, repurchase, combination or exchange of Common Shares or other securities of the Company, but not including
ordinary dividends) affects the Common Shares such that the Committee determines that an adjustment is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then
(a) the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number of Common Shares or other securities of the Company (or number and kind of other securities or property) with respect to which Awards may
be granted under Section 4.01; (ii) the number of Common Shares or other securities of the Company (or number and kind of other securities and property) subject to outstanding Awards; and (iii) the Exercise Price or other terms and
conditions of any Award or, (b) if deemed appropriate, the Committee may make provision for a cash payment to the holder of an outstanding Award in full satisfaction of such Award as set forth in Section 4.03. 

 Section 4.03. Cancelation of Awards. For the avoidance of doubt, if an
adjustment is appropriate under Section 4.02, the Committee may, if deemed equitable by the Committee in light of the applicable circumstances, cause any Award granted hereunder to be canceled in consideration of a cash payment to the holder of
such Award equal in value to the product of (a) the number of Common Shares subject to such Award, multiplied by (b) the Fair Market Value of a Common Share as of the date of such cancelation (less any Exercise Price or other
applicable exercise, hurdle or similar price) with respect to such canceled Award, provided that, for the avoidance of doubt, if the Award has an Exercise Price that exceeds the Fair Market Value of the Common Shares underlying the Award, the
Award may be canceled for no consideration. 
 Section 4.04. Anti-Dilution. The Common Shares available for issuance pursuant to
Section 4.01 and all outstanding Awards thereunder shall be subject to dilution for further equity issuances (except with respect to issuances (x) with respect to the number of shares available for issuance pursuant to Section 4.01
and (y) resulting from the conversion of the Convertible Bonds), on a ratable basis with all Common Shares of the Company. 

Section 4.05. Other Provisions. The grant of any Award may also be subject to such other provisions as the Committee deems
appropriate (whether or not applicable to any Award granted to any other Participant) and set forth in the applicable Award Agreement. 

ARTICLE 5 
 ELIGIBILITY AND
PARTICIPATION 
 Key employees of the Company or any of its Subsidiaries who are expected to be important to the ongoing business of the
Company and any of its Subsidiaries shall be eligible to participate in and receive Awards under the Plan, which individuals will be selected by the Board.1 Awards may be granted on conditions
specified by the Committee. 
 ARTICLE 6 

AWARDS 
 Section 6.01.
Options. 
 (a) General. The Committee is authorized to grant Options under the Plan, which shall be evidenced by an Award
Agreement and shall contain terms and conditions not inconsistent with the limitations and conditions set forth herein. 
  

	1 	 As soon as practicable (but in no event more than 15 days following) the Effective Date, in accordance with an
allocation schedule to be reasonably determined by the Board after good faith consultation with the Company’s Chief Executive Officer, the Company shall make the initial grants under the Plan, 100% in the form of Awards of Restricted Stock,
with respect to an aggregate number of 599,037 Common Shares, pursuant to the form of Restricted Stock Award Agreement attached as Exhibit A hereto, to the initial designated participants in the Company’s Key Executive Severance Plan as
set forth on Exhibit A thereof. 

 (b) Exercise Price. The Exercise Price of each Option shall be established by the
Committee at the time the Option is granted. Unless otherwise determined by the Committee, the Exercise Price shall not be less than the Fair Market Value of a Common Share on the date of grant of the Option (which shall not be less than the
“fair market value” of a Common Share within the meaning of Section 409A). 
 (c) Number of Common Shares. Each Award
Agreement shall specify the number of Common Shares that are subject to the Option. 
 (d) Vesting. The vesting schedule for each
grant of Options shall be set forth in the applicable Award Agreement, including the treatment of outstanding Options upon a Participant’s termination of employment or service. An Option shall be exercisable only in accordance with the terms
and conditions and during such periods as may be established by the Committee in the Award Agreement, or otherwise in accordance with the Plan and the Award Agreement. The Committee may, in its discretion, provide that such an Option may be
exercised in whole or in part, in installments, cumulative or otherwise, for any period of time specified by the Committee or based on performance or other criteria established by the Committee. 

