Document:

EX-10.1

 Exhibit 10.1 

ANWORTH MORTGAGE ASSET CORPORATION 

2014 EQUITY COMPENSATION PLAN 

1. PURPOSE. The Anworth Mortgage Asset Corporation 2014 Equity Compensation Plan, as may be amended from time to time (the
“Plan”), is intended to provide incentives primarily to the directors, key employees and other key individuals who provide significant services to Anworth Mortgage Asset Corporation (the “Company”) and any of its
subsidiaries which, with the consent of the Board of Directors of the Company (the “Board”), participates in the Plan to encourage a proprietary interest in the Company, to encourage such key employees to remain in the employ of the
Company and the other Participating Companies and to provide additional incentives to other individuals to increase their efforts in providing significant services to the Company and the other Participating Companies. In furtherance thereof, the
Plan permits awards of equity-based incentives to key employees, officers and directors of, and certain other providers of services to, the Company or any other Participating Company. The Plan is intended and shall replace, in its entirety, the
Company’s 2004 Equity Compensation Plan, which was initially adopted on May 27, 2004 and has since expired. 
 2.
DEFINITIONS. As used in this Plan, the following definitions apply: 
 “Act” shall mean the Securities Act of 1933,
as amended. 
 “Agreement” shall mean a written agreement entered into between the Company and a Grantee pursuant to the
Plan. 
 “Board” shall have the meaning set forth in Section 1 above. 

“Cause” shall mean, unless otherwise provided in the Grantee’s Agreement, (i) engaging in (A) willful or gross
misconduct or (B) willful or gross neglect, (ii) repeatedly failing to adhere to the directions of superiors or the Board or the written policies and practices of the Company, (iii) the commission of a felony or a crime of moral
turpitude, or any crime involving the Company, (iv) fraud, misappropriation, embezzlement or material or repeated insubordination, (v) a material breach of the Grantee’s employment agreement (if any) with the Company (other than a
termination of employment by the Grantee), or (vi) any illegal act detrimental to the Company; all as determined by the Committee. 

“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

“Committee” shall mean the Compensation Committee of the Company as appointed by the Board in accordance with Section 4
of the Plan; provided, however, that the Committee shall at all times consist solely of persons who, at the time of their appointment, each qualified as a “Non-Employee Director” under Rule 16b-3(b)(3)(i) promulgated under the
Exchange Act and, to the extent that relief from the limitation of Section 162(m) of the Code is sought, as an “Outside Director” under Section 1.162-27(e)(3)(i) of the Treasury Regulations. 

“Common Stock” shall mean the Company’s common stock, par value $0.01 per share, either currently existing or authorized
hereafter. 
 “Company” shall mean Anworth Mortgage Asset Corporation, a Maryland corporation, and its successors or
assigns. 
 “DER” shall mean a right awarded under Section 8 of the Plan to receive (or have credited) the equivalent
value (in cash or Shares) of dividends paid on Common Stock. 
 “Disability” shall mean, unless otherwise provided by the
Committee in the Grantee’s Agreement, permanent and total disability within the meaning of Section 22(e)(3) of the Code, or the occurrence of an event 

  

 
which would entitle an employee of the Company to the payment of disability income under one of the Company’s approved long-term disability income plans or a long-term disability as
determined by the Committee in its absolute discretion pursuant to any other standard as may be adopted by the Committee. 

“Effective Date of the Plan” is defined in Section 3 of the Plan. 

“Eligible Persons” shall mean officers, directors and employees of the Participating Companies and other persons expected to
provide significant services (of a type expressly approved by the Committee as covered services for these purposes) to one or more of the Participating Companies. For purposes of the Plan, a consultant, vendor, customer or other provider of
significant services to the Company or any other Participating Company shall be deemed to be an Eligible Person, but will be eligible to receive Grants only after a finding by the Committee in its discretion that the value of the services rendered
or to be rendered to the Participating Company is at least equal to the value of the Grants being awarded. 
 “Employee”
shall mean an individual, including an officer of a Participating Company, who is employed (within the meaning of Code Section 3401 and the regulations thereunder) by the Participating Company. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” shall mean the value of one share of Common Stock, determined as follows: 

 

	 	(i)	If the Shares are then listed on a national stock exchange, the closing sales price per Share on the exchange for the last preceding date on which there was a sale of Shares on such exchange, as determined by the
Committee. 

  

	 	(ii)	If the Shares are not then listed on a national stock exchange but are then traded on an over-the-counter market, the average of the closing bid and asked prices for the Shares in such over-the-counter market for the
last preceding date on which there was a sale of such Shares in such market, as determined by the Committee. 

  

	 	(iii)	If neither (i) nor (ii) applies, such value as the Committee in its discretion may in good faith determine. Notwithstanding the foregoing, where the Shares are listed or traded, the Committee may make
discretionary determinations in good faith where the Shares have not been traded for ten trading days. 

“Grant” shall mean the issuance of a Phantom Share or DER as contemplated herein or any combination thereof as applicable to
an Eligible Person. The Committee will determine the eligibility of employees, officers, directors and others expected to provide significant services to the Participating Companies based on, among other factors, the position and responsibilities of
such individuals, the nature and value to the Participating Company of such individuals’ accomplishments and potential contribution to the success of the Participating Company whether directly or through its subsidiaries. 

“Grantee” shall mean an Eligible Person to whom Phantom Shares or DERs are granted hereunder. 

“Participating Companies” shall mean the Manager and the Company and any of its Subsidiaries which, with the consent of the
Board, participates in the Plan. 
 “Phantom Share” shall mean a right, pursuant to the Plan, of the Grantee to payment of
the Phantom Share Value. 
 “Phantom Share Value,” per Phantom Share, shall mean the Fair Market Value of a Share or, if so
provided by the Committee, such Fair Market Value to the extent in excess of a base value established by the Committee at the time of grant. 

“Plan” shall ’have the same meaning as set forth in Section 1 hereof. 

  
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 “Predecessor Plan” shall mean the Anworth Mortgage Asset Corporation 2004 Equity
Compensation Plan. 
 “Retirement” shall mean, unless otherwise provided by the Committee in the Grantee’s Agreement,
the Termination of Service (other than for Cause) of a Grantee: 
  

	 	(i)	on or after the Grantee’s attainment of age 65; 

  

	 	(ii)	on or after the Grantee’s attainment of age 55 with five consecutive years of service with the Participating Companies; or 

  

	 	(iii)	as determined by the Committee in its absolute discretion pursuant to such other standard as may be adopted by the Committee. 

“Shares” shall mean shares of Common Stock of the Company, adjusted in accordance with Section 11 of the Plan (if
applicable). 
 “Subsidiary” shall mean any corporation, partnership or other entity at least 50% of the economic interest
in the equity of which is owned by the Company or by another Subsidiary of the Company. 
 “Termination of Service” shall
mean the time when the employee-employer relationship or directorship, or other service relationship (sufficient to constitute service as an Eligible Person), between the Grantee and the Participating Companies is terminated for any reason, with or
without Cause, including, but not limited to, any termination by resignation, discharge, death or Retirement; provided, however, Termination of Service shall not include a termination where there is a simultaneous reemployment of the Grantee by a
Participating Company or other continuation of service (sufficient to constitute service as an Eligible Person) for a Participating Company. The Committee, in its absolute discretion, shall determine the effects of all matters and questions relating
to Termination of Service, including, but not limited to, the question of whether any Termination of Service was for Cause and all questions of whether particular leaves of absence constitute Terminations of Employment. For this purpose, the service
relationship shall be treated as continuing intact while the Grantee is on military leave, sick leave or other bona fide leave of absence (to be determined in the discretion of the Committee). Notwithstanding anything to the contrary, in the event
that any Grant hereunder is deemed to be deferred compensation subject to Section 409A of the Code and the treasury regulations promulgated thereunder (collectively referred to as “Section 409A”), a Termination of Service shall
not be deemed to occur for purposes of this Plan unless such Termination of Service shall constitute a “separation from service” under Section 409A. 

3. EFFECTIVE DATE. The effective date of this Plan shall be the date on which it is approved by the holders of the requisite percentage
of shares of Common Stock, at a meeting duly called for such purpose (the “Effective Date of the Plan”). 
 4.
ADMINISTRATION. 
 (a) Membership on Committee. The Plan shall be administered by the Committee appointed by the Board. If no
Committee is designated by the Board to act for those purposes, the full Board shall have the rights and responsibilities of the Committee hereunder and under the Agreements. 

(b) Committee Meetings. The acts of a majority of the members present at any meeting of the Committee at which a quorum is present, or
acts approved in writing by a majority of the entire Committee, shall be the acts of the Committee for purposes of the Plan. If and to the extent applicable, no member of the Committee may act as to matters under the Plan specifically relating to
such member. 
 (c) Grant of Awards. 

(i) The Committee shall from time to time at its discretion select the Eligible Persons who are to be issued Grants and
determine the number and type of Grants to be issued under any Agreement to an Eligible Person. In particular, the Committee shall (A) determine the terms and 

  
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conditions, not inconsistent with the terms of the Plan, of any Grants awarded hereunder (including, but not limited to the performance goals and periods applicable to the award of Grants) and
(B) determine or impose other conditions to the Grant under the Plan as it may deem appropriate. The Committee may establish such rules, regulations and procedures for the administration of the Plan as it deems appropriate, determine the
extent, if any, to which Phantom Shares or DERs shall be forfeited (whether or not such forfeiture is expressly contemplated hereunder), and take any other actions and make any other determinations or decisions that it deems necessary or appropriate
in connection with the Plan or the administration or interpretation thereof. The Grantee shall take whatever additional actions and execute whatever additional documents the Committee may in its reasonable judgment deem necessary or advisable in
order to carry or effect one or more of the obligations or restrictions imposed on the Grantee pursuant to the express provisions of the Plan and the Agreement. DERs will be exercisable and paid in cash or other consideration at such times and in
accordance with such rules, as the Committee shall determine in its discretion. Unless expressly provided hereunder, the Committee, with respect to any Grant, may exercise its discretion hereunder at the time of the award or thereafter. The
Committee shall have the right and responsibility to interpret the Plan and the interpretation and construction by the Committee of any provision of the Plan or of any Grant thereunder, including, without limitation, in the event of a dispute, shall
be final and binding on all Grantees and other persons to the maximum extent permitted by law. Without limiting the generality of Section 24, no member of the Committee shall be liable for any action or determination made in good faith with
respect to the Plan or any Grant hereunder. 
 (ii) Notwithstanding clause (i) of this Section 4(c), any award
under the Plan to an Eligible Person who is a member of the Committee shall be made by the full Board, but for these purposes the directors of the Company who are on the Committee shall be required to be recused in respect of such awards and shall
not be permitted to vote. 
 (d) Awards. 

(i) Agreements. Grants to Eligible Persons shall be evidenced by written Agreements in such form as the Committee shall
from time to time determine. Such Agreements shall comply with and be subject to the terms and conditions set forth below. 

(ii) Number of Shares. Each Grant issued to an Eligible Person shall state the number of Shares to which it pertains or
which otherwise underlie the Grant and shall provide for the adjustment thereof in accordance with the provisions of Section 11 hereof. 

(iii) Grants. Subject to the terms and conditions of the Plan and consistent with the Company’s intention for the
Committee to exercise the greatest permissible flexibility under Rule 16b-3 under the Exchange Act in awarding Grants, the Committee shall have the power: 

(1) to determine from time to time the Grants to be issued to Eligible Persons under the Plan and to prescribe the terms and
provisions (which need not be identical) of Grants issued under the Plan to such persons; 
 (2) to construe and interpret
the Plan and the Grants thereunder and to establish, amend and revoke the rules, regulations and procedures established for the administration of the Plan. In this connection, the Committee may correct any defect or supply any omission, or reconcile
any inconsistency in the Plan, in any Agreement, or in any related agreements, in the manner and to the extent it shall deem necessary or expedient to make the Plan fully effective. All decisions and determinations by the Committee in the exercise
of this power shall be final and binding upon the Participating Companies and the Grantees; 
 (3) to amend any outstanding
Grant, subject to Section 17, and to accelerate or extend the vesting of any Grant and to waive conditions or restrictions on any Grants, to the extent it shall deem appropriate; and 

  
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 (4) generally to exercise such powers and to perform such acts as are deemed
necessary or expedient to promote the best interests of the Company with respect to the Plan. 
 5. PARTICIPATION. 

(a) Eligibility. Only Eligible Persons shall be eligible to receive Grants under the Plan. 

(b) Limitation of Ownership. No Grants shall be issued under the Plan to any person who after such Grant would beneficially own more
than 9.8% of the outstanding shares of Common Stock of the Company, unless the foregoing restriction is expressly and specifically waived by action of the independent directors of the Board. 

(c) Stock Ownership. For purposes of Section 5(b) above, in determining stock ownership a Grantee shall be considered as owning
the stock owned, directly or indirectly, by or for his brothers, sisters, spouse, ancestors and lineal descendants. Stock owned, directly or indirectly, by or for a corporation, partnership, estate or trust shall be considered as being owned
proportionately by or for its stockholders, partners or beneficiaries. 
 (d) Outstanding Stock. For purposes of Section 5(b)
above, “outstanding shares” shall include all stock actually issued and outstanding immediately after the issue of the Grant to the Grantee. 

6. STOCK. Subject to adjustments pursuant to Section 11, Grants with respect to an aggregate of no more than 2,000,000 Shares may
be granted under the Plan. Subject to adjustments pursuant to Section 11, the maximum number of Shares that may underlie Grants in any one calendar year to any Grantee shall not exceed 200,000. Shares that have been reserved for distribution in
payment Phantom Shares but are later forfeited or for any other reason are not payable under the Plan shall again be available for issuance under this Plan. Shares of Common Stock issued hereunder may consist, in whole or in part, of authorized and
unissued shares, treasury shares or previously issued Shares under the Plan. The certificates for Shares issued hereunder may include any legend which the Committee deems appropriate to reflect any restrictions on transfer hereunder or under the
Agreement, or as the Committee may otherwise deem appropriate. Shares subject to DERs, other than DERs based directly on the dividends payable with respect to the dividends payable on a number of Shares corresponding to the number of Phantom Shares
awarded, shall be subject to the limitation of this Section 6. Notwithstanding the limitations above in this Section 6, except in the case of Grants intended to qualify for relief from the limitations of Section 162(m) of the Code,
there shall be no annual limit on the number of Phantom Shares or DERs that may be granted under the Plan, to the extent they are paid out in cash. If any Phantom Shares or DERs are paid out in cash, the underlying Shares may again be made the
subject of Grants under the Plan, notwithstanding the first sentence of this Section 6. 
 7. PROVISIONS APPLICABLE TO PHANTOM
SHARES. 
 (a) Grant of Phantom Shares. Subject to the other terms of the Plan, the Committee may, in its discretion as reflected
by the terms of the applicable Agreement: (i) authorize the Granting of Phantom Shares to Eligible Persons and (ii) determine or impose other conditions to the grant of Phantom Shares under the Plan as it may deem appropriate. 

(b) Term. The Committee may provide in an Agreement that any particular Phantom Share shall expire at the end of a specified term. 

(c) Vesting. 

(i) Subject to the provisions of the applicable Agreement and Section 10(c)(ii), Phantom Shares shall vest as provided in
the applicable Agreement. 

  
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 (ii) Unless otherwise determined by the Committee at the time of Grant, the
Phantom Shares granted pursuant to the Plan shall be subject to the following vesting conditions: 
 (1) Termination of
Service for Cause. Unless otherwise provided in the applicable Agreement and subject to clause (2) below, if the Grantee has a Termination of Service for Cause, all of the Grantee’s Phantom Shares (whether or not such Phantom Shares
are otherwise vested) shall thereupon, and with no further action, be forfeited by the Grantee and cease to be outstanding, and no payments shall be made with respect to such forfeited Phantom Shares. 

(2) Termination of Service for Death, Disability or Retirement of Grantee or by the Company for Any Reason Other than
Cause. Unless otherwise provided in the applicable Agreement, in the event the Grantee has a Termination of Service on account of his or her death, Disability or Retirement, or the Grantee has a Termination of Service by the Company for any
reason other than Cause, all outstanding Phantom Shares granted to such Grantee shall become immediately vested. 
 (3)
Except as contemplated above in Sections 7(c)(ii)(l) and (2), in the event that a Grantee has a Termination of Service, any and all of the Grantee’s Phantom Shares which have not vested prior to or as of such termination shall thereupon,
and with no further action, be forfeited and cease to be outstanding, and the Grantee’s vested Phantom Shares shall be settled as set forth in Section 7(d). 

(d) Settlement of Phantom Shares. 

(i) Each vested and outstanding Phantom Share shall be settled by the transfer to the Grantee of one Share; provided, however,
that, the Committee at the time of grant (or, in the appropriate case, as determined by the Committee, thereafter) may provide that a Phantom Share may be settled (A) in cash at the applicable Phantom Share Value, (B) in cash or by
transfer of Shares as elected by the Grantee in accordance with procedures established by the Committee or (C) in cash or by transfer of Shares as elected by the Company. 

(ii) Each Phantom Share shall be settled with a single-sum payment by the Company; provided, however, that, with respect to
Phantom Shares of a Grantee which have a common Settlement Date (as defined below), the Committee may permit the Grantee to elect in accordance with procedures established by the Committee, which procedures shall comply with the requirements of
Section 409A is so applicable, to receive installment payments over a period not to exceed ten years. 
 (iii) (1) The
settlement date with respect to a Grantee is the first day of the month to follow the Grantee’s Termination of Service (“Settlement Date”); provided, however, that a Grantee may elect, in accordance with procedures to be
adopted by the Committee, that such Settlement Date will be deferred as elected by the Grantee to a time permitted by the Committee under procedures to be established by the Committee. Unless otherwise determined by the Committee, elections under
this Section 7(d)(iii)(1) must be made at least six months (twelve months if the Grant is subject to Section 409A) before, and in the calendar year prior to the calendar year in which, the Settlement Date would occur in the absence of such
election. In addition, if the Grant is subject to Section 409A, then the new Settlement Date must be at least five (5) years later than the original Settlement Date. 

(2) Notwithstanding Section 7(d)(iii)(1), the Committee may provide that distributions of Phantom Shares can be elected
at any time in those cases in which the Phantom Share Value is determined by reference to Fair Market Value to the extent in excess of a base value, rather than by reference to unreduced Fair Market Value, provided that the Grant is not subject to
Section 409A. 
 (3) Notwithstanding the foregoing, the Settlement Date, if not earlier pursuant to this
Section 7(d)(iii), is the date of the Grantee’s death. 

  
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 (iv) Notwithstanding any other provision of the Plan, a Grantee may receive any
amounts to be paid in installments as provided in Section 7(d)(ii) or deferred by the Grantee as provided in Section 7(d)(iii) in the event of an “Unforeseeable Emergency.” For these purposes, an “Unforeseeable
Emergency,” as determined by the Committee in its sole discretion, is a severe financial hardship to the Grantee resulting from a sudden and unexpected illness or accident of the Grantee or “dependent,” as defined in
Section 152(a) of the Code, of the Grantee, loss of the Grantee’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Grantee; provided, however,
if the Grant is subject to Section 409A, then “Unforeseeable Emergency” shall not be deemed to exist unless it satisfies the definition of such under Section 409A. The circumstances that will constitute an Unforeseeable Emergency
will depend upon the facts of each case, but, in any case, payment may not be made to the extent that such hardship is or may be relieved: 

(1) through reimbursement or compensation by insurance or otherwise; 

(2) by liquidation of the Grantee’s assets, to the extent the liquidation of such assets would not itself cause severe
financial hardship; or 
 (3) by future cessation of the making of additional deferrals under Section 7(d)(ii) and
(iii). 
 Without limitation, the need to send a Grantee’s child to college or the desire to purchase a home shall not constitute an
Unforeseeable Emergency. Distributions of amounts because of an Unforeseeable Emergency shall be permitted to the extent reasonably needed to satisfy the emergency need. 

(e) Other Phantom Share Provisions. 

(i) Rights to payments with respect to Phantom Shares granted under the Plan shall not be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, garnishment, levy, execution, or other legal or equitable process, either voluntary or involuntary; and any attempt to anticipate, alienate, sell, transfer,
assign, pledge, encumber, attach or garnish, or levy or execute on any right to payments or other benefits payable hereunder, shall be void. 

