Document:

EX-10.1

 Exhibit 10.1 

J.P. MORGAN SECURITIES LLC 

PURCHASE AGREEMENT 
 CALLON
PETROLEUM COMPANY 
 6.125% Senior Notes due 2024 

Purchase Agreement 
 May 19, 2017

 J.P. Morgan Securities LLC 
 As Representative of the 

     several Initial Purchasers 

     listed in Schedule I hereto 
 c/o
J.P. Morgan Securities LLC 
 383 Madison Avenue 
 New York, New
York 10179 
 Ladies and Gentlemen: 
 Callon
Petroleum Company, a Delaware corporation (the “Company”), proposes to issue and sell to the several initial purchasers listed in Schedule 1 hereto (the “Initial Purchasers”), for whom you are acting as
representative (the “Representative”), $200,000,000 principal amount of its 6.125% Senior Notes due 2024 (the “Securities”). The Securities will be issued pursuant to an Indenture, dated as of October 3, 2016
(the “Indenture”), among the Company, the guarantors listed in Schedule 2 hereto (the “Guarantors”) and U.S. Bank National Association, as trustee (the “Trustee”), and will be guaranteed on an
unsecured senior basis by the Guarantors (the “Guarantees”). 
 The Company has previously issued $400,000,000 aggregate
principal amount of its 6.125% Senior Notes due 2024 under the Indenture (the “Existing Securities”). The Securities constitute “Additional Notes” (as such term is defined in the Indenture). The Securities will have
identical terms to the Existing Securities other than their date of issue and their initial price to the public and will initially not be fungible with the Existing Securities. Upon closing of the Exchange Offer (as such term is defined in the
Registration Rights Agreement), the Securities issued in exchange for any tendered new notes in the Exchange Offer will be issued with the same CUSIP number assigned to the Existing Securities and will be treated together with the Existing
Securities as a single series of debt securities for all purposes under the Indenture. 
 If one entity is listed on Schedule 2 hereto, all
references to Guarantors shall refer only to Callon Petroleum Operating Company, and all references to Guarantees shall refer to a Guarantee by Callon Petroleum Operating Company. 

 The Securities will be sold to the Initial Purchasers without being registered under the
Securities Act of 1933, as amended (the “Securities Act”), in reliance upon an exemption therefrom. The Company and the Guarantors have prepared a preliminary offering memorandum dated May 19, 2017 (the “Preliminary
Offering Memorandum”) and will prepare an offering memorandum dated the date hereof (the “Offering Memorandum”) setting forth information concerning the Company, the Guarantors and the Securities. Copies of the
Preliminary Offering Memorandum have been, and copies of the Offering Memorandum will be, delivered by the Company to the Initial Purchasers pursuant to the terms of this purchase agreement (the “Agreement”). The Company hereby
confirms that it has authorized the use of the Preliminary Offering Memorandum, the other Time of Sale Information (as defined below) and the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers
in the manner contemplated by this Agreement. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Preliminary Offering Memorandum. References herein to the Preliminary Offering Memorandum, the Time of
Sale Information and the Offering Memorandum shall be deemed to refer to and include any document incorporated by reference therein and any reference to “amend,” “amendment” or “supplement” with respect to the
Preliminary Offering Memorandum or the Offering Memorandum shall be deemed to refer to and include any documents filed after such date and incorporated by reference therein. 

At or prior to the Time of Sale (as defined below), the Company had prepared the following information (collectively, the “Time of
Sale Information”): the Preliminary Offering Memorandum, as supplemented and amended by the written communications listed on Annex A hereto. 

“Time of Sale” means 1:47 P.M., New York City time, on May 19, 2017. 

On May 17, 2017, the Company entered into a consent and agreement (the “Credit Agreement Consent”) in connection with
its Fifth Amended and Restated Credit Agreement, dated as of March 11, 2014 among the Company, the lenders party thereto and JPMorgan Chase Bank, National Association, as Administration Agent, as amended from time to time (the “Credit
Agreement”) to permit the offering of the Securities. 
 Holders of the Securities (including the Initial Purchasers and their
direct and indirect transferees) will be entitled to the benefits of a Registration Rights Agreement, to be dated the Closing Date (as defined below) and substantially in the form attached hereto as Exhibit A (the “Registration Rights
Agreement”), pursuant to which the Company and the Guarantors will agree to file one or more registration statements with the Securities and Exchange Commission (the “Commission”) providing for the registration under the
Securities Act of the Securities or the Exchange Securities referred to (and as defined) in the Registration Rights Agreement and the related Guarantee. 

 The Company and the Guarantors hereby confirm their agreement with the several Initial Purchasers
concerning the purchase and sale of the Securities, as follows: 
 1.    Purchase and Resale of the Securities.

 (a)    The Company agrees to issue and sell the Securities to the several Initial Purchasers as provided in this
Agreement, and each Initial Purchaser, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company the respective
principal amount of Securities set forth opposite such Initial Purchaser’s name in Schedule 1 hereto at a price equal to 102.525% of the principal amount thereof plus accrued interest, if any, from April 1, 2017 to the Closing Date. The
Company will not be obligated to deliver any of the Securities except upon payment for all the Securities to be purchased as provided herein. 

(b)     The Company understands that the Initial Purchasers intend to offer the Securities for resale on the terms set
forth in the Time of Sale Information. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 

(i)    it is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a
“QIB”) and an accredited investor within the meaning of Rule 501(a) of Regulation D under the Securities Act (“Regulation D”); 

(ii)    it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or
sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act; and

 (iii)    it has not solicited offers for, or offered or sold, and will not solicit offers for, or
offer or sell, the Securities as part of their initial offering except: 
 (A)    within the United
States to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A under the Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable steps to ensure that the
purchaser of the Securities is aware that such sale is being made in reliance on Rule 144A; or 

(B)    in accordance with the restrictions set forth in Annex C hereto. 

(c)    Each Initial Purchaser acknowledges and agrees that the Company and, for purposes of the “no
registration” opinions to be delivered to the Initial Purchasers pursuant to Sections 6(h) and 6(i), counsel for the Company and the Guarantors and counsel for the Initial Purchasers, respectively, may rely upon the accuracy of the
representations and warranties of the Initial Purchasers, and compliance by the Initial Purchasers with their agreements, contained in paragraph (b) above (including Annex C hereto), and each Initial Purchaser hereby consents to such reliance.

 (d)    The Company acknowledges and agrees that the Initial Purchasers may
offer and sell Securities to or through any affiliate of an Initial Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser. 

(e)    The Company and the Guarantors acknowledge and agree that each Initial Purchaser is acting solely in the capacity
of an arm’s length contractual counterparty to the Company and the Guarantors with respect to the offering of Securities contemplated hereby (including in connection with determining the terms of the offering) and not as a financial advisor or
a fiduciary to, or an agent of, the Company, the Guarantors or any other person. Additionally, neither the Representative nor any other Initial Purchaser is advising the Company, the Guarantors or any other person as to any legal, tax, investment,
accounting or regulatory matters in any jurisdiction. The Company and the Guarantors shall consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal of the
transactions contemplated hereby, and neither the Representative nor any other Initial Purchaser shall have any responsibility or liability to the Company or the Guarantors with respect thereto. Any review by the Representative or any Initial
Purchaser of the Company, the Guarantors, and the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Representative or such Initial Purchaser, as the case may be, and shall
not be on behalf of the Company, the Guarantors or any other person. 
 2.    Payment and Delivery.  

(a)    Payment for and delivery of the Securities will be made at the offices of Davis Polk & Wardwell LLP at
10:00 A.M., New York City time, on May 24, 2017, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representative and the Company may agree upon in writing. The time and date
of such payment and delivery is referred to herein as the “Closing Date.” 
 (b)    Payment for the
Securities shall be made by wire transfer in immediately available funds to the account(s) specified by the Company to the Representative against delivery to the nominee of The Depository Trust Company (“DTC”), for the account of
the Initial Purchasers, of one or more global notes representing the Securities (collectively, the “Global Note”), with any transfer taxes payable in connection with the sale of the Securities duly paid by the Company. The Global
Note will be made available for inspection by the Representative not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date. 

3.    Representations and Warranties of the Company and the Guarantors. The Company and the Guarantors jointly and
severally represent and warrant to each Initial Purchaser that: 
 (a)    Preliminary Offering Memorandum, Time of
Sale Information and Offering Memorandum. The Preliminary Offering Memorandum, as of its date, did not, the Time of Sale Information, at the Time of Sale, did not, and at the Closing Date, will not, and 

 
the Offering Memorandum, in the form first used by the Initial Purchasers to confirm sales of the Securities and as of the Closing Date, will not, contain any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company and the Guarantors make no representation or warranty
with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representative expressly for use in the
Preliminary Offering Memorandum, the Time of Sale Information or the Offering Memorandum. 
 (b)    Additional
Written Communications. The Company and the Guarantors (including their agents and representatives, other than the Initial Purchasers in their capacity as such) have not prepared, made, used, authorized, approved or referred to and will not
prepare, make, use, authorize, approve or refer to any written communication that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by the Company and the Guarantors or their agents and
representatives (other than a communication referred to in clauses (i) and (ii) below) an “Issuer Written Communication”) other than (i) the Preliminary Offering Memorandum, (ii) the Offering Memorandum,
(iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of Annex B hereto, which constitute part of the Time of Sale Information, and (iv) any electronic road show or other written communications, in
each case used in accordance with Section 4(c). Each such Issuer Written Communication, when taken together with the Time of Sale Information at the Time of Sale, did not, and at the Closing Date will not, contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company and the Guarantors make no representation or warranty
with respect to any statements or omissions made in each such Issuer Written Communication in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through
the Representative expressly for use in any Issuer Written Communication. 
 (c)    Incorporated Documents. The
documents incorporated by reference in each of the Time of Sale Information and the Offering Memorandum, when filed with the Commission conformed in all material respects to the requirements of the Exchange Act, and none of such documents contained
any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and any
further documents so filed and incorporated by reference in each of the Time of Sale Information and the Offering Memorandum, when such documents are filed with the Commission, will conform in all material respects to the requirements of the
Exchange Act and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were
made, not misleading. 

 (d)    Financial Statements. The financial statements (including the
related notes thereto) of the Company and its consolidated subsidiaries included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum comply in all material respects with the applicable requirements of the
Securities Act and the Exchange Act, as applicable, and present fairly in all material respects the financial position of the Company and its consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in
their cash flows for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods covered thereby, and any
supporting schedules included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum present fairly in all material respects the information required to be stated therein; and the other financial information
included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum has been derived from the accounting records of the Company and its consolidated subsidiaries and presents fairly in all material respects the
information shown thereby; and the pro forma financial and other information and the related notes thereto included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum have been prepared in accordance
with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and the pro forma adjustments to such pro forma financial and other information have been properly applied to the historical amounts in the compilation of
such pro forma financial information, and the assumptions underlying such pro forma financial information are reasonable and are set forth in each of the Time of Sale Information and the Offering Memorandum. The interactive data in eXtensible
Business Reporting Language included or incorporated by reference in each of the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum fairly presents the information called for in all material respects and is
prepared in accordance with the Commission’s rules and guidelines applicable thereto. 
 (e)    Financial
Statements of the Big Star Assets. The financial statements (including the related notes thereto) related to the assets acquired by the Company (the “Big Star Assets”) pursuant to the purchase and sale agreement between the
Company and BSM Energy LP, Crux Energy LP and Zaniah Energy, LP dated April 19, 2016 included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum comply in all material respects with the applicable
requirements of the Securities Act and the Exchange Act, as applicable, and present in all material respects the financial position related to the Big Star Assets as of the dates indicated and the results of their operations and the changes in their
cash flows for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods covered thereby, except as
disclosed therein, and any supporting schedules included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum present fairly in all material respects the information required to be stated therein; and the
other financial information included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum has been derived from the accounting records related to the Big Star Assets and presents fairly in all material
respects the information shown thereby. 

 (f)    Financial Statements of the Plymouth Assets. The financial
statements (including the related notes thereto) related to the assets acquired by the Company (the “Plymouth Assets”) pursuant to the purchase and sale agreement between Callon Petroleum Operating Company, a wholly owned subsidiary
of the Company (“CPOC”), and Plymouth Petroleum, LLC dated September 1, 2016 included or incorporated by reference in the Time of Sale Information and the Offering Memorandum comply in all material respects with the applicable
requirements of the Securities Act and the Exchange Act, as applicable, and present in all material respects the financial position related to the Plymouth Assets as of the dates indicated and the results of their operations and the changes in their
cash flows for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods covered thereby, except as
disclosed therein, and any supporting schedules included or incorporated by reference in the Time of Sale Information and the Offering Memorandum present fairly in all material respects the information required to be stated therein; and, the other
financial information included or incorporated by reference in the Time of Sale Information and the Offering Memorandum has been derived from the accounting records related to the Plymouth Assets and presents fairly in all material respects the
information shown thereby. 
 (g)    Financial Statements of the Ameredev Assets. The financial statements
(including the related notes thereto) related to the assets acquired by the Company (the “Ameredev Assets”) pursuant to the purchase and sale agreement among CPOC, American Resource Development LLC, American Resource Development
Upstream LLC and American Resource Development Midstream LLC dated December 13, 2016 included or incorporated by reference in the Time of Sale Information and the Offering Memorandum comply in all material respects with the applicable
requirements of the Securities Act and the Exchange Act, as applicable, and present in all material respects the financial position related to the Ameredev Assets as of the dates indicated and the results of their operations and the changes in their
cash flows for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods covered thereby, except as
disclosed therein, and any supporting schedules included or incorporated by reference in the Time of Sale Information and the Offering Memorandum present fairly in all material respects the information required to be stated therein; and, the other
financial information included or incorporated by reference in the Time of Sale Information and the Offering Memorandum has been derived from the accounting records related to the Ameredev Assets and presents fairly in all material respects the
information shown thereby. 
 (h)    No Material Adverse Change. Except as described in the Time of Sale
Information or the Offering Memorandum, since the date of the most recent financial statements of the Company included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum, (i) there has not been any
change in the capital stock (other than the issuance of shares of common stock upon exercise of stock options described as outstanding in, and the grant of options and awards under existing equity incentive plans described in, the Time of Sale
Information and the Offering Memorandum) or material change in short-term debt or long-term debt of the Company 

 
or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Company on any class of capital stock, or any material adverse change,
or any development involving a prospective material adverse change, in or affecting the business, properties, management, financial position, stockholders’ equity, or results of operations of the Company and its subsidiaries taken as a whole;
(ii) neither the Company nor any of its subsidiaries has entered into any transaction or agreement (whether or not in the ordinary course of business) that is material to the Company and its subsidiaries taken as a whole or incurred any
liability or obligation, direct or contingent, that is material to the Company and its subsidiaries taken as a whole; and (iii) neither the Company nor any of its subsidiaries has sustained any loss or interference with its business that is
material to the Company and its subsidiaries taken as a whole and that is either from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court
or arbitrator or governmental or regulatory authority, except in each case as otherwise disclosed in each of the Time of Sale Information and the Offering Memorandum. 