(e) Payment. No Common Shares shall be delivered pursuant to any exercise of an Option until payment in full of the Exercise Price, or
adequate provision therefor (in the discretion of the Committee), is received by the Company. Such payment may be made, as determined by the Committee in its sole discretion, (i) in cash; (ii) solely to the extent permitted by the
Committee, in Common Shares owned by the Participant or in Common Shares which may be received by the Participant upon exercise of the Option (in each case, the value of such Common Shares shall be their Fair Market Value on the date of exercise);
(iii) in other property acceptable to the Committee; or (iv) by any combination thereof. 
 (f) Term of Options. An Option and
all rights and obligations thereunder shall expire on the date to be determined by the Committee and set forth in the applicable Award Agreement, which shall be not later than ten years from the date of grant of such Option. 

(g) Incentive Stock Options. The terms of any Incentive Stock Option granted under this Plan shall comply in all respects with the
provisions of Section 422 of the Code. Subject to adjustment under Section 4.02, the maximum number of Common Shares that may be issued under Incentive Stock Options under the Plan is 1,198,074. 

(h) Requirement of Employment or Service. If the Participant ceases to be employed by, or provide service to, the Company prior to the
Vesting of an Option, or if other conditions established by the Committee are not met, the Participant’s Option shall be immediately forfeited. The Committee may, however, provide for complete or partial exceptions to this requirement as it
deems appropriate. 
 Section 6.02. Restricted Stock. 

(a) General. The Committee is authorized to grant Awards of Restricted Stock under the Plan, which shall be evidenced by an Award
Agreement and shall contain terms and conditions not inconsistent with the following limitations and conditions set forth herein. 

 (b) Number of Common Shares; Restrictions. The Committee shall determine the number
of Common Shares subject to Restricted Stock. The Committee shall establish conditions under which restrictions on Restricted Stock shall lapse over a period of time or according to such other criteria as the Committee deems appropriate, including,
without limitation, restrictions based upon the achievement of specific performance goals. 
 (c) Requirements. If the specified
restrictions are not met, the Restricted Stock shall terminate as to all Common Shares covered by the Award as to which the restrictions have not lapsed, and those Common Shares shall be immediately forfeited by the Participant to the Company. The
Committee may, however, provide for complete or partial exceptions to this requirement as it deems appropriate. 
 (d) Restrictions on
Transfer and Legend on Stock Certificate. A Participant may not sell, assign, transfer, pledge or otherwise dispose of the Restricted Stock. Unless otherwise determined by the Committee, the Company will retain possession of certificates for
Common Shares subject to an Award of Restricted Stock until all restrictions on such shares have lapsed. Each certificate for Common Shares subject to an Award of Restricted Stock, unless held by the Company, shall contain a legend giving
appropriate notice of the restrictions in the Award. The Committee may determine that the Company will not issue certificates for Awards of Restricted Stock until all restrictions on such shares have lapsed. 

(e) Right to Vote and to Receive Dividends. Unless the Committee determines otherwise, the Participant shall not have the right to vote
on Restricted Stock until the restrictions lapse in accordance with the terms of the Plan. Further, unless the Committee determines otherwise, the Participant shall not have the right to receive any dividends or other distributions that would be
paid on such Restricted Stock if the restrictions had lapsed. 
 Section 6.03. Restricted Stock Units; RSUs. 

(a) General. The Committee is authorized to grant RSUs under the Plan, which shall be evidenced by an Award Agreement and shall contain
terms and conditions not inconsistent with the limitations and conditions set forth herein. 
 (b) Terms of RSUs. The Committee may
grant RSUs that will vest and settle over a period of time or according to such other criteria as the Committee deems appropriate, including, without limitation, restrictions based upon the achievement of specific performance goals. RSUs may be
settled at the end of a specified performance period or other period, or settlement may be deferred to a date authorized by the Committee. The Committee shall determine the number of RSUs to be granted and the requirements applicable to such RSUs.

 (c) Requirement of Employment or Service. If the Participant ceases to be employed by, or provide service to, the Company prior to
the vesting of RSUs, or if other conditions established by the Committee are not met, the Participant’s RSUs shall be immediately forfeited. The Committee may, however, provide for complete or partial exceptions to this requirement as it deems
appropriate. 

 (d) Settlement of RSUs. Settlement of RSUs shall be made in cash, Common Shares or
any combination of the foregoing, as the Committee shall determine in its sole discretion. 
 Section 6.04. Other Share-Based
Awards. The Committee is authorized to grant unrestricted Common Shares or Other Share-Based Awards under the Plan to Participants, alone or in tandem with other Awards, in such amounts and subject to such terms and conditions, including vesting
schedules or other criteria, including performance criteria, as the Committee will from time to time in its sole discretion determine. 