(ii) A Grantee may designate in writing, on forms to be prescribed by the Committee, a beneficiary or beneficiaries to receive
any payments payable after his or her death and may amend or revoke such designation at any time. If no beneficiary designation is in effect at the time of a Grantee’s death, payments hereunder shall be made to the Grantee’s estate. If a
Grantee with a vested Phantom Share dies, such Phantom Share shall be settled and the Phantom Share Value in respect of such Phantom Shares paid, and any payments deferred pursuant to an election under Section 7(d)(iii) shall be accelerated and
paid, as soon as practicable (but no later than 60 days) after the date of death to such Grantee’s beneficiary or estate, as applicable. 

(iii) The Committee may establish a program under which distributions with respect to Phantom Shares may be deferred for
periods in addition to those otherwise contemplated by the foregoing provisions of this Section 7; provided, however, that any such program comply with Section 409A. Such program may include, without limitation, provisions for the
crediting of earnings and losses on unpaid amounts and, if permitted by the Committee, provisions under which Grantees may select from among hypothetical investment alternatives for such deferred amounts in accordance with procedures established by
the Committee. 
 (iv) Notwithstanding any other provision of this Section 10, any fractional Phantom Share will be paid
out in cash at the Phantom Share Value as of the Settlement Date. 
 (v) No Phantom Share shall give any Grantee any rights
with respect to Shares or any ownership interest in the Company. Except as may be provided in accordance with Section 11, no provision of the Plan shall be interpreted to confer upon any Grantee of a Phantom Share any voting, dividend or
derivative or other similar rights with respect to any Phantom Share. 

  
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 (f) Claims Procedures. 

(i) The Grantee, or his beneficiary hereunder or authorized representative, may file a claim for payments with respect to
Phantom Shares under the Plan by written communication to the Committee or its designee. A claim is not considered filed until such communication is actually received. Within 90 days (or, if special circumstances require an extension of time for
processing, 180 days, in which case notice of such special circumstances should be provided within the initial 90-day period) after the filing of the claim, the Committee will either: 

(1) approve the claim and take appropriate steps for satisfaction of the claim; or 

(2) if the claim is wholly or partially denied, advise the claimant of such denial by furnishing to him or her a written notice
of such denial setting forth (A) the specific reason or reasons for the denial; (B) specific reference to pertinent provisions of the Plan on which the denial is based and, if the denial is based in whole or in part on any Rule of
construction or interpretation adopted by the Committee, a reference to such rule, a copy of which shall be provided to the claimant; (C) a description of any additional material or information necessary for the claimant to perfect the claim
and an explanation of the reasons why such material or information is necessary; and (D) a reference to this Section 7(f) as the provision setting forth the claims procedure under the Plan. 

(ii) The claimant may request a review of any denial of his or her claim by written application to the Committee within 60 days
after receipt of the notice of denial of such claim. Within 60 days (or, if special circumstances require an extension of time for processing, 120 days, in which case notice of such special circumstances should be provided within the initial 60-day
period) after receipt of written application for review, the Committee will provide the claimant with its decision in writing, including, if the claimant’s claim is not approved, specific reasons for the decision and specific references to the
Plan provisions on which the decision is based. 
 8. PROVISIONS APPLICABLE TO DIVIDEND EQUIVALENT RIGHTS. 

(a) Grant of DERs. Subject to the other terms of the Plan, the Committee may, in its discretion as reflected by the terms of the
Agreements, authorize the granting of DERs to Eligible Persons based on the dividends declared on Common Stock, to be credited as of the dividend payment dates, during the period between the date a Grant is issued, and the date such Grant is
exercised, vests or expires, as determined by the Committee. Such DERs shall be converted to cash or additional Shares by such formula and at such time and subject to such limitation as may be determined by the Committee. If a DER is granted in
respect of another Grant hereunder, then, unless otherwise stated in the Agreement, or, in the appropriate case, as determined by the Committee, in no event shall the DER be in effect for a period beyond the time during which the applicable related
portion of the underlying Grant has been exercised or otherwise settled, or has expired, been forfeited or otherwise lapsed, as applicable. 

(b) Certain Terms. 

(i) The term of a DER shall be set by the Committee in its discretion. 

(ii) Payment of the amount determined in accordance with Section 8(a) shall be in cash, in Common Stock or a combination
of the both, as determined by the Committee at the time of grant. 
 (c) Other Types of DERs. The Committee may establish a program
under which DERs of a type whether or not described in the foregoing provisions of this Section 8 may be granted to Eligible Persons. For 

  
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example, without limitation, the Committee may grant a DER with respect to a Phantom Share, which right would consist of the right (subject to Section 8(d)) to receive a cash payment in an
amount equal to the dividend distributions paid on a Share from time to time. 
 (d) Deferral. 

(i) The Committee may establish a program under which Grantees (i) will have Phantom Shares credited, subject to the terms
of Sections 7(d) and 7(e) as though directly applicable with respect thereto, upon the granting of DERs, or (ii) will have payments with respect to DERs deferred, provided that with respect to any DERs that are subject to Section 409A, any
deferrals shall be made in compliance with Section 409A 
 (ii) The Committee may establish a program under which
distributions with respect to DERs may be deferred; provided, however, that if any such distributions are subject to Section 409A, then and deferrals shall be made in compliance with Section 409A. Such program may include, without
limitation, provisions for the crediting of earnings and losses on unpaid amounts, and, if permitted by the Committee, provisions under which Grantees may select from among hypothetical investment alternatives for such deferred amounts in accordance
with procedures established by the Committee. 
 9. PERFORMANCE GOALS. The Committee, in its discretion, shall in the case of Grants
intended to qualify for an exception from the limitation imposed by Section 162(m) of the Code (“Performance-Based Grants”) (i) establish one or more performance goals (“Performance Goals”) as a
precondition to the issue of Grants, and (ii) provide, in connection with the establishment of the Performance Goals, for predetermined Grants to those Grantees (who continue to meet all applicable eligibility requirements) with respect to whom
the applicable Performance Goals are satisfied. The Performance Goals shall be based upon the criteria set forth in Exhibit A hereto which is hereby incorporated herein by reference as though set forth in full. The Performance Goals
shall be established in a timely fashion such that they are considered pre-established for purposes of the rules governing performance-based compensation under Section 162(m) of the Code. Prior to the award of Phantom Shares or DERs hereunder,
the Committee shall have certified that any applicable Performance Goals, and other material terms of the Grant, have been satisfied. Performance Goals which do not satisfy the foregoing provisions of this Section 9 may be established by the
Committee with respect to Grants not intended to qualify for an exception from the limitations imposed by Section 162(m) of the Code. 

10. TERM OF PLAN. Grants may be granted pursuant to the Plan until the expiration of ten years from the Effective Date of the Plan.

 11. RECAPITALIZATION AND CHANGES OF CONTROL. 

(a) Subject to any required action by stockholders and to the specific provisions of Section 12, if (i) the Company shall at any time
be involved in a merger, consolidation, dissolution, liquidation, reorganization, exchange of shares, sale of all or substantially all of the assets or stock of the Company or a transaction similar thereto, (ii) any stock dividend, stock split,
reverse stock split, stock combination, reclassification, recapitalization or other similar change in the capital structure of the Company, or any distribution to holders of Common Stock other than cash dividends, shall occur or (iii) any other
event shall occur which in the judgment of the Committee necessitates action by way of adjusting the terms of the outstanding Grants, then: 

(i) the Committee shall make appropriate adjustments to: (a) the maximum aggregate number of Shares which may be made
subject to DERs under the Plan, (b) the maximum aggregate number of Phantom Shares and other Grants which may be granted under the Plan, and (c) the maximum number of Shares that may underlie Grants in any calendar one year to any Grantee;
and 
 (ii) the Committee shall take any such action as in its discretion shall be necessary to maintain each Grantees’
rights hereunder (including under their applicable Agreements) so that they are, in their respective Phantom Shares and DERs, substantially proportionate to the rights existing in such Phantom Shares and DERs prior to such event, including, without
limitation, adjustments in (A) the 

  
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number of Phantom Shares and DERs granted, (B) the number and kind of shares or other property to be distributed in respect of Phantom Shares and DERs, (C) the Purchase Price and
Phantom Share Value, and (D) performance-based criteria established in connection with Grants (to the extent consistent with Section 162(m) of the Code, as applicable); provided that, in the discretion of the Committee, the foregoing
clause (D) may also be applied in the case of any event relating to a Subsidiary if the event would have been covered under this Section 11(a) had the event related to the Company. 

To the extent that such action shall include an increase or decrease in the number of Shares subject to all outstanding Grants, the number of Shares available
under Section 6 above shall be increased or decreased, as the case may be, proportionately. 
 (b) The judgment of the Committee with
respect to any matter referred to in this Section 11 shall be conclusive and binding upon each Grantee without the need for any amendment to the Plan. 

(c) Subject to any required action by stockholders, if the Company is the surviving corporation in any merger or consolidation, the rights
under any outstanding Grant shall pertain and apply to the securities to which a holder of the number of Shares subject to the Grant would have been entitled. In the event of a merger or consolidation in which the Company is not the surviving
corporation, the date of settling of each Phantom Share shall be accelerated to a date prior to such merger or consolidation, unless the agreement of merger or consolidation provides for the assumption of the Grant by the successor to the Company.

 (d) To the extent that the foregoing adjustment related to securities of the Company, such adjustments shall be made by the Committee,
whose determination shall be conclusive and binding on all persons. 
 (e) Except as expressly provided in this Section 11, a Grantee
shall have no rights by reason of subdivision or consolidation of shares of stock of any class, the payment of any stock dividend or any other increase or decrease in the number of shares of stock of any class or by reason of any dissolution,
liquidation, merger or consolidation or spin-off of assets or stock of another corporation, and any issue by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall not affect, and no
adjustment by reason thereof shall be made with respect to, the number of Shares subject to a Grant. 
 (f) Grants made pursuant to the Plan
shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or changes of its capital or business structure, to merge or consolidate or to dissolve, liquidate, sell or transfer all or any
part of its business assets. 
 (g) Upon the occurrence of a Change of Control (as defined in Section 7(h) below): 

(i) The Committee as constituted immediately before the Change of Control may make such adjustments as it, in its discretion,
determines are necessary or appropriate in light of the Change of Control, including, without limitation, the substitution of stock other than stock of the Company as the stock optioned hereunder and/or the acceleration of the settling of each
Phantom Share; provided, that the Committee determines that such adjustments do not have a substantial adverse economic impact on the Grantee as determined at the time of the adjustments. 

(ii) Unless otherwise determined by the Committee, all restrictions and conditions on each DER shall automatically lapse and
all Grants of DERs under the Plan shall be deemed fully vested. 
 (iii) Notwithstanding the provisions of Section 7,
the Settlement Date for Phantom Shares shall be the date of such Change of Control and all amounts due with respect to Phantom Shares to a Grantee hereunder shall be paid as soon as practicable (but in no event more than 30 days) after such Change
of Control, unless otherwise determined by the Committee or such Grantee elects otherwise in accordance with procedures established by the Committee. 

  
 -10- 

 (h) “Change of Control” shall mean the occurrence of any one of the following
events: 
 (i) any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than the
Company, any of its affiliates or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its affiliates and, with respect to any particular Eligible Employee, other than
such Eligible Employee) together with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Exchange Act) of such person, shall become the “beneficial owner” (as such term is defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 35% or more of either (A) the combined voting power of the Company’s then outstanding securities having the right to vote in an
election of the Board (“voting securities”) or (B) the number of then outstanding Shares (in either such case other than as a result of an acquisition of securities directly from the Company); or 

(ii) persons who, as of the Effective Date of the Plan, constitute the Board (the “Incumbent Directors”) cease
for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to constitute at least a majority of the Board, provided that any person becoming a member of the Board subsequent to the
Effective Date of the Plan whose election or nomination for election was approved and/or ratified by a vote of at least a majority of the Incumbent Directors shall, for purposes of the Plan, be considered an Incumbent Director; or 

(iii) there shall occur (A) any consolidation or merger of the Company or any Subsidiary where the stockholders of the
Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in
the aggregate 50% or more of the voting securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), (B) any sale, lease, exchange or other transfer (in one transaction
or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company (other than to a person or related group of persons that immediately prior to such transaction, directly or
indirectly controlled, was controlled by, or was under common control with, the Company) or (C) any plan or proposal for the liquidation or dissolution of the Company. 

Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred for purposes of the foregoing clause (i) solely as
the result of an acquisition of securities by the Company which, by reducing the number of Shares or other voting securities outstanding, increases (x) the proportionate number of Shares beneficially owned by any person to 35% or more of the
Shares then outstanding or (y) the proportionate voting power represented by the voting securities beneficially owned by any person to 35% or more of the combined voting power of all then outstanding voting securities; provided, however, that,
if any person referred to in clause (x) or (y) of this sentence shall thereafter become the beneficial owner of any additional Shares or other voting securities (other than pursuant to a stock split, stock dividend, or similar
transaction), then a “Change of Control” shall be deemed to have occurred for purposes of this subsection (j). 
 12. EFFECT OF
CERTAIN TRANSACTIONS. In the case of (i) the dissolution or liquidation of the Company, (ii) a merger, consolidation, reorganization or other business combination in which the Company is acquired by another entity or in which the
Company is not the surviving entity, or (iii) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the
Company, the Plan and the Grants issued hereunder shall terminate upon the effectiveness of any such transaction or event, unless provision is made in connection with such transaction for the assumption of Grants theretofore granted, or the
substitution for such Grants of new Grants, by the successor entity or parent thereof, with appropriate adjustment as to the number and kind of shares and the per share exercise prices, as provided in Section 11. In the event of such
termination, all outstanding Grants shall be exercisable in full for at least fifteen days prior to the date of such termination whether or not otherwise exercisable during such period. 

  
 -11- 

 13. SECURITIES LAW REQUIREMENTS. 

(a) Legality of Issuance. The issuance of any Shares pursuant to Grants under the Plan and the issuance of any Grant shall be contingent
upon the following: 
 (i) the obligation of the Company to sell Shares with respect to Grants issued under the Plan shall be
subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee; 

(ii) the Committee may make such changes to the Plan as may be necessary or appropriate to comply with the rules and
regulations of any government authority; and 
 (iii) each grant of Phantom Shares (or issuance of Shares in respect thereof)
or DERs (or issuance of Shares in respect thereof) is subject to the requirement that, if at any time the Committee determines, in its discretion, that the listing, registration or qualification of Shares issuable pursuant to the Plan is required by
any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with Phantom Shares or Shares issued, in whole or in part, unless
listing, registration, qualification, consent or approval has been effected or obtained free of any conditions in a manner acceptable to the Committee. 

(b) Restrictions on Transfer. Regardless of whether the offering and sale of Shares under the Plan has been registered under the Act or
has been registered or qualified under the securities laws of any state, the Company may impose restrictions on the sale, pledge or other transfer of such Shares (including the placement of appropriate legends on stock certificates) if, in the
judgment of the Company and its counsel, such restrictions are necessary or desirable in order to achieve compliance with the provisions of the Act, the securities laws of any state or any other law. In the event that the sale of Shares under the
Plan is not registered under the Act but an exemption is available which requires an investment representation or other representation, each Grantee shall be required to represent that such Shares are being acquired for investment, and not with a
view to the sale or distribution thereof, and to make such other representations as are deemed necessary or appropriate by the Company and its counsel. Any determination by the Company and its counsel in connection with any of the matters set forth
in this Section 13 shall be conclusive and binding on all persons. Without limiting the generality of Section 6, stock certificates evidencing Shares acquired under the Plan pursuant to an unregistered transaction shall bear a restrictive
legend, substantially in the following form, and such other restrictive legends as are required or deemed advisable under the provisions of any applicable law: 

“THE SALE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE
“ACT”). ANY TRANSFER OF SUCH SECURITIES WILL BE INVALID UNLESS A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER OR IN THE OPINION OF COUNSEL FOR THE ISSUER SUCH REGISTRATION IS UNNECESSARY IN ORDER FOR SUCH TRANSFER
TO COMPLY WITH THE ACT.” 
 (c) Registration or Qualification of Securities. The Company may, but shall not be obligated to,
register or qualify the issuance of Grants and/or the sale of Shares under the Act or any other applicable law. The Company shall not be obligated to take any affirmative action in order to cause the issuance of Grants or the sale of Shares under
the Plan to comply with any law. 
 (d) Exchange of Certificates. If, in the opinion of the Company and its counsel, any legend
placed on a stock certificate representing Shares sold under the Plan is no longer required, the holder of such certificate shall be entitled to exchange such certificate for a certificate representing the same number of Shares but lacking such
legend. 
 (e) Certain Loans. Notwithstanding any other provision of the Plan, the Company shall not be required to take or permit
any action under the Plan or any Agreement which, in the good-faith determination of the Company, would result in a material risk of a violation by the Company of Section 13(k) of the Exchange Act. 

14. AMENDMENT OF THE PLAN. The Board may from time to time, with respect to any Shares at the time not subject to Grants, suspend or
discontinue the Plan or revise or amend it in any respect whatsoever. The Board may amend the Plan as it shall deem advisable, except that no amendment may adversely affect a Grantee 

  
 -12- 

 
with respect to Grants previously granted unless such amendments are in connection with compliance with applicable laws; provided, however, that the Board may not make any amendment in the Plan
that would, if such amendment were not approved by the holders of the Common Stock, cause the Plan to fail to comply with any requirement of applicable law or regulation, or of any applicable exchange or similar rule, unless and until the approval
of the holders of such Common Stock is obtained. 
 15. PREDECESSOR PLAN. 

(a) The Plan shall serve as the successor to the Predecessor Plan, and no direct stock issuances or other awards shall be made under the
Predecessor Plan after the Effective Date of the Plan. 
 (b) One or more provisions of the Plan, including (without limitation) the vesting
acceleration provisions of Section 11 relating to Changes of Control, may, in the Committee’s discretion, be extended to one or more options granted under the Predecessor Plan which do not otherwise contain such provisions; provided,
however, that no such provision of the Plan shall be extended to an option incorporated from the Predecessor Plan to the extent such action would result in a charge to the Company’s earnings for financial reporting purposes. 

16. APPLICATION OF FUNDS. The proceeds received by the Company from the sale of Common Stock in connection with other Grants under the
Plan will be used for general corporate purposes. 
 17. TAX WITHHOLDING. Each Grantee shall, no later than the date as of which the
value of any Grant first becomes includable in the gross income of the Grantee for federal income tax purposes, pay to the Company, or make arrangements satisfactory to the Company regarding payment of any federal, state or local taxes of any kind
that are required by law to be withheld with respect to such income. The Committee may, in its discretion, permit a Grantee to elect to have such tax withholding satisfied, in whole or in part, by (i) authorizing the Company to withhold a
number of Shares to be issued pursuant to a Grant equal to the Fair Market Value as of the date withholding is effected that would satisfy the minimum withholding amount due under applicable law, (ii) transferring to the Company Shares owned by
the Grantee with a Fair Market Value equal to the amount of the required withholding tax (provided that such Shares have been held for the requisite period necessary to avoid adverse accounting consequences to the Company), or (iii) in the case
of a Grantee who is an Employee of the Company at the time such withholding is effected, by withholding from the Grantee’s cash compensation. Notwithstanding anything contained in the Plan to the contrary, the Grantee’s satisfaction of any
tax-withholding requirements imposed by the Committee shall be a condition precedent to the Company’s obligation as may otherwise be provided hereunder to provide Shares to the Grantee, and the failure of the Grantee to satisfy such
requirements with respect to a Grant shall cause such Grant to be forfeited. 
 18. NOTICES. All notices under the Plan shall be in
writing, and if to the Company, shall be delivered to the Board or mailed to its principal office, addressed to the attention of the Board; and if to the Grantee, shall be delivered personally or mailed to the Grantee at the address appearing in the
records of the Participating Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 18. 

19. RIGHTS TO EMPLOYMENT OR OTHER SERVICE. Nothing in the Plan or in any Grant issued pursuant to the Plan shall confer on any
individual any right to continue in the employ or other service of the Participating Company (if applicable) or interfere in any way with the right of the Participating Company and its stockholders to terminate the individual’s employment or
other service at any time. 
 20. EXCULPATION AND INDEMNIFICATION. To the maximum extent permitted by law, the Company shall
indemnify and hold harmless the members of the Board and the members of the Committee from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act in connection with the performance
of such person’s duties, responsibilities and obligations under the Plan, other than such liabilities, costs and expenses as may result from the gross negligence, bad faith, willful misconduct or criminal acts of such persons. 