(i)    Organization and Good Standing. The Company, the Guarantors and each of their respective subsidiaries have
been duly organized and are validly existing and in good standing under the laws of their respective jurisdictions of organization, are duly qualified to do business and are in good standing in each jurisdiction in which their respective ownership
or lease of property or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except
where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the business, properties, management, financial
position, stockholders’ equity, results of operations or prospects of the Company and its subsidiaries taken as a whole or on the performance by the Company of its obligations under this Agreement, the Securities and the Guarantees (a
“Material Adverse Effect”). The subsidiaries listed in Schedule 2 to this Agreement are the only significant subsidiaries of the Company. 

(j)    Capitalization. The Company has an authorized capitalization as set forth in each of the Time of Sale
Information and the Offering Memorandum under the heading “Capitalization”; all the outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and
non-assessable. All the outstanding shares of capital stock or other equity interests of each subsidiary owned, directly or indirectly, by the Company have been duly and validly authorized and issued, are
fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any other claim of
any third party (collectively, “Liens”), except for Liens pursuant to the Company’s Credit Agreement in an aggregate amount of $385,000,000 as described in each of the Time of Sale Information and the Offering Memorandum. 

(k)    Due Authorization. The Company and each of the Guarantors have full right, power and authority to execute
and deliver this Agreement, the Securities, the 

 
Indenture (including each Guarantee set forth therein), the Exchange Securities, (including the related Guarantee), the Registration Rights Agreement, and the Credit Agreement Consent
(collectively, the “Transaction Documents”) and to perform their respective obligations hereunder and thereunder; and all action required to be taken for the due and proper authorization, execution and delivery of each of the
Transaction Documents and the consummation of the transactions contemplated thereby has been duly and validly taken. 

(l)    The Exchange Securities. On the Closing Date, the Exchange Securities (including the related Guarantee) will
have been duly authorized by the Company and each of the Guarantors and, when duly executed, authenticated, issued and delivered as contemplated by the Registration Rights Agreement, will be duly and validly issued and outstanding and will
constitute valid and legally binding obligations of the Company, as issuer, and each of the Guarantors, as guarantor, enforceable against the Company and each of the Guarantors in accordance with their terms, subject to the Enforceability
Exceptions, and will be entitled to the benefits of the Indenture. 
 (m)    The Indenture. The Indenture has
been duly authorized, executed and delivered by the Company and each of the Guarantors and constitutes a valid and legally binding agreement of the Company and each of the Guarantors enforceable against the Company and each of the Guarantors in
accordance with its terms, except as enforceability may be limited by applicable (A) bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or similar laws affecting the enforcement of creditors’ rights generally or by
equitable principles relating to enforceability and (B) by public policy, applicable law relating to fiduciary duties and indemnification and implied covenant of good faith and fair dealing (collectively, the “Enforceability
Exceptions”). The Indenture conforms in all material respects to the requirements of the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”) (except that the Indenture is not qualified thereunder), and the
rules and regulations of the Commission applicable to an indenture that is qualified thereunder. 
 (n)    The
Securities and the Guarantees. The Securities have been duly authorized by the Company and, when duly executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, assuming due authorization of the
Securities by the Trustee, will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms, subject to the Enforceability
Exceptions, and will be entitled to the benefits of the Indenture; and the Guarantees have been duly authorized by each of the Guarantors and, when the Securities have been duly executed, authenticated, issued and delivered as provided in the
Indenture and paid for as provided herein, will be valid and legally binding obligations of each of the Guarantors, enforceable against each of the Guarantors in accordance with their terms, subject to the Enforceability Exceptions, and will be
entitled to the benefits of the Indenture. 
 (o)    Purchase and Registration Rights Agreements. This Agreement
has been duly authorized, executed and delivered by the Company and each of the Guarantors; and the Registration Rights Agreement has been duly authorized by the Company and each of 

 
the Guarantors and on the Closing Date will be duly executed and delivered by the Company and each of the Guarantors and, when duly executed and delivered in accordance with its terms by each of
the parties thereto, will constitute a valid and legally binding agreement of the Company and each of the Guarantors enforceable against the Company and each of the Guarantors in accordance with its terms, subject to the Enforceability Exceptions,
and except that rights to indemnity and contribution thereunder may be limited by applicable law and public policy. 

(p)    Credit Agreement Consent. The Credit Agreement Consent has been duly authorized, executed and delivered by
the Company and the Guarantor and constitutes a valid and legally binding agreement of the Company and the Guarantor enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions. 

(q)    Description of this Agreement. This Agreement conforms in all material respects to the description thereof
contained in each of the Time of Sale Information and the Offering Memorandum. 
 (r)    Descriptions of the
Registration Rights Agreement and the Credit Agreement Consent. The Registration Rights Agreement and the Credit Agreement Consent, and the proposed Sixth Amendment and Restated Credit Facility (as such term is defined in the Time of Sale
Information), each conform or will conform in all material respects to the descriptions thereof contained in each of the Time of Sale Information and the Offering Memorandum. 

(s)    No Violation or Default. None of the Company, the Guarantors or any of their subsidiaries is (i) in
violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due
performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement (including the Credit Agreement) or other agreement or instrument to which the Company, the Guarantors or any of their
respective subsidiaries is a party or by which the Company, the Guarantors or any of their respective subsidiaries is bound or to which any of the property or assets of the Company, the Guarantors or any of their respective subsidiaries is subject;
or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or
violation that would not, individually or in the aggregate, have a Material Adverse Effect. 
 (t)    No Conflicts.
The execution, delivery and performance by the Company and each of the Guarantors of each of the Transaction Documents to which each is a party, the issuance and sale of the Securities and the issuance of the Guarantees, the issuance of the
Exchange Notes and the related Guarantee, and compliance by the Company and each of the Guarantors with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents will not (i) conflict with or result in
a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the

 
Company or any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party
or by which the Company or any of its subsidiaries is bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational documents of the Company or any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator
or governmental or regulatory authority, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. 
 (u)    No Consents Required. No consent, approval, authorization, order,
registration or qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company and each of the Guarantors of each of the Transaction Documents to which
each is a party, the issuance and sale of the Securities and the issuance of the Guarantees, the issuance of the Exchange Notes and the related Guarantee, and compliance by the Company and each of the Guarantors with the terms thereof and the
consummation of the transactions contemplated by the Transaction Documents, except for such consents, approvals, authorizations, orders and registrations or qualifications as may be required (i) under applicable state securities laws in
connection with the purchase and resale of the Securities by the Initial Purchasers, (ii) with respect to the Exchange Securities (including the related Guarantee) under the Securities Act, the Trust Indenture Act and applicable state
securities laws as contemplated by the Registration Rights Agreement, and (iii) for such consents, approvals, authorizations, orders, registrations or qualifications which if not obtained or made would not, individually or in the aggregate,
have a Material Adverse Effect. 
 (v)    Legal Proceedings. Except as described in each of the Time of Sale
Information and the Offering Memorandum, there are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Company, the Guarantors or any of their respective subsidiaries is a party or to which any
property of the Company, the Guarantors or any of their respective subsidiaries is the subject that, individually or in the aggregate, if determined adversely to the Company, the Guarantors or any of their respective subsidiaries, could reasonably
be expected to have a Material Adverse Effect; to the knowledge of the Company, no such investigations, actions, suits or proceedings are threatened or contemplated by any governmental or regulatory authority or threatened by others. 

(w)    Independent Accountants. Ernst & Young LLP, who has certified certain financial statements of the
Company and its subsidiaries, is an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight
Board (United States) and as required by the Securities Act. 
 (x)    Independent Accountants. Grant Thornton
LLP is an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as
required by the Securities Act. 

 (y)    Independent Accountants. Weaver and Tidwell, L.L.P., who has
certified certain financial statements related to the Big Star Assets and the Ameredev Assets, is an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted
by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act. 

(z)    Independent Accountants. BDO USA, LLP, who has certified certain financial statements related to the
Plymouth Assets, is an independent registered public accounting firm with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United
States) and as required by the Securities Act. 
 (aa)    Title to Real and Personal Property. Except as
otherwise set forth in the each of the Time of Sale Information and the Offering Memorandum or such as in the aggregate does not now cause or will in the future cause a Material Adverse Effect, the Company, the Guarantors and each of their
respective subsidiaries own their respective properties as follows: (i) with respect to wells (including leasehold interests and appurtenant personal property) and non-producing oil and natural gas
properties (including undeveloped locations on leases held by production and those leases not held by production), such title is good and free and clear of all liens, security interests, pledges, charges, encumbrances, mortgages and restrictions,
(ii) with respect to non-producing properties in exploration prospects, such title was investigated in accordance with customary industry procedures prior to the acquisition thereof by the Company, the Guarantors or their respective
subsidiaries, (iii) with respect to real property other than oil and gas interests, such title is good and marketable free and clear of all liens, security interests, pledges, charges, encumbrances, mortgages and restrictions, and
(iv) with respect to personal property other than that appurtenant to oil and gas interests, such title is free and clear of all liens, security interests, pledges, charges, encumbrances, mortgages and restrictions. No real property owned,
leased, licensed, or used by the Company, the Guarantors or their respective subsidiaries lies in an area which is, or to the knowledge of the Company will be, subject to restrictions which would prohibit, and no statements of facts relating to the
actions or inaction of another person or entity or his or its ownership, leasing, licensing, or use of any real or personal property exists or will exist which would prevent, the continued effective ownership, leasing, licensing, exploration,
development or production or use of such real property in the business of the Company, the Guarantors or their respective subsidiaries as presently conducted or as each of the Time of Sale Information and the Offering Memorandum indicates they
contemplate conducting, except as may be described in the Time of Sale Information and the Offering Memorandum or such as in the aggregate do not now cause and will not in the future cause a Material Adverse Effect. 

(bb)    Title to Intellectual Property. The Company, the Guarantors and each of their respective subsidiaries own
or possess adequate rights to use all material patents, 

 
patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses and know-how
(including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) necessary for the conduct of their respective businesses as currently conducted and as proposed to be conducted, and
the conduct of their respective businesses will not conflict in any material respect with any such rights of others except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. The Company, the
Guarantors and each of their respective subsidiaries have not received any notice of any claim of infringement, misappropriation or conflict with any such rights of others in connection with its patents, patent rights, licenses, inventions,
trademarks, service marks, trade names, copyrights and know-how, which could reasonably be expected to result in a Material Adverse Effect. 

(cc)    No Undisclosed Relationships. No relationship, direct or indirect, exists between or among the Company, the
Guarantors and their respective subsidiaries, on the one hand, and the directors, officers, stockholders, customers or suppliers of the Company, the Guarantors or any of their respective subsidiaries, on the other, that would be required by the
Securities Act to be described in a registration statement on Form S-1 to be filed with the Commission and that is not so described in each of the Time of Sale Information and the Offering Memorandum. 

(dd)    Investment Company Act. Neither the Company nor any of the Guarantors is and, after giving effect to the
offering and sale of the Securities and the application of the proceeds thereof as described in each of the Time of Sale Information and the Offering Memorandum, will not be required to register as an “investment company” or an entity
“controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Investment Company
Act”).  
 (ee)    Taxes. The Company, the Guarantors and their respective subsidiaries have paid
all federal, state, local and foreign taxes and filed all tax returns required to be paid or filed through the date hereof, except to the extent that the failure to file such tax returns and/or pay such taxes would not, individually and in the
aggregate, have a Material Adverse Effect; and except as otherwise disclosed in each of the Time of Sale Information and Offering Memorandum, there is no tax deficiency that has been, or could reasonably be expected to be, asserted against the
Company, the Guarantors or any of their respective subsidiaries or any of their respective properties or assets. 

(ff)    Licenses and Permits. The Company, the Guarantors and their respective subsidiaries possess all licenses,
certificates, permits and other authorizations issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their
respective properties or the conduct of their respective businesses as described in each of the Time of Sale Information and Offering Memorandum, except where the failure to possess or make the same would not, individually or in the aggregate, have
a Material Adverse Effect; and except as described in each of the Time of Sale Information and Offering Memorandum, neither the Company, the Guarantors nor any of 

 
their respective subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any reason to believe that any such license,
certificate, permit or authorization will not be renewed in the ordinary course. 
 (gg)    No Labor Disputes.
Except as would not reasonably be expected to result in a Material Adverse Effect, no labor disturbance by or dispute with employees of the Company, the Guarantors or any of their respective subsidiaries exists or, to the knowledge of the
Company or the Guarantors, is contemplated or threatened, and neither the Company nor the Guarantors are aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of their or their respective subsidiaries’
principal suppliers, contractors or customers. 
 (hh)    Compliance with and Liability under Environmental Laws.
(i) The Company, the Guarantors and their respective subsidiaries (A) are in compliance with any and all applicable federal, state, local and foreign laws, rules, regulations, requirements, decisions, judgments, decrees, orders and the
common law relating to pollution or the protection of the environment, natural resources or human health or safety, including those relating to the generation, storage, treatment, use, handling, transportation, Release or threat of Release of
Hazardous Materials (collectively, “Environmental Laws”), (B) have received and are in compliance with all permits, licenses, certificates or other authorizations or approvals required of them under applicable Environmental Laws to
conduct their respective businesses, (C) have not received notice of any actual or potential liability under or relating to, or actual or potential violation of, any Environmental Laws, including for the investigation or remediation of any
Release or threat of Release of Hazardous Materials, and have no knowledge of any event or condition that would reasonably be expected to result in any such notice, (D) are not conducting or paying for, in whole or in part, any investigation,
remediation or other corrective action pursuant to any Environmental Law at any location, and (E) are not a party to any order, decree or agreement that imposes any obligation or liability under any Environmental Law, and (ii) there are no
costs or liabilities associated with Environmental Laws of or relating to the Company or its subsidiaries, except in the case of each of (i) and (ii) above, for any such matter, as would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect; and (iii) except as described in each of the Time of Sale Information and Offering Memorandum, (A) there are no proceedings that are pending, or that are known to be contemplated, against the
Company or any of its subsidiaries under any Environmental Laws in which a governmental entity is also a party, other than such proceedings regarding which it is reasonably believed no monetary sanctions of $100,000 or more will be imposed,
(B) the Company and its subsidiaries are not aware of any facts or issues regarding compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws, including the Release or threat of Release of Hazardous
Materials, that could reasonably be expected to have a material effect on the capital expenditures, earnings or competitive position of the Company and its subsidiaries, and (C) none of the Company and its subsidiaries anticipates material
capital expenditures relating to any Environmental Laws. 