Section 6.05. Settlement of Awards. Common Shares delivered pursuant to the exercise of an
Option, settlement of an RSU or the issuance, exercise or vesting and settlement of Other Share-Based Awards shall be subject to any such additional conditions (other than vesting conditions), restrictions and contingencies as the Committee may
establish pursuant to the Plan and Award Agreement, in addition to the conditions set forth herein. 
 Section 6.06.
Amendment to Awards. The Committee may waive any conditions or rights under any Award theretofore granted, prospectively or retroactively. 

Section 6.07. Other Provisions. The grant of any Award may also be subject to such other provisions as the
Committee deems appropriate (whether or not applicable to any Award granted to any other Participant), including the treatment of Awards and Common Shares upon the occurrence of any corporate transaction or distribution involving the Company,
including any merger, reorganization, recapitalization or other similar corporate event. 
 ARTICLE 7 

CHANGE IN CONTROL 

Section 7.01. Committee Actions on a Change in
Control. In the event of a Change in Control, the Committee will have full discretion, subject to any applicable regulatory approvals, and subject to the terms of any Award Agreement, to take whatever actions that it deems necessary or
appropriate with respect to outstanding Awards, including: (a) to provide for full or partial accelerated vesting of any Award or portion thereof, either immediately prior to such Change in Control or on such terms and conditions following the
Change in Control as the Committee may determine in its sole discretion; (b) to provide for the assumption of an Award (or portions thereof) or the substitution of an Award (or portions thereof) with similar awards of the surviving or acquiring
Company (subject to Section 409A, where applicable); (c) to provide for the cash-out and cancelation of any Vested Award (or portion thereof) immediately prior to such Change in Control, which cash-out may (subject to Section 409A, where applicable) be subject to any escrow, earn-out or other contingent or deferred payment arrangement that is contemplated by
such Change in Control; provided that, for the avoidance of doubt, if the Vested Award has an Exercise Price that exceeds the Fair Market Value of the Common Shares underlying the Award, the Award may be canceled for no

 
consideration; (d) to cancel, without consideration, any Unvested Award and any other Award that is not otherwise exercised on or prior to any Change in Control; or (e) to take any
other actions as the Committee deems necessary or advisable in connection with such Change in Control. The Committee may, in connection with a Change in Control, take different actions with respect to different Participants under the Plan, different
Awards under the Plan and different portions of Awards granted under the Plan. 
 ARTICLE 8 

TAX WITHHOLDING 
 All
distributions under the Plan are subject to minimum tax withholding obligations, and the Committee may condition the delivery of Common Shares or other benefits upon satisfaction of all applicable withholding requirements. The Committee, in its sole
discretion and subject to such requirements as it may prescribe, may permit such withholding obligations to be satisfied through any combination of the following: (a) cash payment by the Participant; (b) payroll withholding of the
Participant’s salary, wages or other compensation; (c) surrender of Common Shares which the Participant already owns (either by actual surrender or attestation); or (d) surrender of Common Shares or other benefits to which the
Participant is otherwise entitled (e.g., upon exercise of an Option) under the terms of the Plan. 
 ARTICLE 9 

TRANSFERABILITY 

Section 9.01. Transferability of Awards. Except as otherwise expressly permitted by the
Committee, no Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and distribution. An Option (or Other Share-Based Award subject to exercise)
may be exercised during the lifetime of the Participant only by the Participant or the Participant’s legal representative. 

Section 9.02. Continuation of Terms. To the extent any transfer of any Award is permitted pursuant to
Section 9.01, (i) any transferee of any such Award shall, by virtue of and as a condition to such transfer, agree to be bound by the terms of the Plan and the applicable Award Agreement and (ii) the provisions of the Plan and the Award
Agreement with respect to such Award will continue to apply as though the Award were still held by the applicable Participant. 
 ARTICLE 10

 LIMITATION ON IMPLIED RIGHTS 

Section 10.01. Property Rights. Neither a Participant nor any other Person shall, by reason of participation
in the Plan, acquire any right in or title to any assets, funds or property of any member of the Company Group whatsoever including without limitation, any specific funds, assets or other property which any member of the Company Group, in its or
their sole discretion, may set aside in anticipation of a liability under the Plan. Subject to the terms of the Plan, a Participant shall have only a contractual right to the Common Shares or amounts, if any, payable under the Plan, unsecured by any
assets of any member of the Company Group, and nothing contained in the Plan shall constitute a representation or guarantee that the assets of any member of the Company Group shall be sufficient to pay any benefits to any Person. 

