Document:

EX-10.10

 Exhibit 10.10 

Execution Version 
 LEGAL
SERVICES AGREEMENT 
 This Legal Services Agreement (the “Agreement”) is effective as of May 23, 2022 (the
“Effective Date”), and is by and between Lionheart II Holdings, LLC, a Delaware limited liability company, (the “Client”), on behalf of itself and each of its subsidiaries (as defined below), and La Ley con John H.
Ruiz P.A., d/b/a MSP RECOVERY LAW FIRM, a Florida corporation, and MSP Law Firm, a Florida PLLC (either or both entities, the “Law Firm”). Client and Law Firm may be referred to each as a “Party” and
together, the “Parties.” 
 Preliminary Statements 

A. The Client has certain membership interests in various subsidiaries formed or to be formed by the Client (each a
“Subsidiary”). Each Subsidiary holds or will hold Claims (as defined below) and Claims recovery rights related to a person or entity that provides health insurance benefits to insureds and have a right to recover from a Responsible
Party (as defined below) for conditional payments for healthcare, services or supplies provided to such beneficiary (each such person, an “Assignor”). 

B. “Responsible Party” means an insurance carrier, employer, or other individual, corporation, partnership, joint venture,
limited liability company, governmental authority, unincorporated organization, trust, association or other entity which may be liable to reimburse an Assignor under applicable law, including but not limited to the secondary payer provisions of the
Medicare statute, 42 U.S.C. § 1395y(b), 42 C.F.R. § 411.20 et seq., the Medicare Advantage statute, 42 U.S.C. § 1395w-22(a)(4), 42 C.F.R. § 422.108, or under any other theories of law or
causes of action, for the provision of healthcare, services or supplies that have been conditionally paid for by the Assignor. 
 C.
“Claim” means an Assignor’s right, title to, and/or interest in, any and all claims or potential claims, which the Assignor now has, may have had, or may have in the future (whether or not asserted), including all rights to
causes of action and remedies against any Responsible Party at law or in equity. The term “Claim” includes but is not limited to: (i) claims arising under consumer protection statutes and laws; (ii) claims arising under the
Medicare and Medicare Advantage secondary payer statutes (42 U.S.C. § 1395y(b); 42 U.S.C. § 1395w-22(a)(4)), whether based in contract, tort, statutory right, or otherwise, in connection with the
conditional payment to provide healthcare services or supplies, (iii) claims arising under any state statutes and common laws; and (iv) all right, title, and interest to any recovery rights that may exist for any potential cause of action
where “secondary payer” status is appropriate under 42 U.S.C. § 1395y(b), 42 C.F.R. § 411.20 et seq., 42 U.S.C. § 1395w-22(a)(4) and 42 C.F.R. § 422.108, even where it has not
been established because liability is not yet proven as of the date that the Claim is identified or discovered, together with all receivables, general intangibles, payment intangibles, and other rights to payment now existing or hereafter arising
and all products and proceeds of the foregoing. 
 D. The Client or its Subsidiaries have directly or indirectly received assignments to
Claims and the recovery rights to those Claims from Assignors that have entered into health care claims costs recovery agreements, or other similar agreements, pursuant to which the Assignor assigned Claims to the Client or its Subsidiaries, or an
entity which reassigned such Claims to the Client or its Subsidiaries (each such agreement, a “CCRA” and such Claims acquired, directly or indirectly by the Client, collectively, the “Assigned Claims”). 

 E. The Law Firm, John H. Ruiz and Frank C. Quesada will devote a majority of their
professional time and efforts that is spent on legal services to providing legal services to the Client pursuant to this Agreement. 
 F. The
Client desires to engage the Law Firm to act as exclusive lead counsel to represent the Client and each of its Subsidiaries as it pertains to the Assigned Claims. 

G. This Agreement shall supersede and replace in its entirety any legal services agreement or arrangement previously entered into by the Client
or its Subsidiaries and the Law Firm prior to the Effective Date. 
 NOW THEREFORE, in consideration of the mutual promises and
covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree to as follows: 

Article I 
  

	1.1	 Law Firm Services and Other Obligations. 

 

	 	(a)	 The Law Firm will use reasonable care, skill, knowledge and the resources necessary to pursue all potentially
recoverable Assigned Claims. The Law Firm may, in its discretion, engage co-counsel in connection with the pursuit of recovery of the Assigned Claims. The Client acknowledges that the Law Firm (i) has
previously engaged co-counsel in pursuing recovery of Assigned Claims and such co-counsel will continue to provide services in respect of such Assigned Claims, and
(ii) the Law Firm and such co-counsel shall continue to operate under the existing co-counsel agreements between them. The Law Firm shall ensure that any co-counsel engaged to provide legal services pursuant to this Agreement shall be subject to the same standards set forth in the first sentence of this Section 1.1(a). 

 

	 	(b)	 Unless otherwise agreed to in writing by the Law Firm (or pursuant to engagement of co-counsel for pursuing Assigned Claims as provided in Section 1.1(a)), the Law Firm will be exclusive counsel for pursuing Assigned Claims and the Client will not engage any other law firm
for such recovery purposes unless this Agreement is terminated in accordance with Section 3.1. 