 (ii)    Hazardous Materials. There has been no storage, generation,
transportation, use, handling, treatment, Release or threat of Release of Hazardous Materials by or caused by the Company, the Guarantors or any of their respective subsidiaries (or, to the knowledge of the Company, the Guarantors or any of their
respective subsidiaries, any other entity (including any predecessor) for whose acts or omissions the Company, the Guarantors or any of their respective subsidiaries is or could reasonably be expected to be liable) at, on, under or from any property
or facility now or previously owned, operated or leased by the Company, the Guarantors or any of their respective subsidiaries, or at, on, under or from any other property or facility, in violation of any Environmental Laws or in a manner or amount
or to a location that could reasonably be expected to result in any liability under any Environmental Law, except for any violation or liability which would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. “Hazardous Materials” means any material, chemical, substance, waste, pollutant, contaminant, compound, mixture, or constituent thereof, in any form or amount, including petroleum (including crude oil or any fraction
thereof) and petroleum products, natural gas liquids, asbestos and asbestos containing materials, naturally occurring radioactive materials, brine, and drilling mud, regulated or which can give rise to liability under any Environmental Law.
“Release” means any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing, depositing, dispersing, or migrating in, into or through the environment, or in,
into, from or through any building or structure. 
 (jj)    Compliance with ERISA. (i) Each employee benefit
plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for which the Company or any member of its “Controlled Group” (defined as any organization which
is a member of a controlled group of corporations within the meaning of Section 414 of the Code) would have any liability (each, a “Plan”) has been maintained in compliance with its terms and the requirements of any applicable
statutes, orders, rules and regulations, including but not limited to ERISA and the Code, except for noncompliance that could not reasonably be expected to result in material liability to the Company, the Guarantors or their respective subsidiaries;
(ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative exemption that
could reasonably be expected to result in a material liability to the Company, the Guarantors or their respective subsidiaries; (iii) for each Plan that is subject to the funding rules of Section 412 of the Code or Section 302 of
ERISA, the minimum funding standard of Section 412 of the Code or Section 302 of ERISA, as applicable, has been satisfied (without taking into account any waiver thereof or extension of any amortization period) and is reasonably expected
to be satisfied in the future (without taking into account any waiver thereof or extension of any amortization period); (iv) the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan
(determined based on those assumptions used to fund such Plan); (v) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur that either has resulted, or could reasonably be
expected to result, in material liability to the Company, the Guarantors or their respective subsidiaries; (vi) neither the Company nor any member of the Controlled Group has incurred, nor reasonably expects to incur, any liability under Title
IV of 

 
ERISA (other than contributions to the Plan or premiums to the PBGC, in the ordinary course and without default) in respect of a Plan (including a “multiemployer plan”, within the
meaning of Section 4001(a)(3) of ERISA); and (vii) there is no pending audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other governmental agency or any
foreign regulatory agency with respect to any Plan that could reasonably be expected to result in material liability to the Company, the Guarantors or their respective subsidiaries. None of the following events has occurred or is reasonably likely
to occur: (x) a material increase in the aggregate amount of contributions required to be made to all Plans by the Company, the Guarantors or their respective subsidiaries in the current fiscal year of the Company, the Guarantors or their
respective subsidiaries compared to the amount of such contributions made in the Company and its subsidiaries’ most recently completed fiscal year; or (y) a material increase in the Company and its subsidiaries’ “accumulated
post-retirement benefit obligations” (within the meaning of Statement of Financial Accounting Standards 106) compared to the amount of such obligations in the Company and its subsidiaries’ most recently completed fiscal year. 

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

(ll)    Accounting Controls. The Company and its subsidiaries maintain systems of “internal control over
financial reporting” (as defined in Rule 13a-15(f) of the Exchange Act) that comply with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective
principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or
specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability; (iii) access to assets is
permitted only in accordance with management’s general or specific authorization; (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any
differences and (v) interactive data in eXtensible Business Reporting Language included or incorporated by reference in each of the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum is prepared in
accordance with the 

 
Commission’s rules and guidelines applicable thereto. Based on the Company’s most recent evaluation of its internal controls over financial reporting pursuant to Rule 13a-15(c) of the Exchange Act, except as disclosed in each of the Time of Sale Information and the Offering Memorandum, there are no material weaknesses in the Company’s internal controls. The Company’s
auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which have
adversely affected or are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and (ii) any fraud, whether or not material, that involves management or other employees
who have a significant role in the Company’s internal controls over financial reporting. 
 (mm)    Insurance.
The Company, the Guarantors and their respective subsidiaries have insurance covering their respective properties, operations, personnel and businesses, which insurance is in amounts and insures against such losses and risks as are reasonably
adequate to protect the Company, the Guarantors and their respective subsidiaries and their respective businesses; and neither the Company, the Guarantors and their respective subsidiaries has (i) received notice from any insurer or agent of
such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business. 

(nn)    No Unlawful Payments. Neither the Company, the Guarantors nor any of their respective subsidiaries nor any
director, officer or employee of the Company, the Guarantors or any of their respective subsidiaries nor, to the knowledge of the Company, any agent, affiliate or other person associated with or acting on behalf of the Company, the Guarantors or any
of their respective subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or
authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in
an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as
amended, or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom or any
other applicable anti-bribery or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment,
kickback or other unlawful or improper payment or benefit. The Company, the Guarantors and their respective subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce policies and procedures designed to promote and
ensure compliance with all applicable anti-bribery and anti-corruption laws. 

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

 (pp)    No Conflicts with Sanctions Laws. None of the Company, the Guarantors or any of their respective
subsidiaries, directors, officers, or employees, nor, to the knowledge of the Company or any of the Guarantors, any agent, affiliate or other person associated with or acting on behalf of the Company, the Guarantors or any of their respective
subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury
(“OFAC”) or the U.S. Department of State and including, without limitation, the designation as a “specially designated national” or “blocked person”), the United Nations Security Council
(“UNSC”), the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority (collectively, “Sanctions”), nor are the Company, the Guarantors or any of their respective
subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Sudan, Syria and Crimea (each, a “Sanctioned Country”); and
the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to
fund or facilitate any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or
(iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as Initial Purchaser, advisor, investor or otherwise) of Sanctions. For the past five years, the Company and
its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned
Country. 
 (qq)    Solvency. On and immediately after the Closing Date, the Company and each Guarantor (after
giving effect to the issuance and sale of the Securities, the issuance of the Guarantees and the other transactions related thereto as described in each of the Time of Sale Information and the Offering Memorandum) will be Solvent. As used in this
paragraph, the term “Solvent” means, with respect to a particular date and entity, that on such date (i) the fair value (and present fair saleable value) of the assets of such entity is not less than the total amount required
to pay the probable liability of such entity on its 

 
total existing debts and liabilities (including contingent liabilities) as they become absolute and matured; (ii) such entity is able to realize upon its assets and pay its debts and other
liabilities, contingent obligations and commitments as they mature and become due in the normal course of business; (iii) assuming consummation of the issuance and sale of the Securities and the issuance of the Guarantees as contemplated by
this Agreement, the Time of Sale Information and the Offering Memorandum, such entity does not have, intend to incur or believe that it will incur debts or liabilities beyond its ability to pay as such debts and liabilities mature; (iv) such
entity is not engaged in any business or transaction, and does not propose to engage in any business or transaction, for which its property would constitute unreasonably small capital; and (v) such entity is not a defendant in any civil action
that would result in a judgment that such entity is or would become unable to satisfy. 
 (rr)    Senior
Indebtedness. The Securities constitute “senior indebtedness” as such term is defined in any indenture or agreement governing any outstanding subordinated indebtedness of the Company. 

(ss)    No Restrictions on Subsidiaries. No subsidiary of the Company is currently prohibited, directly or
indirectly, under any agreement or other instrument to which it is a party or is subject, from paying any dividends to the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to the Company any loans or
advances to such subsidiary from the Company or from transferring any of such subsidiary’s properties or assets to the Company or any other subsidiary of the Company, except for any such restrictions (a) contained in the Credit Agreement,
(b) as contained in the Second Lien Indebtedness, which will be repaid in full and terminated within 30 days of the Closing Date as described in each of the Time of Sale Information and the Offering Memorandum, or (c) that will be
permitted by the Indenture. 
 (tt)    No Broker’s Fees. Neither the Company nor any of its subsidiaries is
a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against the Company or any of its subsidiaries or any Initial Purchaser for a brokerage commission, finder’s
fee or like payment in connection with the offering and sale of the Securities. 
 (uu)    Rule 144A Eligibility.
On the Closing Date, the Securities will not be of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and each of the
Preliminary Offering Memorandum and the Offering Memorandum, as of its respective date, contains or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided to such
prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act. 
 (vv)    No Integration. None of
the Company, the Guarantors nor any of their respective affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security
(as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act. 

 (ww)    Margin Rules. The application of the proceeds received by the
Company from the issuance, sale and delivery of the Securities as described in each of the Time of Sale Information and the Offering Memorandum will not violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any
other regulation of such Board of Governors. 
 (xx)    No General Solicitation or Directed Selling Efforts. None
of the Company or any of its affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers for, or offered or sold, the Securities by means of
any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) engaged in any directed
selling efforts within the meaning of Regulation S under the Securities Act (“Regulation S”), and all such persons have complied with the offering restrictions requirement of Regulation S. 

(yy)    Securities Law Exemptions. Assuming the accuracy of the representations and warranties of the Initial
Purchasers contained in Section 1(b) (including Annex C hereto) and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchasers and the offer,
resale and delivery of the Securities by the Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, to register the Securities under the Securities Act or to qualify the Indenture
under the Trust Indenture Act. 
 (zz)    No Stabilization. Neither the Company nor any of the Guarantors has
taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities. 

(aaa)    Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act) included or incorporated by reference in any of the Time of Sale Information or the Offering Memorandum has been made or reaffirmed without a reasonable basis or has been disclosed other than in
good faith. 
 (bbb)    Statistical and Market Data. Nothing has come to the attention of the Company or any
Guarantor that has caused the Company or such Guarantor to believe that the statistical and market-related data included or incorporated by reference in the each of the Time of Sale Information and the Offering Memorandum is not based on or derived
from sources that are reliable and accurate in all material respects. 
 (ccc)    Independent Petroleum Engineers.
DeGolyer and MacNaughton, who has prepared certain reserve information of the Company, the Guarantors and their respective subsidiaries has represented to the Company and the Guarantors that they are, and to the knowledge of the Company and the
Guarantors are, independent petroleum engineers in accordance with guidelines established by the Commission, respectively. 

 (ddd)    Reserve Report Data. The oil and gas reserve estimates of the
Company and the Guarantors included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum are derived from reports that have been prepared by DeGolyer and MacNaughton as set forth and to the extent
indicated therein, and have been prepared in accordance with Commission guidelines in all material respects, and the Company and the Guarantors have no reason to believe that such estimates do not fairly reflect, in all material respects, the oil
and gas reserves of the Company and such Guarantors as of the dates indicated therein. Other than production of the reserves in the ordinary course of business, intervening product price fluctuations, fluctuations in demand for such products,
adverse weather conditions, unavailability or increased costs of rigs, services, supplies or personnel, the timing of third party operations and other facts, in each case in the ordinary course of business, and as described in each of the Time of
Sale Information and the Offering Memorandum, the Company and the Guarantors are not aware of any facts or circumstances that would cause a Material Adverse Effect in the reserves or the present value of future net cash flows therefrom as described
in each of the Time of Sale Information and the Offering Memorandum. 
 (eee)    Sarbanes-Oxley Act. There is and
has been no failure on the part of the Company or, to the knowledge of the Company, any of the Company’s directors or officers, in their capacities as such, to comply with any applicable provision of the Sarbanes-Oxley Act of 2002, as amended
and any applicable rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including Section 402 related to loans and Sections 302 and 906 related to certifications. 

4.    Further Agreements of the Company and the Guarantors. The Company and the Guarantors jointly and severally
covenant and agree with each Initial Purchaser that: 
 (a)    Delivery of Copies. The Company will deliver,
without charge, to the Initial Purchasers as many copies of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including all amendments and supplements thereto) as
the Representative may reasonably request. 
 (b)    Offering Memorandum, Amendments or Supplements. Before
finalizing the Offering Memorandum or making or distributing any amendment or supplement to any of the Time of Sale Information or the Offering Memorandum or filing with the Commission any document that will be incorporated by reference therein, the
Company will furnish to the Representative and counsel for the Initial Purchasers a copy of the proposed Offering Memorandum or such amendment or supplement or document to be incorporated by reference therein for review, and will not distribute any
such proposed Offering Memorandum, amendment or supplement or file any such document with the Commission to which the Representative reasonably objects. 

 (c)    Additional Written Communications. Before making, using,
authorizing, approving or referring to any Issuer Written Communication, the Company and the Guarantors will furnish to the Representative and counsel for the Initial Purchasers a copy of such written communication for review and will not make, use,
authorize, approve or refer to any such written communication to which the Representative reasonably objects. 