  
 -13- 

 21. NO FUND CREATED. Any and all payments hereunder to any Grantee under the Plan shall be
made from the general funds of the Company (or, if applicable, a Participating Company), no special or separate fund shall be established or other segregation of assets made to assure such payments, and the Phantom Shares (including for purposes of
this Section 21 any accounts established to facilitate the implementation of Section 7(d)(iii)) and any other similar devices issued hereunder to account for Plan obligations do not constitute Common Stock and shall not be treated as (or
as giving rise to) property or as a trust fund of any kind; provided, however, that the Company (or a Participating Company) may establish a mere bookkeeping reserve to meet its obligations hereunder or a trust or other funding vehicle that would
not cause the Plan to be deemed to be funded for tax purposes or for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended. The obligations of the Company (or, if applicable, a Participating Company) under the Plan
are unsecured and constitute a mere promise by the Company (or, if applicable, a Participating Company) to make benefit payments in the future and, to the extent that any person acquires a right to receive payments under the Plan from the Company
(or, if applicable, a Participating Company), such right shall be no greater than the right of a general unsecured creditor of the Company (or, if applicable, a Participating Company). Without limiting the foregoing, Phantom Shares and any other
similar devices issued hereunder to account for Plan obligations are solely a device for the measurement and determination of the amounts to be paid to a Grantee under the Plan, and each Grantee’s right in the Phantom Shares and any such other
devices is limited to the right to receive payment, if any, as may herein be provided. 
 22. NO FIDUCIARY RELATIONSHIP. Nothing
contained in the Plan (including without limitation Section 7(e)(iii)), and no action taken pursuant to the provisions of the Plan, shall create or shall be construed to create a trust of any kind, or a fiduciary relationship between the
Company, the Participating Companies, or their officers or the Committee, on the one hand, and the Grantee, the Company, the Participating Companies or any other person or entity, on the other. 

23. SECTION 409A.  
 (a)
The Agreement for any Grant that the Committee reasonably determines is subject to Section 409A shall be construed in a manner consistent with the applicable requirements of Section 409A, and the Committee, in its sole discretion and
without the consent of any Grantee, may amend any Agreement (and the provisions of the Plan applicable thereto) if and to the extent that the Committee determines that such amendment is necessary or appropriate to comply with the requirements of
Section 409A. 
 (b) If any Grant constitutes a “nonqualified deferred compensation plan” under Section 409A, then the
Grant shall be subject to the following additional requirements, if and to the extent required to comply with Section 409A: 

(i) Payments under the Grant may be made only upon (u) the Grantee’s “separation from service,”
(v) the date the Grantee becomes Disabled, (w) the Grantee’s death, (x) a “specified time (or pursuant to a fixed schedule)” specified in the Agreement at the date of the deferral of such compensation, (y) a
“change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets” of the Company, or (z) the occurrence of an “unforeseeable emergency”; 

(ii) The time or schedule for any payment of the deferred compensation may not be accelerated, except to the extent provided in
applicable Treasury Regulations or other applicable guidance issued by the Internal Revenue Service; 
 (iii) Any elections
with respect to the deferral of such compensation or the time and form of distribution of such deferred compensation shall comply with the requirements of Section 409A(a)(4) of the Code; and 

(iv) In the case of any Grant who is “specified employee,” a distribution on account of a “separation from
service” may not be made before the date which is six months after the date of the Grantee’s “separation from service” (or, if earlier, the date of the Grantee’s death). 

  
 -14- 

 For purposes of the foregoing, the terms in quotations shall have the same meanings as those terms have for
purposes of Section 409A, and the limitations set forth herein shall be applied in such manner (and only to the extent) as shall be necessary to comply with any requirements of Section 409A that are applicable to the Grant. 

Notwithstanding the foregoing, or any provision of this Plan or any Agreement, the Company does not make any representation to any Grantee
that any Grants made pursuant to this Plan are exempt from, or satisfy, the requirements of, Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless the Grantee for any tax, additional tax,
interest or penalties that the Grantee may incur in the event that any provision of this Plan, or any Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, is deemed to violate any of the requirements
of Section 409A. 
 24. CAPTIONS. The use of captions in the Plan is for convenience. The captions are not intended to provide
substantive rights. 
 25. GOVERNING LAW. THE PLAN SHALL BE GOVERNED BY THE LAWS OF MARYLAND, WITHOUT REFERENCE TO PRINCIPLES OF
CONFLICT OF LAWS. 
 26. EXECUTION. The Company has caused the Plan to be executed in the name and on behalf of the Company by an
officer of the Company thereunto duly authorized as of this 17th day of July, 2014. 
  

			
	 ANWORTH MORTGAGE ASSET CORPORATION,

a Maryland corporation

		
	 By:
	 	 /s/ Joseph Lloyd McAdams

		 	 Name: Joseph Lloyd McAdams

Title: Chairman of the Board, President and Chief Executive Officer

  
 -15- 

 EXHIBIT A 

PERFORMANCE CRITERIA 

Performance-Based Grants intended to qualify as “performance based” compensation under Section 162(m) of the Code, may be
payable upon the attainment of objective performance goals that are established by the Committee and relate to one or more Performance Criteria, in each case on specified date or over any period, up to ten years, as determined by the Committee.
Performance Criteria may be based on the achievement of the specified levels of performance under one or more of the measures set out below relative to the performance of one or more other corporations or indices. 

“Performance Criteria” means the following business criteria (or any combination thereof) with respect to one or more of the
Company, any Participating Company or any division or operating unit thereof: 
  

	 	(i)	pre-tax income, 

  

	 	(ii)	after-tax income, 

  

	 	(iii)	net income (meaning net income as reflected in the Company’s financial reports for the applicable period, on an aggregate, diluted and/or per share basis), 

 

	 	(iv)	operating income, 

  

	 	(v)	cash flow, 

  

	 	(vi)	earnings per share, 

  

	 	(vii)	return on equity, 

  

	 	(viii)	return on invested capital or assets, 

  

	 	(ix)	cash and/or funds available for distribution, 

  

	 	(x)	appreciation in the fair market value of the Common Stock, 

  

	 	(xi)	return on investment, 

  

	 	(xii)	total return to stockholders (meaning the aggregate Common Stock price appreciation and dividends paid (assuming full reinvestment of dividends) during the applicable period), 

 

	 	(xiii)	net earnings growth, 

  

	 	(xiv)	stock appreciation (meaning an increase in the price or value of the Common Stock after the date of grant of an award and during the applicable period), 

 

	 	(xv)	related return and expense ratios, 

  

	 	(xvi)	increase in revenues, 

  

	 	(xvii)	the Company’s published ranking against its peer group of real estate investment trusts based on total stockholder return, 

  

	 	(xviii)	net earnings, 

  

	 	(xix)	changes (or the absence of changes) in the per share or aggregate market price of the Company’s Common Stock, 

  

	 	(xx)	number of securities sold, 

  

	 	(xxi)	earnings before any one or more of the following items: interest, taxes, depreciation or amortization for the applicable period, as reflected in the Company’s financial reports for the applicable period,

  
 EXHIBIT A- 1 

	 	(xxii)	total revenue growth (meaning the increase in total revenues after the date of grant of an award and during the applicable period, as reflected in the Company’s financial reports for the applicable period), and

  

	 	(xxiii)	increases in book value or paid in capital per share. 

 Except as otherwise expressly provided,
all financial terms are used as defined under Generally Accepted Accounting Principles (“GAAP”) and all determinations shall be made in accordance with GAAP, as applied by the Company in the preparation of its periodic reports to
stockholders. 
 To the extent permitted by Section 162(m) of the Code, unless the Committee provides otherwise at the time of
establishing the performance goals, for each fiscal year of the Company, the Committee may provide for objectively determinable adjustments, as determined in accordance with GAAP, to any of the Performance Criteria described above for one or more of
the items of gain, loss, profit or expense: (A) determined to be extraordinary or unusual in nature or infrequent in occurrence, (B) related to the disposal of a segment of a business, (C) related to a change in accounting principle
under GAAP, (D) related to discontinued operations that do not qualify as a segment of a business under GAAP, and (E) attributable to the business operations of any entity acquired by the Company during the fiscal year. 

  
 EXHIBIT A-2EX-4.1

									
		 		 		 		 	 EXHIBIT 4.1
  

Execution Version

  
  

 
  
 

 
 5-YEAR REVOLVING CREDIT AGREEMENT 

dated as of 

June 14, 2011 

among 
 MURPHY
OIL CORPORATION, 
 CANAM OFFSHORE LIMITED, 

and 
 MURPHY OIL COMPANY
LTD., 
 as Borrowers 

JPMORGAN CHASE BANK, N.A., 

as Administrative Agent 

and 
 The Lenders Party
Hereto 
  
  

BANK OF AMERICA, N.A., 

BNP PARIBAS, 
 DNB NOR
BANK ASA, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Co-Syndication Agents 
  

 
 J.P. MORGAN
SECURITIES LLC, MERILL LYNCH, PIERCE, FENNER & SMITH INC., 
 BNP PARIBAS SECURITIES CORP., DNB NOR MARKETS, INC., 

and 
 WELLS FARGO
SECURITIES, LLC, 
 as Co-Lead Arrangers and Joint Bookrunners 

 
  

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page:	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
		
	 Section 1.01 Defined Terms
	  	 	1	  
	 Section 1.02 Classification of Loans and Borrowings
	  	 	16	  
	 Section 1.03 Terms Generally
	  	 	16	  
	 Section 1.04 Accounting Terms; GAAP
	  	 	17	  
		
	 ARTICLE II THE CREDITS
	  	 	17	  
		
	 Section 2.01 Commitments
	  	 	17	  
	 Section 2.02 Loans and Borrowings
	  	 	17	  
	 Section 2.03 Requests for Revolving Borrowings
	  	 	18	  
	 Section 2.04 Swingline Loans
	  	 	18	  
	 Section 2.05 Letters of Credit
	  	 	20	  
	 Section 2.06 Funding of Borrowings
	  	 	24	  
	 Section 2.07 Interest Elections
	  	 	24	  
	 Section 2.08 Termination and Reduction of Commitments
	  	 	25	  
	 Section 2.09 Repayment of Loans; Evidence of Debt
	  	 	26	  
	 Section 2.10 Prepayment of Loans
	  	 	27	  
	 Section 2.11 Fees
	  	 	28	  
	 Section 2.12 Interest
	  	 	29	  
	 Section 2.13 Alternate Rate of Interest
	  	 	29	  
	 Section 2.14 Increased Costs
	  	 	30	  
	 Section 2.15 Break Funding Payments
	  	 	31	  
	 Section 2.16 Taxes
	  	 	31	  
	 Section 2.17 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	 	33	  
	 Section 2.18 Mitigation Obligations; Replacement of Lenders
	  	 	35	  
	 Section 2.19 Commitment Increase
	  	 	36	  
	 Section 2.20 Extension of Maturity Date
	  	 	37	  
	 Section 2.21 Defaulting Lenders
	  	 	38	  
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	40	  
		
	 Section 3.01 Organization; Powers
	  	 	40	  
	 Section 3.02 Authorization; Enforceability
	  	 	40	  
	 Section 3.03 Governmental Approvals; No Conflicts
	  	 	40	  
	 Section 3.04 Financial Condition; No Material Adverse Change
	  	 	41	  
	 Section 3.05 Properties
	  	 	41	  
	 Section 3.06 Litigation and Environmental Matters
	  	 	41	  
	 Section 3.07 Compliance with Laws and Agreements
	  	 	41	  
	 Section 3.08 Investment Company Status
	  	 	42	  
	 Section 3.09 Taxes
	  	 	42	  
	 Section 3.10 ERISA
	  	 	42	  
	 Section 3.11 Disclosure
	  	 	42	  

  
 i 

					
		
	 ARTICLE IV CONDITIONS
	  	 	42	  
		
	 Section 4.01 Effective Date
	  	 	42	  
	 Section 4.02 Each Credit Event
	  	 	44	  
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	 	44	  
		
	 Section 5.01 Financial Statements, Ratings Change, and Other Information
	  	 	44	  
	 Section 5.02 Notices of Material Events
	  	 	46	  
	 Section 5.03 Existence; Conduct of Business
	  	 	46	  
	 Section 5.04 Payment of Obligations
	  	 	46	  
	 Section 5.05 Maintenance of Properties; Insurance
	  	 	46	  
	 Section 5.06 Books and Records; Inspection Rights
	  	 	47	  
	 Section 5.07 Compliance with Laws
	  	 	47	  
	 Section 5.08 Use of Proceeds
	  	 	47	  
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	 	47	  
		
	 Section 6.01 Indebtedness
	  	 	47	  
	 Section 6.02 Liens
	  	 	47	  
	 Section 6.03 Fundamental Changes
	  	 	48	  
	 Section 6.04 Hedging Agreements
	  	 	49	  
	 Section 6.05 Transactions with Affiliates
	  	 	49	  
	 Section 6.06 Restrictive Agreements
	  	 	49	  
	 Section 6.07 Ratio of Maximum Total Debt to Total Capital
	  	 	49	  
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	 	50	  
		
	 ARTICLE VIII GUARANTY
	  	 	52	  
		
	 Section 8.01 Guaranty of Obligations
	  	 	52	  
	 Section 8.02 Guaranteed Debt Not Reduced by Offset
	  	 	52	  
	 Section 8.03 Payment by the Company
	  	 	52	  
	 Section 8.04 No Duty to Pursue Others
	  	 	52	  
	 Section 8.05 Waiver of Notices, etc.
	  	 	53	  
	 Section 8.06 Effect of Bankruptcy; Other Matters
	  	 	53	  
	 Section 8.07 Additional Events and Circumstances not Reducing or Discharging the Company’s Obligations
	  	 	53	  
	 Section 8.08 Subordination of Guarantor Claims
	  	 	54	  
	 Section 8.09 Claims in Bankruptcy
	  	 	55	  
		
	 ARTICLE IX THE ADMINISTRATIVE AGENT
	  	 	55	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	57	  
		
	 Section 10.01 Notices
	  	 	57	  
	 Section 10.02 Waivers; Amendments
	  	 	58	  
	 Section 10.03 Expenses; Indemnity; Damage Waiver
	  	 	59	  

  
 ii 

					
	 Section 10.04 Successors and Assigns
	  	 	60	  
	 Section 10.05 Survival
	  	 	62	  
	 Section 10.06 Counterparts; Integration; Effectiveness
	  	 	63	  
	 Section 10.07 Severability
	  	 	63	  
	 Section 10.08 Right of Setoff
	  	 	63	  
	 Section 10.09 Governing Law; Jurisdiction; Consent to Service of Process
	  	 	63	  
	 Section 10.10 Waiver of Jury Trial
	  	 	64	  
	 Section 10.11 Headings
	  	 	64	  
	 Section 10.12 Confidentiality
	  	 	64	  
	 Section 10.13 Interest Rate Limitation
	  	 	65	  
	 Section 10.14 USA Patriot Act
	  	 	65	  

 Schedules: 

Schedule 2.01 Commitments 
 Schedule 2.13 Swingline Loan Rate
Calculation 
 Exhibits: 
 Exhibit
A         Form of Assignment and Assumption 
 Exhibit B-1     Form of Opinion of the
Company’s Counsel 
 Exhibit B-2     Form of Opinion of Canam’s Counsel 

Exhibit B-3     Form of Opinion of MOCL’ Counsel 

Exhibit B-4     Form of Opinion of the Administrative Agent’s Counsel 

  
 iii 

 5-YEAR REVOLVING CREDIT AGREEMENT
dated as of June 14, 2011, among MURPHY OIL CORPORATION, a Delaware corporation (the “Company”), CANAM OFFSHORE
LIMITED, a Bahamian corporation (“Canam”), MURPHY OIL COMPANY LTD., a Canadian corporation (“MOCL”), the
LENDERS party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, and BANK OF AMERICA, N.A., BNP
PARIBAS, DNB NOR BANK ASA and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Co-Syndication Agents.

 The parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Adjusted Consolidated
Capitalization” means, for the Company and its Subsidiaries, on a consolidated basis, as of any date, (a) the aggregate amount of all Indebtedness, plus (b) the aggregate amount of paid-up capital, shareholders’ capital, and
retained earnings (if any), minus (c) the aggregate amount of accumulated deficit (if any), minus (d) the lesser of (i) the net equity investment in any asset financed or encumbered by Non-Recourse Debt, and (ii) the amount of
Non-Recourse Debt related to such asset. In determining Adjusted Consolidated Capitalization, the calculation set forth above shall be adjusted for any amounts which are attributable to (A) assets that would be treated as intangible assets such
as goodwill, trademarks, trade names, copyrights, patents, and unamortized debt discount, (B) deferred taxation, and (C) any amount referred to in this definition that relates to a minority interest. All determinations required by this
definition shall be made in accordance with GAAP. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing
for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent for the Lenders hereunder.

 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Affected Loan” has the meaning set forth in Section 2.17(f). 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

  
 1 

5-YEAR REVOLVING CREDIT AGREEMENT 

 “Agreement” means this 5-Year Revolving Credit Agreement, as the same may be
amended, modified, restated, or replaced from time to time. 
 “Alternate Base Rate” means, for any day, a rate per annum
equal to the greater of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1%, and (c) the Adjusted LIBO Rate for a one-month Interest Period on such day (or if such day is
not a Business Day, the immediately preceding Business Day) plus 1.0%; provided that, for the avoidance of doubt, for purposes of calculating the Adjusted LIBO Rate pursuant to clause (c) above, the LIBO Rate for any day shall be based
on the rate per annum determined by the Administrative Agent at approximately 11:00 a.m. (London time) on such day by reference to the rate appearing on the Reuters Screen LIBOR01 Page (or any successor page or any successor service, or any
substitute page or substitute for such service, providing rate quotations comparable to the Reuters Screen LIBOR01 Page, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to
dollar deposits in the London interbank market) for a period equal to one-month. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO shall be effective from and including the
effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 

“Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such
Lender’s Commitment; provided that in the case of Section 2.21 when a Defaulting Lender shall exist, “Applicable Percentage” shall mean the percentage of the total Commitments (disregarding any Defaulting Lender’s
Commitment) represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any
Lender’s status as a Defaulting Lender at the time of determination. 
 “Applicable Rate” means, for any day, with
respect to any ABR Revolving Loan or Eurodollar Revolving Loan, or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “Eurodollar
Spread” or “Facility Fee Rate”, as the case may be, based upon the ratings by Moody’s and S&P, respectively, applicable on such date to the Index Debt: 

 

									
	 Index Debt Ratings
	 	 Facility Fee Rate
	 	 Eurodollar Spread
	 	 ABR Spread
	 	 All-In Drawn

	 Category 1

> A/A2
	 	0.100%	 	0.900%	 	0%	 	1.000%
					
	 Category 2

A-/A3
	 	0.150%	 	0.975%	 	0%	 	1.125%
					
	 Category 3

BBB+/Baa1
	 	0.200%	 	1.050%	 	0.050%	 	1.250%
					
	 Category 4

BBB/Baa2
	 	0.250%	 	1.250%	 	0.250%	 	1.500%
					
	 Category 5

BBB-/Baa3
	 	0.300%	 	1.450%	 	0.450%	 	1.750%
					
	 Category 6

BBB-/Baa3
	 	0.400%	 	1.600%	 	0.600%	 	2.000%

  
 2 

5-YEAR REVOLVING CREDIT AGREEMENT 

 For purposes of the foregoing, (a) if either Moody’s or S&P shall not have in effect a rating for
the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then a rating for the Index Debt by Dominion Bond Rating Service (“DBRS”) or Fitch may be substituted for a rating by
Moody’s or S&P, as applicable; provided, that if at least two such Rating Agencies do not have in effect a rating for the Index Debt, then such Rating Agency or Rating Agencies shall be deemed to have established a rating in Category
6; (b) if the ratings established or deemed to have been established by the Rating Agencies for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings, unless one of the two
ratings is two or more Categories lower than the other, in which case the Applicable Rate shall be determined by reference to the Category next above that of the lower of the two ratings; and (c) if the ratings established or deemed to have
been established by the Rating Agencies for the Index Debt shall be changed (other than as a result of a change in the rating system of such Rating Agency), such change shall be effective as of the date on which it is first announced by the
applicable rating agency, irrespective of when notice of such change shall have been furnished by the Company to the Administrative Agent and the Lenders pursuant to Section 5.01 or otherwise. Each change in the Applicable Rate shall
apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of any Rating Agency shall change, or if any such applicable Rating
Agency shall cease to be in the business of rating corporate debt obligations, the Borrowers and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such
Rating Agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. 