Article II 
  

	2.1	 Law Firm Costs. 

All documented costs of the Law Firm related to representation of the Client or its Subsidiaries approved in accordance with a budget agreed
between the Law Firm and the Client (including but not limited to filing fees, expert witness fees, deposition fees, witness fees, court reporter fees, long distance telephone charges, photocopy charges and mailing fees, collectively the
“Costs”) will be borne by the Client; provided that it is the intention of the Law Firm and the Client that the Client pay directly the out-of-pocket
expenses associated with the cases and other matters being handled by the Law Firm for the Client and its Subsidiaries. 

  
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	2.2	 Compensation for Law Firm Services. 

 

	 	(a)	 For the services described in this Agreement (“Law Firm Services”), the Law Firm will be
entitled to the following (the “Compensation”): 

  

	 	(i)	 Attorneys’ fees that are awarded to the Law Firm pursuant to a fee shifting statute by agreement or court
award in any given case or matter; and 

  

	 	(ii)	 An amount, if greater than zero, equal to the difference calculated as 40% of the amount due to the Client for
its recovered Assigned Claims before deduction of Costs (the “Contingency Fee”) less, to the extent applicable for such case or matter, any amount due to the Law Firm under Section 2.2(a)(i) related
to such recovered Assigned Claims. 

  

	 	(b)	 The Client will have no other obligation to compensate the Law Firm (or any
co-counsel) for Law Firm Services and will have no obligation to reimburse the Law Firm (or any co-counsel) for any costs or expenses incurred by the Law Firm (or any co-counsel) in undertaking Law Firm Services, other than the Costs as set forth in Section 2.1. Any fees payable to any other counsel or co-counsel
in respect of an Assigned Claim that exceed the Compensation are for the account of the Law Firm, and Client will have no liability therefor. Client will have no liability to the Law Firm for the value of any Assigned Claim or the failure of the Law
Firm to recover on any Assigned Claim, and the Law Firm will have no liability to the Client for the value of any Assigned Claim or the failure of the Law Firm to successfully recover on any Assigned Claim absent conduct referenced in
Section 5.2(a) below. 

  

	2.3	 Advance of Compensation. 

The Client and the Law Firm agree that a consistent engagement of legal professionals is required to provide the Law Firm Services on behalf of
the Client. Thus, the Client will, ten (10) days prior to the first of each month, advance the Law Firm (x) One Million Dollars ($1,000,000) of the Compensation due to the Law Firm to fund certain resources necessary to provide the Law
Firm Services and (y) the overhead costs (i.e. salaries rent, utilities, and similar expenses; provided any compensation paid to John H. Ruiz or Frank C. Quesada by the Law Firm shall not be included in such overhead costs.) to operate the Law
Firm in an amount necessary to pay such overhead costs reasonably anticipated by the Law Firm to become due in such month (the “Advance”). The Advance shall be offset exclusively from the Compensation and, subject to true-ups in accordance with Section 2.4, reimbursed only after payment of all pre-existing obligations of the Law Firm as of the date of this
Agreement, including arrangements in connection with the Credit Agreement (as defined below) and arrangements with co-counsel. Except as provided in the immediately preceding sentence, any Compensation earned
by the Law Firm will be first used to repay the Client for any amounts paid to the Law Firm as part of the Advance. 

  
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	2.4	 Periodic True-Up. 

Within thirty (30) days of the end of each fiscal quarter, the Law Firm and Client shall evaluate Compensation paid under
Section 2.2 against Advances under Section 2.3 and any Costs owed by the Client under Section 2.1 and “true up” such amounts; provided that, in the event the
Compensation is less than the sum of the outstanding Costs and the Advance, then the Client shall have no right of reimbursement or recoupment from the Law Firm. 
  

	2.5	 Fees Payable after Termination of this Agreement. 

In the event this Agreement is terminated in connection with Section 3.1, the Law Firm will be entitled to
Compensation and Costs, subject to FL Rule 4-1.5, as follows: 
  

	 	(a)	 Filed Cases. With respect to Assigned Claims for which the Law Firm has filed suit in any state or
federal court of competent jurisdiction (the “Filed Claims”), the Law Firm will be entitled to, and will have a quantum meruit lien for, Compensation and Costs in an aggregate amount not to exceed the lesser of (i) the
Contingency Fee, (ii) any fees awarded to the Law Firm pursuant to a fee shifting statute by agreement or court award pursuant to Section 2.2(a)(i), and (ii) actual Costs incurred by the Law Firm up to the date of termination
(supported by appropriate documentation of such Costs). The quantum meruit lien will attach solely to recovery amounts received by the Client net of Costs of the Filed or settled Assigned Claims, and if no recovery is made, the Law Firm will not
receive any Compensation. 

  

	 	(b)	 Unfiled Cases. For any Assigned Claims for which the Law Firm has not filed suit or settled out-of-court (the “Pending Claims”), the Law Firm will be entitled to, and will have a quantum meruit lien for legal services fees related to such Pending
Claims in an amount not to exceed the actual Costs incurred by the Law Firm (supported by appropriate documentation of such Costs). The quantum meruit lien will attach solely to recoveries paid to the Client or a Subsidiary on account of the Pending
Claims, and if no recovery is made, the Law Firm will not receive any Compensation. 