 Section 10.02. Employment Rights. Nothing in this Plan nor in any Award
Agreement shall confer upon any Participant any promise or commitment by any member of the Company Group regarding employment, employment positions, work assignments, compensation or any other term or condition of employment or affiliation. 

Section 10.03. No Implied Rights or Obligations. The Company, in
establishing and maintaining this Plan as a voluntary and unilateral undertaking, expressly disavows the creation of any rights in Participants or others claiming entitlement under the Plan or any obligations on the part of any member of the Company
Group, or the Committee, except as expressly provided herein. No Award shall be deemed to be salary or compensation for the purposes of computing benefits under any employee benefit, severance, pension or retirement plan of the Company or any of its
Subsidiaries, unless the Committee shall determine otherwise, applicable local law provides otherwise or the terms of such plan specifically include such compensation. 

Section 10.04. No Trust or Fund Created. 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 any member of the Company Group and a Participant or any other Person. To the extent that any Person acquires a right to receive
payments from any member of the Company Group pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company. 

Section 10.05. Rights as a Shareholder. Except as otherwise provided by the
Committee in an Award Agreement, no Participant or holder of any Award shall have any rights as a Shareholder with respect to any Common Shares underlying such Award until the Award has been exercised or settled, and the Participant or holder has
been issued Common Shares in accordance with the terms of the Plan. 
 Section 10.06. Additional Conditions
of Awards. The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits with respect to an Award will be subject to reduction, cancelation, forfeiture or recoupment upon the
occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include a termination of the Participant’s employment or service with the Company or any of its
Subsidiaries, a violation of material policies, breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant or other conduct by the Participant that is detrimental to the business or reputation of any
member of the Company Group. 
 Section 10.07. Variations by Jurisdiction. Awards may be
granted to Participants in different legal jurisdictions on such terms and conditions as may, in the judgment of the Committee, be necessary or desirable to recognize differences in local law, tax policy or custom. The Committee also may impose
conditions on the exercise or vesting of Awards in order to minimize the Company’s obligation with respect to tax equalization for Participants on assignments outside their home country. 

 Section 10.08. Data Protection. By participating in the Plan, the Participant
consents to the holding and processing of personal information provided by the Participant to any member of the Company Group, trustee or third-party service provider, for all purposes relating to the operation of the Plan. These include: 

(a) administering and maintaining Participant records; 

(b) providing information to any member of the Company Group, trustees of any employee benefit trust, registrars, brokers or third-party
administrators of the Plan; 
 (c) providing information to future purchasers or other transaction counterparties of any member of the
Company Group, or the business in which the Participant works; and 
 (d) transferring information about the Participant to any country or
territory that may not provide the same protection for the information as the Participant’s home country. 
 ARTICLE 11 

GOVERNMENT AND STOCK EXCHANGE REGULATIONS 

The Committee may refuse to issue or transfer any Common Shares or other consideration under an Award if, acting in its sole discretion, it
determines that the issuance or transfer of such Common Shares or such other consideration might violate any applicable law or regulation or entitle the Company to recover the same under Section 16(b) of the Exchange Act, and any payment
tendered to the Company by a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant Participant, holder or beneficiary. Without limiting the generality of the foregoing, no
Award granted hereunder shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless and until the Committee in its sole discretion has determined that any such offer, if made, would be in
compliance with all applicable requirements of the U.S. federal and state securities laws and any other laws to which such offer, if made, would be subject. 

Upon the issuance of Common Shares in connection with the settlement award, vesting, exercise or settlement of an Award at a time when there
is not in effect a registration statement under the Securities Act relating to such Common Shares and available for delivery a prospectus meeting the requirements of Section 10(a)(3) of the Securities Act, or if the rules or interpretations of
the Securities and Exchange Commission so require, such Common Shares may be issued only if the Company and the holder of such Common Shares are in compliance with all securities law requirements for an exemption from registration and the holder
represents and warrants in writing to the Company that the Common Shares purchased are being acquired for investment and not with a view to distribution thereof. 