“Assessment Rate” means, for any day, the annual assessment rate in effect on such day that is payable by a member of the
Bank Insurance Fund classified as “well-capitalized” and within supervisory subgroup “B” (or a comparable successor risk classification) within the meaning of 12 C.F.R. Part 327 (or any successor provision) to the Federal Deposit
Insurance Corporation for insurance by such Corporation of time deposits made in dollars at the offices of such member in the United States; provided that if, as a result of any change in any law, rule or regulation, it is no longer possible
to determine the Assessment Rate as aforesaid, then the Assessment Rate shall be such annual rate as shall be determined by the Administrative Agent to be representative of the cost of such insurance to the Lenders. 

“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of
any party whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the Administrative Agent. 

  
 3 

5-YEAR REVOLVING CREDIT AGREEMENT 

 “Availability Period” means the period from and including the Effective Date to
but excluding the earlier of the Maturity Date and the date of termination of the Commitments. 
 “Bankruptcy Event” means,
with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the
reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such
proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided,
further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person
(or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Board” means the Board of Governors of the Federal Reserve System of the United States of America. 

“Borrower” means each of the Company, Canam, and MOCL, and “Borrowers” means the Company, Canam and MOCL,
collectively. 
 “Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date
and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan. 
 “Borrowing
Request” means a request by the Company on behalf of itself, Canam or MOCL for a Revolving Borrowing in accordance with Section 2.03. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the
London interbank market. 
 “Canam” means Canam Offshore Limited, a corporation organized under the laws of the Bahamas.

 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any
lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
 “Certifying
Officer” has the meaning set forth in Section 5.01(c). 

  
 4 

5-YEAR REVOLVING CREDIT AGREEMENT 

 “Change in Control” means either: (a) any Person or group of related
Persons (other than members of the Murphy Family) shall have acquired beneficial ownership of more than 35% of the outstanding voting shares of the Company (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as
amended, and the applicable rules and regulations thereunder); or (b) during any period of 12 consecutive calendar months, individuals who were members of the Board of Directors of the Company on the first day of such period shall cease to
constitute at least 66-2/3% of the members of the Board of Directors of the Company. 
 “Change in Law” means (a) the
adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or
(c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender’s or such Issuing Bank’s holding company, if any) with any request, guideline or
directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that notwithstanding anything herein to the contrary (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives concerning capital adequacy promulgated by the Bank for International
Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor similar authority) or the United States financial regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a “Change in
Law”, regardless of the date enacted, adopted, promulgated or issued. 
 “Charges” has the meaning set forth in
Section 10.13. 
 “Class” when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are Revolving Loans or Swingline Loans. 
 “Code” means the Internal Revenue Code of 1986,
as amended from time to time. 
 “Commitment” means, with respect to each Lender, the commitment of such Lender to make
Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Credit Exposure hereunder, as such commitment may be
(a) increased from time to time pursuant to Section 2.19, (b) reduced from time to time pursuant to Section 2.08, or (c) reduced or increased from time to time pursuant to assignments by or to such Lender
pursuant to Section 2.18 or Section 10.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its
Commitment, as applicable. The initial aggregate amount of the Lenders’ Commitments is $1,500,000,000. 
 “Commitment
Increase” has the meaning set forth in Section 2.19. 
 “Commitment Increase Date” has the meaning set
forth in Section 2.19. 
 “Company” means Murphy Oil Corporation, a Delaware corporation. 

  
 5 

5-YEAR REVOLVING CREDIT AGREEMENT 

 “Consenting Lender” means, with respect to any request for an extension of the
Maturity Date pursuant to Section 2.20, any Lender that has consented to such request pursuant to Section 2.20. 

“Consolidated Recourse Debt” means, as of any date, all Indebtedness of the Company, on a consolidated basis, that is not
Non-Recourse Debt. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such
Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time. 
 “Credit Party” means the
Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender. 
 “Customary Recourse Exceptions” means,
with respect to any Non-Recourse Debt, exclusions from the exculpation provisions with respect to such Non-Recourse Debt for fraud, misapplication of cash, and other circumstances customarily excluded by institutional lenders from exculpation
provisions. 
 “DBRS” means Dominion Bond Rating Service. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both
would, unless cured or waived, become an Event of Default. 
 “Divestiture” means the sale (however accomplished, i.e.
asset sale or stock sale) of refineries at Superior, Wisconsin, Meraux, Louisiana, and Milford Haven, Wales, along with related pipelines, terminals, storage facilities, wholesale distribution assets, and the retail system in the United Kingdom,
pursuant to and in accordance with the Company’s plan, approved by its board of directors, as more fully described in the Company’s 8-K filing dated as of July 26, 2010. 

“dollars” or “$” refers to lawful money of the United States of America. 

“Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or
paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the
case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the
particular default, if any) has not been satisfied, (b) has notified the Borrower 

  
 6 

5-YEAR REVOLVING CREDIT AGREEMENT 

 
or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such
writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement
cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an
authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this
Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or
(d) has become the subject of a Bankruptcy Event. 
 “Effective Date” means the date on which the conditions specified in
Section 4.01 are satisfied (or waived in accordance with Section 10.02). 
 “Environmental Laws”
means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or
reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety matters. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Company or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation,
storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other
consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” means any
trade or business (whether or not incorporated) that, together with the Company, is treated as a single employer under Section 414(b) or (c) of the Code or, solely with respect to a pension plan (as defined in Section 3(2) of ERISA)
that is subject to Section 302 of ERISA or Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations
issued thereunder with respect to a Plan (other than an event for which the 30day notice period is waived); (b) the failure of a Plan to meet the minimum funding standards under Section 412 of the Code or Section 302 of ERISA
(determined without regard to any 

  
 7 

5-YEAR REVOLVING CREDIT AGREEMENT 

 
waiver of the funding provisions therein or in Section 430 of the Code or Section 303 of ERISA); (c) the filing pursuant to Section 412 of the Code or Section 303 of
ERISA of an application for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any
Plan; (e) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by
the Company or any of its ERISA Affiliates of any liability under Section 4052(e) of ERISA or with respect to the withdrawal or partial withdrawal from any Plan (including as a “substantial employer” as defined in
Section 4001(a)(2) of ERISA) or Multiemployer Plan; or (g) the receipt by the Company or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the
imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, in endangered or critical status, within the meaning of Section 305 of ERISA or insolvent or in reorganization, within the meaning of
Title IV of ERISA. 
 “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
 “Event of
Default” has the meaning set forth in Article VII. 
 “Excluded Taxes” means, with respect to the
Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Company hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the
United States of America, or by the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch
profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which the Company is located, (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Company under
Section 2.18(b)), any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office) or is attributable to such Foreign
Lender’s failure to comply with Section 2.16(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts
from the Company with respect to such withholding tax pursuant to Section 2.16(a), and (d) any United States withholding tax that is imposed under FATCA. 

“Existing Credit Agreement” means the Amended and Restated 5-Year Revolving Credit Agreement, dated as of June 6, 2007,
among the Company and Canam, as borrowers, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders parties thereto. 

“Extension Confirmation Date” has the meaning set forth in Section 2.20(b). 

“Extension Request” has the meaning set forth in Section 2.20(a). 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement, and any regulations or
official interpretations thereof. 

  
 8 

5-YEAR REVOLVING CREDIT AGREEMENT 

 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
 “Financial Officer” means,
with respect to any Person, the chief financial officer, principal accounting officer, treasurer or controller of such Person. The term “Financial Officer” without reference to a Person shall mean a Financial Officer of the Company. 

“Fitch” means Fitch Ratings. 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which the Company is
resident. For purposes of this definition, the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction. 

“GAAP” means generally accepted accounting principles in the United States of America. 

“Governmental Authority” means the government of the United States of America, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government. 
 “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or
otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any
obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any
security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity
capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of
guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 

“Guaranteed Debt” means (a) all present and future Indebtedness, including the Credit Exposures of the Lenders
hereunder, and all renewals and extensions thereof, or any part thereof, now or hereafter owed to the Administrative Agent, any Lender or any Issuing Bank by Canam or MOCL arising from, by virtue of, or pursuant to any of the Transactions, together
with all interest accruing thereon, and all fees, costs, expenses and other amounts payable under or in connection with this Agreement, and (b) all costs, expenses, and fees, including, but not limited to, court costs and attorneys’ fees,
arising in connection with the collection with the foregoing clause (a). 

  
 9 

5-YEAR REVOLVING CREDIT AGREEMENT 

 “Guarantor Claims” has the meaning set forth in Section 8.08. 

“Guaranty Agreement” has the meaning set forth in Section 8.01. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law. 
 “Hedging Agreement” means any agreement with respect to any swap, forward, future or derivative
transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or
pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers,
employees or consultants of the Company or any of its Subsidiaries shall be a “Hedging Agreement”. 

“Indebtedness” of any Person means, without duplication, (a) indebtedness for borrowed money, (b) obligations
evidenced by or pursuant to bonds, debentures, notes, bankers’ acceptances, or other similar instruments, (c) obligations to pay the deferred purchase price of property or services (excluding those from time to time incurred in the
ordinary course of business which are not greater than sixty (60) days past the date of invoice or delinquent or which are being contested in good faith by appropriate action and for which adequate reserves have been maintained in accordance
with GAAP), (d) Capital Lease Obligations, (e) obligations as account party under all drawn and unpaid drafts under letters of credit, (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an
existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, but limited to the fair market value of the property securing such
obligations, and (g) obligations under Guarantees in respect of Indebtedness of others of the kinds referred to in clauses (a) through (f) above. Indebtedness, as determined in clauses (a) through (e) above, shall be reduced
by any portion of any amounts that relate to minority interests and shall be determined in accordance with GAAP. 
 “Indemnified
Taxes” means Taxes other than Excluded Taxes. 
 “Indemnitee” has the meaning set forth in
Section 10.03(b). 
 “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the
Company that is not guaranteed by any other Person or subject to any other credit enhancement. 

  
 10 

5-YEAR REVOLVING CREDIT AGREEMENT 

 “Information Memorandum” means the Confidential Information Memorandum dated
May 12, 2011 relating to the Borrowers and the Transactions. 
 “Interest Election Request” means a request by the
Company on behalf of itself, Canam or MOCL to convert or continue a Revolving Borrowing in accordance with Section 2.07. 

“Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each
March, June, September and December, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest Period of
more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and (c) with respect to any Swingline Loan, the
day that such Loan is required to be repaid. 
 “Interest Period” means with respect to any Eurodollar Borrowing, the
period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months or, to the extent that funds are available, as determined by each Lender, in its sole
discretion, nine or 12 months thereafter, as the Company may elect; provided, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day
unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (b) any Interest Period pertaining
to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last
calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing. 
 “Issuing Bank” means (a) JPMorgan Chase Bank, N.A., in its capacity
as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.05(i), and (b) and any other Lender approved by the Administrative Agent and the Borrower that has agreed in its sole
discretion to act as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.05(i). Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by
Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. 

“LC Disbursement” means a payment made by an Issuing Bank pursuant to a Letter of Credit issued by such Issuing Bank. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at
such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC
Exposure at such time. The LC Exposure of any Issuing Bank at any time shall be the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit issued by such Issuing Bank at such time plus (b) the aggregate amount of all
LC Disbursements made by such Issuing Bank that have not yet been reimbursed by or on behalf of the Borrowers at such time. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 “LC Issuance Limit” means (a) with respect to JPMorgan Bank, N.A., as an
Issuing Bank, $500,000,000, and (b) any other Lender that is an Issuing Bank, the amount agreed to in writing from time to time by such Issuing Bank as its “LC Issuance Limit” hereunder. 

“Lender Affiliate” means, (a) with respect to any Lender, (i) an Affiliate of such Lender or (ii) any entity
(whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar extensions of credit in the ordinary course of its business and is administered or managed by a
Lender or an Affiliate of such Lender and (b) with respect to any Lender that is a fund which invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed by
the same investment advisor as such Lender or by an Affiliate of such investment advisor. 
 “Lenders” means the Persons
listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the
context otherwise requires, the term “Lenders” includes the Swingline Lender. 
 “Letter of Credit” means any
letter of credit issued pursuant to this Agreement. 
 “LIBO Rate” means, with respect to any Eurodollar Borrowing for any
Interest Period, the rate appearing on Reuters Screen LIBOR01 Page (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate quotations comparable to those currently provided on such
page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the “LIBO
Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the
Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance,
charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect
as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

“Loans” means the loans made by the Lenders to a Borrower pursuant to this Agreement. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 “Material Adverse Effect” means a material adverse effect on (a) the
business, assets, operations, or condition, financial or otherwise, of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company, Canam or MOCL (giving effect to the Guaranty Agreement) to perform any of its obligations
under this Agreement or (c) the rights of or benefits available to the Lenders under this Agreement. 
 “Material
Indebtedness” means Indebtedness (other than the Loans, Letters of Credit and Project Financing), or obligations in respect of one or more Hedging Agreements, of any one or more of the Company and its Subsidiaries in an aggregate principal
amount exceeding $75,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Company or any Subsidiary in respect of any Hedging Agreement at any time shall be the maximum aggregate
amount (giving effect to any netting agreements) that the Company or such Subsidiary would be required to pay if such Hedging Agreement were terminated at such time. 

“Material Subsidiary” means, as of any date, (a) Canam, (b) MOCL and (c) one or more Subsidiaries of the
Company having individually or in the aggregate assets equal to or greater than 5% of the consolidated assets of the Company. 

“Maturity Date” means June 14, 2016, and for any Lender agreeing to extend the Maturity Date pursuant to
Section 2.20, the date on June 14 in each year thereafter pursuant to which the Maturity Date applicable to such Lender has been extended, but in no event later than June 14, 2018. 

“Maximum Rate” has the meaning set forth in Section 10.13. 

“MOCL” means Murphy Oil Company Ltd., a corporation organized under the laws of Canada. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“Murphy Family” means (a) the C.H. Murphy Family Investments Limited Partnership, (b) the Estate of C.H. Murphy, Jr.,
and (c) siblings of the late C.H. Murphy, Jr. and his and their respective Immediate Family. For purposes of this definition, “Immediate Family” of a person means such person’s spouse, children, siblings, mother-in-law and
father-in-law, sons-in-law, daughters-in-law, brothers-in-law and sisters-in-law. 
 “New Lender” has the meaning set forth
in Section 2.19. 
 “Non-Consenting Lender” means, with respect to any request for an extension of the Maturity
Date pursuant to Section 2.20, any Lender that has not consented to or has been deemed not to have consented to such request pursuant to Section 2.20. 

“Non-Defaulting Lender” has the meaning set forth in Section 2.17(f). 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 “Non-Recourse Debt” means, for any Person, any Indebtedness of such Person in
respect of which the holder of such Indebtedness may not look to such Person personally for repayment, other than pursuant to Customary Recourse Exceptions. 

“Notice of Commitment Increase” has the meaning set forth in Section 2.19. 

“Other Taxes” means any and all present or future stamp or documentary taxes or any other excise or property taxes, charges
or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement. 

“Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary. 

“Participant” has the meaning set forth in Section 10.04(e). 

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing
similar functions. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit
plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Company or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
 “Prime
Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and
including the date such change is publicly announced as being effective. 
 “Project Financing” has the meaning set forth
in Section 6.02(g). 
 “Project Financing Subsidiary” has the meaning set forth in Section 6.02(g).

 “Rating Agencies” shall mean Moody’s and S&P, collectively, or such other rating agency or agencies that may be
substituted for Moody’s and/or S&P pursuant to clause (c) of the definition of “Applicable Rate.” 

“Register” has the meaning set forth in Section 10.04(c). 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors,
officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 “Required Lenders” means, at any time, Lenders having Credit Exposures and
unused Commitments representing more than 50% of the sum of the total Credit Exposures and unused Commitments at such time. 

“Responsible Officer” means, as to any Person, the Chief Executive Officer, the President, any Financial Officer or any Vice
President of such Person. Unless otherwise specified, all references to a Responsible Officer herein shall mean a Responsible Officer of the Company. 

“Revolving Loan” means a Loan made pursuant to Section 2.01. 

“S&P” means Standard & Poor’s. 

“SEC” means the Securities and Exchange Commission or any successor Governmental Authority. 

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the
denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is
subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation
D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such
Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability
company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of
such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary
voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries
of the parent or by the parent and one or more subsidiaries of the parent. 
 “Subsidiary” means any subsidiary of the
Company. 
 “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding at
such time. The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 “Swingline Lender” means JPMorgan Chase Bank, N.A., in its capacity as lender of
Swingline Loans hereunder. 
 “Swingline Loan” means a Loan made pursuant to Section 2.04. 

“Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by
any Governmental Authority. 
 “Transactions” means the execution, delivery and performance of this Agreement by each of
the Borrowers, the borrowing of Loans, the use of the proceeds thereof, and the issuance of Letters of Credit hereunder. 

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans
comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
 “Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

Section 1.02 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred
to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred to by Class
(e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”). 

Section 1.03 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 1.04 Accounting Terms; GAAP. Except as otherwise expressly provided
herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Company notifies the Administrative Agent that the Company, on behalf of the Borrowers,
requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that
the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the
basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 

ARTICLE II 
 THE CREDITS

 Section 2.01 Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make
Revolving Loans to the Borrowers from time to time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Credit Exposure exceeding such Lender’s Commitment or (ii) the sum of
the total Credit Exposures exceeding the total Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, any Borrower may borrow, prepay and re-borrow Revolving Loans. 

Section 2.02 Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of
Revolving Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that
the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 

(b) Subject to Section 2.13, each Revolving Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Company,
on behalf of itself, Canam or MOCL, may request in accordance herewith, and each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any
exercise of such option shall not affect the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement. 

(c) At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount that is
an integral multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided
that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.05(e).
Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of six (6) Eurodollar Revolving Borrowings outstanding. 

  
 17 

5-YEAR REVOLVING CREDIT AGREEMENT 

 (d) Notwithstanding any other provision of this Agreement, the Company, on behalf of itself,
Canam or MOCL, shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date. 

Section 2.03 Requests for Revolving Borrowings. To request a Revolving Borrowing, the Company shall notify the
Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing and (b) in the case of an ABR
Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as
contemplated by Section 2.05(e) may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or
facsimile to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Company. Each such telephonic and written Borrowing Request shall specify the following information in compliance
with Section 2.02: 
 (i) the applicable Borrower and the aggregate amount of the requested Borrowing; 

(ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the
definition of the term “Interest Period”; and 
 (v) the location and number of the applicable Borrower’s account to which
funds are to be disbursed, which shall comply with the requirements of Section 2.06. 
 If no election as to the Type of Revolving Borrowing is
specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the applicable Borrower shall be deemed to have selected an Interest
Period of one month’s duration. If no Borrower is specified, the Company shall be the applicable Borrower. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of
the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 Section 2.04
Swingline Loans.  
 (a) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make
Swingline Loans to the Borrowers from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding
$150,000,000 or (ii) the 

  
 18 

5-YEAR REVOLVING CREDIT AGREEMENT 

 
total Credit Exposures exceeding the total Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within
the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Swingline Loans. 

(b) To request a Swingline Loan, the Company shall notify the Administrative Agent of such request by telephone (confirmed by facsimile), not
later than 3:00 p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the applicable Borrower, the requested date (which shall be a Business Day) and amount of the requested
Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Company. The Swingline Lender shall make each Swingline Loan available to the applicable Borrower by means of a credit to the
general deposit account of the applicable Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e), by remittance to the Issuing Bank)
by 3:00 p.m., New York City time, on the requested date of such Swingline Loan. 
 (c) The Swingline Lender may by written notice given to
the Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice shall specify the
aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender’s Applicable Percentage of such
Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of
such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its
obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis,
to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall notify the Borrowers of any participations in any
Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrowers
(or other party on behalf of the Borrowers) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by
the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such
payment so remitted shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to any Borrower for any reason. The purchase of participations in a Swingline
Loan pursuant to this paragraph shall not relieve the Borrowers of any default in the payment thereof. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 2.05 Letters of Credit.  

(a) General. Subject to the terms and conditions set forth herein, the Company may request the issuance of Letters of Credit from any
Issuing Bank, for the Company’s own account, the account of Canam or the account of MOCL, in a form reasonably acceptable to the Administrative Agent and such Issuing Bank, at any time and from time to time during the Availability Period. In
the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Company (on behalf of itself, Canam or MOCL) to, or
entered into by a Borrower with, an Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. 