  

	 	(c)	 Settled Cases. For any Claims for which the Law Firm has settled out-of-court (the “Out-of-Court Claims”), legal services fees in an amount not to exceed the lesser of
(i) the Contingency Fee and (ii) any attorneys’ fees negotiated with the settlement counterparty. The quantum meruit lien will attach solely to recoveries paid to the Client or a Subsidiary of the Client on account of the Pending
Claims, and if no recovery is made, the Law Firm will not receive any Compensation. 

  

	 	(d)	 This Section 2.5 will survive any termination of this Agreement.

  

	 	(e)	 Any amounts due from the Law Firm to the Client shall be discharged by operation of a termination of this
Agreement by the Client irrespective of the cause of such termination. 

  
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 Article III 

 

	3.1	 Termination. 

 

	 	(a)	 Upon the termination of this Agreement, the following will apply, subject to Florida Rules of Professional
Conduct (“FL Rules”) 4-1.5 and 4-1.16: 

  

	 	(i)	 The Law Firm will be entitled to and have a charging lien against the recoveries of any Assigned Claims for the
amounts and subject to the limitations set forth in Section 2.5. 

  

	 	(ii)	 The Parties agree that any recovery by the Law Firm and/or any entitlement by agreement or court order to
Compensation from a fee shifting statute or which has been recovered prior to any default will offset the amount of Compensation payable by the Client to the Law Firm as provided for herein (unless such recovery and/or entitlement has already been
taken into consideration in calculating the applicable Compensation). 

  

	 	(iii)	 The Parties also agree that any disagreement between the Client and the Law Firm may not form the basis for a
defense or an opposing party to oppose any fee based on a fee shifting statute. 

  

	 	(iv)	 The Client will irrevocably assign any and all entitlement to any Compensation by contract, statute, code,
court order or otherwise to the Law Firm. 

  

	 	(b)	 The Law Firm will have no right to terminate the representation of the Client except: (i) with the prior
written consent of the Client; (ii) as permitted under FL Rule 4-1.16(b)(2); or (iii) as required under FL Rules. Termination of this Agreement will also terminate the power of attorney provided in
Section 6.1. 

  

	 	(c)	 Upon termination of this Agreement, the Law Firm will be required to request the right to withdraw as counsel
to the Client or any Subsidiary of the Client in any filed or settled Assigned Claim, and in the event such request to withdraw is denied, the Law Firm is required to continue to serve as counsel to the Client and any Subsidiary of the Client, as
applicable, and the terms and conditions of this Agreement will continue to apply to such filed or settled Assigned Claim. 

  

	 	(d)	 This Agreement may be terminated at any time by the Client, with or without cause. 

Article IV 
  

	4.1	 Representations and Warranties. 

 

	 	(a)	 Each Party hereto hereby represents and warrants to the other Party as follows: (i) it is duly and validly
existing under the laws of the state of its formation, is in good standing under such laws and has full power and authority to execute, deliver and perform its obligations under this Agreement, (ii) its execution, delivery and performance of
this Agreement has been duly authorized by all appropriate corporate action and this 

  
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Agreement constitutes a valid, binding and enforceable obligation of such Party, and (iii) its execution, delivery and performance of this Agreement has not resulted, and will not result, in
a breach or violation of any provision of (A) such Party’s organizational documents, (B) any statute, law, writ, order, rule or regulation of any governmental authority, (C) any judgment, injunction, decree or determination
applicable to such Party, or (D) any contract, indenture, mortgage, loan agreement, note, lease or other agreement, document or instrument to which such Party may be a party, may be bound or to which any of such Party’s assets are subject.
The Law Firm will notify the Client promptly upon the occurrence of any event which causes any representation or warranty made by it hereunder to no longer be true. 

 

	 	(b)	 The Law Firm does not make any guarantees regarding the success of Assigned Claims or causes of action, but the
attorneys will use their best efforts in attaining the successful outcome of these matters. 

 Article V 

 

	5.1	 Successors and Assigns; Assignment. 

This Agreement will be binding upon the successors or permitted assigns of the Parties hereto. The Law Firm will have no right to assign this
Agreement or any of the rights, interests or obligations hereunder without the consent of the Client. The Client will have the right to assign any portion or all of its rights, interests and obligations under this Agreement, including the sale of
participation interests in the Assigned Claims. 
  

	5.2	 Indemnification. 

 

	 	(a)	 To the fullest extent permitted by law, the Law Firm hereby agrees to and shall defend, indemnify and hold the
Client, Client’s Subsidiaries and their affiliates, and their respective employees (present and former), officers, members, agents, trustees and directors, (collectively, the “Indemnified Persons”), harmless, to the fullest
extent permitted by law, from and against any all losses, claims, costs, liabilities (joint and several), damages and expenses (including reasonable attorneys’ and accountants’ fees and expenses incurred in defense of any demands, claims,
arbitrations or lawsuits whether judicial, administrative, investigative or otherwise) (collectively, “Damages”) sustained by an Indemnified Person provided that any such Damages shall have been sustained by the Indemnified Person
by reason of (i) the Law Firm violating its obligations hereunder, or (ii) gross negligence, malfeasance, willful misconduct, fraud, breach of this Agreement or violation of applicable law, rule or regulation on the part of the Law Firm.