The Company is under no duty to ensure that Common Shares may legally be delivered under the Plan, and shall have no liability to Award
recipients in the event such delivery of Common Shares may not be made. 

 ARTICLE 12 

AMENDMENTS, SUSPENSIONS OR TERMINATION OF PLAN 

Section 12.01. Amendment and Termination of the Plan. The Board may at any
time amend, suspend or terminate the Plan from time to time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without approval by the shareholders of the Company if such
approval is necessary to comply with any tax or regulatory requirement for which or with which the Board deems it necessary or desirable to qualify or comply. 

Section 12.02. Amendment of Award Agreements. The Committee may waive any conditions or
rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively; provided that any such waiver, amendment,
alteration, suspension, discontinuance, cancelation or termination that would materially adversely impair the rights of any Participant or any holder of any Award theretofore granted will not to that extent be effective without the consent of the
affected Participant or holder. 
 Section 12.03. Corrections. The Committee may correct any defect, supply any omission
or reconcile any inconsistency in the Plan or any Award in the manner and to the extent that it shall deem desirable to carry the Plan into effect. 

ARTICLE 13 
 TERMINATION 

The Plan shall continue in effect until May 29, 2030, unless earlier terminated by the Board pursuant to Article 12. 

ARTICLE 14 
 GOVERNING LAW; WAIVER
OF JURY TRIAL 
 The validity, construction and effect of the Plan, the Award Agreements and any rules, regulations or procedures relating
thereto shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the conflicts of laws rules of such state. Participants acknowledge and agree that any controversy which may arise under or relate
to the Plan or an Award Agreement is likely to involve complicated and difficult issues, and the Company and each Participant will agree to irrevocably waive any and all right to trial by jury in any legal proceeding arising out of or relating to
the Plan or an Award Agreement, or the transactions and matters contemplated hereby or thereby. 
 ARTICLE 15 

SECTION 409A OF THE CODE 
 The
Plan is intended to comply with the requirements of Section 409A of the Code and the regulations and guidance thereunder (respectively, “Section 409A”), the provisions of the Plan shall be interpreted in a
manner that satisfies such requirements, and the Plan shall be operated accordingly. If any provision of the Plan would otherwise frustrate or conflict with this intent, the provision will be interpreted and deemed amended

 
so as to avoid this conflict. If an operational failure occurs with respect to the requirements of Section 409A, any affected Participant shall fully cooperate with the Company to correct
the failure, to the extent possible, in accordance with any correction procedure established by the Internal Revenue Service. No provision of the Plan shall be interpreted to transfer any liability for a failure to comply with Section 409A from
a Participant or any other Person to the Company. 
 Notwithstanding any provision of the Plan or any Award Agreement, if at the time of
termination of a Participant’s employment or service with the Company or any of its Subsidiaries he or she is a “specified employee” (as defined in Section 409A) and any payments upon such termination under the Plan or such Award
Agreement are treated as deferred compensation subject to Section 409A, he or she will not be entitled to such payments until the earlier of (a) the date that is six months after such termination or (b) any earlier date that does not
result in any additional tax or interest to such Participant under Section 409A. 
 For purposes of Section 409A, any payment or
settlement of an Award made under the Plan shall be designated as a “separate payment” within the meaning of Section 409A. 

 EXHIBIT A 

FORM OF RESTRICTED STOCK AWARD AGREEMENT – EMERGENCE GRANTS 

RESTRICTED STOCK AWARD AGREEMENT 

Under the Pioneer Energy Services Corp. 2020 Equity Incentive Plan 

THIS AWARD AGREEMENT (the “Award Agreement”) is made and entered into as of [_], 2020 between Pioneer Energy Services Corp.,
a Delaware corporation (the “Company”), and [•] (the “Participant”). 
 The Company hereby grants to
the Participant an Award of Restricted Stock (the “Award”) which represents Common Shares that are subject to vesting conditions according to the terms and conditions as set forth in this Award Agreement and in the Pioneer Energy
Services Corp. 2020 Equity Incentive Plan (the “Plan”). Capitalized terms not otherwise defined herein have the meanings set forth in the Plan. 

In accordance with this grant, and as a condition thereto, the Company and the Participant agree as follows: 

SECTION 1. Number of Common Shares; Date of Grant; Vesting Schedule. The number of shares of Restricted Stock
subject to the Award, the grant date, the vesting commencement date and the vesting schedule are set forth in Exhibit A to this Award Agreement. 