(b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of
Credit by any Issuing Bank (or the amendment, renewal or extension of an outstanding Letter of Credit), the Company shall hand deliver or facsimile (or transmit by electronic communication, if arrangements for doing so have been approved by such
Issuing Bank) to such Issuing Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to
be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section),
the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the applicable Issuing Bank, the Company,
Canam or MOCL, as applicable, also shall submit a letter of credit application on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if
(and upon issuance, amendment, renewal or extension of each Letter of Credit the Company shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed
$500,000,000, (ii) the total Credit Exposures shall not exceed the total Commitments, and (iii) the LC Exposure of any Issuing Bank shall not exceed its LC Issuance Limit. 

(c) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one
year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five Business Days prior to the Maturity Date. 

(d) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and
without any further action on the part of the Issuing Bank that issues such Letter of Credit or the Lenders, such Issuing Bank hereby grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a participation in such Letter of
Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay
to the Administrative Agent, for 

  
 20 

5-YEAR REVOLVING CREDIT AGREEMENT 

 
the account of each Issuing Bank that issues a Letter of Credit hereunder, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the
applicable Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Company for any reason. Each Lender acknowledges and agrees that its obligation to acquire
participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence
and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

(e) Reimbursement. If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit issued by such Issuing Bank, the
applicable Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Company shall
have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Company prior to such time on such date, then not later than 12:00 noon, New York City time, on
(i) the Business Day that the Company receives such notice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Company receives such
notice, if such notice is not received prior to such time on the day of receipt; provided that the Company may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be
financed with an ABR Revolving Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the applicable Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving
Borrowing or Swingline Loan. If the applicable Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment then due from the applicable Borrower in respect thereof
and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the applicable Borrower, in the same manner as
provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing
Bank that issued such Letter of Credit the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this paragraph, the Administrative Agent shall
distribute such payment to the Issuing Bank that issued such Letter of Credit or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests
may appear. Any payment made by a Lender pursuant to this paragraph to reimburse an Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall
not relieve the applicable Borrower of its obligation to reimburse such LC Disbursement. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (f) Obligations Absolute. The applicable Borrower’s obligation to reimburse LC
Disbursements as provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or
invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such
Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff
against, the applicable Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the
issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in
transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising
from causes beyond the control of any Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to the applicable Borrower to the extent of any direct damages (as opposed to consequential
damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted by applicable law) suffered by a Borrower that are caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other
documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or willful misconduct on the part of an Issuing Bank (as finally determined by a court of
competent jurisdiction), such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with respect to documents presented
which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the applicable Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of Credit. 

(g) Disbursement Procedures. An Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to
represent a demand for payment under a Letter of Credit issued by such Issuing Bank. Such Issuing Bank shall promptly notify the Administrative Agent and the Company by telephone (confirmed by facsimile) of such demand for payment and whether such
Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the applicable Borrower of its obligation to reimburse such Issuing Bank and the Lenders with
respect to any such LC Disbursement. 
 (h) Interim Interest. If an Issuing Bank shall make any LC Disbursement, then, unless the
applicable Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date
that the applicable Borrower reimburses such LC Disbursement, at the rate per annum then applicable to 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
ABR Revolving Loans; provided that, if the applicable Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then
Section 2.12(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph
(e) of this Section to reimburse such Issuing Bank shall be for the account of such Lender to the extent of such payment. 
 (i)
Replacement of Issuing Bank. Any Issuing Bank may be replaced at any time by written agreement among the Company, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the
Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Company shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.11(b). From and
after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and
(ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of
an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such
replacement, but shall not be required to issue additional Letters of Credit. 
 (j) Cash Collateralization. If (i) any Event of
Default shall occur and be continuing, on the Business Day that the Company receives notice from the Administrative Agent or the Required Lenders demanding that the Borrowers cash collateralize the outstanding LC Exposure pursuant to this paragraph,
(ii) any Borrower is required to cash collateralize the excess attributable to an LC Exposure in connection with any prepayment pursuant to Section 2.10(b), or (iii) any Borrower is required to cash collateralize a Defaulting
Lender’s LC Exposure pursuant to Section 2.21, then the applicable Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash
equal to such LC Exposure or the excess attributable to such LC Exposure, as the case may be, as of such date, in each case, plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall
become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to any Borrower described in clause (h) or (i) of
Article VII. Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrowers under this Agreement. The Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the applicable
Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse each Issuing
Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the applicable Borrower for the LC Exposure at such time or, if the maturity of
the Loans has been accelerated (but subject to the consent of Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied to satisfy other 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
obligations of the applicable Borrower under this Agreement. If the applicable Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of
Default or pursuant to Section 2.21 as the result of a Defaulting Lender, and the Borrower is not otherwise required to pay to the Administrative Agent the excess attributable to an LC Exposure in connection with any prepayment pursuant
to Section 2.10(b), then such amount (to the extent not applied as aforesaid) shall be returned to the applicable Borrower within three Business Days after all Events of Default have been cured or waived or the events giving rise to such
cash collateralization pursuant to Section 2.21 have been satisfied or resolved. 
 Section 2.06 Funding of
Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most
recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.04. The Administrative Agent will make such Loans available to the applicable Borrower by
promptly crediting the amounts so received, in like funds, to an account of the applicable Borrower maintained with the Administrative Agent in New York City and designated by the Company in the applicable Borrowing Request; provided that ABR
Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(e) shall be remitted by the Administrative Agent to the Issuing Bank. 

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender will
not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with clause (a) of this Section and may, in
reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender
and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the applicable Borrower to
but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation or (ii) in the case of the applicable Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in
such Borrowing. 
 Section 2.07 Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type
specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Company may elect to convert such Borrowing to a
different Type or to continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Company may elect different options with respect to different portions of
the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall
not apply to Swingline Borrowings, which may not be converted or continued. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (b) To make an election pursuant to this Section, the Company shall notify the Administrative
Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if the Company were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date
of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or facsimile to the Administrative Agent of a written Interest Election Request in a form approved by the
Administrative Agent and signed by the Company. 
 (c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.02: 
 (i) the Borrowing to which such Interest Election Request applies and, if
different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall
be specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request,
which shall be a Business Day; 
 (iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 

(iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such election,
which shall be a period contemplated by the definition of the term “Interest Period”. 
 (v) If any such Interest Election
Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Company shall be deemed to have selected an Interest Period of one month’s duration. 

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and
of such Lender’s portion of each resulting Borrowing. 
 (e) If the Company fails to deliver a timely Interest Election Request with
respect to a Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR
Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Company, then, so long as an Event of Default is
continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR Borrowing at the end of the Interest
Period applicable thereto. 
 Section 2.08 Termination and Reduction of Commitments. (a) Unless previously
terminated, the Commitments shall terminate on the Maturity Date. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (b) The Company may at any time terminate, or from time to time, reduce the Commitments;
provided that (i) each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Company shall not terminate or reduce the Commitments if, after giving
effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the Credit Exposure would exceed the total Commitments. 

(c) The Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this
Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders
of the contents thereof. Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Company may state that such notice is conditioned upon the
effectiveness of other credit facilities, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of
the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments. 

Section 2.09 Repayment of Loans; Evidence of Debt. (a) Each Borrower hereby unconditionally promises to pay
(i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the
earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two Business Days after such Swingline Loan is made; provided that on each date that a
Revolving Borrowing is made, the Borrowers shall repay all Swingline Loans then outstanding. 
 (b) Each Lender shall maintain in accordance
with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Loan made by such Lender to such Borrower, including the amounts of principal and interest payable and paid to such Lender
from time to time hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each
Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and (iii) the
amount of any sum received by the Administrative Agent hereunder from a Borrower for the account of the Lenders and each Lender’s share thereof. 

(d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of
the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of each Borrower
to repay the Loans in accordance with the terms of this Agreement. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such
event, the applicable Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative
Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form payable to the
payee named therein (or to such payee and its registered assigns). 
 Section 2.10 Prepayment of Loans. (a) Subject
to any breakage costs payable pursuant to Section 2.15, each Borrower shall have the right at any time and from time to time to prepay any Borrowing made to it in whole or in part, subject to prior notice in accordance with paragraph
(c) of this Section. 
 (b) If (i) at any time the total Credit Exposures exceed the total Commitments, or (ii) as the result
of an extension of the Maturity Date pursuant to Section 2.20, the total Credit Exposures would exceed the total Commitments on the Maturity Date, then, in each case, the Borrowers shall immediately, in the case of clause (i) above,
and within five (5) Business Days prior to such Maturity Date, in the case of clause (ii) above, (A) prepay the Borrowings in an aggregate principal amount equal to such excess, and (B) if any excess remains (or would remain)
after prepaying all of the Borrowings as a result of an LC Exposure, cash collateralize such excess as provided in Section 2.05(j). Each prepayment of Borrowings pursuant to this Section 2.10(b) shall be applied ratably to
the Loans included in the prepaid Borrowings. Prepayments made pursuant to this Section 2.10(b) shall be accompanied by accrued interest to the extent required by Section 2.12 and breakage costs to the extent required by
Section 2.15. 
 (c) The Company, on behalf of itself, Canam or MOCL, shall notify the Administrative Agent (and, in the case of
prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by facsimile) of any prepayment made pursuant to Section 2.10(a), (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 11:00 a.m.,
New York City time, three Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment or (iii) in
the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion
thereof to be prepaid; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.08, then such notice of prepayment may be revoked if such
notice of termination is revoked in accordance with Section 2.08. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial
prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be
applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12 and breakage costs to the extent required by Section 2.15. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 2.11 Fees. (a) The Company agrees to pay to the Administrative
Agent for the account of each Lender a facility fee, which shall accrue at the Applicable Rate for facility fees on the daily amount of the Commitment of such Lender (whether used or unused) during the period from and including the date hereof to
but excluding the date on which such Commitment terminates; provided that, if such Lender continues to have any Credit Exposure after its Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such
Lender’s Credit Exposure from and including the date on which its Commitment terminates to but excluding the date on which such Lender ceases to have any Credit Exposure. 

(b) The Company agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its
participations in Letters of Credit, which shall accrue at the same Applicable Rate as interest on Eurodollar Revolving Loans on the average daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed
LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to
each Issuing Bank a fronting fee, which shall accrue at the rate of 0.20% per annum on the average daily amount of the LC Exposure of such Issuing Bank (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the
period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure of such Issuing Bank, as well as such Issuing Bank’s standard fees
with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. 
 (c) The
Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Company and the Administrative Agent. 

(d) Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year shall
be payable on the third Business Day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees
accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to paragraph (b) above shall be payable within 10 days after demand. Accrued facility fees shall be
payable in arrears on the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof; provided that any fees accruing after
the date on which the Commitments terminate shall be payable on demand. All fees payable hereunder shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the applicable Issuing Bank, in the case of fees payable to it) for
distribution, in the case of facility fees and participation fees, to the Lenders. Fees paid hereunder shall not be refundable under any circumstances. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 2.12 Interest. (a) The Loans comprising each ABR Borrowing shall
bear interest at the Alternate Base Rate plus the Applicable Rate. 
 (b) The Loans comprising each Eurodollar Borrowing shall bear interest
at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
 (c) When the Borrower requests a
Swingline Loan, such Loan shall bear interest from the date it is disbursed at a rate to be established as provided on Schedule 2.13. 

(d) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the applicable Borrower
hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any
Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this
Section. 
 (e) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of
Revolving Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other
than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any
conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

(f) All interest hereunder shall be computed on the basis of a year of 365 days (or 366 days in a leap year), except that interest computed by
reference to the LIBO Rate or Adjusted LIBO Rate shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable
Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

Section 2.13 Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable
means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or 
 (b) the
Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their
Loans (or its Loan) included in such Borrowing for such Interest Period; 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
then the Administrative Agent shall give notice thereof to the Company and the Lenders by telephone or facsimile as promptly as practicable thereafter and, until the Administrative Agent notifies
the Company and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a
Eurodollar Revolving Borrowing shall be ineffective, and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if the circumstances giving rise to such notice
affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 
 Section 2.14 Increased
Costs. (a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Bank; or 

(ii) impose on any Lender or any Issuing Bank or the London interbank market any other condition affecting this Agreement or Eurodollar Loans
made by such Lender or any Letter of Credit or participation therein; and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of maintaining its obligation to make any such
Loan) or to increase the cost to such Lender or such Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or such Issuing Bank hereunder (whether of
principal, interest or otherwise), then the applicable Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank, as the case may be, for such
additional costs incurred or reduction suffered. 
 (b) If any Lender or any Issuing Bank determines that any Change in Law regarding
capital requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence
of this Agreement or the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such
Issuing Bank’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company
with respect to capital adequacy), then from time to time the applicable Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such
Lender’s or such Issuing Bank’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender or an Issuing
Bank setting forth the amount or amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Company and shall
be conclusive absent manifest error. The applicable Borrower shall pay such Lender or the applicable Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (d) Failure or delay on the part of any Lender or any Issuing Bank to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the applicable Borrower shall not be required to compensate a Lender or any Issuing Bank
pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Company of the Change in Law giving rise to such increased costs or
reductions and of such Lender’s or such Issuing Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period
referred to above shall be extended to include the period of retroactive effect thereof. 
 Section 2.15 Break Funding
Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any
Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such
notice may be revoked under Section 2.10(b) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the
Company pursuant to Section 2.18, then, in any such event, the applicable Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to
any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO
Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have
been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for
dollar deposits of a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the
Company and shall be conclusive absent manifest error. The applicable Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

Section 2.16 Taxes. (a) Any and all payments by or on account of any obligation of any Borrower hereunder shall be
made free and clear of and without deduction for any Taxes, except as required by applicable law; provided that if any Borrower shall be required to deduct any Taxes from such payments, then (i) in the case of Indemnified Taxes or Other
Taxes, the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Administrative Agent, Lender, or Issuing Bank (as the case may
be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable Borrower shall make such deductions and (iii) the applicable Borrower shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law. 

  
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 (b) In addition, each Borrower shall pay any Other Taxes to the relevant Governmental Authority
in accordance with applicable law. 
 (c) Each Borrower shall indemnify the Administrative Agent, each Lender, and each Issuing Bank within
10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent, such Lender, or such Issuing Bank, as the case may be, on or with respect to any payment by or on account of any
obligation of such Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect
thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Company by a Lender or
an Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or an Issuing Bank, shall be conclusive absent manifest error. 

(d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Borrower to a Governmental Authority, the Company shall
deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to
the Administrative Agent. 
 (e)       (i) Any Foreign Lender that is entitled to an exemption from or
reduction of withholding tax under the law of the jurisdiction in which the applicable Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Company (with a copy
to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Company, on behalf of itself, Canam or MOCL, as will
permit such payments to be made without withholding or at a reduced rate. 
 (ii) If a payment made to a Lender under this Agreement would
be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such
Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this
Section 2.16(e)(ii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (f) If the Administrative Agent or a Lender determines, in its sole discretion, that it has
received a refund of any Taxes or Other Taxes as to which it has been indemnified by a Borrower or with respect to which a Borrower has paid additional amounts pursuant to this Section 2.16, it shall pay over such refund to such Borrower
(but only to the extent of indemnity payments made, or additional amounts paid, by such Borrower under this Section 2.16 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the
Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such Borrower, upon the request of the Administrative Agent or such
Lender, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such
Lender is required to repay such refund to such Governmental Authority. This Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it
deems confidential) to the Borrowers or any other Person. 
 (g) Each Lender shall severally indemnify the Administrative Agent, within 10
days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation
of the Borrower to do so) and (ii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with this Agreement, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be
conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or otherwise payable by the Administrative Agent to the Lender
from any other source against any amount due to the Administrative Agent under this paragraph (g). 
 Section 2.17 Payments
Generally; Pro Rata Treatment; Sharing of Set-offs. (a) Each Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under
Sections 2.14, 2.15 or 2.16, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in
the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 270 Park
Avenue, New York, New York, except payments to be made directly to an Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.14, 2.15 or 2.16 and 10.03 shall be made
directly to the Persons entitled thereto. The Administrative Agent shall distribute in like funds as those received any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.
If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the
period of such extension. All payments hereunder shall be made in dollars. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (b) If at any time insufficient funds are received by and available to the Administrative Agent
to pay fully all amounts of principal, un-reimbursed LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and un-reimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of principal and un-reimbursed LC Disbursements then due to such parties. 
 (c) If any Lender shall, by exercising any
right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater
proportion of the aggregate amount of its Revolving Loans and participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion
shall purchase (for cash at face value) participations in the Revolving Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders
ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are
purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph
shall not be construed to apply to any payment made by any Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any
of its Loans or participations in LC Disbursements to any assignee or participant, other than to a Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). Each Borrower consents to the foregoing
and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 
 (d) Unless the
Administrative Agent shall have received notice from the Company prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or any Issuing Bank hereunder that the applicable Borrower will not make such
payment, the Administrative Agent may assume that the applicable Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or such Issuing Bank, as the case may be, the
amount due. In such event, if the applicable Borrower has not in fact made such payment, then each of the Lenders or such Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender or such Issuing Bank with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (e) If any Lender shall fail to make any payment required to be made by it pursuant to
Sections 2.05(d) or (e), 2.06(b), 2.17(d), or 10.03(c) then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter received by the
Administrative Agent for the account of such Lender for the benefit of the Administrative Agent, the Swingline Lender or the applicable Issuing Bank to satisfy such Lender’s obligations to it under such Section until all such unsatisfied
obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clauses (i) and
(ii) above, in any order as determined by the Administrative Agent in its discretion. 
 (f) Notwithstanding the foregoing or anything
to the contrary contained herein, (i) if any Defaulting Lender shall have failed to fund all or any portion of any Loan (each such Loan, an “Affected Loan”), each prepayment of Loans by the Borrower under Section 2.10
shall be applied first to such Affected Loan and the principal amount and interest with respect to such payment shall be distributed (x) to each Lender that is not a Defaulting Lender (each, a “Non-Defaulting Lender”) pro
rata based on the outstanding principal amount of Affected Loans owing to all Non-Defaulting Lenders, until the principal amount of all Affected Loans has been repaid in full and (y) to the extent of any remaining amount of such prepayment, to
each Lender pro rata in accordance with such Lender’s Applicable Percentage, and (ii) each payment made by the applicable Borrower on account of the interest on any Affected Loans shall be distributed to each Non-Defaulting Lender pro rata
based on the outstanding principal amount of Affected Loans owing to all Non-Defaulting Lenders. 
 Section 2.18 Mitigation
Obligations; Replacement of Lenders.  
 (a) If any Lender requests compensation under Section 2.14, or if any
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office
for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce
amounts payable pursuant to Sections 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. Each
Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) If (i) any Lender requests compensation under Section 2.14, (ii) any Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, (iii) any Lender becomes a Defaulting Lender, or (iv) any Lender does not consent to an extension of the Maturity Date
pursuant to Section 2.20 if the Required Lenders have agreed to do so, then the Company may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in Section 10.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another
Lender, if a Lender accepts such assignment); provided that (i) the Company shall have received 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
the prior written consent of the Administrative Agent (and, if a Commitment is being assigned, each Issuing Bank and the Swingline Lender) which consent shall not unreasonably be withheld,
(ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it
hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation
under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and
delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment and delegation cease to apply. 

Section 2.19 Commitment Increase.  

(a) Subject to the terms and conditions set forth herein, the Company shall have the right from time to time to cause an increase in the
Commitments of the Lenders (a “Commitment Increase”) by adding to this Agreement one or more additional financial institutions that are not already Lenders hereunder and that are satisfactory to the Administrative Agent, each
Issuing Bank and the Swingline Lender (each, a “New Lender”) or by allowing one or more existing Lenders to increase their respective Commitments; provided that (i) both before and immediately after giving effect to such
Commitment Increase, no Default or Event of Default shall have occurred and be continuing as of the effective date of such Commitment Increase (such date, the “Commitment Increase Date”), (ii) no such Commitment Increase shall
be in an amount less than $10,000,000 (unless the total Commitments then in effect is greater than $1,990,000,000), (iii) after giving effect to such Commitment Increase, the total Commitments shall not exceed $2,000,000,000, (iv) no
Lender’s Commitment shall be increased without such Lender’s prior written consent (which consent may be given or withheld in such Lender’s sole and absolute discretion) and (v) the identity of each New Lender and any increase in
the Commitment of an existing Lender pursuant to any Commitment Increase is subject to the prior written consent of the Administrative Agent, each Issuing Bank and the Swingline Lender (such consent not to be unreasonably withheld or delayed). 