  

	 	(b)	 The Law Firm must advance to the Indemnified Person reasonable attorneys’ fees and other costs and
expenses incurred in connection with the defense or handling of any Damages. In the event that such an advance is made pursuant to this Section 5.2, the Indemnified Person agrees to reimburse Law Firm for such fees, costs
and expenses to the extent that it is determined that the Indemnified Person was not entitled to indemnification under this Section 5.2. 

  
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	 	(c)	 The foregoing agreement of indemnity is in addition to, and in no respect limits or restricts, any other
remedies which may be available to an Indemnified Party. 

  

	5.3	 Governing Law; Dispute Resolution. 

The Parties expressly agree that all of the terms and provisions hereof are and will be governed by and construed under the laws of the State
of Florida applicable to contracts made and to be entirely performed in such state. 
  

	5.4	 Expenses; Attorneys’ Fees. 

 

	 	(a)	 Each Party bears its own expenses related to the preparation and negotiation of this Agreement.

  

	 	(b)	 In the event of any controversy arising under or relating to the interpretation or implementation of this
Agreement or any breach thereof, the prevailing Party will be entitled to payment for all costs and reasonable attorney’s fees (both trial and appellate) incurred in connection therewith. The terms of this Section 5.4
will survive any termination of this Agreement. 

  

	5.5	 Waiver. 

No failure on the part of any person to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of any
person in exercising any power, right, privilege or remedy under this Agreement, will operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy will preclude any
other or further exercise thereof or of any other power, right, privilege or remedy. No Party will be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this Agreement, unless the waiver of
such claim, power, right, privilege or remedy is expressly set forth in a written instrument duly executed and delivered on behalf of such Party; and any such waiver will not be applicable or have any effect except in the specific instance in which
it is given. 
  

	5.6	 Amendment; Modification. 

No amendment or modification of the terms hereof will be valid and binding unless (i) set forth in a written instrument signed by all
Parties hereto and (ii) for so long as the transactions contemplated by this Agreement could reasonably be interpreted to constitute “related party transactions” pursuant to the Nasdaq Listing Rules, such amendment or modification is
previously approved by a majority of MSP Recovery, Inc.’s “Independent Directors” (as such term is defined in Nasdaq Listing Rule 5605(a)(2)). 
  

	5.7	 Survival. 

All representations, warranties, covenants and agreements contained herein will survive the execution and delivery hereof and thereof, and will
inure to the benefit of, and be binding upon and enforceable by the Parties hereto and their respective successors and permitted assigns. 

  
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	5.8	 Severability. 

In the event that any provision of this Agreement, or the application of any such provision to any Party or set of circumstances, is determined
to be invalid, unlawful, void or unenforceable to any extent, the remainder of this Agreement, and the application of such provision to Parties or circumstances other than those as to which it is determined to be invalid, unlawful, void or
unenforceable, will not be impaired or otherwise affected and will continue to be valid and enforceable to the fullest extent permitted by law. 
  

	5.9	 Entire Agreement. 

This Agreement sets forth the entire understanding of the Parties relating to the subject matter hereof and thereof and supersedes all prior
agreements and understandings among or between any of the Parties relating to the subject matter hereof or thereof. The Parties agree that this Agreement has been drafted by both Parties and will not be construed against or in favor of one Party or
the other. 
  

	5.10	 Counterparts; Execution. 

This Agreement may be executed in several counterparts, each of which shall constitute an original and all of which, when taken together, shall
constitute one agreement. The exchange of a fully executed Agreement (in counterparts or otherwise) by electronic transmission in .PDF format or by facsimile shall be sufficient to bind the Parties to the terms and conditions of this Agreement. 

 

	5.11	 Acknowledgment; Further Assurances. 

The Law Firm has entered into that certain Credit Agreement, dated as of April 9, 2021 (as the same may be amended, modified or
supplemented from time to time, the “Credit Agreement”), by and among the Law Firm, as the borrower, the administrative agent thereunder and the lender party thereto, as well as certain related loan transaction documentation
(collectively, the “Credit Arrangements”). The Client hereby acknowledges and agrees that, from time to time, the Law Firm may request that the Client take certain actions, including executing certain instruments or documents, in
each case required pursuant to the terms of the Credit Arrangements that relate to claims that the Law Firm’s lender may have in respect of the Compensation. It is understood and agreed that no such acknowledgments, instruments or other
documents will impact the payment obligations arising under this Agreement between the Law Firm and the Client. 
 Article VI

  

	6.1	 Power of Attorney. 

The Client hereby irrevocably appoints the Law Firm with full power of substitution as its true and lawful attorney and authorizes the Law Firm
to act in the Client’s name, place and stead, to demand, sue for, compromise and recover all such sums of money which now are, or may hereafter become due and payable necessary to enforce the Assigned Claims and the Client’s rights
thereunder or related thereto pursuant to this Agreement. The Client agrees that the powers granted by this paragraph are discretionary in nature and exercisable at the sole option of the Law Firm. The Client and the Law Firm expressly agree that
the Law Firm will have no obligation to take 

  
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any action to prove, defend, demand or take any action with respect to the Assigned Claims or otherwise, except as set forth in this Agreement. The Law Firm will have no obligation to prove,
defend, or take any affirmative action with respect to proving the validity or amount of the Assigned Claims, except as set forth in this Agreement. 