(d)    Notice to the Representative. The Company will advise the Representative promptly, and confirm such advice
in writing, (i) of the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or the initiation or
threatening of any proceeding for that purpose; (ii) of the occurrence of any event at any time prior to the completion of the initial offering of the Securities as a result of which any of the Time of Sale Information, any Issuer Written
Communication or the Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances
existing when such Time of Sale Information, Issuer Written Communication or the Offering Memorandum is delivered to a purchaser, not misleading; and (iii) of the receipt by the Company of any notice with respect to any suspension of the
qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such order preventing or
suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or suspending any such qualification of the Securities and, if any such order is issued, will use its reasonable best efforts to
obtain as soon as possible the withdrawal thereof. 
 (e)    Time of Sale Information. If at any time prior to
the Closing Date (i) any event shall occur or condition shall exist as a result of which any of the Time of Sale Information as then amended or supplemented would include any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (ii) it is necessary to amend or supplement the Time of Sale Information to comply with law, the Company
will immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to the Time of Sale Information (or any document to be filed with
the Commission and incorporated by reference therein) as may be necessary so that the statements in any of the Time of Sale Information as so amended or supplemented (including such documents to be incorporated by reference therein) will not, in the
light of the circumstances under which they were made, be misleading or so that any of the Time of Sale Information will comply with law. 

(f)    Ongoing Compliance of the Offering Memorandum. If at any time prior to the completion of the initial
offering of the Securities (i) any event shall occur or condition shall exist as a result of which the Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the 

 
circumstances existing when the Offering Memorandum is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Offering Memorandum to comply with law, the
Company will immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to the Offering Memorandum (or any document to be filed
with the Commission and incorporated by reference therein) as may be necessary so that the statements in the Offering Memorandum as so amended or supplemented (including such document to be incorporated by reference therein) will not, in the light
of the circumstances existing when the Offering Memorandum is delivered to a purchaser, be misleading or so that the Offering Memorandum will comply with law. 

(g)    Blue Sky Compliance. The Company will qualify the Securities for offer and sale under the securities or Blue
Sky laws of such jurisdictions as the Representative shall reasonably request and will continue such qualifications in effect so long as required for the offering and resale of the Securities; provided that neither the Company nor any of the
Guarantors shall be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of
process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject. 

(h)    Clear Market. During the period from the date hereof through and including the date that is 30 days after
the date hereof, the Company and each of the Guarantors will not, without the prior written consent of the Representative, offer, sell, contract to sell or otherwise dispose of any debt securities issued or guaranteed by the Company or any of the
Guarantors and having a tenor of more than one year. 
 (i)    Use of Proceeds. The Company will apply the net
proceeds from the sale of the Securities as described in each of the Time of Sale Information and the Offering Memorandum under the heading “Use of proceeds.” 

(j)    Supplying Information. While the Securities remain outstanding and are “restricted securities”
within the meaning of Rule 144(a)(3) under the Securities Act, the Company and each of the Guarantors will, during any period in which the Company is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to
holders of the Securities and prospective purchasers of the Securities designated by such holders, upon the request of such holders or such prospective purchasers, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act. 
 (k)    DTC. The Company will assist the Initial Purchasers in arranging for the Securities to
be eligible for clearance and settlement through DTC. 
 (l)    No Resales by the Company. The Company will not,
and will not permit any of its affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by the Company or any of its affiliates and
resold in a transaction registered under the Securities Act. 

 (m)    No Integration. Neither the Company nor any of its affiliates
(as defined in Rule 501(b) of Regulation D) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Securities Act), that is or will be integrated with
the sale of the Securities in a manner that would require registration of the Securities under the Securities Act. 

(n)    No General Solicitation or Directed Selling Efforts. None of the Company, the Guarantors or any of their
respective affiliates or any other person acting on their behalf (other than the Initial Purchasers, as to which no covenant is given) will (i) solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or
general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) engage in any directed selling efforts within the meaning of
Regulation S, and all such persons will comply with the offering restrictions requirement of Regulation S. 

(o)    No Stabilization. Neither the Company nor any of the Guarantors will take, directly or indirectly, any
action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities. 

(p)    Reports. So long as the Securities are outstanding, the Company will furnish to the Representative, as soon
as they are available, copies of all reports or other communications (financial or other) furnished to holders of the Securities, and copies of any reports and financial statements furnished to or filed with the Commission or any national securities
exchange or automatic quotation system; provided the Company will be deemed to have furnished such reports and financial statements to the Representative to the extent they are filed on the Commission’s Electronic Data Gathering, Analysis, and
Retrieval system. 
 (q)    Record Retention. The Company will, pursuant to reasonable procedures developed in
good faith, retain copies of each Issuer Written Communication that is not filed with the Commission in accordance with Rule 433 under the Securities Act. 

(r)    Amendment. Prior to the Closing Date, the Company and the Guarantors shall have entered into the Amendment
consistent in all material respects with the terms described in the Time of Sale Information and the Offering Memorandum and the Representative shall have received conformed counterparts thereof. 

5.     Certain Agreements of the Initial Purchasers. Each Initial Purchaser hereby represents and agrees that it
has not and will not use, authorize use of, refer to, or participate in the planning for use of, any written communication that constitutes an offer to sell or the solicitation of an offer to buy the Securities other than (i) the Preliminary
Offering Memorandum and the Offering Memorandum, (ii) any written communication that contains either (a) no “issuer information” (as defined in Rule 433(h)(2) under the Securities Act) or (b) “issuer information” that
was included (including through incorporation by reference) in the Time of Sale Information or the Offering Memorandum, (iii) any written communication listed on Annex A or prepared pursuant to Section 4(c) (including any electronic road show)
above, (iv) any written 

 
communication prepared by such Initial Purchaser and approved by the Company and the Representative in advance in writing or (v) any written communication relating to or that contains the
terms of the Securities and/or other information that was included (including through incorporation by reference) in the Time of Sale Information or the Offering Memorandum. 

6.    Conditions of Initial Purchasers’ Obligations. The obligation of each Initial Purchaser to purchase the
Securities on the Closing Date as provided herein is subject to the performance by the Company and each of the Guarantors of their respective covenants and other obligations hereunder and to the following additional conditions: 

(a)    Representations and Warranties. The representations and warranties of the Company and the Guarantors
contained herein shall be true and correct on the date hereof and on and as of the Closing Date; and the statements of the Company, the Guarantors and their respective officers made in any certificates delivered pursuant to this Agreement shall be
true and correct on and as of the Closing Date. 
 (b)    No Downgrade. Subsequent to the earlier of (A) the
Time of Sale and (B) the execution and delivery of this Agreement, if there are any debt securities or preferred stock of, or guaranteed by, the Company, the Guarantors or any of their respective subsidiaries that are rated by a
“nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) of the Exchange Act, (i) no downgrading shall have occurred in the rating accorded any such debt securities or preferred stock and
(ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of any such debt securities or preferred stock (other than an announcement with positive
implications of a possible upgrading). 
 (c)    No Material Adverse Change. No event or condition of a type
described in Section 3(f) hereof shall have occurred or shall exist, which event or condition is not described in each of the Time of Sale Information (excluding any amendment or supplement thereto) and the Offering Memorandum (excluding any
amendment or supplement thereto) and the effect of which in the judgment of the Representative makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the Closing Date on the terms and in the manner
contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum. 

(d)    Officer’s Certificate. The Representative shall have received on and as of the Closing
Date a certificate of the chief financial officer or chief accounting officer of the Company and of each Guarantor and one additional senior executive officer of the Company and of each Guarantor who is satisfactory to the Representative
(i) confirming that such officers have carefully reviewed the Time of Sale Information and the Offering Memorandum and, to the knowledge of such officers, the representations set forth in Sections 3(a) and 3(b) hereof are true and correct,
(ii) confirming that the other representations and warranties of the Company and each of the Guarantors in this Agreement are true and correct and that the Company and each Guarantor has complied with all agreements and satisfied all conditions
on its part to be performed or satisfied 

 
hereunder at or prior to the Closing Date, (iii) confirming that, to the knowledge of such officers, except as described in each of the Time of Sale Information and the Offering Memorandum,
(A) there are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which the Company, the Guarantors or any of their respective subsidiaries is or may be a party or to which any property of the Company,
the Guarantors or any of their respective subsidiaries is or may be the subject which, individually or in the aggregate, if determined adversely to the Company, the Guarantors or any of their respective subsidiaries, could reasonably be expected to
have a Material Adverse Effect; (B) no such investigations, actions, suits or proceedings are threatened or contemplated by any governmental or regulatory authority or threatened by others; and (C) there are no current or pending legal,
governmental or regulatory actions, suits or proceedings that would be required to be disclosed on a registration statement on Form S-1 under the Securities Act and that are not so described in each of the
Time of Sale Information and the Offering Memorandum, and (iv) to the effect set forth in paragraphs (b) and (c) above. 

(e)    Accountant’s Comfort Letters. On the date of this Agreement and on the Closing Date, each of
Ernst & Young LLP, Grant Thornton LLP, Weaver and Tidwell, L.L.P. and BDO USA, LLP shall have furnished to the Representative, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the
Initial Purchasers, in form and substance reasonably satisfactory to the Representative, containing statements and information of the type customarily included in accountants’ “comfort letters” to Initial Purchasers with respect to
the financial statements and certain financial information contained or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum; provided, that the letter delivered on the Closing Date shall use a “cut-off” date no more than three business days prior to the Closing Date. 

(f)    Engineer’s Comfort Letter. On the date of this Agreement and on the Closing Date, DeGolyer and
MacNaughton shall have furnished to the Representative, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers (i) confirming that it is an independent petroleum
engineering firm, (ii) confirming, as of such date, its estimates contained in the reserve reports, as of its date, with respect to: (A) the estimated quantities of the Company’s proved net reserves, (B) the future net revenues
from those reserves, (C) their present value as set forth in the Time of Sale Information and the Offering Memorandum and (D) such related matters as the Representative shall reasonably request. 

(g)    Chief Financial Officer’s Certificate. On the date of this Agreement and on the Closing Date, the
Representative shall have received from the chief financial officer of the Company a certificate, dated as of the date of this Agreement and the Closing Time, respectively, in the form attached as Exhibit B hereto, relating to the accuracy of
certain financial information contained in each of the Time of Sale Information and the Offering Memorandum. 

(h)    Opinion and 10b-5 Statement of Counsel for the Company. Haynes and
Boone, LLP, counsel for the Company, shall have furnished to the Representative, at the 

 
request of the Company, its written opinion and 10b-5 statement, dated the Closing Date and addressed to the Initial Purchasers, in form and substance
reasonably satisfactory to the Representative, to the effect set forth in Annex D hereto. 
 (i)    Opinion and 10b-5 Statement of Counsel for the Initial Purchasers. The Representative shall have received on and as of the Closing Date an opinion and 10b-5 statement of Davis
Polk & Wardwell LLP, counsel for the Initial Purchasers, with respect to such matters as the Representative may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable
them to pass upon such matters. 
 (j)    No Legal Impediment to Issuance. No action shall have been taken and no
statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date prevent the issuance or sale of the Securities; and no injunction
or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date prevent the issuance or sale of the Securities. 

(k)    Good Standing. The Representative shall have received on and as of the Closing Date satisfactory evidence of
the good standing of the Company, the Guarantors and their respective subsidiaries in their respective jurisdictions of organization and their good standing as foreign entities in such other jurisdictions as the Representative may reasonably
request, in each case in writing or any standard form of telecommunication from the appropriate governmental authorities of such jurisdictions. 

(l)    Registration Rights Agreement. The Initial Purchasers shall have received a counterpart of the Registration
Rights Agreement that shall have been executed and delivered by a duly authorized officer of the Company and each of the Guarantors. 

(m)    DTC. The Securities shall be eligible for clearance and settlement through DTC. 

(n)    Indenture and Securities. The Indenture shall have been duly executed and delivered by a duly authorized
officer of the Company, each of the Guarantors, and the Trustee, and the Securities shall have been duly executed and delivered by a duly authorized officer of the Company and duly authenticated by the Trustee. 

(o)    Amendment. On or prior to the Closing Date the Amendment shall have been entered into by the parties thereto
in form reasonably satisfactory to the Representative and the Initial Purchasers shall have received an executed copy thereof. 

(p)    Additional Documents. On or prior to the Closing Date, the Company and the Guarantors shall have furnished
to the Representative such further certificates and documents as the Representative may reasonably request. 
 All opinions, letters,
certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers. 

 7.    Indemnification and Contribution. 

(a)    Indemnification of the Initial Purchasers. The Company and each of the Guarantors jointly and severally agree
to indemnify and hold harmless each Initial Purchaser, their affiliates, directors and officers and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such
fees and expenses are incurred), joint or several, that arise out of, or are based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, any of the other Time of Sale
Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light of
the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made
in reliance upon and in conformity with any information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representative expressly for use therein, it being understood and agreed that the
only such information furnished by any Initial Purchaser consists of the information described as such in subsection (b) below. 