(b) The Company shall provide the Administrative Agent with written notice (a “Notice of Commitment Increase”) of its
intention to increase the Commitments pursuant to this Section 2.19. Each such Notice of Commitment Increase shall specify (i) the proposed Commitment Increase Date, which date shall be no earlier than five (5) Business Days
after receipt by the Administrative Agent of such Notice of Commitment Increase, (ii) the amount of the requested Commitment Increase, (iii) as applicable, the identity of each New Lender and/or Lender that has agreed in writing to
increase its Commitment hereunder, and (iv) the amount of the respective Commitments of the then existing Lenders and the New Lenders from and after the Commitment Increase Date. 

(c) On any Commitment Increase Date, the Lenders shall purchase and assume (without recourse or warranty) from the Lenders (i) Revolving
Loans, to the extent that there are any Revolving Loans then outstanding, and (ii) undivided participation interests in any outstanding LC Exposure and Swingline Exposure, in each case, to the extent necessary to

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
ensure that after giving effect to the Commitment Increase, each Lender has outstanding Revolving Loans and participation interests in outstanding LC Exposure and Swingline Exposure equal to its
Applicable Percentage of the Commitments. Each Lender shall make any payment required to be made by it pursuant to the preceding sentence via wire transfer to the Administrative Agent on the Commitment Increase Date. Each existing Lender shall be
automatically deemed to have assigned any outstanding Revolving Loans on the Commitment Increase Date and the existing Lenders, each New Lender and the Borrowers each agree to take any further steps reasonably requested by the Administrative Agent,
in each case to the extent deemed necessary by the Administrative Agent to effectuate the provisions of the preceding sentences, including, without limitation, the execution and delivery of one or more joinder or similar agreements. If, on such
Commitment Increase Date, any Revolving Loans that are Eurodollar Loans have been funded, then the Borrower shall be obligated to pay any breakage fees or costs that are payable pursuant to Section 2.15 in connection with the
reallocation of such outstanding Revolving Loans to effectuate the provisions of this paragraph. 
 (d) Each Commitment Increase shall
become effective on its Commitment Increase Date and upon such effectiveness: (i) the Administrative Agent shall record in the register each then New Lender’s information as provided in the applicable Notice of Commitment Increase and
pursuant to an Administrative Questionnaire that shall be executed and delivered by each New Lender to the Administrative Agent on or before such Commitment Increase Date, (ii) Schedule 2.01 shall be amended and restated to set forth all
Lenders (including any New Lenders) that will be Lenders hereunder after giving effect to such Commitment Increase (which amended and restated Schedule 2.01 shall be set forth in Annex I to the applicable Notice of Commitment Increase) and
the Administrative Agent shall distribute to each Lender (including each New Lender) a copy of such amended and restated Schedule 2.01, and (iii) each New Lender identified on the Notice of Commitment Increase for such Commitment
Increase shall be a “Lender” for all purposes under this Agreement. 
 (e) As a condition precedent to any Commitment Increase,
the Company shall deliver to the Administrative Agent (i) a certificate of a Responsible Officer of the Borrowers dated as of the Commitment Increase Date certifying and attaching the resolutions adopted by the Borrowers approving or consenting
to such Commitment Increase and certifying that, before and after giving effect to such Commitment Increase, (A) the representations and warranties contained in this Agreement made by the Borrowers are true and correct on and as of the
Commitment Increase Date, except to the extent that such representations and warranties specifically refer to an earlier date and (B) no Default or Event of Default exists or will exist as of the Commitment Increase Date, and (ii) any
legal opinions, certificates and/or other documents reasonably requested by the Administrative Agent in connection with the Commitment Increase. 

Section 2.20 Extension of Maturity Date.  

(a) Not earlier than 90 days prior to, nor later than 45 days prior to, each of the first and second anniversaries of the Effective Date, the
Company may, upon notice to the Administrative Agent (which shall promptly notify the Lenders), request a one-year extension of the Maturity Date then in effect (an “Extension Request”). Within 15 days of delivery of such Extension
Request, each Lender shall notify the Administrative Agent and the Company whether 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
or not it consents to such Extension Request (which consent may be given or withheld in such Lender’s sole and absolute discretion). Any Non-Defaulting Lender with a then effective
Commitment may consent to an Extension Request irrespective of whether such Lender previously had been a Non-Consenting Lender with respect to a previous Extension Request. Any Lender not responding within the above specified time period shall be
deemed not to have consented to such Extension Request. The Administrative Agent shall promptly notify the Company and the Lenders of the Lenders’ responses. 

(b) The Maturity Date shall be extended only if the Required Lenders (calculated excluding any Defaulting Lenders) have consented to the
Extension Request. For each such Extension Request, if so approved, (i) the Maturity Date, as to Consenting Lenders (irrespective of whether such Lender previously had been a Non-Consenting Lender), shall be extended to the same date in the
following year after giving effect to any prior extensions, and (ii) the Maturity Date, as to any Non-Consenting Lender, shall remain the Maturity Date in effect for such Non-Consenting Lender. With respect to any previously Non-Consenting
Lender who is a Consenting Lender with respect to a current Extension Request, by giving its consent, such Consenting Lender shall be approving an extension of more than one year. Non-Consenting Lenders shall remain Lenders until the Maturity Date
applicable to such Lender. The Administrative Agent and the Company shall promptly confirm to the Lenders such extension of the Maturity Date, specifying the date of such confirmation (the “Extension Confirmation Date”), and the
extended Maturity Date with respect to the Consenting Lenders. As a condition precedent to such extension, the Borrowers shall deliver to the Administrative Agent a certificate of the Borrowers dated as of the Extension Confirmation Date signed by a
Responsible Officer of each Borrower certifying that, (i) before and after giving effect to such extension, the representations and warranties contained in Article III made by it are true and correct on and as of the Extension
Confirmation Date, except to the extent that such representations and warranties specifically refer to an earlier date, (ii) before and after giving effect to such extension, no Default exists as of the Extension Confirmation Date, and
(iii) since December 31, 2010, there has been no material adverse change in the business, assets, operations, prospects or condition, financial or otherwise, of the Company and its Subsidiaries, taken as a whole. 

Section 2.21 Defaulting Lenders.  

Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions
shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees shall cease to accrue on the Commitment of such Defaulting Lender
pursuant to Section 2.11(a). 
 (b) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included
in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 10.02); provided, that this clause (b) shall
not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (c) if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a Defaulting
Lender then: 
 (i) all or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the
non-Defaulting Lenders in accordance with their respective Applicable Percentages but only to the extent that (x) the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and
LC Exposure does not exceed the total of all non-Defaulting Lenders’ Commitments and (y) the conditions set forth in Section 4.02 are satisfied at such time; 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall within one
Business Day following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the benefit of the Issuing Banks only the Borrowers’ obligations corresponding to such
Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.05(j) for so long as such LC Exposure is outstanding; 

(iii) if the Borrowers cash collateralize any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the
Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.11(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash
collateralized; 
 (iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees
payable to the Lenders pursuant to Section 2.11(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and 

(v) if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause
(i) or (ii) above, then, without prejudice to any rights or remedies of any Issuing Bank or any other Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion
of such Defaulting Lender’s Commitment that was utilized by such LC Exposure) and letter of credit fees payable under Section 2.11(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the applicable
Issuing Banks and to the extent that such LC Exposure is reallocated and/or cash collateralized; and 
 (d) so long as such Lender is a
Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting
Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrowers in accordance with Section 2.21(c), and participating interests in
any newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.21(c)(i) (and such Defaulting Lender shall not participate therein).

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 If (i) a Bankruptcy Event with respect to a Parent of any Lender shall occur following the
date hereof and for so long as such event shall continue or (ii) the Swingline Lender or any Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such
Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan and such Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or such Issuing Bank, as
the case may be, shall have entered into arrangements with the Borrowers or such Lender, satisfactory to the Swingline Lender or such Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder. 

In the event that the Administrative Agent, the Company, the Swingline Lender and the Issuing Banks each agrees that a Defaulting Lender has
adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender
shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

Each Borrower represents and warrants to the Lenders that: 

Section 3.01 Organization; Powers. Each of the Company and its Material Subsidiaries is duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

Section 3.02 Authorization; Enforceability. The Transactions are within each Borrower’s corporate powers and have been
duly authorized by all necessary corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by each Borrower and constitutes a legal, valid and binding obligation of each such Borrower, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law. 
 Section 3.03 Governmental Approvals; No Conflicts. The Transactions (a) do not
require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or
regulation or the charter, by-laws or other organizational documents of the Company or any of its Material Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any indenture, agreement or
other instrument binding upon the Company or any of its Material Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by the Company or any of its Material Subsidiaries, and (d) will not result in the
creation or imposition of any Lien on any asset of the Company or any of its Material Subsidiaries. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 3.04 Financial Condition; No Material Adverse Change. (a) The
Company has heretofore furnished to the Lenders its consolidated balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended December 31, 2010, reported on by KPMG LLP, independent
public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended March 31, 2011, certified by its chief financial officer. Such financial statements present fairly, in all material respects, the
financial position and results of operations and cash flows of the Company and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments. 

(b) Since December 31, 2010 through and including the Effective Date, there has been no material adverse change in the business, assets,
operations, prospects or condition, financial or otherwise, of the Company and its Subsidiaries, taken as a whole. 
 Section 3.05
Properties. (a) Each of the Company and its Material Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for (i) Liens permitted by
Section 6.02 and (ii) minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. 

(b) Each of the Company and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other
intellectual property material to its business, and the use thereof by the Company and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. 
 Section 3.06 Litigation and Environmental Matters.
(a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries (i) as to
which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or
the Transactions. 
 (b) Except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect, neither the Company nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any
Environmental Law, (ii) has become subject to any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability. 

Section 3.07 Compliance with Laws and Agreements. Each of the Company and its Subsidiaries is in compliance with all laws,
regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could
not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 3.08 Investment Company Status. Neither the Company nor any of its
Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 

Section 3.09 Taxes. Each of the Company and its Subsidiaries has timely filed or caused to be filed all Tax returns and
reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which the Company or such Subsidiary,
as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 

Section 3.10 ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other
such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The Company and each ERISA Affiliate has fulfilled its obligations under the minimum funding standards of
ERISA and the Code with respect to each Plan and is in compliance in all material respects with the presently applicable provisions of ERISA and the Code with respect to each Plan. Neither the Company nor any ERISA Affiliate has (a) sought a
waiver of the minimum funding standard under Section 412 of the Code in respect of any Plan, (b) failed to make any contribution or payment to any Plan or Multiemployer Plan, or made any amendment to any Plan that has resulted or could
result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Code, or (c) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under Section 4007 of ERISA that
are not past due. 
 Section 3.11 Disclosure. The Company has disclosed to the Lenders all agreements, instruments and
corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. Neither the
Information Memorandum nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of the Company to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or
delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided that, with respect to projected financial information, the Company represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 ARTICLE IV 

CONDITIONS 

Section 4.01 Effective Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of
Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02): 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (a) The Administrative Agent (or its counsel) shall have received from each party hereto either
(i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include facsimile or email transmission of a signed signature page of this Agreement) that such
party has signed a counterpart of this Agreement. 
 (b) The Administrative Agent shall have received favorable written opinions (addressed
to the Administrative Agent and the Lenders and dated the Effective Date) of (i) John A. Moore, Manager, Law Department and Corporate Secretary of the Company, substantially in the form of Exhibit B-1, (ii) Higgs & Johnson,
special counsel for Canam, substantially in the form of Exhibit B-2, and (iii) Osler, Hoskin & Harcourt LLP, special counsel for MOCL, substantially in the form of Exhibit B-3, and in each case, covering such matters
relating to the Company. Canam or MOCL, as applicable, this Agreement or the Transactions as the Required Lenders shall reasonably request. The Company hereby requests such counsel to deliver such opinions. 

(c) The Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and dated
the Effective Date) of Vinson & Elkins LLP, special counsel for the Administrative Agent, substantially in the form of Exhibit B-4 and covering such other matters relating to the Transactions as the Required Lenders shall reasonably
request. 
 (d) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may
reasonably request relating to the organization, existence and good standing of each Borrower, the authorization of the Transactions and any other legal matters relating to the Borrowers, this Agreement or the Transactions, all in form and substance
satisfactory to the Administrative Agent and its counsel. 
 (e) The Administrative Agent shall have received a certificate, dated the
Effective Date and signed by a Responsible Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 

(f) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to
the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrowers hereunder 

(g) The Administrative Agent shall have received evidence satisfactory to it that all Indebtedness under the Existing Credit Agreement has
been (or on the Effective Date will be) repaid in full and all commitments thereunder have been (or on the Effective Date will be) terminated. 

The Administrative Agent shall notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding.
Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall not become effective unless each of the foregoing conditions is satisfied (or waived pursuant to
Section 10.02) at or prior to 3:00 p.m., New York City time, on June 30, 2011 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at such time). 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 4.02 Each Credit Event. The obligation of each Lender to make, convert
or continue a Loan on the occasion of any Borrowing, and of the Issuing Banks to issue, amend, renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions: 

(a) The representations and warranties of the Borrowers set forth in this Agreement shall be true and correct on and as of the date of such
Borrowing or the date of the issuance, amendment, renewal or extension of such Letter of Credit, as applicable (unless such representations and warranties are stated to relate to a specific earlier date, in which case such representations and
warranties shall be true and correct as of such earlier date). 
 (b) At the time of and immediately after giving effect to such Borrowing
or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 

(c) The Administrative Agent shall have received a Borrowing Request as required by Section 2.03 in respect of a Borrowing, or in
the case of the issuance, amendment, extension or renewal of a Letter of Credit, the applicable Issuing Bank and the Administrative Agent shall have received a request as required by Section 2.05(b). 

Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and
warranty by each Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 
 ARTICLE
V 
 AFFIRMATIVE COVENANTS 

Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have
been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, the Company covenants and agrees with the Lenders that: 

Section 5.01 Financial Statements, Ratings Change, and Other Information. The Company will furnish to the Administrative
Agent and each Lender: 
 (a) no later than 30 days following the date required by applicable SEC rules (without giving effect to any
extensions available thereunder) for the filing of such financial statements after the end of each fiscal year of the Company, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as
of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by KPMG LLP or other independent public accountants of recognized national standing (without a “going
concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and
results of operations of the Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied; 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (b) no later than 30 days following the date required by applicable SEC rules (without giving
effect to any extensions available thereunder) for the filing of such financial statements after the end of each of the first three fiscal quarters of each fiscal year of the Company, its consolidated balance sheet and related statements of
operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of
(or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and results of operations of the Company and its
consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments; 

(c) simultaneously with the delivery of the financial statements referred to in subsections (a) or (b) above, a copy of the
certification signed by the principal executive officer and the principal financial officer of the Company (each, a “Certifying Officer”) as required by Rule 13A-14 under the Securities Exchange Act of 1934 and a copy of the internal
controls disclosure statement by such Certifying Officers as required by Rule 13A-15 under the Securities Exchange Act of 1934, each as included in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, for the applicable
fiscal period. 
 (d) concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a
Financial Officer of the Company (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth
reasonably detailed calculations demonstrating compliance with Section 6.07, and (iii) stating whether any change in GAAP or in the application thereof has occurred since the date of the audited financial statements referred to in
Section 3.04 and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 

(e) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by
the Company or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by the Company to its shareholders generally, as the
case may be; 
 (f) promptly after the Rating Agencies shall have announced a change in the rating established or deemed to have been
established for the Index Debt, written notice of such rating change; and 
 (g) promptly following any request therefor, such other
information regarding the operations, business affairs and financial condition of the Company or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request. 

Information required to be delivered pursuant to Section 5.01(a), (b), (c), or (e) shall be deemed to have been
delivered on the date on which (i) such information is actually available for review by the Lenders on the Company’s website at http://www.murphyoilcorp.com or at http://www.sec.gov, and (ii) the Company provides notice
to the Lenders that such information is available and designates one or both of the above websites on which such information is located. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 5.02 Notices of Material Events. The Company will furnish to the
Administrative Agent and each Lender prompt written notice of the following: 
 (a) the occurrence of any Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting
the Company or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

(c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected to
result in liability of the Company and its Subsidiaries in an aggregate amount exceeding $75,000,000; and 
 (d) any other development that
results in, or could reasonably be expected to result in, a Material Adverse Effect. 
 Each notice delivered under this Section shall be
accompanied by a statement of a Financial Officer or other executive officer of the Company setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

Section 5.03 Existence; Conduct of Business. The Company will, and will cause each of its Material Subsidiaries to, do or
cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided that the foregoing
shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.03. 
 Section 5.04
Payment of Obligations. The Company will, and will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or
in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Company or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance
with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 

Section 5.05 Maintenance of Properties; Insurance. The Company will, and will cause each of its Material Subsidiaries to,
(a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable insurance companies, insurance in such
amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 5.06 Books and Records; Inspection Rights. The Company will, and will
cause each of its Material Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Company will, and will cause each
of its Material Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to
discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. 

Section 5.07 Compliance with Laws. The Company will, and will cause each of its Subsidiaries to, comply with all laws,
rules, regulations and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

Section 5.08 Use of Proceeds. The proceeds of the Loans will be used only for general corporate purposes or as liquidity
support for commercial paper issued by or on behalf of the Company or a Subsidiary of the Company. No part of the proceeds of any Loan will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations
of the Board, including Regulations T, U and X. 
 ARTICLE VI 

NEGATIVE COVENANTS 
 Until
the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed,
the Company covenants and agrees with the Lenders that: 
 Section 6.01 Indebtedness. The Company will not, and will not
permit any Subsidiary to create, incur, assume or permit to exist any Indebtedness to the extent that as a result of such Indebtedness the Company would be, or could reasonably be expected to be, in breach of the covenant set forth in
Section 6.07. 
 Section 6.02 Liens. The Company will not, and will not permit any Subsidiary to, create,
assume or suffer to exist any Lien on any asset now owned or hereafter acquired by it, except for: 
 (a) Liens in favor of the
Administrative Agent securing Indebtedness or other obligations existing pursuant to this Agreement; 
 (b) Liens created by Capital Lease
Obligations, provided that the Liens created by any such Capital Lease Obligations attach only to the property leased to the Company or one of its Subsidiaries pursuant thereto; 

(c) purchase money Liens securing Indebtedness (including such Liens securing Indebtedness incurred within 120 days of the date on which such
property was acquired), provided that all such Liens attach only to the property purchased with the proceeds of the Indebtedness secured thereby; 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (d) Liens on property of a Person which exist at the time such Person becomes a Subsidiary of the
Company as a result of a permitted acquisition, merger or other combination which Liens were not granted in contemplation of such Person becoming a Subsidiary of the Company; 

(e) any Lien arising out of refinancing, extending, renewing or refunding (or successively refinancing, extending, renewing or refunding) any
Indebtedness secured by any Lien permitted by any of the foregoing clauses of this Section, provided that the principal amount of such Indebtedness is not increased and such Indebtedness is not secured by any additional assets; 

(f) Liens not otherwise permitted by the foregoing clauses of this Section securing Indebtedness in an aggregate principal or face amount at
any date not to exceed $75,000,000; and 
 (g) Liens securing any Indebtedness that constitutes Project Financing. “Project
Financing” means any Indebtedness that is incurred to finance or refinance the acquisition, improvement, installation, design, engineering, construction, development, completion, maintenance, operation, securitization or monetization, in
respect of all or any portion of any project, any group of projects, or any asset related thereto, and any guaranty with respect thereto, other than such portion of such Indebtedness or guaranty that expressly provides for direct recourse to the
Company or any of its Subsidiaries (other than a Project Financing Subsidiary) or any of their respective property other than recourse to the equity in, Indebtedness or other obligations of, or properties of, one or more Project Financing
Subsidiaries; provided however, that support such as limited guaranties or obligations to provide or guaranty equity contributions or to make subordinated loans shall not be considered direct recourse for the purpose of this definition.
“Project Financing Subsidiary” means any Subsidiary of the Company whose principal purpose is to incur Project Financing or to become a direct or indirect partner, member or other equity participant or owner in a Person so created,
and substantially all the assets of such Subsidiary are limited to (i) those assets for which the acquisition, improvement, installation, design, engineering, construction, development, completion, maintenance, operation, securitization or
monetization is being financed in whole or in part by one or more Project Financings, or (ii) the equity in, Indebtedness or other obligations of, one or more other such Subsidiaries or Persons. 