[Signature Page Follows] 

  
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 The parties caused this Agreement to be executed and delivered as of the Effective Date. 

 

									
	LIONHEART II HOLDINGS, LLC	 	        	 	 La Ley con John H. Ruiz P.A., d/b/a

MSP Recovery Law Firm

					
	By:	 	 /s/ Ophir Sternberg
	 		 	By:	 	 /s/ John H. Ruiz

	Name:	 	Ophir Sternberg	 		 	Name:	 	John H. Ruiz
	Title:	 	Manager	 		 	Title:	 	President
				
		 		 		 	MSP Law Firm PLLC
					
		 		 		 	By:	 	 /s/ John H. Ruiz

		 		 		 	Name:	 	John H. Ruiz
		 		 		 	Title:	 	Manager

 Signature Page of the Legal Services AgreementEX-10.1

 Exhibit 10.1 

RANGER OIL CORPORATION 

EXECUTIVE SEVERANCE PLAN 

Section 1. Purpose. 
 This Plan is
established effective as of May 23, 2022, by the Company to offer certain payments and benefits to Participants in the event that their employment with the Company and its subsidiaries is terminated by the Company without Cause or by their
resignation with Good Reason. The Plan is intended to be a “top hat” welfare benefit plan within the meaning of U.S. Department of Labor Regulation § 2520.104-24. 

Section 2. Definitions. 
 (a)
“Base Salary” means the Participant’s annualized base salary as in effect immediately before the Participant’s termination of employment (without regard to any reduction that constitutes Good Reason). 

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

(c) “Bonus” means the Participant’s target annual cash bonus for the year in which the Participant’s termination of
employment occurs. 
 (d) “Cause” has the meaning given to such term in any employment agreement between the Participant and
the Company or, if none, means a Participant’s: (i) willful and continued failure to substantially perform the Participant’s duties with the Company or any affiliate (other than any such failure resulting from the Participant’s
Disability), (ii) conviction of a felony, (iii) willful engagement in gross misconduct materially and demonstrably injurious to the Company or any affiliate, (iv) commission of one or more significant acts of dishonesty as regards the
Company or any affiliate, or (v) willful failure to comply with any material policies or procedures of the Company as in effect from time to time. 

(e) “Change in Control” means the consummation of a transaction or series of related transactions in which either: 

(i) one Person (or more than one Person acting as a group) other than JSTX Holdings, LLC (“JSTX”), Juniper
Capital Advisors, L.P. (“Juniper Capital”) or any Affiliate of JSTX or Juniper Capital (JSTX, Juniper Capital and such Affiliates collectively, “Juniper”) acquires beneficial ownership of stock of the Company that,
together with the stock held by such Person or group, constitutes more than 50% of the total voting power of the stock of the Company, including, for the avoidance of doubt, the consummation of any reorganization, merger, consolidation or similar
transaction following which the beneficial owners of the stock of the Company immediately prior to such transaction own less than 50% of the total voting power of the equity of the entity resulting from such transaction; 

(ii) a majority of the members of the Board are replaced during any 12-month period by
directors whose appointment or election is not endorsed by a majority of the Board before the date of appointment or election; or 

(iii) one Person (or more than one Person acting as a group) other than Juniper, acquires all or substantially all assets of
the Company. 

 (f) “CIC Severance Benefits” means the sum of: 

(i) a lump sum payment in an amount equal to (x) the sum of the Participant’s Base Salary and Bonus multiplied
by (y) the multiplier set forth in Exhibit B for such Participant, which amount shall be paid within 60 days following the Participant’s last day of employment; 

(ii) an amount (payable in a lump sum) equal to the annual bonus, if any, earned by the Participant for the fiscal year
preceding the year of termination (based on the actual level of performance, with any subjective or discretionary components of such annual bonus deemed achieved at the target level) to the extent unpaid as of the Participant’s last day of
employment, which amount shall be paid at the same time annual bonuses for such year are paid to other Company management employees and in all events by March 15th of the year following the year
in which the Participant’s termination of employment occurs; 
 (iii) an amount (payable in a lump sum) equal to the
annual bonus, if any, earned by the Participant for the fiscal year in which the termination occurs (based on the actual level of performance, with any subjective or discretionary components of such annual bonus deemed achieved at the target level),
pro-rated based on the number of whole months worked during such year and payable at the same time annual bonuses for such year are paid to other Company management employees and in all events by March 15th of the year following the year in which the Participant’s termination of employment occurs; 

(iv) if the Participant elects such continuation coverage, Company-subsidized COBRA continuation coverage (at the same
contribution rate paid by the Company for active employees) for the Participant and his or her covered dependents following the Participant’s date of termination for 18 months or such shorter period during which COBRA coverage is provided to
the Participant; and 
 (v) Company-provided outplacement services up to a maximum cost to the Company of $10,000. 

(g) “Code” means the Internal Revenue Code of 1986, as amended, and any guidance and/or regulations promulgated thereunder.