SECTION 2. Transferability. Any unvested shares of Restricted Stock subject to the Award, may not be
assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered, whether voluntarily, involuntarily or by option of law. 

SECTION 3. Termination of Employment or Service. In the event of a termination of the
Participant’s employment or service with the Company or any of its Subsidiaries, this Award will be treated as follows: 
 (a) Death
or Disability. If the Participant’s employment or service with the Company or any of its Subsidiaries is terminated due to the Participant’s death or Disability, (i) the number of shares of Time-Vesting Restricted Stock that would
have become vested within a period of one year following the date of such termination shall vest as of the date of such termination and any unvested Time-Vesting Restricted Stock shall immediately be forfeited and canceled without any payment or
consideration being due from the Company and (ii) a prorata portion of the Performance-Vesting Restricted Stock shall become vested as of the last day of the Performance Period, determined by multiplying the actual number of shares of
Performance-Vesting Restricted Stock that would have vested based on actual performance of the Performance Condition, by a fraction (i) the numerator of which is the number of days of service completed in the Performance Period as of the date
of termination plus 365 and (ii) the denominator of which is 1,095 and any shares of the Performance-Vesting Restricted Stock that remain unvested at the end of the Performance Period shall immediately be forfeited and canceled without
any payment or consideration being due from the Company. 

 (b) Termination Without Cause or for Good Reason. If the Participant’s
employment or service with the Company or any of its Subsidiaries is terminated (i) by the Company or any of its Subsidiaries without Cause or (ii) due to the Participant resigning for Good Reason, (x) all outstanding Time-Vesting
Restricted Stock shall vest as of the date of termination and (y) all outstanding Performance-Vesting Restricted Stock shall vest as of the date of termination based on performance of the Performance Condition at target level. 

For the purposes of this Award Agreement, “Good Reason” means, a voluntary termination by the Participant due to the
occurrence (without the Participant’s consent) of any of the following: (i) material diminution of the Participant’s title, authority or responsibilities as in effect on the Effective Date that is not remedied by the Company within 5
business days after the Participant’s written notice to the Company of such diminution; (ii) a reduction in the Participant’s base salary as in effect on the Effective Date, other than as a result of a reduction (reasonably determined
in good faith by the Board to be necessary and in the best interests of the Company in response to (or to reasonably forestall) a deterioration the Company’s financial condition) of not more than 5% that applies generally to similarly situated
employees of the Company; or (iii) relocation of the Participant’s principal place of business by more than 45 miles. 
 (c)
Termination for Cause. If the Participant’s employment or service with the Company or any of its Subsidiaries is terminated by the Company or any of its Subsidiaries for Cause, any unvested shares of Time-Vesting Restricted Stock and
Performance-Vesting Restricted Stock shall be immediately forfeited and canceled in their entirety without any payment or consideration being due from the Company.  

(d) Voluntary Termination Without Good Reason. If the Participant resigns from the Participant’s employment or service with the
Company or any of its Subsidiaries without Good Reason, any unvested shares of Time-Vesting Restricted Stock and Performance-Vesting Restricted Stock shall be immediately forfeited and canceled in their entirety without any payment or consideration
being due from the Company.  

 SECTION 4. Change in Control. The treatment upon a Change
in Control of any unvested shares of Restricted Stock subject to the Award shall be determined by the Committee pursuant to Section 7.01 of the Plan; provided that Section 7.01(d) of the Plan shall not apply to the Award. 

SECTION 5. Voting Rights. For the avoidance of doubt, subject to the Company’s Charter, any unvested
shares of Restricted Stock subject to the Award shall be entitled to voting rights to the extent that the Company’s 5.00% Convertible Senior Unsecured PIK Notes due 2025 have voting rights on an
as-converted basis. 
 SECTION 6. Representations. The Participant
represents and warrants that: 
 (a) If the Participant qualifies as an “Accredited Investor” (as defined in Rule 501 of Regulation
D promulgated under the Securities Act) he or she has completed Annex I hereto, in accordance with the instructions therein. 
 (b)
The Common Shares issued in connection with the Award are for the Participant’s own account for investment and not with any view to the distribution thereof, and the Participant will not sell, assign, transfer or otherwise dispose of the Award
or any of the Common Shares issued in connection with the Award, or any interest therein, in violation of the Securities Act or any applicable state securities law. 