(b)    Indemnification of the Company and the Guarantors. Each Initial Purchaser agrees, severally and not jointly,
to indemnify and hold harmless the Company, each of the Guarantors, each of their respective directors and officers and each person, if any, who controls the Company or any of the Guarantors within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or
omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representative expressly for
use in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto), it being understood and agreed upon that the only such
information furnished by any Initial Purchaser consists of the following information in the Preliminary Offering Memorandum and the Offering Memorandum: the second and third sentence of the seventh paragraph and the first sentence of the ninth
paragraph. 
 (c)    Notice and Procedures. If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the “Indemnified Person”)
shall promptly 

 
notify the person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall
not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided,
further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or
asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified
Person, be counsel to the Indemnifying Person) to represent the Indemnified Person in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall
have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i)) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary;
(ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available
to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and
representation of both parties by the same counsel would be inappropriate due to actual or potential differing interest between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be paid or reimbursed as they are
incurred. Any such separate firm for any Initial Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall be designated in writing by the Representative and any such separate firm for the Company, the
Guarantors, their respective directors and officers and any control persons of the Company and the Guarantors shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected
without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement
or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the
Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the
Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of
any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been 

 
sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such
Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

 (d)    Contribution. If the indemnification provided for in paragraphs (a) or (b) above is unavailable to
an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to
the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one
hand, and the Initial Purchasers on the other, from the offering of the Securities or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) but also the relative fault of the Company and the Guarantors, on the one hand, and the Initial Purchasers on the other, in connection with the statements or omissions that resulted in such losses, claims,
damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Guarantors, on the one hand, and the Initial Purchasers on the other, shall be deemed to be in the same respective
proportions as the net proceeds (before deducting expenses) received by the Company from the sale of the Securities and the total discounts and commissions received by the Initial Purchasers in connection therewith, as provided in this Agreement,
bear to the aggregate offering price of the Securities. The relative fault of the Company and the Guarantors, on the one hand, and the Initial Purchasers on the other, shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or any Guarantor or by the Initial Purchasers and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or omission. 
 (e)    Limitation on
Liability. The Company, the Guarantors and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to paragraph (d) above were determined by pro rata allocation (even if the Initial Purchasers
were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of
the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such
action or claim. Notwithstanding the provisions of paragraphs (d) and (e), in no event shall an Initial Purchaser be required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Initial
Purchaser with respect to the offering of the Securities exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation 

 
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’
obligations to contribute pursuant to paragraphs (d) and (e) are several in proportion to their respective purchase obligations hereunder and not joint. 

(f)    Non-Exclusive Remedies. The remedies provided for in this
Section 7 paragraphs (a) through (e) are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity. 

8.    Effectiveness of Agreement. This Agreement shall become effective upon the execution and delivery hereof by
the parties hereto. 
 9.    Termination. This Agreement may be terminated in the absolute discretion of the
Representative, by notice to the Company, if after the execution and delivery of this Agreement and on or prior to the Closing Date (a) trading generally shall have been suspended or materially limited on or by any of the New York Stock
Exchange or The Nasdaq Stock Market; (b) trading of any securities issued or guaranteed by the Company or any of the Guarantors shall have been suspended on any exchange or in any
over-the-counter market; (c) a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities; or
(d) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representative, is material and
adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum. 

10.    Defaulting Initial Purchaser. 

(a)    If, on the Closing Date, any Initial Purchaser defaults on its obligation to purchase the Securities that it has
agreed to purchase hereunder on such date, the non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Securities by other persons satisfactory to the Company on the terms
contained in this Agreement. If, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Company
shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase such Securities on such terms. If other persons become
obligated or agree to purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or the Company may postpone the Closing Date for up to five full business days in
order to effect any changes that in the opinion of counsel for the Company or counsel for the Representative may be necessary in the Time of Sale Information, the Offering Memorandum or in any other document or arrangement, and the Company agrees to
promptly prepare any amendment or supplement to the Time of Sale Information or the Offering Memorandum that effects any such changes. As used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this
Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 10, purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase. 

 (b)    If, after giving effect to any arrangements for the purchase of the
Securities of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such
Securities that remains unpurchased on the Closing Date does not exceed one-eleventh of the aggregate principal amount of all the Securities to be purchased on such date, then the Company shall have the right
to require each non-defaulting Initial Purchaser to purchase the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder on such date plus such Initial Purchaser’s pro rata
share (based on the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder on such date) of the Securities of such defaulting Initial Purchaser or Initial Purchasers for which such arrangements have not been made.

 (c)    If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial
Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased on
the Closing Date exceeds one-eleventh of the aggregate principal amount of all the Securities to be purchased on such date, or if the Company shall not exercise the right described in paragraph (b) above,
then this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers. Any termination of this Agreement pursuant to this Section 10 shall be without liability on the
part of the Company or the Guarantors, except that the Company and each of the Guarantors will continue to be liable for the payment of expenses as set forth in Section 11 hereof and except that the provisions of Section 7 hereof shall not
terminate and shall remain in effect. 
 (d)    Nothing contained herein shall relieve a defaulting Initial Purchaser of
any liability it may have to the Company, the Guarantors or any non-defaulting Initial Purchaser for damages caused by its default. 

11.    Payment of Expenses.  

(a)    Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the
Company and each of the Guarantors jointly and severally agree to pay or cause to be paid all costs and expenses incident to the performance of their respective obligations hereunder, including without limitation, (i) the costs incident to the
authorization, issuance, sale, preparation and delivery of the Securities and any taxes payable in that connection; (ii) the costs incident to the preparation and printing of the Preliminary Offering Memorandum, any other Time of Sale
Information, any Issuer Written Communication and the Offering Memorandum (including any amendment or supplement thereto) and the distribution thereof; (iii) the costs of reproducing and distributing each of the Transaction Documents;
(iv) the fees and expenses of the Company’s and the Guarantors’ counsel and independent accountants; (v) the fees and expenses incurred in connection with the registration or qualification and determination of eligibility for
investment of the Securities under the laws of such jurisdictions as the 

 
Representative may designate and the preparation, printing and distribution of a Blue Sky Memorandum (including the related fees and expenses of counsel for the Initial Purchasers); (vi) any
fees charged by rating agencies for rating the Securities; (vii) the fees and expenses of the Trustee and any paying agent (including related fees and expenses of any counsel to such parties); (viii) all expenses and application fees incurred
in connection with the approval of the Securities for book-entry transfer by DTC; (ix) all expenses incurred by the Company in connection with any “road show” presentation to potential investors. 

(b)    If (i) this Agreement is terminated pursuant to Section 9, (ii) the Company for any reason fails to
tender the Securities for delivery to the Initial Purchasers or (iii) the Initial Purchasers decline to purchase the Securities for any reason permitted under this Agreement, the Company and each of the Guarantors jointly and severally agrees
to reimburse the Initial Purchasers for all out-of-pocket costs and expenses (including the reasonable fees and expenses of their counsel) reasonably incurred by the
Initial Purchasers in connection with this Agreement and the offering contemplated hereby. 
 12.    Persons Entitled
to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and any controlling persons referred to in Section 7 hereof. Nothing
in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Securities from any Initial Purchaser
shall be deemed to be a successor merely by reason of such purchase. 
 13.    Survival. The respective
indemnities, rights of contribution, representations, warranties and agreements of the Company, the Guarantors and the Initial Purchasers contained in this Agreement or made by or on behalf of the Company, the Guarantors or the Initial Purchasers
pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made
by or on behalf of the Company, the Guarantors or the Initial Purchasers. 
 14.     Certain Defined Terms. For
purposes of this Agreement, (a) except where otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than a day
on which banks are permitted or required to be closed in New York City; (c) the term “subsidiary” has the meaning set forth in Rule 405 under the Securities Act; (d) the term “Exchange Act” means the Securities Exchange
Act of 1934, as amended; (e) the term “written communication” has the meaning set forth in Rule 405 under the Securities Act; and (f) the term “significant subsidiary” has the meaning set forth in Rule 1-02 of Regulation S-X under the Exchange Act. 

15.    Compliance with USA Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their 

 
respective clients, including the Company and the Guarantors, which information may include the name and address of their respective clients, as well as other information that will allow the
Initial Purchasers to properly identify their respective clients. 
 16.    Miscellaneous. 

(a)    Authority of the Representative. Any action by the Initial Purchasers hereunder may be taken by J.P. Morgan
Securities LLC on behalf of the Initial Purchasers, and any such action taken by J.P. Morgan Securities LLC shall be binding upon the Initial Purchasers. 

(b)    Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been
duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Initial Purchasers shall be given to the Representative to c/o J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York, 10179
(fax: 212-270-1063), Attention: Jack Smith. Notices to the Company and the Guarantors shall be given to them at Callon Petroleum Company, 200 North Canal St., Natchez,
Mississippi 39120; Attention: Joseph C. Gatto, Jr. 
 (c)    Governing Law. This Agreement and any claim,
controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in such state. 

(d)    Submission to Jurisdiction. The Company and each of the Guarantors hereby submit to the exclusive
jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan in The City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Company and each of
the Guarantors waive any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding in such courts. Each of the Company and each of the Guarantors agrees that final judgment in any such suit, action or
proceeding brought in such court shall be conclusive and binding upon the Company and each Guarantor, as applicable, and may be enforced in any court to the jurisdiction of which Company and each Guarantor, as applicable, is subject by a suit upon
such judgment. 
 (e)    Waiver of Jury Trial. Each of the parties hereto hereby waives any right to trial by
jury in any suit or proceeding arising out of or relating to this Agreement. 
 (f)    Counterparts. This
Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. 

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

 (h)    Headings. The headings herein are included for convenience of
reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. 

 If the foregoing is in accordance with your understanding, please indicate your acceptance of
this Agreement by signing in the space provided below. 
  

					
	Very truly yours,
	
	CALLON PETROLEUM COMPANY
		
	By:	 	 /s/ Joseph C. Gatto Jr.

		 	Name:	 	Joseph C. Gatto Jr.
		 	Title:	 	President and CFO
	
	CALLON PETROLEUM OPERATING COMPANY
		
	By:	 	 /s/ Joseph C. Gatto Jr.

		 	Name:	 	Joseph C. Gatto Jr.
		 	Title:	 	President and CFO

 Accepted: As of the date first written above 
  

			
	J.P. MORGAN SECURITIES LLC
		
	By:	 	 /s/ Jack D. Smith

		 	Authorized Signatory

 For itself and on behalf of the several Initial Purchasers listed in Schedule 1 hereto. 

[Signature page to Purchase Agreement] 

 Schedule 1 
  

					
	 Initial Purchaser
	  	Principal Amount
of Securities	 
	 J.P. Morgan Securities LLC
	  	$	64,000,000	 
	 Merrill Lynch, Pierce, Fenner & Smith

                   
  Incorporated
	  	$	17,000,000	 
	 Barclays Capital Inc.
	  	$	17,000,000	 
	 Citigroup Global Markets Inc.
	  	$	17,000,000	 
	 RBC Capital Markets, LLC
	  	$	17,000,000	 
	 Capital One Securities, Inc.
	  	$	7,500,000	 
	 Credit Suisse Securities (USA) LLC
	  	$	7,500,000	 
	 Scotia Capital (USA) Inc.
	  	$	7,500,000	 
	 SunTrust Robinson Humphrey, Inc.
	  	$	7,500,000	 
	 Banco Bilbao Vizcaya Argentaria, S.A.
	  	$	4,750,000	 
	 BOK Financial Securities, Inc.
	  	$	4,750,000	 
	 CIBC World Markets Corp
	  	$	4,750,000	 
	 CIT Capital Securities LLC
	  	$	4,750,000	 
	 IBERIA Capital Partners L.L.C.
	  	$	4,750,000	 
	 KeyBanc Capital Markets Inc.
	  	$	4,750,000	 
	 Regions Securities LLC
	  	$	4,750,000	 
	 Hancock Investment Services, Inc.
	  	$	4,750,000	 
		  	  
	  
	 
	 Total
	  	$	200,000,000	 
		  	  
	  
	 

  
 Schedule 1-1 

 Schedule 2 

Significant Subsidiaries 

Callon Petroleum Operating Company 

  
 Schedule 2-1 

 Annex A 

Additional Time of Sale Information 

1.    Term sheet containing the terms of the Securities, substantially in the form of Annex B. 

  
 Annex A-1 

 Annex B 

Callon Petroleum Company 

$200,000,000 6.125% Senior Notes due 2024 

May 19, 2017 
 The information in this
pricing term sheet supplements the Preliminary Offering Memorandum of Callon Petroleum Company (the “Company”) dated May 19, 2017 (the “Preliminary Offering Memorandum”) and updates and supersedes the information in the
Preliminary Offering Memorandum to the extent it is inconsistent with the information in the Preliminary Offering Memorandum. Terms used and not defined herein have the meanings assigned in the Preliminary Offering Memorandum. 

 

			
	Issuer	  	Callon Petroleum Company
		
	Title of Securities	  	 6.125% Senior Notes due 2024 (the “New Notes”)
  

The New Notes will be additional notes issued under the Indenture pursuant to which the Company previously issued $400,000,000 aggregate principal amount of
its 6.125% Senior Notes due 2024 (the “Existing Notes” and, together with the New Notes, the “Notes”)

		
	Size	  	$200,000,000
		
	Gross Proceeds	  	$208,250,000
		
	Distribution	  	144A/Regulation S with Registration Rights
		
	Maturity Date	  	October 1, 2024
		
	Issue Price	  	104.125%, plus accrued interest from April 1, 2017
		
	Coupon	  	6.125%
		
	Yield to Worst	  	5.230%
		
	Benchmark Treasury	  	UST 1.875% due April 30, 2022
		
	Spread to Benchmark Treasury	  	+344 basis points
		
	Interest Payment Dates	  	April 1 and October 1 of each year, beginning on October 1, 2017
		
	Ratings*	  	B3 (Moody’s) /B+ (S&P)
		
	Trade Date	  	May 19, 2017
		
	Settlement Date	  	May 24, 2017 (T+3)
		
	Make-Whole Redemption	  	Make-whole redemption at Treasury Rate + 50 basis points prior to October 1, 2019

  
 Annex B-1 

					
	Optional Redemption	  	On or after October 1, 2019 at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, if any, on the Notes redeemed during the twelve-month period
indicated beginning on October 1 of the years indicated below:

  

					
	 Year
	  	Price	 
	2019	  	 	104.594	% 
	2020	  	 	103.063	% 
	2021	  	 	101.531	% 
	2022 and thereafter	  	 	100.000	% 

  

					
	Equity Clawback	  	Up to 35% at 106.125% prior to October 1, 2019
		
	Change of Control	  	101% plus accrued and unpaid interest
		
	Joint Book-Running Managers	  	 J.P. Morgan Securities LLC

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Barclays Capital Inc.
 Citigroup Global Markets Inc.

RBC Capital Markets, LLC

		
	Senior Co-Managers	  	 Capital One Securities, Inc.

Credit Suisse Securities (USA) LLC
 Scotia Capital (USA) Inc.

SunTrust Robinson Humphrey, Inc.

		
	Co-Managers	  	 Banco Bilbao Vizcaya Argentaria, S.A.

BOK Financial Securities, Inc.
 CIBC World Markets Corp

CIT Capital Securities LLC
 IBERIA Capital Partners L.L.C.

KeyBanc Capital Markets Inc.
 Regions Securities LLC

Hancock Investment Services, Inc.