 (h) “Committee” means the Compensation & Benefits Committee of the Board or another duly constituted committee
appointed or designated by the Board from time to time to administer the Plan. Notwithstanding the foregoing, if no Committee exists which has the authority to administer the Plan, the functions of the Committee shall be exercised by the Board, and
all references herein to the Committee shall be deemed to be references to the Board. 
 (i) “Company” means Ranger Oil
Corporation and any successor thereto. 
 (j) “Disability” means a Participant is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months. 

(k) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any guidance and/or regulations
promulgated thereunder. 

 (l) “Good Reason” has the meaning given to such term in any employment
agreement between the Participant and the Company or, if none, means the occurrence of any of the following events or conditions without the consent of the Participant: (i) a material reduction in the Participant’s base salary or annual
cash incentive compensation opportunity; (ii) the relocation of the Participant to a location more than 50 miles from Houston, Texas or the location at which the Participant was previously based and which increases the Participant’s
commute by 50 miles or more; or (iii) a material diminution in the Participant’s title, authority, duties or responsibilities; provided, however, that Good Reason shall not have occurred unless (x) such event or
condition remains uncured 45 days following Participant’s delivery to the Company of written notice of the specific grounds for Good Reason (the “Cure Period”), (y) such written notice is delivered within 45 days following the
initial occurrence of the event or condition giving rise to Good Reason, and (z) the Participant terminates his or her employment with the Company within 10 days after the expiration of the Cure Period. 

(m) “Participant” means an employee of the Company or a subsidiary of the Company who is designated by the Committee to
participate in this Plan and set forth on Exhibit A. Participants shall be limited to a select group of management or highly compensated employees of the Company and its subsidiaries. 

(n) “Person” means an individual, partnership, corporation, unincorporated organization, joint stock company, limited
liability company, trust, joint venture or other legal entity, or a governmental agency or political subdivision thereof. 
 (o)
“Plan” means this Ranger Oil Corporation Executive Severance Plan, as the same may be amended from time to time. 

(o) “Protection Period” means the period commencing on the consummation of a Change in Control and ending on the date that is
(i) 24 months thereafter for any Tier 1 or Tier 2 Participant (as described on Exhibit A); and (ii) 18 months thereafter for any Tier 3 Participant (as described on Exhibit A). 

(p) “Severance Benefits” means the sum of: 

(i) cash payments in an aggregate amount equal to (x) the Participant’s Base Salary multiplied by
(y) the multiplier set forth in Exhibit C for such Participant, which amounts shall be paid in substantially equal installments on the Company’s regular payroll schedule for the number of months set forth on Exhibit C
commencing with the first payroll date after the release required under Section 3(d) becomes effective and irrevocable (provided that if the period during which such release could become effective and irrevocable spans two calendar years, such
installments will commence in the later calendar year); 
 (ii) an amount (payable in a lump sum) equal to the annual bonus,
if any, earned by the Participant for the fiscal year preceding the year of termination (based on the actual level of performance, with any subjective or discretionary components of such annual bonus deemed achieved at the target level) to the
extent unpaid as of the Participant’s last day of employment, which amount shall be paid at the same time annual bonuses for such year are paid to other Company management employees and in all events by March 15th of the year following the year in which the Participant’s termination of employment occurs; and 

 (iii) if the Participant elects such continuation coverage,
Company-subsidized COBRA continuation coverage (at the same contribution rate paid by the Company for active employees) for the Participant and his or her covered dependents following the Participant’s date of termination for 18 months or such
shorter period during which COBRA coverage is provided to the Participant. 
 Section 3. Severance Benefits. 

(a) Termination without Cause or Resignation for Good Reason Outside Protection Period. In the event that a Participant’s
employment is terminated by the Company without Cause or a Participant resigns with Good Reason at any time other than during a Protection Period, then subject to the terms and conditions of the Plan, including, without limitation,
Section 3(d) below, such Participant will receive the Severance Benefits. 
 (b) Termination without Cause or Resignation for
Good Reason During Protection Period. In the event that a Participant’s employment is terminated by the Company without Cause or a Participant resigns with Good Reason at any time during a Protection Period, then subject to the terms and
conditions of the Plan, including, without limitation, Section 3(d) below, such Participant will receive the CIC Severance Benefits. 

(c) Termination for any Other Reason. In the event that a Participant’s employment is terminated by the Company, whether during or
outside the Protection Period, for any other reason, including, without limitation, (A) Participant’s resignation without Good Reason or (B) a termination of Participant’s employment by the Company for Cause or due to
Participant’s Disability or death, then such Participant shall not be entitled to receive any payments under this Plan. 
 (d)
Release of Claims. Payment of the Severance Benefits or the CIC Severance Benefits, as applicable, is subject to the Participant’s execution of a separation agreement, in a form provided by the Company, that includes a general release of
claims in favor of the Company and its parent, subsidiaries and affiliates as well as customary post-employment confidentiality, non-disparagement, non-solicitation, non-competition and other customary covenants in favor of the Company, which covenants shall be perpetual with respect to confidentiality and non-disparagement, and shall
otherwise run for up to (at the Company’s option) the same period used to determine the amount of the Severance Benefits or CIC Severance Benefits, as applicable, for the Participant. 

Section 4. Administration. 
 (a) In
the event of any conflict or inconsistency between another document and the terms of the Plan, the terms and conditions of the Plan shall govern and control. 