(c) The Participant understands that (i) the Common Shares issued in connection with the Award will not be registered under the
Securities Act or any applicable state securities law and may not be sold or otherwise disposed of unless it is registered or sold or otherwise disposed of in a transaction that is exempt from such registration and (ii) the certificates
representing such Common Shares will bear appropriate legends restricting the transferability thereof. 
 (d) The Participant understands
that the Company Group will rely upon the completeness and accuracy of these representations in establishing that the contemplated transactions are exempt from the Securities Act and hereby affirms that all such representations are accurate and
complete. The Participant will notify the Company immediately of any changes in any of such information at any time. 

SECTION 7. Restrictive Covenants. As a condition precedent to receiving the Award granted
pursuant to this Award Agreement, the Participant shall execute and agree to be subject to the Restrictive Covenant Agreement in substantially the form set forth in Exhibit B to the Pioneer Energy Services Corp. Key Executive Severance Plan.
Notwithstanding anything herein to the contrary, if the Participant does not execute and agree to be subject to the Restrictive Covenant Agreement contemporaneously with this Award Agreement, the Award shall be void ab initio and canceled in
its entirety without any payment or consideration being due from the Company. 
 SECTION 8. Spousal Consent.
The Participant agrees to cause any current or future spouse of his or hers to deliver to the Company a consent in the form of the consent set forth in Exhibit B hereto validly executed by such spouse on the date hereof or promptly after
any such person becomes his or her spouse, as applicable. 

 SECTION 9. Governing Law; Waiver of Jury Trial. This Award
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware without regard to the conflicts of laws rules of such state. Each of the parties hereto hereby irrevocably waives any and all right to trial by jury
in any legal proceeding arising out of or related to this Award Agreement or the transactions contemplated hereby. 

SECTION 10. Amendment. The Committee may waive any conditions or rights under, amend any terms of, or alter,
suspend, discontinue, cancel or terminate, this Award or Award Agreement, prospectively or retroactively; provided, however, and notwithstanding Section 12.02 of the Plan, any such waiver, amendment, alteration, suspension,
discontinuance, cancelation or termination that would adversely affect the rights of the Participant will not to that extent be effective without the consent of the Participant. 

SECTION 11. Interpretation. The Participant accepts this Award subject to all the terms and provisions of the
Plan; provided that in the event of any conflict between any provision of the Plan and this Award Agreement, this Award Agreement shall control. The Participant accepts as binding, conclusive and final all decisions or interpretations of the Board
or the Committee upon any questions arising under the Plan and/or this Award Agreement. Notwithstanding the immediately preceding sentence or the provisions of Section 3.03 of the Plan, any good faith dispute by the Participant of any action
taken by the Committee in respect of this Award Agreement (or any applicable provisions of the Plan relating hereto) shall be subject to de novo review by the applicable court. The Participant acknowledges receiving a copy of the Plan. 

SECTION 12. Notices. Any notice under this Award Agreement shall be (i) if in writing, effective when
delivered in person or deposited in the United States mail, postage prepaid, registered or certified, and addressed to the Participant at his or her last known address on the books of the Company or, in the case of the Company, at the address set
forth below, subject to the right of either party to designate some other address at any time hereafter in a notice satisfying the requirements of this Section 12, or (ii) if delivered by electronic email transmission, effective when a
receipt of such e-mail is requested and received. 
 Pioneer Energy Services Corp. 

1250 N.E. Loop 410, Suite 1000 

San Antonio, Texas 78209 

Attention: Bryce Seki, VP - General Counsel 

E-mail: bseki@pioneeres.com 

SECTION 13. Sections and Headings. All section references in this Award Agreement are to sections hereof for
convenience of reference only and are not to affect the meaning of any provision of this Award Agreement. 

SECTION 14. Counterparts. This Award Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Award Agreement shall become effective when each party hereto shall have received counterparts hereof signed by all
of the other parties hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Award Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of
any other oral or written agreement or other communication). 
 [signature page follows] 

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

			
	PIONEER ENERGY SERVICES CORP.