		
	CUSIP Numbers (New Notes)	  	 Rule 144A: 13123XAU6
 Regulation
S: U1303XAD8

		
	ISIN Numbers (New Notes)	  	 Rule 144A: US13123XAU63

Regulation S: USU1303XAD85

		
	Denominations	  	Minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof

  
  

 

	*	Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time 

This material is strictly confidential and has been prepared by the Issuer solely for use in connection with the proposed offering of the securities
described in the Preliminary Offering Memorandum. This material is personal to each offeree and does not constitute an offer to any other person or the public generally to subscribe for or otherwise acquire the securities. Please refer to the
Preliminary Offering Memorandum for a complete description. 

  
 Annex B-2 

 The securities have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), and are being offered only to (1) “qualified institutional buyers” as defined in Rule 144A under the Securities Act and (2) outside the United States to non-U.S. persons in
compliance with Regulation S under the Securities Act, and this communication is only being distributed to such persons. 
 This communication is not
an offer to sell the securities and it is not a solicitation of an offer to buy the securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 

Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was
automatically generated as a result of this communication being sent by Bloomberg or another email system. 

  
 Annex B-3 

 Annex C 

Restrictions on Offers and Sales Outside the United States 

In connection with offers and sales of Securities outside the United States: 

(a)    Each Initial Purchaser acknowledges that the Securities have not been registered under the Securities Act and may
not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act. 

(b)    Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 

(i)    Such Initial Purchaser has offered and sold the Securities, and will offer and sell the Securities,
(A) as part of their distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering of the Securities and the Closing Date, only in accordance with Regulation S under the Securities Act
(“Regulation S”) or Rule 144A or any other available exemption from registration under the Securities Act. 

(ii)    None of such Initial Purchaser or any of its affiliates or any other person acting on its or their
behalf has engaged or will engage in any directed selling efforts with respect to the Securities, and all such persons have complied and will comply with the offering restrictions requirement of Regulation S. 

(iii)    At or prior to the confirmation of sale of any Securities sold in reliance on Regulation S, such
Initial Purchaser will have sent to each distributor, dealer or other person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution compliance period a confirmation or notice to
substantially the following effect: 
 The Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as
amended (the “Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days
after the later of the commencement of the offering of the Securities and the date of original issuance of the Securities, except in accordance with Regulation S or Rule 144A or any other available exemption from registration under the Securities
Act. Terms used above have the meanings given to them by Regulation S. 
 (iv)    Such Initial Purchaser
has not and will not enter into any contractual arrangement with any distributor with respect to the distribution of the Securities, except with its affiliates or with the prior written consent of the Company. 

 Terms used in paragraph (a) and this paragraph (b) and not otherwise defined in this Agreement have the
meanings given to them by Regulation S.EX-10.1

 Exhibit 10.1 

REINSURANCE GROUP OF AMERICA, INCORPORATED 

FLEXIBLE STOCK PLAN 
 As
Amended and Restated Effective May 23, 2017 

 REINSURANCE GROUP OF AMERICA, INCORPORATED 

FLEXIBLE STOCK PLAN 

ARTICLE I 
 NAME AND
PURPOSE 
 1.1    Name. The name of this Plan is the “Reinsurance Group of America, Incorporated
Flexible Stock Plan.” 
 1.2    Purpose. The Company has established this Plan to attract, retain, motivate
and reward Employees and other individuals, to encourage ownership of the Company’s Common Stock by Employees and other individuals, and to promote and further the best interests of the Company by granting cash and other awards. The Plan is
hereby amended and restated as provided herein. 
 ARTICLE II 

DEFINITIONS OF TERMS AND RULES OF CONSTRUCTION 

2.1    General Definitions. The following words and phrases, when used in the Plan, unless otherwise specifically
defined or unless the context clearly otherwise requires, shall have the following respective meanings: 
  

	 	(a)	Affiliate. Any corporation that is a Subsidiary of the Company or a Subsidiary of a Parent and, for purposes other than the grant of ISOs, any limited liability company, partnership, corporation, joint venture,
or any other entity in which the Company or any such Subsidiary owns an equity interest. 

  

	 	(b)	Agreement. A written contract entered into between the Company or an Affiliate and a Participant or, in the discretion of the Committee, a written certificate issued by the Company or an Affiliate to a
Participant, in either case, containing or incorporating the terms and conditions of a Benefit in such form (not inconsistent with this Plan) as the Committee approves from time to time, together with all amendments thereof, which amendments may be
made unilaterally by the Company (with the approval of the Committee) unless such amendments are deemed by the Committee to be materially adverse to the Participant and are not required as a matter of law, or such other relevant written contract
entered into between the Company or an Affiliate and a Participant and approved by the Committee. 

  

	 	(c)	Benefit. Any benefit granted to a Participant under the Plan. 

  

	 	(d)	Board. The Board of Directors of the Company. 

  

	 	(e)	Cash Award. A Benefit payable in the form of cash. 

  
 1 

	 	(f)	Change of Control. The acquisition, without the approval of the Board, by any person or entity, other than the Company or a Related Entity, of more than 20% of the outstanding Shares through a tender offer,
exchange offer or otherwise; the liquidation or dissolution of the Company following a sale or other disposition of all or substantially all of its assets; a merger or consolidation involving the Company which results in the Company not being the
surviving parent corporation; or any time during any two-year period in which individuals who constituted the Board at the start of such period (or whose election was approved by at least two-thirds of the then members of the Board who were members at the start of the two-year period) do not constitute at least 50% of the Board for any reason. A “Related
Entity” is the Parent, a Subsidiary or any employee benefit plan (including a trust forming a part of such a plan) maintained by the Parent, the Company or a Subsidiary. 

 

	 	(g)	Code. The Internal Revenue Code of 1986, as amended and in effect from time to time, or any successor statute. Any reference to the Code includes the regulations promulgated pursuant to the Code.

  

	 	(h)	Company. Reinsurance Group of America, Incorporated, a Missouri corporation, or any successor to all or substantially all of its business by merger, consolidation, purchase of assets or otherwise.

  

	 	(i)	Committee. The Committee described in Section 5.1. 

  

	 	(j)	Common Stock. Any class of the Company’s common stock or any securities issued in respect thereof by the Company or any successor to the Company as a result of an event described in Section 3.3 or
ARTICLE IX hereof. 

  

	 	(k)	Effective Date. The date that the Plan, as amended and restated herein, is approved by the shareholders of the Company which must occur within one year before or after approval by the Board. 

 

	 	(l)	Employee. Any person employed as either a regular full-time employee or part-time employee by the Employer. 

  

	 	(m)	Employer. The Company and all Affiliates. 

  

	 	(n)	Exchange Act. The Securities Exchange Act of 1934, as amended. 

  

	 	(o)	Fair Market Value. The closing price of a Share on the New York Stock Exchange on a given date, or, in the absence of sales on a given date, the closing price on the New York Stock Exchange on the last day on
which a sale occurred prior to such date. If the Shares are not listed on the New York Stock Exchange, Fair Market Value shall be what the Committee determines in good faith to be 100% of the fair market value of a Share on that date. In the case of
an ISO, if such determination of Fair Market Value is not consistent with the then current regulations of the Secretary of the Treasury, Fair Market Value shall be determined in accordance with said regulations. The determination of Fair Market
Value shall be subject to adjustment as provided in Section 3.3 and ARTICLE IX hereof. 

  
 2 

	 	(p)	Fiscal Year. The taxable year of the Company which is the calendar year. 

  

	 	(q)	ISO. An Incentive Stock Option as defined in Section 422 of the Code, or any successor to such section. 

  

	 	(r)	NQSO. A Non-Qualified Stock Option, which is an Option that does not qualify as an ISO. 

 

	 	(s)	Option. An option to purchase Shares granted under the Plan. 

  

	 	(t)	Parent. Any corporation that is a “parent corporation,” as that term is defined in Section 424(e) of the Code, or any successor provision. 

 

	 	(u)	Participant. An individual who is granted a Benefit under the Plan. Benefits may be granted to Employees, consultants and independent contractors of the Company or an Affiliate, in the sole discretion of the
Committee. 

  

	 	(v)	Performance Share. A Share awarded to a Participant under ARTICLE XVI of the Plan. 

  

	 	(w)	Plan. The Reinsurance Group of America, Incorporated Flexible Stock Plan, as amended and restated herein, and all further amendments and supplements to it. 

 

	 	(x)	Restricted Stock. Shares issued under ARTICLE XV of the Plan. 

  

	 	(y)	RSU. A restricted stock unit, which represents the Participant’s right to receive one Share for each RSU held on the scheduled vesting date or other specified payment date. 

 

	 	(z)	Rule 16b-3. Rule 16b-3 promulgated by the SEC under the Exchange Act, as amended, or any successor rule in effect from time to time.

  

	 	(aa)	SEC. The Securities and Exchange Commission. 

  

	 	(bb)	Share. A share of Common Stock. 

  

	 	(cc)	SAR. A stock appreciation right, which is the right to receive an amount equal to the appreciation, if any, in the Fair Market Value of a Share from the date of the grant of the right to the date of its payment.

  

	 	(dd)	Stock Based Award. An award under ARTICLE XVIII that is valued in whole or in part by reference to, or is otherwise based on, Common Stock. 

 

	 	(ee)	Subsidiary. Any corporation that is a “subsidiary corporation,” as that term is defined in Section 424(f) of the Code, or any successor provision. 

  
 3 

 2.2    Other Definitions. In addition to the above definitions,
certain words and phrases used in the Plan and any Agreement may be defined in other portions of the Plan or in such Agreement. 

2.3    Conflicts in Plan. In the case of any conflict in the terms of the Plan relating to a Benefit, the
provisions in the ARTICLE of the Plan which specifically provides for such Benefit shall control those in a different ARTICLE. 
 ARTICLE
III 
 COMMON STOCK 

3.1    Number of Shares. The number of Shares which may be issued or sold or for which Options, SARs, Restricted
Stock, RSUs, Performance Shares or other Stock Based Awards may be granted under the Plan shall be 14,960,077 Shares, determined as 1,600,000 Shares available on and after the Effective Date plus the 13,360,077 Shares that were available under the
terms of the Plan prior to the Effective Date to the extent such Shares remain outstanding and available or become outstanding and available again hereunder. Such Shares may be authorized but unissued Shares (subject to payment of any required par
value), Shares held in the treasury, or both. 
 3.2    Reusage. If an Option or SAR expires or is terminated,
surrendered or cancelled without having been fully exercised, if Restricted Stock, RSUs or Performance Shares are forfeited, or if any other grant results in any Shares not being issued, the Shares covered by such Option or SAR, grant of Restricted
Stock, RSUs, Performance Shares or other grant, as the case may be, shall again be available for use under the Plan. In addition, Shares tendered or withheld in payment of the exercise price for an Option or SAR or in satisfaction of withholding
taxes for any Benefit shall be available again for use under the Plan. 
 3.3    Adjustments. If there is any
change in the Common Stock of the Company by reason of any extraordinary dividend, stock dividend, spin-off, split-up, spin-out,
recapitalization, warrant or rights issuance or combination, exchange or reclassification of shares, merger, consolidation, reorganization, sale of substantially all assets or, in the Committee’s sole discretion, other similar or relevant
event, then the number, kind and class of shares available for grants of Options, SARs, Restricted Stock, RSUs, Performance Shares and Other Stock Based Awards and the number, kind and class of shares subject to outstanding Options, SARs, grants of
Restricted Stock, RSUs and Performance Shares which are not vested, and Other Stock Based Awards, and the price thereof, as applicable, shall be appropriately adjusted by the Committee. The adjustment provisions of this Section 3.3 shall apply
to individual limitations under the Plan (e.g., limitations on the number of shares covered by any type of Benefit in any one year period). 

3.4    Exclusions from Share Limitation. The following will not be applied to the Share limitations of
Section 3.1 above: (a) dividends or dividend equivalents paid in cash in connection with outstanding Benefits, (b) Benefits which by their terms may be settled only in cash, (c) any Shares subject to a Benefit under the Plan
which Benefit is forfeited, cancelled, terminated, expires or lapses for any reason, and (d) Shares and any Benefits that are granted 

  
 4 

 
through the settlement, assumption, or substitution of outstanding awards previously granted, or through obligations to grant future awards, as the result of a merger, consolidation, or
acquisition of the employing company with or by the Company. 
 ARTICLE IV 

ELIGIBILITY 

4.1    Determined By Committee. The Participants and the Benefits they receive under the Plan shall be determined
solely by the Committee. In making its determinations, the Committee shall consider past, present and expected future contributions of Participants and potential Participants to the Employer, including, without limitation, the performance of, or the
refraining from the performance of, services. 
 ARTICLE V 

ADMINISTRATION 

5.1    Committee. The Plan shall be administered by the Compensation Committee of the Board, its successor or such
other committee as the Board may designate (the “Committee”). The members of the Committee shall be appointed by and shall serve at the pleasure of the Board, which may from time to time appoint members in substitution for members
previously appointed and fill vacancies, however caused, in the Committee. The Committee may select one of its members as its Chairman and shall hold its meetings at such times and places as it may determine. A majority of the Committee’s
members shall constitute a quorum. All determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing and signed by a majority of the members shall be fully as effective as if it had been
made by a majority vote at a meeting duly called and held. 
 5.2    Authority. Subject to the terms of the Plan,
the Committee shall have discretionary authority to: 
  

	 	(a)	determine the individuals to whom Benefits are granted, the type and amounts of Benefits to be granted and the time of all such grants; 

 

	 	(b)	determine the terms, conditions, provisions and restrictions that may apply to each Benefit granted, which determinations of the terms, conditions, provisions and restrictions need not be uniform among all Participants;

  

	 	(c)	interpret and construe the Plan and all Agreements; 

  

	 	(d)	prescribe, amend and rescind rules and regulations relating to the Plan; 

  

	 	(e)	determine the content and form of all Agreements; 

  

	 	(f)	determine all questions relating to Benefits under the Plan; 

  
 5 

	 	(g)	make all determinations as to the right to Benefits under the Plan, including the authority to review and approve or deny Participant claims for benefits; 

 

	 	(h)	maintain accounts, records and ledgers relating to Benefits; 

  

	 	(i)	maintain records concerning its decisions and proceedings; 

  

	 	(j)	employ agents, attorneys, accountants or other persons for such purposes as the Committee considers necessary or desirable; 

  

	 	(k)	take, at any time, any action permitted by Section 9.1 irrespective of whether any Change of Control has occurred or is imminent; 

 

	 	(l)	do and perform all acts which it may deem necessary or appropriate for the administration of the Plan and carry out the purposes of the Plan; and 

 

	 	(m)	correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any Benefit in the manner and to the extent it shall deem desirable. 