(b) The Plan shall be administered by the Committee in its sole and absolute discretion, and all determinations by the Committee shall be
final, binding and conclusive on all parties and be given the maximum possible deference allowed by law. 
 (c) The Committee shall have the
authority, consistent with the terms of the Plan, to (i) designate Participants, (ii) determine the terms and conditions relating to the benefits payable hereunder, (iii) interpret, administer, reconcile any inconsistency, correct any
defect and/or supply any omission in the Plan, (iv) establish, amend, suspend or waive any rules and procedures with respect to the Plan, and (v) make any other determination and take any other action that the Committee deems necessary or
desirable for administration of the Plan, including, without limitation, the timing and amount of payments. The Committee may delegate to one or more subcommittees or officers of the Company the authority to act on behalf of the Committee. 

 Section 5. Funding. 

The obligations of the Company under the Plan are not funded through contributions to a trust or otherwise, and all benefits shall be payable
from the general assets of the Company. Nothing contained in the Plan shall give a Participant any right, title or interest in any property of the Company. Participants shall be mere unsecured creditors of the Company. 

Section 6. Code Section 409A. 

(a) Compliance. Notwithstanding anything herein to the contrary, this Plan is intended to be interpreted and applied so that the
payments and benefits set forth herein either shall be exempt from the requirements of Code Section 409A, or shall comply with the requirements of Code Section 409A, and, accordingly, to the maximum extent permitted, this Plan shall be
interpreted to be exempt from or in compliance with Code Section 409A. To the extent that the Company determines that any provision of this Plan would cause a Participant to incur any additional tax or interest under Code Section 409A, the
Company shall be entitled to reform such provision to attempt to comply with or be exempt from Code Section 409A through good faith modifications. To the extent that any provision hereof is modified in order to comply with Code
Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to Participants and the Company without violating the provisions of Code
Section 409A. Notwithstanding any of the foregoing to the contrary, none of the Company or its subsidiaries or affiliates or any of their officers, directors, members, employees, agents, advisors, predecessors, successors, or equity holders
shall have any liability for the failure of this Plan to be exempt from, or to comply with, the requirements of Section 409A of the Code. Each payment and/or benefit provided hereunder shall be a payment in a series of separate payments for
purposes of Code Section 409A. 
 (b) Separation from Service. Notwithstanding anything in this Plan to the contrary, a
termination of employment shall not be deemed to have occurred for purposes of any provision of this Plan unless such termination is also a “separation from service” within the meaning of Code Section 409A. 

(c) Specified Employee. Notwithstanding anything in this Plan to the contrary, if a Participant is deemed to be a “specified
employee” within the meaning of Code Section 409A, any payments or benefits due upon a termination of Participant’s employment under any arrangement that constitutes a “deferral of compensation” within the meaning of Code
Section 409A (whether under this Plan or any other plan, program or payroll practice) and which do not otherwise qualify under the exemptions under Treasury Regulations Section 1.409A- 1 (including without limitation, the short-term
deferral exemption and the permitted payments under Treasury Regulations Section 1.409A-1(b)(9)(iii)(A)), shall be delayed and paid or provided to Participant in a lump sum on the earlier of (i) the
date which is 6 months and 1 day after Participant’s “separation from service” (as such term is defined in Code Section 409A) for any reason other than death, and (ii) the date of Participant’s death. 

 Section 7. Amendment or Termination. 

Prior to a Change in Control, the Committee may amend or terminate the Plan at any time; provided, however, that any amendment or termination
that is materially adverse to a Participant shall not be effective as to such Participant for a period of 12 months, unless such action is approved in writing by such Participant. Upon or following the occurrence of a Change in Control, the Company
and the Committee may not, without a Participant’s written consent, amend or terminate the Plan in any way, nor take any other action, that (i) prevents that Participant from becoming eligible for CIC Severance Benefits under the Plan, or
(ii) reduces or alters to the detriment of the Participant the CIC Severance Benefits payable, or potentially payable, to a Participant under the Plan (including, without limitation, imposing additional conditions). 

Section 8. Employment at Will. 

Nothing in this Plan or any other act of the Company shall be considered effective to change a Participant’s status as an at-will employee or guarantee any duration of employment. Either the Company or a Participant may terminate the employment relationship at any time, for any reason or no reason, and with or without advance notice.

 Section 9. Transfer and Assignment. 

In no event may any Participant sell, transfer, anticipate, assign or otherwise dispose of any right or interest under the Plan. At no time
will any such right or interest be subject to the claims of creditors nor liable to attachment, execution or other legal process. 
 Section 10.
Severability. 
 If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability will not affect any
other provision of the Plan, and the Plan will be construed and enforced as if such provision had not been included. 
 Section 11. Successors.

 Any successor to the Company of all or substantially all of the Company’s business and/or assets (whether direct or indirect and
whether by purchase, merger, consolidation, liquidation or other transaction) will assume the obligations under the Plan and agree expressly to perform the obligations under the Plan in the same manner and to the same extent as the Company would be
required to perform such obligations in the absence of a succession. For all purposes under the Plan, the term “Company” will include any successor to the Company’s business and/or assets which become bound by the terms of the Plan by
operation of law, or otherwise. 
 Section 12. Withholding; Taxes. 