Section 6.03 Fundamental Changes. (a) The Company will not, and will not permit any Material Subsidiary to, merge into
or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of its assets, or
all or substantially all of the stock of any of its Material Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or dissolve, except that if at the time thereof and immediately after giving effect thereto no Default
shall have occurred and be continuing (i) any Person may merge into the Company in a transaction in which the Company is the surviving corporation, (ii) any Person (other than any Borrower) may merge into any Subsidiary in a transaction in
which the surviving entity is a Subsidiary, provided that if any Borrower (other than the Company) is a party to such transaction, such Borrower shall be the surviving entity, (iii) any such Subsidiary (other than a Borrower) may sell,
transfer, lease or otherwise dispose of its assets to the Company or to 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
another Subsidiary and (iv) any such Subsidiary (other than a Borrower) may liquidate or dissolve if the Company determines in good faith that such liquidation or dissolution is in the best
interests of the Company and is not materially disadvantageous to the Lenders. Notwithstanding the foregoing or anything set forth in this Agreement to the contrary, the Company and its Subsidiaries may consummate the Divestiture. 

(b) The Company will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than businesses
of the type conducted by the Company and its Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto. 

Section 6.04 Hedging Agreements. The Company will not, and will not permit any of its Subsidiaries to, enter into any
Hedging Agreement, other than Hedging Agreements entered into in the ordinary course of business to hedge or mitigate risks to which the Company or any Subsidiary is exposed in the conduct of its business or the management of its liabilities. 

Section 6.05 Transactions with Affiliates. The Company will not, and will not permit any of its Subsidiaries to, sell,
lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) in the ordinary course of business
at prices and on terms and conditions not less favorable to the Company or such Subsidiary than could be obtained on an arm’s-length basis from unrelated third parties and (b) transactions between or among the Company and its Subsidiaries
not involving any other Affiliate. 
 Section 6.06 Restrictive Agreements. The Company will not, and will not permit any
of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Company or any Subsidiary to create, incur or
permit to exist any Lien upon any of its property or assets, or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the Company or
any other Subsidiary or to Guarantee Indebtedness of the Company or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing shall
not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale is
permitted hereunder, (iii) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the
property or assets securing such Indebtedness and (iv) clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof. 

Section 6.07 Ratio of Maximum Total Debt to Total Capital. The Company shall not permit, as of the last day of any fiscal
quarter during the term hereof, the ratio of (a) the aggregate amount of Consolidated Recourse Debt, to (b) Adjusted Consolidated Capitalization, to exceed 60%. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 ARTICLE VII 

EVENTS OF DEFAULT 
 If any
of the following events (“Events of Default”) shall occur: 
 (a) any Borrower shall fail to pay any principal of any Loan
or any reimbursement obligation in respect of any LC Disbursement when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 

(b) any Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause
(a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five days; 

(c) any representation or warranty made or deemed made by or on behalf of the Company or any Subsidiary in or in connection with this
Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver
hereunder, shall prove to have been incorrect in any material respect when made or deemed made; 
 (d) any Borrower shall fail to observe or
perform any covenant, condition or agreement contained (i) in Section 5.03 (with respect to such Borrower’s existence), 5.08, 6.03 or 6.07 or (ii) in Section 5.02 and, in the case of this
clause (ii), such failure shall continue unremedied for ten days after such failure occurs; 
 (e) any Borrower shall fail to observe or
perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of ten days after notice thereof from
the Administrative Agent to the Company (which notice will be given at the request of any Lender); 
 (f) the Company or any Subsidiary
shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or
permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the
property or assets securing such Indebtedness; 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be filed
seeking (i) liquidation, reorganization or other relief in respect of the Company or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or
similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any Material Subsidiary or for a substantial part of its assets, and, in any such
case, such proceeding or petition shall continue undismissed for 45 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) the Company or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any
proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any Material Subsidiary or
for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for
the purpose of effecting any of the foregoing; 
 (j) the Company or any Material Subsidiary shall become unable, admit in writing its
inability or fail generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of money in an aggregate
amount in excess of $75,000,000 shall be rendered against the Company, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or
any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Company or any Subsidiary to enforce any such judgment; 

(l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have
occurred, could reasonably be expected to result in a Material Adverse Effect; or 
 (m) a Change in Control shall occur; 

then, and in every such event (other than an event described in clause (h) or (i) of this Article), and at any time thereafter during the
continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Company, take either or both of the following actions, at the same or different times: (i) terminate the Commitments,
and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to
be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Borrower; and in case of any event described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and
the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby waived by each Borrower. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 ARTICLE VIII 

GUARANTY 

Section 8.01 Guaranty of Obligations. The Company hereby irrevocably and unconditionally guarantees to the Administrative
Agent, the Issuing Banks and the Lenders and their respective successors and permitted assigns the due and punctual payment and performance of the Guaranteed Debt. The Company hereby irrevocably and unconditionally covenants and agrees that it is
liable for the Guaranteed Debt as primary obligor. The agreement of the Company in this Section 8.01 (the “Guaranty Agreement”) is intended to be an irrevocable, absolute, continuing guaranty of payment and is not a
guaranty of collection. This Guaranty Agreement may not be revoked by the Company. This Guaranty Agreement may be enforced by the Administrative Agent or any Lender and any subsequent holder of the Guaranteed Debt and shall not be discharged by the
assignment or negotiation of all or part of the Guaranteed Debt. 
 Section 8.02 Guaranteed Debt Not Reduced by Offset.
The Guaranteed Debt and the liabilities and obligations of the Company to the Administrative Agent, the Issuing Banks and the Lenders hereunder shall not be reduced, discharged, or released because or by reason of any existing or future offset,
claim, or defense of Canam, MOCL, or any other party, against the Administrative Agent, any Issuing Bank or any Lender, or against payment of the Guaranteed Debt, whether such offset, claim, or defense arises in connection with the Guaranteed Debt
(or the transactions creating the Guaranteed Debt) or otherwise. Without limiting the foregoing or the Company’s liability hereunder, to the extent that the Administrative Agent, any Issuing Bank or any Lender advances funds or extends credit
to Canam or MOCL, and does not receive payments or benefits thereon in the amounts and at the times required or provided by applicable agreements or laws, the Company is absolutely liable to make such payments to (and confer such benefits on) the
Administrative Agent, the Issuing Banks and the Lenders on a timely basis. 
 Section 8.03 Payment by the Company. If all
or any part of the Guaranteed Debt shall not be punctually paid when due, whether at maturity or earlier by acceleration or otherwise, the Company shall, immediately upon demand by the Administrative Agent, and without presentment, protest, notice
of protest, notice of nonpayment, notice of intention to accelerate or acceleration, or any other notice whatsoever, pay the amount due on the Guaranteed Debt to the Administrative Agent for the benefit of the Administrative Agent, the Issuing Banks
and the Lenders. 
 Section 8.04 No Duty to Pursue Others. It shall not be necessary for the Administrative Agent, any
Issuing Bank or any Lender (and the Company hereby waives any rights that the Company may have to require the Administrative Agent or any Lender), in order to enforce such payment by the Company, first to (i) institute suit or exhaust its
remedies against Canam, MOCL or others liable on the Guaranteed Debt or any other Person, (ii) join Canam, MOCL or any others liable on the Guaranteed Debt in any action seeking to enforce this Guaranty Agreement, or (iii) resort to any
other means of obtaining payment of the Guaranteed Debt. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 8.05 Waiver of Notices, etc. The Company hereby waives notice of
(i) any Loan or other loans made by the Administrative Agent, any Issuing Bank or any Lender to Canam or MOCL, (ii) acceptance of this Guaranty Agreement, (iii) the execution and delivery by Canam and any agent or any Lender of any
other loan or credit agreement or of Canam’s execution and delivery of any promissory notes or other documents in connection therewith, (iv) the execution and delivery by MOCL and any agent or any Lender of any other loan or credit
agreement or of MOCL’s execution and delivery of any promissory notes or other documents in connection therewith, (v) except for notices required in Section 10.04, any Lender’s assignment of or granting of a participation
in the Guaranteed Debt, or any part thereof, (vi) any protest, proof of nonpayment, or default by Canam or MOCL, or (vii) any other action at any time taken or omitted by the Administrative Agent, any Issuing Bank or any Lender, and,
generally, all demands and notices of every kind in connection with this Guaranty Agreement, this Agreement, and any other document executed in connection herewith, and the obligations hereby guaranteed. 

Section 8.06 Effect of Bankruptcy; Other Matters. If, pursuant to any Federal, state or foreign bankruptcy, insolvency,
receivership or other debtor relief law, or any judgment, order, or decision thereunder, or for any other reason, (i) the Administrative Agent, any Issuing Bank or any Lender must rescind or restore any payment, or any part thereof, received by
the Administrative Agent, such Issuing Bank or such Lender in satisfaction of the Guaranteed Debt, as set forth herein, any prior release or discharge from the terms of this Guaranty Agreement given to the Company by the Administrative Agent, such
Issuing Bank or such Lender shall be without effect, and this Guaranty Agreement shall remain in full force and effect, or (ii) Canam or MOCL shall cease to be liable to the Administrative Agent, any Issuing Bank or any Lender for any of the
Guaranteed Debt (other than by reason of the indefeasible payment in full thereof by such Canam or MOCL, as applicable), then the obligations of the Company under this Guaranty Agreement shall remain in force and effect. It is the intention of the
Administrative Agent, the Issuing Banks, the Lenders, and the Company that the Company’s obligations hereunder shall not be discharged except by the Company’s performance of such obligations and then only to the extent of such performance.
Without limiting the generality of the foregoing, it is the intention of the Administrative Agent, the Issuing Banks, the Lenders and the Company that the filing under any Federal, state or foreign bankruptcy, insolvency, receivership or other
debtor relief law by or against Canam, MOCL or any other person or party obligated on any portion of the Guaranteed Debt shall not affect the obligations of the Company under this Guaranty Agreement or the rights of the Administrative Agent, any
Issuing Bank or any Lender under this Guaranty Agreement, including, without limitation, the right or ability of the Administrative Agent, any Issuing Bank or any Lender to pursue or institute suit against the Company for the entire Guaranteed Debt.

 Section 8.07 Additional Events and Circumstances not Reducing or Discharging the Company’s Obligations. The
Company hereby consents and agrees to each of the following, and agrees that the Company’s obligations under this Guaranty Agreement shall not be released, diminished, impaired, reduced, or adversely affected by any of the following, and waives
any common law, equitable, statutory, or other rights (including without limitation rights to notice) which the Company might otherwise have as a result or of in connection with any of the following: (i) any renewal, waiver, or amendment of all
or any part of the Guaranteed Debt, this Agreement, or the other documents executed in connection herewith; (ii) any adjustment, indulgence, forbearance, or compromise that might be granted or given by the Administrative

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
Agent, any Issuing Bank or any Lender to Canam, MOCL or the Company; (iii) the insolvency, bankruptcy, arrangement, adjustment, composition, structure, liquidation, disability, dissolution,
or lack of power of Canam or MOCL under any Federal, state or foreign bankruptcy, insolvency, receivership or other debtor relief law; (iv) any dissolution of Canam, MOCL or the Company, or any changes in name, business, location, composition,
structure, or changes in the shareholders, partners, or members (whether by accession, secession, cessation, death, dissolution, transfer of assets, or other matter) of Canam, MOCL or the Company; (v) the invalidity, illegality, or
unenforceability of all or any part of the Guaranteed Debt or this Agreement or other document executed in connection herewith, for any reason whatsoever; (vi) any full or partial release of the liability of Canam or MOCL on the Guaranteed Debt
or any part thereof, of the Company or any other person or entity now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee, or assure the payment of the Guaranteed Debtor any
part thereof; (vii) the failure of the Administrative Agent, any Issuing Bank or any Lender to exercise diligence or reasonable care to act, fail to act or comply with any duty in the administration, preservation, enforcement, or other handling
of treatment of all or any part of Guaranteed Debt; (viii) any existing or future right of offset, claim, or defense of Canam or MOCL against the Administrative Agent, any Issuing Bank or any Lender, or any other party, or against payment of
the Guaranteed Debt, whether such right of offset, claim, or defense arises in connection with the Guaranteed Debt (or the transactions creating the Guaranteed Debt) or otherwise; (ix) the reorganization, merger, or consolidation of Canam, MOCL
or the Company into or with any other corporation or entity; or (x) any payment by Canam or MOCL to the Administrative Agent, any Issuing Bank or any Lender is held to constitute a preference under any Federal, state or foreign bankruptcy,
insolvency, receivership or other debtor relief laws, or for any reason the Administrative Agent, any Issuing Bank or any Lender is required to refund such payment or pay such amount to Canam, MOCL or someone else. 

Section 8.08 Subordination of Guarantor Claims. As used herein, the term “Guarantor Claims” shall mean all
debts and liabilities of Canam or MOCL, as applicable to the Company, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations of Canam or MOCL, as applicable thereon be direct, contingent, primary,
secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the person or persons in whose favor such debts or liabilities
may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired by the Company. Guarantor Claims shall include, without limitation, all rights and claims of the Company against
Canam or MOCL, as applicable (arising as a result of subrogation or otherwise) as a result of the Company’s payment of all or a portion of the Guaranteed Debt. Until the Guaranteed Debt shall be paid and satisfied in full and the Company shall
have performed all of its obligations hereunder, upon the occurrence and continuance of an Event of Default, the Company shall not receive or collect, directly or indirectly, from Canam, MOCL or any other party any amount upon Guarantor Claims. In
the event that, notwithstanding the terms of this Guaranty Agreement, the Company should receive any funds, payment, claim, or distribution which is prohibited by this Guaranty Agreement, the Company agrees to hold in trust for the Administrative
Agent, the Issuing Banks and the Lenders, in kind, all funds, payments, claims, or distributions so received, except to pay them promptly to the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Banks and Lenders, and
the Company covenants promptly to pay the same to the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Banks and Lenders. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 8.09 Claims in Bankruptcy. In the event of receivership, bankruptcy,
reorganization, arrangement, debtor’s relief, or other insolvency proceedings under any Federal, state or foreign bankruptcy, insolvency, receivership or other debtor relief laws involving Canam or MOCL as debtor, the Administrative Agent, the
Issuing Banks and the Lenders shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver, trustee, or other court custodian dividends and payments which would
otherwise be payable upon Guarantor Claims. The Company hereby assigns such dividends and payments to the Administrative Agent, the Issuing Banks and Lenders. Should the Administrative Agent, any Issuing Bank or any Lender receive, for application
upon the Guaranteed Debt, any such dividend or payment which is otherwise payable to the Company, and which, as between Canam or MOCL, as applicable, and the Company, shall constitute a credit upon Guarantor Claims, then upon payment to the
Administrative Agent, the Issuing Banks and Lenders in full of the Guaranteed Debt, the Company shall become subrogated to the rights of the Administrative Agent, the Issuing Banks and Lenders to the extent that such payments to the Administrative
Agent, the Issuing Banks and Lenders on Guarantor Claims have contributed toward the liquidation of the Guaranteed Debt, and such subrogation shall be with respect to that proportion of the Guaranteed Debt which would have been unpaid if the
Administrative Agent, the Issuing Banks and the Lenders had not received dividends or payments upon Guarantor Claims. 
 ARTICLE IX

 THE ADMINISTRATIVE AGENT 

Each of the Lenders and the Issuing Banks hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative
Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. 

The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender
and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with each Borrower or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent shall not have any duties or obligations except
those expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to
exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.02), and (c) except as expressly set forth herein,
the Administrative Agent shall not have any duty to disclose, and shall not be 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
liable for the failure to disclose, any information relating to any Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of
its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary
under the circumstances as provided in Section 10.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice
thereof is given to the Administrative Agent by any Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in
connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or
elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 The
Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed
or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative
Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts. 
 The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any
one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions
of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as Administrative Agent. 
 Subject to the appointment and acceptance of a successor
Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Banks and the Company. Upon any such resignation, the Required Lenders shall have the right, in consultation
with the Company, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the
retiring Administrative Agent may, on behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its
appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Company to a successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Company and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 10.03 shall continue in effect for the benefit of such
retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any action. 
 Each Lender acknowledges
that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder. 

None of the Lenders identified on the cover page of this Agreement (other than the Administrative Agent) shall have any right, power,
obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders identified on the cover page as a “co-syndication agent” shall have
or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders so identified in deciding to enter into this Agreement or in taking or not taking any action
hereunder. 
 ARTICLE X 

MISCELLANEOUS 
 Section 10.01
Notices.  
 (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and
subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile, as follows:

 (i) if to a Borrower, to the Company at 200 Peach Street, P.O. Box 7000, El Dorado, Arkansas 71731-7000, Attention of
Ms. Mindy K. West (Facsimile No. (870) 864-6274); 
 (ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan
and Agency Services Group, 1111 Fannin Street, 10th Floor, Houston, Texas, 77002, Attention of Maria “Nina” Guinchard (Facsimile No. (713) 427-6307 or Electronic Mail Facsimile
Address 12012443630@tls.ldsprod.com); 
 (iii) if to the Issuing Bank, to it at the address set forth in paragraph (ii) above;

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (iv) if to the Swingline Lender, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group,
1111 Fannin Street, 10th Floor, Houston, Texas, 77002, Attention of Ms. Janene English (Facsimile No. (713) 427-6307), with a copy to JPMorgan Chase Bank, N.A., 600 Travis Street, 20th Floor, Houston, Texas 77002, Attention of Mr. Peter Licalzi (Facsimile No. (713) 216-4117); and 

(v) if to any other Lender, to it at its address (or facsimile number) set forth in its Administrative Questionnaire. 

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to
procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or
the Company may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular
notices or communications. 
 (c) Any party hereto may change its address or facsimile number for notices and other communications hereunder
by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

Section 10.02 Waivers; Amendments. (a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender
in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default,
regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in
writing entered into by each Borrower and the Required Lenders or by each Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any Lender
without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected
thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the
scheduled date of expiration of any Commitment, without the 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
written consent of each Lender affected thereby, (iv) change Section 2.17(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby,
without the written consent of each Lender, (v) release the Company from the Guaranty Agreement or limit its liability in respect of the Guaranty Agreement without the written consent of each Lender, or (vi) change any of the provisions of
this Section or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent
hereunder, without the written consent of each Lender; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or any Issuing Bank or the Swingline Lender hereunder
without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be. 

Section 10.03 Expenses; Indemnity; Damage Waiver. (a) Each Borrower is jointly and severally obligated to pay
(i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication of the
credit facilities provided for herein, the preparation and administration of this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated),
(ii) all reasonable out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable out-of-pocket
expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including the reasonable fees, charges and disbursements of any counsel for the Administrative Agent, any Issuing Bank or any Lender, in connection with the enforcement
or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such reasonable out-of-pocket expenses incurred during
any workout, restructuring or negotiations in respect of such Loans or Letters of Credit. 
 (b) Each Borrower shall indemnify the
Administrative Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses, including the reasonable fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of
(i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other
transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit issued by it if the documents presented
in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Company or any of its
Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related
expenses resulted from the gross negligence or willful misconduct of such Indemnitee. 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 (c) To the extent that any Borrower fails to pay any amount required to be paid by it to the
Administrative Agent, any Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent, such Issuing Bank or the Swingline Lender, as the case may be, such
Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent, such Issuing Bank or the Swingline Lender in its capacity as such. 