All determinations of the Committee in the administration of this Plan, as described herein, shall be final, binding and conclusive, including, without
limitation, as to any adjustments pursuant to Section 3.3. 
 5.3    Delegation. Except as required by Rule 16b-3 with respect to grants of Options, SARs, Restricted Stock, RSUs, Performance Shares, other Stock Based Awards, or other Benefits to individuals who are subject to Section 16 of the Exchange Act or as
otherwise required for compliance with Rule 16b-3, Code Section 162(m), or other applicable law, the Committee may delegate all or any part of its authority under the Plan to any Employee, Employees or
committee and may authorize further delegation by such committees to senior managers of the Company, in each case to the extent permitted by Missouri law; provided that, determinations regarding the timing, pricing, amount and terms of any Benefit
to a “reporting person” for purposes of Section 16 of the Exchange Act shall be made only by the Committee; and provided further that, no such delegation may be made that would cause Benefits or other transactions under this Plan to
cease to be exempt from Section 16(b) of the Exchange Act or cause a Benefit intended to qualify for favorable treatment under Section 162(m) of the Code not to qualify for, or to cease to qualify for, the favorable treatment under Section
162(m) of the Code. Any such delegation may be revoked by the Committee at any time. 
 5.4    Board Authority.
Any authority granted to the Committee may also be exercised by the Board or another committee of the Board, except to the extent that the grant or exercise of such authority would cause any Benefit intended to qualify for favorable treatment under
Section 162(m) of the Code to cease to qualify for the favorable treatment under Section 162(m) of the Code. To the extent that any permitted action taken by the Board conflicts with action taken by the Committee, the Board action shall control.
Without limiting the generality of the foregoing, to the extent the Board has delegated any authority under this Plan to another committee of the Board, such authority shall not be exercised by the Committee unless expressly permitted by the Board
in connection with such delegation. 

  
 6 

 ARTICLE VI 

AMENDMENT 

6.1    Power of Board. Except as hereinafter provided, the Board shall have the sole right and power to amend the
Plan at any time and from time to time. Except as provided in this ARTICLE VI, the Committee may at any time alter or amend any or all Agreements under this Plan to the extent permitted by law and subject to the requirements of Section 2.1(b), in
which event, as provided in Section 2.1(b), the term “Agreement” shall mean the Agreement as so amended. No termination, suspension or modification of this Plan may materially and adversely affect any right acquired by any Participant (or
a Participant’s legal representative) or any successor or permitted transferee under a Benefit granted before the date of termination, suspension or modification, unless otherwise provided in an Agreement or otherwise or required as a matter of
law. It is conclusively presumed that any adjustment for changes in capitalization in accordance with Section 3.3 or Appendix A hereof does not adversely affect any right of a Participant or other person under a Benefit. 

6.2    Limitation. The Board may not amend the Plan, without approval of the shareholders of the Company: 

 

	 	(a)	in a manner which would cause Options which are intended to qualify as ISOs to fail to qualify; 

  

	 	(b)	in a manner which would cause the Plan to fail to meet the requirements of Rule 16b-3 or Code Section 162(m); or 

 

	 	(c)	in a manner which would violate applicable law, regulation or stock exchange requirement. 

ARTICLE VII 
 TERM AND
TERMINATION 
 7.1    Term. The original effective date of the Plan was January 1, 1997 and the Plan as
Amended and Restated herein shall commence as of the Effective Date and, subject to the terms of the Plan, including those requiring approval by the shareholders of the Company and those limiting the period over which ISOs or any other Benefits may
be granted, shall continue in full force and effect until terminated. 
 7.2    Termination. The Plan will
terminate automatically on May 23, 2022. In addition, the Plan may be terminated at any time by the Board. The Plan will remain in effect with respect to outstanding Benefits until no Benefits remain outstanding. 

  
 7 

 ARTICLE VIII 

MODIFICATION OR TERMINATION OF BENEFITS 

8.1    General. Subject to the provisions of Section 8.2, the amendment or termination of the Plan shall not
adversely affect a Participant’s right to any Benefit granted prior to such amendment or termination. 

8.2    Committee’s Right. Any Benefit granted may be converted, modified, forfeited or cancelled, in whole or
in part, by the Committee if and to the extent permitted in the Plan or applicable Agreement or with the consent of the Participant to whom such Benefit was granted. The Committee may, for such consideration (if any) as it may deem adequate and with
the prior consent of the Participant, modify the terms of an outstanding Option or SAR; provided, however, that except to the extent permitted by Section 8.3, no Option or SAR may be repriced, replaced or regranted through cancellation, or by
lowering the exercise price of such Benefit, and no such Benefit with an exercise price that exceeds Fair Market Value of a share of Common Stock shall be canceled, purchased or exchanged for a cash payment, without shareholder approval. 

8.3    Special Modification in the Event of a Corporate Transaction. In the event of a corporate transaction
(within the meaning of Treas. Reg. § 1.424-1(a)(3)), the Committee may provide for the assumption or substitution of outstanding Options or SARs, provided that the requirements of Treas. Reg. § 1.424- 1(a) are satisfied with respect to ISOs, and the requirements of Treas. Reg. § 1.409A- 1(b)(v)(D) are satisfied with respect to all other Options. 

8.4    No Discounted Options or SARs; No Repricing. Options and SARs may not be granted with an exercise price
lower than the Fair Market Value of the underlying Shares on the grant date (except to the extent awards are assumed or substituted in connection with a corporate transaction as described in Section 8.3). The exercise price of an Option or SAR
shall not be reduced after grant, including by reason of cancellation, cash buyout or exchange of an underwater Option or SAR, without shareholder approval. 

ARTICLE IX 
 CHANGE OF
CONTROL 
 9.1    Right of Committee. In order to maintain a Participant’s rights in the event of a
Change in Control, the Committee, in its sole discretion, may, in any Agreement evidencing a Benefit, or at any time prior to, or simultaneously with or after a Change in Control, provide such protection as it may deem necessary. Without, in any
way, limiting the generality of the foregoing provisions or requiring any specific protection, the Committee may: 
  

	 	(a)	provide for the acceleration of any time periods relating to the exercise or realization of such Benefit so that such Benefit may be exercised or realized in full on or before a date fixed by the Committee;

  
 8 

	 	(b)	provide for the purchase of such Benefit, upon the Participant’s request, for an amount of cash equal to the amount which could have been attained upon the exercise or realization of such Benefit had such Benefit
been currently exercisable or payable; 

  

	 	(c)	make such adjustment to the Benefits then outstanding as the Committee deems appropriate to reflect such transaction or change; and/or 

 

	 	(d)	cause the Benefits then outstanding to be assumed, or new Benefits substituted therefor, by the surviving corporation in such change. 

ARTICLE X 
 AGREEMENTS
AND CERTAIN BENEFITS 
 10.1    Grant Evidenced by Agreement. The grant of any Benefit under the Plan may be
evidenced by an Agreement which shall describe the specific Benefit granted and the terms and conditions of the Benefit. The granting of any Benefit may be subject to, and conditioned upon, the recipient’s execution of any Agreement to the
extent required by the Committee. All capitalized terms used in an Agreement shall have the same meaning as in the Plan, except as otherwise provided in the Agreement. An Agreement shall be subject to all of the terms of the Plan. 

10.2    Provisions of Agreement. Each Agreement shall contain such provisions that the Committee shall determine to
be necessary, desirable and appropriate for the Benefit granted which may include, but not be limited to, the following with respect to any Benefit: description of the type of Benefit; the Benefit’s duration; its transferability; if an Option,
the exercise price, the exercise period and the person or persons who may exercise the Option; the effect upon such Benefit of the Participant’s death or termination of employment; the Benefit’s conditions; when, if, and how any Benefit
may be forfeited, converted into another Benefit, modified, exchanged for another Benefit, or replaced; and the restrictions on any Shares purchased or granted under the Plan. 

10.3    Certain Benefits. Except as otherwise expressly provided in an Agreement, any Benefit granted to an
individual who is subject to Section 16 of the Exchange Act shall not be transferable other than by will or the laws of descent and distribution and shall be exercisable during his lifetime only by him, his guardian or his legal representative,
provided, however, that a recipient of a Benefit may be permitted, in the sole discretion of the Committee, to transfer to a member of such recipient’s immediate family, family trust or family partnership as defined by the Committee or its
delegee, an Option granted pursuant to ARTICLE XIII hereof, other than an ISO, subject to such terms and conditions as the Committee, in their sole discretion, shall determine. 

10.4    Minimum Vesting. Notwithstanding anything herein to the contrary, except with respect to an aggregate of up
to 5% of the Shares available pursuant to Article III of the Plan for Benefits granted on or following May 23, 2017, no Benefit will become exercisable or 

  
 9 

 
otherwise nonforfeitable unless such Benefit has been outstanding for a minimum period of one year from its date of grant; provided, that all awards of Restricted Stock or Shares shall become
nonforfeitable after a minimum period of one year from their dates of grant. Notwithstanding the foregoing, the vesting of a Benefit may be accelerated in the Committee’s sole discretion in the case of the Participant’s death, disability
or retirement or upon a Change of Control. 
 ARTICLE XI 

TANDEM AWARDS 

11.1    Tandem Awards. Awards may be granted by the Committee in tandem. However, no Benefit may be granted in
tandem with an ISO except SARs. 
 ARTICLE XII 

PAYMENT, DIVIDENDS, DEFERRAL AND WITHHOLDING 

12.1    Payment. Payment. Upon the exercise of an Option or in the case of any other Benefit that requires a
payment to the Company, the amount due the Company is to be paid: 
  

	 	(a)	in cash; 

  

	 	(b)	by the tender to the Company of Shares owned by the Participant and registered in his name having a Fair Market Value equal to the amount due to the Company; 

 

	 	(c)	in other property, rights and credits, including the Participant’s promissory note if permitted under applicable law; 

  

	 	(d)	by net exercise; or 

  

	 	(e)	by any combination of the payment methods specified in (a), (b), (c) and (d) above.Upon the exercise of an Option or in the case of any other Benefit that requires a payment to the Company, the amount due the
Company is to be paid: 

 Notwithstanding the foregoing, any method of payment other than cash may be used only with the consent of the
Committee or if and to the extent so provided in an Agreement. The proceeds of the sale of Common Stock purchased pursuant to an Option and any payment to the Company for other Benefits shall be added to the general funds of the Company or to the
Shares held in treasury, as the case may be, and used for the corporate purposes of the Company as the Board shall determine. 

12.2    Dividend Equivalents. Grants of Benefits in Shares or Share equivalents may include dividend equivalent
payments or dividend credit rights. The payment of dividend equivalents or dividend credits attributable to an unvested Benefit is not permitted during the period in which the Benefit is unvested. Dividend equivalents and dividend credits may be
accumulated during the vesting period of the underlying Benefit and paid out only to the extent 

  
 10 

 
the Benefit has vested. Additionally, Participants holding Options or SARs shall not be granted dividend equivalents or dividend credits for any period prior to the exercise of such Option or
SAR. While RSUs or other Benefits may be granted with dividend equivalent rights, any dividend equivalents with respect to RSUs or other Benefits that are earned based on the achievement of performance goals will be accumulated until the underlying
stock units are earned, and such dividend equivalents will not be paid if the performance goals are not satisfied. 

12.3    Deferral. The right to receive any Benefit under the Plan may, at the request of the Participant, be
deferred for such period and upon such terms as the Committee shall determine, which may include crediting of interest on deferrals of cash and crediting of dividends on deferrals denominated in Shares. 

12.4    Withholding. The Company, at the time any distribution is made under the Plan, whether in cash or in
Shares, may withhold from such distribution any amount necessary to satisfy federal, state and local income tax withholding requirements with respect to such distribution. Such withholding may be in cash or in Shares. 

ARTICLE XIII 
 OPTIONS

 13.1    Types of Options. It is intended that both ISOs and NQSOs may be granted by the Committee under
the Plan, with terms not in excess of ten years. In no event may Options known as “reload options” or other automatic grants to Participants be granted under the Plan. 

13.2    Shares for ISOs. The number of Shares for which ISOs may be granted on or after the Effective Date shall
not exceed 150,000 Shares. 
 13.3    Grant of ISOs and Option Price. Each ISO must be granted to an Employee and
granted within ten years from the Effective Date. The purchase price for Shares under any ISO shall be no less than the Fair Market Value of the Shares at the time the Option is granted. 

13.4    Other Requirements for ISOs. The terms of each Option which is intended to qualify as an ISO shall meet all
requirements of Section 422 of the Code. 
 13.5    NQSOs. The terms of each NQSO shall provide that such
Option will not be treated as an ISO. The purchase price for Shares under any NQSO shall be equal to or greater than the Fair Market Value of the Shares at the time the Option is granted. 

13.6    Determination by Committee. Except as otherwise provided in Section 13.2 through Section 13.5,
the terms of all Options shall be determined by the Committee. 
 13.7    Limitation on Shares Covered by
Options. The maximum number of Shares with respect to which Options may be granted to any Participant in any one year period shall not exceed 200,000 shares. For purposes of the preceding sentence, the Shares covered by an Option that is
cancelled shall count against the maximum number of Shares. 

  
 11 

 ARTICLE XIV 

SARS 

14.1    Grant and Payment. The Committee may grant SARs. Upon electing to receive payment of a SAR, a Participant
shall receive payment in cash, in Common Stock or in any combination of cash and Common Stock, as the Committee shall determine. 

14.2    Grant of Tandem Award. The Committee may grant SARs in tandem with an Option, in which case: the exercise
of the Option shall cause a correlative reduction in SARs standing to a Participant’s credit which were granted in tandem with the Option; and the payment of SARs shall cause a correlative reduction of the Shares under such Option. 