The Company shall withhold from any Severance Benefits and CIC Severance Benefits all federal, state and local income or other taxes required
to be withheld therefrom and any other required payroll deductions. 
 Section 13. Compensation. 

Benefits payable hereunder shall not constitute compensation under any other plan or arrangement, except as expressly provided in such plan or
arrangement. 

 Section 14. Gender; Number; Headings. 

Except when otherwise indicated by the context, any masculine terminology shall also include the feminine, and the definition of any term in
the singular shall also include the plural. The headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan. 

Section 15. Entire Agreement. 
 This
Plan represents the entire agreement of the Company and the Participants with respect to the subject matter hereof and supersedes all prior understandings, whether written or oral. For the avoidance of doubt, a Participant shall not be entitled to
payments and benefits under both this Plan and any other severance policy, agreement or plan, including the Penn Virginia Corporation 2017 Special Severance Plan, and any payments under such programs shall directly reduce and offset any payments or
benefits hereunder. 
 Section 16. Governing Law. 

The provisions of the Plan will be construed, administered and enforced in accordance with the laws of the State of Texas without regard to its
choice of law provisions. 
 Section 17. Claims and Appeals. 

(a) Claims Procedure. Any employee or other person who believes he or she is entitled to any payment under the Plan may submit a claim
in writing to the Committee within 90 days of the earlier of (i) the date the claimant learned the amount of his or her benefits under the Plan or (ii) the date the claimant learned that he or she will not be entitled to any benefits under
the Plan. If the claim is denied (in full or in part), the claimant will be provided a written notice explaining the specific reasons for the denial and referring to the provisions of the Plan on which the denial is based. The notice also will
describe any additional information needed to support the claim and the Plan’s procedures for appealing the denial. The denial notice will be provided within 90 days after the claim is received. If special circumstances require an extension of
time (up to 90 days), written notice of the extension will be given within the initial 90 day period. This notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Committee expects to
render its decision on the claim. 
 (b) Appeal Procedure. If the claimant’s claim is denied, the claimant (or his or her
authorized representative) may apply in writing to the Committee for a review of the decision denying the claim. Review must be requested within 60 days following the date the claimant received the written notice of their claim denial or else the
claimant loses the right to review. The claimant (or representative) then has the right to review and obtain copies of all documents and other information relevant to the claim, upon request and at no charge, and to submit issues and comments in
writing. The Committee will provide written notice of its decision on review within 60 days after it receives a review request. If additional time (up to 60 days) is needed to review the request, the claimant (or representative) will be given
written notice of the reason for the delay. This notice of extension will indicate the special circumstances requiring the extension of time and the date by which the Committee expects to render its decision. If the claim is denied (in full or in
part), the claimant will be provided a written notice explaining the specific reasons for the denial and referring to the provisions of the Plan on which the denial is based. The notice also will include a statement that the claimant will be
provided, upon request and free of charge, reasonable access to, and copies of, all documents and other information relevant to the claim and a statement regarding the claimant’s right to bring an action under Section 502(a) of ERISA. 

 Section 18. Certain Excise Taxes. 

Notwithstanding anything to the contrary in this Plan, if a Participant is a “disqualified individual” (as defined in
Section 280G(c) of the Code), and the payments and benefits provided for under this Plan, together with any other payments and benefits which the Participant has the right to receive from the Company, would constitute a “parachute
payment” (as defined in Section 280G(b)(2) of the Code), then the payments and benefits provided for under this Plan shall be either (a) reduced (but not below zero) so that the present value of such total amounts and benefits
received by the Participant from the Company will be one dollar ($1.00) less than three times the Participant’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of such amounts and benefits
received by the Participant shall be subject to the excise tax imposed by Section 4999 of the Code, or (b) paid in full, whichever produces the better net after-tax position to the Participant
(taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes). The determination as to whether any such reduction in the amount of the payments provided hereunder is necessary shall be made by the
Company in good faith. If a reduced payment is made or provided and through error or otherwise that payment, when aggregated with other payments and benefits from the Company used in determining if a parachute payment exists, exceeds one dollar
($1.00) less than three times the Participant’s base amount, then the Participant shall immediately repay such excess to the Company upon notification that an overpayment has been made. Nothing in this Plan shall require the Company to be
responsible for, or have any liability or obligation with respect to, the Participant’s excise tax liabilities under Section 4999 of the Code. 

[Remainder of Page Intentionally Left Blank] 

 EXHIBIT A 

Participants 
 The Tier 1 Participants shall
include the Company’s Chief Executive Officer. 
 The Tier 2 Participants shall include the Company’s Chief Financial Officer and Chief Operating
Officer. 
 The Tier 3 Participants shall include the Company’s Chief Legal Counsel, Vice President, Land and Marketing, and Chief Accounting Officer.

 EXHIBIT B 

CIC Severance Benefits 
  

			
	Tier	  	CIC Severance Multiplier
	Tier 1	  	2.5
	Tier 2	  	2.0
	Tier 3	  	1.5

 EXHIBIT C 

Severance Benefits 
  

					
	Tier	  	Severance Multiplier	  	Months for Payment
	Tier 1	  	2.0	  	24
	Tier 2	  	1.0	  	12
	Tier 3	  	0.5	  	6

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