 
			
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	PARTICIPANT

 
			
		
	By:	 	 
		 	Name:

 ANNEX I 
  

	1.	 The Participant is an Accredited Investor as a result of meeting one or more of the criteria set forth in items
2(a) through (d) below (check the relevant response): 

 Yes ____________ No ____________ 

 

	2.	 If the answer to Question 1 above is yes, the Participant is an Accredited Investor because he or she certifies
that (check all appropriate descriptions that apply): 

  

	 	a.	 ____________ The Participant has individual net worth, or joint net worth with his or her spouse, exceeding
$1,000,000. For purposes of this Question 2, “net worth” means the excess of total assets at fair market value (including personal and real property, but excluding the estimated fair market value of a person’s primary home) over total
liabilities. 

  

	 	b.	 ____________ The Participant had individual income exceeding $200,000 in each of the last two calendar years
and the Participant has a reasonable expectation of reaching the same income level in the current calendar year. For purposes of this Question 2(b), “income” means annual adjusted gross income, as reported for federal income tax purposes,
plus (i) the amount of any tax-exempt interest income received; (ii) the amount of losses claimed as a limited partner in a limited partnership; (iii) any deduction claimed for depletion;
(iv) amounts contributed to an IRA or Keogh retirement plan; (v) alimony paid; and (vi) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of
Section 1202 of the Code. 

  

	 	c.	 ____________ The Participant had joint income with his or her spouse exceeding $300,000 in each of the last two
calendar years and the Participant has a reasonable expectation of reaching the same income level in the current calendar year, as defined in (b) above. 

  

	 	d.	 ____________ The Participant is a director, executive officer or general partner of the Company, or a director,
executive officer of the Company. (For purposes of this Question 2(d), executive officer means the president; any vice president in charge of a principal business unit, division or function, such as sales, administration or finance; or any other
person or persons who perform(s) similar policymaking functions for the Company.) 

	3.	 The Participant is qualified to purchase the Common Shares underlying the Award because he or she has such
knowledge and experience in financial and business matters that he or she is capable of evaluating the merits and risks of such investment. 

Yes ____________ No ____________ 
  

	4.	 The Participant has sufficient knowledge and experience in similar investments to evaluate the merits and risks
of an investment in the Company Group. 

 Yes ____________ No ____________ 

 EXHIBIT A 

GRANT NOTICE OF AWARD 
  

					
			
	1.	  	Number of Common Shares underlying the Award	  	 [•]
  

[•]2 will be “Time-Vesting Restricted Stock” and

 
 [•]3 will be
“Performance-Vesting Restricted Stock”

			
	2.	  	Type of Award	  	Restricted Stock
			
	3.	  	“Grant Date”	  	[_], 2020
			
	4.	  	“Vesting Commencement Date”	  	May 29, 2020
			
	5.	  	Vesting Schedule	  	 Subject to Section 3 of the Award Agreement, the Restricted Stock issued under the Award will vest as follows:

 
 Time-Vesting Restricted Stock will vest 1/3 on each of the first three anniversaries of
the Vesting Commencement Date, subject to the Participant’s continuous employment with the Company and its Affiliates.
  

Performance-Vesting Restricted Stock will vest subject to the Performance Condition below.4

			
	6.	  	“Performance Condition”	  	[•]

  

	2 	 Note to Draft: Unless otherwise determined by the New Board after good faith consultation with the
Company’s Chief Executive Officer, to be an amount equal to 60% of the total number of Common Shares underlying the Award. 

	3 	 Note to Draft: Unless otherwise determined by the New Board after good faith consultation with the
Company’s Chief Executive Officer, to be an amount equal to 40% of the total number of Common Shares underlying the Award. 

	4 	 Note to Draft: The performance targets to be reasonably determined by the New Board in its sole
discretion after good faith consultation with the Company’s Chief Executive Officer. 

 EXHIBIT B 

CONSENT OF SPOUSE 
 The
undersigned spouse of Participant who is the signatory to the foregoing Award Agreement has read and hereby approves the terms and conditions of the Plan and this Award Agreement. In consideration of the Company’s granting his or her spouse the
Award as set forth in the Plan and this Award Agreement, the undersigned hereby agrees to be irrevocably bound by the terms and conditions of the Plan and this Award Agreement and further agrees that any community property interest shall be
similarly bound. The undersigned hereby appoints the undersigned’s spouse as attorney-in-fact for the undersigned with respect to any amendment or exercise of
rights under the Plan or this Award Agreement. 
  

	
	Name:
	Spouse of [•]

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