14.3    ISO Tandem Award. When SARs are granted in tandem with an ISO, the SARs shall have such terms and
conditions as shall be required for the ISO to qualify as an ISO. 
 14.4    Payment of Award. SARs shall be
paid, to the extent payment is elected by the Participant (and is otherwise due and payable), as soon as practicable after the date on which such election is made. 

14.5    Limitation on SARs. The maximum number of SARs which may be granted to any Participant in any one year
period shall not exceed 200,000 SARs. For purposes of the preceding sentence, any SARs that are cancelled shall count against the maximum number of SARs. 

ARTICLE XV 
 RESTRICTED
STOCK 
 15.1    Description. The Committee may grant Benefits in Shares available under ARTICLE III of the
Plan as Restricted Stock. Shares of Restricted Stock shall be issued and delivered at the time of the grant but shall be subject to forfeiture until provided otherwise in the applicable Agreement or the Plan. Each certificate representing Shares of
Restricted Stock shall bear a legend referring to the Plan and the risk of forfeiture of the Shares and stating that such Shares are nontransferable until all restrictions have been satisfied and the legend has been removed. The recipient shall be
entitled to full voting and dividend rights with respect to all shares of Restricted Stock from the date of grant; provided, however, that dividend payment amounts may be accumulated during the vesting period and paid out only to the extent the
Restricted Stock has vested. 
 15.2    Non-Transferability. Shares of
Restricted Stock shall not be transferable until after the removal of the legend with respect to such Shares. 

15.3    Limitation on Restricted Stock. The maximum number of Shares with respect to which Restricted Stock may be
granted to any Participant in any one year period shall not exceed 200,000 Shares. 

  
 12 

 ARTICLE XVI 

RSUs 

16.1    Description. An RSU represents the right to receive one Share of Common Stock on the scheduled vesting date
or other specified payment date as provided for in the applicable award Agreement. A Participant receiving RSUs will have no rights of a shareholder as to such RSU until such time as Shares are issued to the Participant. 

16.2    Grant. The Committee may grant an award of RSUs. The maximum number of Shares with respect to which RSUs
may be granted to any Participant in any one year period shall not exceed 200,000 Shares. 
 ARTICLE XVII 

PERFORMANCE SHARES 

17.1    Description. Performance Shares are the right of an individual to whom a grant of such Shares is made to
receive Shares or cash equal to the Fair Market Value of such Shares at a future date in accordance with the terms of such grant. Generally, such right shall be based upon the attainment of targeted profit and/or performance objectives. 

17.2    Grant. The Committee may grant an award of Performance Shares. The number of Performance Shares and the
terms and conditions of the grant shall be set forth in the applicable Agreement. The maximum number of Shares with respect to which Performance Shares may be granted to any Participant in any one year period shall not exceed 200,000 Shares. 

ARTICLE XVIII 
 CASH
AWARDS 
 18.1    Grant. The Committee may grant Cash Awards at such times and (subject to Section 18.2)
in such amounts as it deems appropriate. 
 18.2    Limitation on Amount. The maximum amount of all Cash Awards
that may be granted to any Participant in any one year period shall not exceed $2,000,000. 

18.3    Restrictions. Cash Awards may be subject or not subject to conditions (such as an investment requirement),
restricted or nonrestricted, vested or subject to forfeiture and may be payable currently or in the future or both. 
 ARTICLE XIX

 STOCK BASED AWARDS AND OTHER BENEFITS 

19.1    Stock Based Awards. The Committee shall have the right to grant other Stock Based Awards which may include,
without limitation, the grant of Shares based on certain conditions, the payment of cash based on the performance of the Common Stock, and the grant of securities convertible into Shares. 

19.2    Limitation on Other Stock Based Awards. The maximum number of Shares with respect to which any Other Stock
Based Award may be granted to any Participant in any one year period is 200,000 Shares in the aggregate. 

  
 13 

 19.3    Other Benefits. The Committee shall have the right to provide
types of Benefits under the Plan in addition to those specifically listed, if the Committee believes that such Benefits would further the purposes for which the Plan was established. 

ARTICLE XX 

MISCELLANEOUS PROVISIONS 

20.1    Underscored References. The underscored references contained in the Plan are included only for convenience,
and they shall not be construed as a part of the Plan or in any respect affecting or modifying its provisions. 

20.2    Number and Gender. The masculine and neuter, wherever used in the Plan, shall refer to either the
masculine, neuter or feminine; and, unless the context otherwise requires, the singular shall include the plural and the plural the singular. 

20.3    Governing Law/Venue. This Plan shall be construed and administered in accordance with the laws of the State
of Missouri, without giving regard to the conflict of laws provisions thereof. Any legal action against the Plan, the Company, an Affiliate, the Board, or the Committee may only be brought in the Circuit Court in St. Louis County and/or the United
States District Court in St. Louis, Missouri. 
 20.4    Purchase for Investment. The Committee may require each
person purchasing Shares pursuant to an Option or other award under the Plan to represent to and agree with the Company in writing that such person is acquiring the Shares for investment and without a view to distribution or resale. The certificates
for such Shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer. All certificates for Shares delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the
Committee may deem advisable under all applicable laws, rules and regulations, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate references to such restrictions. 

20.5    No Employment Contract. The adoption of the Plan shall not confer upon any Employee any right to continued
employment nor shall it interfere in any way with the right of the Employer to terminate the employment of any of its Employees at any time. 

20.6    No Effect on Other Benefits. Payments and other benefits received by a Participant under a Benefit shall
not be deemed a part of a Participant’s regular, recurring compensation for purposes of any termination, indemnity or severance pay laws and shall not be included in, nor have any effect on, the determination of benefits under any other
employee benefit plan, contract or similar arrangement provided by the Company or an Affiliate, unless expressly so provided by such other plan, contract or arrangement or the Committee determines that a Benefit or portion of a Benefit should be
included to reflect competitive compensation practices or to recognize that a Benefit has been made in lieu of a portion of competitive cash compensation. The receipt by a Participant of one type of grant shall not entitle the Participant to receipt
of any other type of grant. 
 20.7    Performance Benefits. The Committee, in its discretion, may condition any
of the Benefits upon achievement of one or more performance goals, as further described in Appendix A hereto. 

20.8    Clawback. If a Participant is or subsequently becomes subject to the Company’s Executive Incentive
Recoupment Policy, or a similar clawback policy that may be 

  
 14 

 
adopted in the future including, without limitation, any changes required to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Policy”), all or a portion
of each Benefit granted to such Participant will be subject to potential recoupment upon the occurrence of certain recoupment events and the Committee shall have discretion regarding application of the Policy to Benefits granted under this Plan.

 20.9    Rights as Shareholders. A Participant shall have no right as a shareholder with respect to any Shares
covered by a Benefit until the date the Participant becomes the holder of record of such Shares. 
 20.10    Date of
Grant. The date and time of approval by the Committee of the granting of a Benefit shall be considered the date and time at which such Benefit is made or granted, or such later effective date as determined by the Committee, notwithstanding the
date of any Agreement with respect to such Benefit; provided, however, that the Committee may grant Benefits other than ISOs to Employees or to persons who are about to become Employees, to be effective and deemed to be granted on the occurrence of
certain specified contingencies, provided that if the Benefit is granted to a non-Employee who is about to become an Employee, such specified contingencies shall include, without limitation, that such person
becomes an Employee. 
 20.11    Beneficiary Upon Participant’s Death. To the extent that the transfer of a
Participant’s Benefit at death is permitted by this Plan or under an Agreement, (a) a Participant’s Benefit shall be transferable to the beneficiary, if any, designated on forms prescribed by and filed with the Committee and
(b) upon the death of the Participant, such beneficiary shall succeed to the rights of the Participant to the extent permitted by law and this Plan. If no such designation of a beneficiary has been made, the Participant’s legal
representative shall succeed to the Benefits, which shall be transferable by will or pursuant to laws of descent and distribution to the extent permitted by this Plan or under an Agreement. 

20.12    Unfunded Plan. This Plan shall be unfunded and the Company shall not be required to segregate any assets
that may at any time be represented by Benefits under this Plan. Neither the Company, its Affiliates, the Committee, nor the Board shall be deemed to be a trustee of any amounts to be paid under this Plan nor shall anything contained in this Plan or
any action taken pursuant to its provisions create or be construed to create a fiduciary relationship between the Company and/or its Affiliates and a Participant or successor. To the extent any person acquires a right to receive a Benefit under this
Plan, such right shall be no greater than the right of an unsecured general creditor of the Company. 

20.13    Severability. In the event any provision of this Plan shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

20.14    Deferrals and Settlements. The Committee may require or permit Participants to elect to defer the issuance
of Shares or the settlement of Benefits in cash under such rules and procedures as it may establish under this Plan. It may also provide that deferred settlements include the payment or crediting of interest on the deferral amounts. 

20.15    Limits of Liability. Under the Plan: (a) any liability of the Company to any Participant with respect
to a Benefit shall be based solely upon contractual obligations created by this Plan and the Agreement; (b) except as may be required by law, neither the Company nor any member or former member of the Board or the Committee, nor any other
person participating (including participation pursuant to a delegation of authority under Section 5.3 hereof) in any determination of any question under this Plan, or in the interpretation, administration or application of this Plan, shall have
any liability to any party for any action taken, or not taken, in 

  
 15 

 
good faith under this Plan; and (c) to the full extent permitted by law, each member and former member of the Committee and each person to whom the Committee delegates or has delegated
authority under this Plan shall be entitled to indemnification by the Company against any loss, liability, judgment, damage, cost and reasonable expense incurred by such member, former member or other person by reason of any action taken, failure to
act or determination made in good faith under or with respect to this Plan. 
 20.16    Employees Employed in Foreign
Jurisdictions; Sub-Plans. In order to enable participants who are foreign nationals or employed outside the United States, or both, to receive Benefits under the Plan, the Committee may adopt such
amendments, administrative policies, sub-plans and the like as are necessary or advisable, in the opinion of the Committee, to effectuate the purposes of the Plan and achieve favorable tax treatment or
facilitate compliance under the laws of the applicable foreign jurisdiction without otherwise violating the terms of the Plan. Therefore, to the extent the Committee determines that the restrictions imposed by this Plan preclude the achievement of
material purposes of the Benefits in jurisdictions outside of the United States, the Committee has the authority and discretion to modify those restrictions as the Committee determines to be necessary or appropriate to conform to applicable
requirements or practices of jurisdictions outside of the United States. The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying blue sky, securities, tax or other
laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions as the Committee determines are necessary or desirable.
All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which the
sub-plan was designed. 

  
 16 

 Appendix A 

All Performance Shares granted pursuant to Article XVI of this Plan, and any other compensation granted pursuant to this Plan that is intended
to constitute performance based compensation within the meaning of Section 162(m)(4)(C) of the Code, shall be subject to attainment of one or more of the performance objectives as described in this Appendix A. This Appendix A sets forth all
applicable performance objectives upon which a grant of Performance Shares under Sections 16.1 and 16.2 of the Plan or any other Benefit may be conditioned. 

The performance objectives for a particular Benefit shall be established in writing in the applicable Agreement. The performance objectives
may be expressed in terms of overall Company performance or the performance of a Subsidiary, division, business unit, or an individual. The performance objectives may be stated in terms of absolute levels or relative to another company or companies
or to an index or indices or industry benchmarks, or relative to levels attained in prior years. 
 The performance objectives shall be
based upon any one or more of the performance criteria set forth below and shall not be based on any other formal or informal performance criteria: 
  

	 	•	 	operating earnings or income; operating earnings or income per share; net income; total or net revenues; operating revenue, gross or net premiums; shareholder return and/or value; retained earnings; book value or book
value per share; gross or net margin; profit returns and margins; operating or net cash flow; financial return ratios; return on equity or operating return on equity; return on average adjusted equity; relative return on equity; cumulative operating
revenue growth rate; return on assets; return on invested capital; earnings per share growth; change in embedded value; embedded value of new business; 

  

	 	•	 	budget achievement; expenses; expense control; market capitalization; stock price; market share; working capital; cash available to Company from a subsidiary or subsidiaries; dividends; ratings; business trends;
economic value added; and 

  

	 	•	 	product development; client development; leadership; project progress; project completion; quality; customer satisfaction; diversity and corporate governance. 

Any Benefits that the Committee determines, in its sole discretion, to grant subject to performance objectives under this Appendix A shall be
granted in accordance with the following procedures: No later than the 90th day of each performance year, the Committee will establish an objective performance goal for that performance year and while the outcome of whether or not those goals will
be achieved is substantially uncertain. However, in no event will such goals be established after 25% of the period of service to which the goals relate has elapsed. The Committee must certify the attainment of the applicable performance goal, to
the extent achieved, before an award is made. The Committee may decrease the actual award amount paid to a Participant for any performance year based on such secondary goals and considerations as may be determined by the Committee in its sole
discretion. The Committee will not change the material terms of the performance goals or the maximum amount payable with respect to any award to an individual covered by Section 162(m) of the Code, without first obtaining shareholder approval. 

The Committee may determine, prior to the date the performance criteria are established in writing, to provide for adjustment of the
performance criteria to the extent permitted under Code Section 162(m), to account for the effects of: (i) acquisitions; divestitures; extraordinary dividends; stock split-ups; stock dividends or
distributions; recapitalizations; warrants or rights issuances or combinations; exchanges or reclassifications with respect to any outstanding class or series of the Company’s common stock; (ii) a corporate transaction, such as any merger
of the 

 
Company with another corporation; any consolidation of the Company and another corporation into another corporation; any separation of the Company or its business units (including a spin-off, split-off or other distribution of stock or property by the Company); any reorganization of the Company (whether or not such reorganization comes within the
definition of such term in Code Section 368); (iii) any partial or complete liquidation by the Company; sale of all or substantially all of the assets of the Company; (iv) the impact of changes in tax rates or currency fluctuations;
unusual or non-recurring accounting impacts or changes in accounting standards or treatment; (v) expenditures outside of annual business plans; events such as sales or closing of facilities or operations;
business restructurings; and (vi) unusual or extraordinary items. The performance criteria may be applicable to the Company and/or any of its subsidiaries or individual business units and may differ from participant to participant.

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