(d) To the extent permitted by applicable law, no Borrower shall assert, and each Borrower hereby waives, any claim against any Indemnitee, on
any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the
Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 
 (e) All amounts due under this Section shall be payable
promptly after written demand therefor. 
 Section 10.04 Successors and Assigns. (a) The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) a
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by a Borrower without such consent shall be null and void) and
(ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 10.04. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other
than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in paragraph (e) of this Section) and, to the
extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) Any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans at the time owing to it); provided that (i) except in the case of an assignment to a Lender or a Lender Affiliate, each Borrower and the Administrative Agent (and in the case of an assignment of
all or a portion of a Commitment or any Lender’s obligations in respect of its LC Exposure or its Swingline Exposure, each Issuing Bank and the Swingline Lender) must give their prior written consent to such assignment (which consent shall not
be unreasonably withheld), (ii) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender’s Commitment, the amount of the Commitment of the assigning
Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000, unless each of the Borrowers and the
Administrative Agent otherwise consent, (iii) each partial assignment shall be made as an 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement, (iv) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500, and (v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire; and
provided further that any consent of a Borrower otherwise required under this paragraph shall not be required if an Event of Default has occurred and is continuing. Subject to acceptance and recording thereof pursuant to paragraph (d) of
this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an
Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14, 2.15,
2.16 and 10.03 and Article IX). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with paragraph (e) of this Section. 
 (c) The Administrative
Agent, acting for this purpose as an agent of all Borrowers, shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register (which register may be in electronic form) for the recordation
of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the
Register shall be conclusive, and each Borrower, the Administrative Agent, the Issuing Banks and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by any Borrower, the Issuing Banks and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(d) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph
(b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to
make any payment required to be made by it pursuant to Sections 2.05(d) or (e), 2.06(b), 2.17(d) or 10.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record
the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the
Register as provided in this paragraph. 
 (e) Any Lender may, without the consent of any Borrower, the Administrative Agent, any Issuing
Bank or the Swingline Lender, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its
Commitment and the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain 

  
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5-YEAR REVOLVING CREDIT AGREEMENT 

 
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) each Borrower, the Administrative Agent, the
Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a
participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide
that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 10.02(b) that affects such Participant. Subject to paragraph (f) of this
Section, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph
(b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender, provided such Participant agrees to be subject to
Section 2.17(c) as though it were a Lender. 
 (f) A Participant shall not be entitled to receive any greater payment under
Sections 2.14 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Company’s
prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the Company is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of each Borrower, to comply with Section 2.16(e) as though it were a Lender. 
 (g) Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal
Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or
substitute any such pledgee or assignee for such Lender as a party hereto. 
 Section 10.05 Survival. All covenants,
agreements, representations and warranties made by any Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the
Administrative Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the
principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or a Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions
of Sections 2.14, 2.15, 2.16 and 10.03 and Article IX shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the
expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 

  
 62 

5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 10.06 Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter
agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to
the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof
which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart
of a signature page of this Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Agreement. 

Section 10.07 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a
particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 Section 10.08
Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any
and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Borrower against any of and all the
obligations of such Borrower now or hereafter existing under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of
each Lender under this Section are in addition to other rights and remedies (including other rights of setoff) which such Lender may have. 

Section 10.09 Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in
accordance with and governed by the law of the State of New York. 
 (b) Each Borrower hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action
or proceeding relating to this Agreement against any Borrower or its properties in the courts of any jurisdiction. 
 (c) Each Borrower
hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or
proceeding in any such court. 

  
 63 

5-YEAR REVOLVING CREDIT AGREEMENT 

 (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 10.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

Section 10.10 WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY
IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

Section 10.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

Section 10.12 Confidentiality. Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority or
self-regulatory body, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or
any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 10.12, to (i) any assignee of
or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to any
Borrower and its obligations, (g) with the consent of the Company or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section 10.12 or (ii) becomes available
to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrowers. For the purposes of this Section, “Information” means all information received from any Borrower relating
to such Borrower or its business, other than any such information that is available to the Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by such Borrower; provided that, in the case of
information received from a Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

  
 64 

5-YEAR REVOLVING CREDIT AGREEMENT 

 Section 10.13 Interest Rate Limitation. Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the
maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan
hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the
operation of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest
thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
 Section 10.14
USA Patriot Act. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) and the Administrative Agent (for itself and not on
behalf of any Lender) hereby notifies the Borrowers that pursuant to the “know your customer” regulations and the requirements of the Act, they are required to obtain, verify and record information that identifies each Borrower, which
information includes the name, address and tax identification number (and other identifying information in the event this information is insufficient to complete verification) that will allow such Lender or the Administrative Agent, as applicable,
to verify the identity of each Borrower. This information must be delivered to the Lenders and the Administrative Agent no later than five days prior to the Effective Date and thereafter promptly upon request. This notice is given in accordance with
the requirements of the Act and is effective as to the Lenders and the Administrative Agent. 
 [SIGNATURE PAGES BEGIN NEXT
PAGE]  

  
 65 

5-YEAR REVOLVING CREDIT AGREEMENT 

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

			
	MURPHY OIL CORPORATION
		
	By:	 	/s/ Mindy K. West
	Name:	 	Mindy K. West
	Title:	 	Vice President and Treasurer

  

			
	CANAM OFFSHORE LIMITED
		
	By:	 	/s/ Mindy K. West
	Name:	 	Mindy K. West
	Title:	 	Vice President and Treasurer

  

			
	MURPHY OIL COMPANY LTD.
		
	By:	 	/s/ Mindy K. West
	Name:	 	Mindy K. West
	Title:	 	Vice President and Treasurer

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	 Administrative Agent, Issuing Bank,

Swingline Lender & Lender: 
	 		 	JPMORGAN CHASE BANK, N.A.
				
		 		 	By:	 	/s/ Muhammad Hasan
		 		 	Name:	 	Muhammad Hasan
		 		 	Title:	 	Vice President

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Co-Syndication Agent & Lender:	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ Leanne S. Phillips
		 		 	Name:	 	Leanne S. Phillips
		 		 	Title:	 	Director

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Co-Syndication Agent & Lender:	 		 	BANK OF AMERICA, N.A.
				
		 		 	By:	 	/s/ Shelley A. McGregor
		 		 	Name:	 	Shelley A. McGregor
		 		 	Title:	 	Managing Director

  
 SIGNATURE
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 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Co-Syndication Agent & Lender:	 		 	BNP PARIBAS
				
		 		 	By:	 	/s/ Courtney Kubesch
		 		 	Name:	 	Courtney Kubesch
		 		 	Title:	 	Vice President
				
		 		 	By:	 	/s/ Edward Pak
		 		 	Name:	 	Edward Pak
		 		 	Title:	 	Director

  
 SIGNATURE
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 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Co-Syndication Agent & Lender:	 		 	DNB NOR BANK ASA
				
		 		 	By:	 	/s/ Sanjiv Nayar
		 		 	Name:	 	Sanjiv Nayar
		 		 	Title:	 	Senior Vice President
				
		 		 	By:	 	/s/ Giacomo Landi
		 		 	Name:	 	Giacomo Landi
		 		 	Title:	 	Senior Vice President

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender: 	 		 	CITIBANK, N.A.
				
		 		 	By:	 	/s/ John Miller
		 		 	Name:	 	John Miller
		 		 	Title:	 	Attorney-in-Fact

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	DEUTSCHE BANK AG NEW YORK BRANCH
				
		 		 	By:	 	/s/ Philippe Sandmeier
		 		 	Name:	 	Philippe Sandmeier
		 		 	Title:	 	Managing Director
				
		 		 	By:	 	/s/ Virginia Cosenza
		 		 	Name:	 	Virginia Cosenza
		 		 	Title:	 	Vice President

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	REGIONS BANK
				
		 		 	By:	 	/s/ Denny Moton
		 		 	Name:	 	Denny Moton
		 		 	Title:	 	Assistant Vice President

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	ROYAL BANK OF CANADA
				
		 		 	By:	 	/s/ Don J. McKinnerney
		 		 	Name:	 	Don J. McKinnerney
		 		 	Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
				
		 		 	By:	 	/s/ William S. Rogers
		 		 	Name:	 	William S. Rogers
		 		 	Title:	 	Authorized Signatory

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	US BANK NATIONAL ASSOCIATION
				
		 		 	By:	 	/s/ John Prigge
		 		 	Name:	 	John Prigge
		 		 	Title:	 	Vice President

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	 US BANK NATIONAL ASSOCIATION

Canada Branch

				
		 		 	By:	 	/s/ Joseph Rauhala
		 		 	Name:	 	Joseph Rauhala
		 		 	Title:	 	Principal Officer

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	BANCORPSOUTH BANK
				
		 		 	By:	 	/s/ David Skinner
		 		 	Name:	 	David Skinner
		 		 	Title:	 	Community Bank President

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	CAPITAL ONE, N.A.
				
		 		 	By:	 	/s/ Michael Bradford
		 		 	Name:	 	Michael Bradford
		 		 	Title:	 	Vice President

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	COMERCIA BANK
				
		 		 	By:	 	/s/ Joey Powell
		 		 	Name:	 	Joey Powell
		 		 	Title:	 	Vice President

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	FIFTH THIRD BANK
				
		 		 	By:	 	/s/ P. Ann Daniel
		 		 	Name:	 	P. Ann Daniel
		 		 	Title:	 	Officer

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	WHITNEY NATIONAL BANK
				
		 		 	By:	 	/s/ H. Elder Gwin
		 		 	Name:	 	H. Elder Gwin
		 		 	Title:	 	Vice President

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

							
	Lender:	 		 	THE BANK OF NOVA SCOTIA
				
		 		 	By:	 	/s/ Joseph Lattanzl
		 		 	Name:	 	Joseph Lattanzl
		 		 	Title:	 	Managing Director

  
 SIGNATURE
PAGE 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 SCHEDULE 2.01 

COMMITMENTS 
  

									
	 Lender 
	  	Amount of
Commitment 	 	  	Percentage of
Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	126,000,000	  	  	 	8.40	% 
	 Bank of America, N.A.
	  	$	126,000,000	  	  	 	8.40	% 
	 BNP Paribas
	  	$	126,000,000	  	  	 	8.40	% 
	 DnB NOR Bank ASA
	  	$	126,000,000	  	  	 	8.40	% 
	 Wells Fargo Bank, National Association
	  	$	126,000,000	  	  	 	8.40	% 
	 Citibank, N.A.
	  	$	97,500,000	  	  	 	6.50	% 
	 Deutsche Bank AG New York Branch
	  	$	97,500,000	  	  	 	6.50	% 
	 Regions Bank
	  	$	97,500,000	  	  	 	6.50	% 
	 Royal Bank of Canada
	  	$	97,500,000	  	  	 	6.50	% 
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$	97,500,000	  	  	 	6.50	% 
	 US Bank National Association
	  	$	97,500,000	  	  	 	6.50	% 
	 BancorpSouth Bank
	  	$	50,000,000	  	  	 	3.33	% 
	 Capital One, N.A.
	  	$	50,000,000	  	  	 	3.33	% 
	 Comerica Bank
	  	$	50,000,000	  	  	 	3.33	% 
	 Fifth Third Bank
	  	$	50,000,000	  	  	 	3.33	% 
	 Whitney National Bank
	  	$	50,000,000	  	  	 	3.33	% 
	 The Bank of Nova Scotia
	  	$	35,000,000	  	  	 	2.33	% 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL: 
	  	$	1,500,000,000.00	  	  	 	100.0000000	% 

  
 Schedule 2.01 

 

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 SCHEDULE 2.13 

SWINGLINE LOAN RATE CALCULATION 
 The rate
of interest for a Swingline Loan shall be (a) the “ASK” rate for Federal funds appearing on Page 5 of the Dow Jones Market Service (or on any successor or substitute page of such service, or any successor to or substitute for such
service, providing rate quotations comparable to those currently provided on such page of such service, as determined by the Administrative Agent from time to time for purposes of providing quotations of the offer rates applicable to Federal funds
for a term of one (1) Business Day) at the time reviewed by the Administrative Agent plus (b) the Applicable Rate for the Eurodollar Spread. In the event that part (a) of such rate is not available at such time for any reason,
then part (a) of such rate will be the rate agreed to between the Administrative Agent and the Company. The Borrowers understand and agree that the rate quoted from Page 5 of the Dow Jones Market Service is a real-time rate that changes from
time to time. The rate quoted by the Administrative Agent and used for the purpose of setting the interest rate for a Swingline Loan will be the rate on the screen of the Administrative Agent at the time of setting the rate and will not be an
average or composite of rates for that day. 

  
 Schedule 2.13 

 

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 EXHIBIT A 

FORM OF 
 ASSIGNMENT AND ASSUMPTION

 This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and
is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the
Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an
agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit
Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments
delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of
credit, guarantees and swingline loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender)
against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any
of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and
obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly
provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
 1. Assignor:
                                         
                    
 2. Assignee:
                                         
                    

                          
  [and is an Affiliate of [identify Lender]] 
 3. Borrowers: Murphy Oil Corporation, Canam Offshore Limited and Murphy Oil
Company Ltd. 
 4. Administrative Agent: JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement 

  
 EXHIBIT A (Page 1) 

 

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 5. Credit Agreement: 5-Year Revolving Credit Agreement dated as of June 14, 2011 among
Murphy Oil Corporation, Canam Offshore Limited, and Murphy Oil Company Ltd., as Borrowers, the Lenders parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents parties thereto 

6. Assigned Interest: 
  

									
	 Facility Assigned
	  	 Aggregate Amount of

Commitment / Loans

for all Lenders
	  	 Amount of Commitment /

Loans Assigned
	  	 Percentage Assigned

of Commitment /

Loans1
	 
		  	$                            	  	$                            	  	 	%	  
		  	$                            	  	$                            	  	 	%	  
		  	$                            	  	$                            	  	 	%	  

 Effective Date:
                         , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH
SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby agreed
to: 
  

			
	 ASSIGNOR
  

[NAME OF ASSIGNOR]

		
	By:	 	 
		 	Name:
		 	Title:
		
		 	 ASSIGNEE
  

[NAME OF ASSIGNEE]

		
		 	By:

  
 1Set forth, to at least 9 decimals, as a percentage of the Commitments / Loans of all Lenders thereunder. 

  
 EXHIBIT A (Page 2) 

 

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 
			
	Name:	 	
	Title:	 	

  

			
	 Consented to and Accepted:
  

JPMORGAN CHASE BANK, N.A.,
 as Administrative
Agent

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 Consented to:
  

MURPHY OIL CORPORATION,
 as Borrower

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 CANAM OFFSHORE LIMITED,
 as
Borrower

		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 MURPHY OIL COMPANY LTD.,
 as
Borrower

		
	By:	 	 
		 	Name:
		 	Title:

  
 EXHIBIT A
(PAGE 3) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
  

	1.	Representations and Warranties. 

 1.1 Assignor. The Assignor (a) represents and
warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or
in connection with the Credit Agreement or any other documents or instruments delivered pursuant thereto, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any collateral
thereunder, (iii) the financial condition of the Company, any of its Subsidiaries or Affiliates or any other Person obligated in respect of the Credit Agreement or (iv) the performance or observance by the Company, any of its Subsidiaries
or Affiliates or any other Person of any of their respective obligations under the Credit Agreement or any other documents or instruments delivered pursuant thereto. 

1.2 Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit
Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to
the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01
thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which
it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (v) if it is a Foreign Lender , attached to the Assignment and Assumption is any documentation required to be
delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender,
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, and (ii) it will perform in accordance with their terms
all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. 
 2. Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but
excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 

  
 EXHIBIT A
(PAGE 4) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to
the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a
signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with,
the law of the State of New York. 

  
 EXHIBIT A
(PAGE 5) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 EXHIBIT B-1 

FORM OF OPINION OF MANAGER, LAW DEPARTMENT 

AND CORPORATE SECRETARY OF MURPHY 

June 14, 2011 
 Each of the Addressees
Listed 
 in the Attached Schedule I 
 Ladies and Gentlemen:

 In my capacity as Manager, Law Department and Corporate Secretary of Murphy Oil Corporation, a Delaware corporation
(“Murphy”), I am familiar with the 5-Year Revolving Credit Agreement (the “Credit Agreement”) dated June 14, 2011 among Murphy, Canam Offshore Limited, a Bahamian corporation (“Canam”), and
Murphy Oil Company Ltd., a Canadian corporation (“MOCL”) as borrowers, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders named therein (collectively with any notes, certificates or other instruments delivered in
connection with the Credit Agreement, the “Transaction Documents”). In such capacity, I am also familiar with the Certificate of Incorporation, as amended and the Bylaws, as amended, of Murphy. This opinion is delivered to you
pursuant to the requirements of Section 4.01(b) of the Credit Agreement. Capitalized terms not otherwise defined herein shall have the meaning ascribed thereto in the Credit Agreement. 

Before rendering the opinions hereinafter set forth, I (or other attorneys in Murphy’s Law Department) examined the Transaction Documents
and I (or such other attorneys) examined and relied upon original or photostatic or certified copies of such corporate records, certificates of officers of Murphy and its Material Subsidiaries and of public officials, and such agreements, documents,
and instruments as I (or such other attorneys) have deemed relevant and necessary as the basis for the opinions hereinafter expressed. In such examination, I (or such other attorneys) assumed the genuineness of all signatures and the authenticity of
all documents submitted to me (or such other attorneys) as originals and the conformity to original documents of all documents submitted to me (or other such attorneys) as photostatic or certified copies. 

In rendering the opinions herein set forth, I have assumed (i) the due authorization, execution and delivery of the Transaction Documents
by all parties thereto other than Murphy, Canam and MOCL and that each such Credit Document is valid, binding and enforceable against the parties thereto other than Murphy, Canam and MOCL, (ii) the legal capacity of natural persons,
(iii) the genuineness of all signatures (other than those of officers of Murphy, Canam and MOCL), (iv) the authenticity of all documents submitted to me (or other attorneys in Murphy’s Law Department) as originals, and (v) the
conformity to original documents of all documents submitted to me (or such other attorneys) as copies. As to various questions of fact material to my opinion, I (or such other attorneys) have relied upon the representations made in the Transaction
Documents. 

  
 EXHIBIT
B-1 (PAGE 1) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 Based upon the foregoing and subject to the qualifications, exceptions, limitations, and
assumptions set forth herein, in my capacity as Manager, Law Department and Corporate Secretary of Murphy, I am of the opinion that: 
 1.
Murphy is a corporation duly incorporated, validly existing, and in good standing under the laws of the State of Delaware with corporate power to own and operate it business and properties and to carry on its business as presently conducted and to
execute and perform the Transaction Documents executed by it. 
 2. Murphy is the owner, either directly or through a wholly owned
subsidiary, of all of the outstanding capital stock of each of Canam and MOCL, and all of such capital stock is fully paid and non-assessable. 

3. The execution, delivery and performance by Murphy of the Transaction Documents to which it is a party have been duly authorized by all
necessary corporate action of Murphy. 
 4. The execution, delivery and performance by Murphy of Transaction Documents to which it is a
party do not result in a violation of Applicable Laws (as defined below), and will not conflict with or result in the breach of or accelerate the performance required by any of the terms, conditions, or provisions of (i) the Certificate of
Incorporation or Bylaws or other constituent documents of Murphy, (ii) any covenant, agreement, or understanding known to me to which Murphy is a party or (iii) any order, ruling, decree, judgment, arbitration award, or stipulation known
to me to which Murphy is subject. 
 “Applicable Laws” means those laws, rules and regulations of the State of Arkansas and
the United States of America, the General Corporation Law of the State of Delaware and the rules and regulations adopted thereunder, which, in my experience, are normally applicable to transactions of the type contemplated by the Transaction
Documents. Furthermore, the term “Applicable Laws” does not include, and I express no opinion with regard to (a) any Arkansas or federal law, rule or regulation relating to (i) pollution or protection of the environment,
(ii) zoning, land use, building or construction, (iii) occupational, safety and health or other similar matters, or (iv) labor, employee rights and benefits, including the Employment Retirement Income Security Act of 1974, as amended,
(b) laws of any counties, cities, towns, municipalities and special political subdivisions and agencies thereof, (c) intellectual property laws, (d) except as provided in paragraph 9 below, the regulation of utilities,
(e) antitrust laws, (f) tax laws, rules or regulations and (g) state or federal securities laws. 
 5. The Transaction
Documents to which Murphy is a party have been duly executed, presented and delivered. 
 6. No authorization, consent, approval, license,
permissions or registration of or with any Governmental Authority, or, to my knowledge, any other Person, is required in connection with the execution, delivery and performance by Murphy of the Transaction Documents. 

  
 EXHIBIT
B-1 (PAGE 2) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 7. There is no litigation or legal, arbitral or administrative proceeding pending or, to my
knowledge, threatened against Murphy or any Subsidiary of Murphy which could reasonably be expected to result in a Material Adverse Effect. 

8. None of Murphy, Canam or MOCL is an “investment company” or a company “controlled” by an “investment
company”, as such terms are used in the Investment Company Act of 1940, as amended. 
 9. An Arkansas court or a federal court in the
State of Arkansas, in a case properly presented, would uphold the New York choice of law provisions that are contained in the Transaction Documents. 

10. The submission in the Transaction Documents by Murphy to the nonexclusive jurisdiction of the courts of the State of New York is binding
and enforceable against Murphy. 
 As to matters with respect to which my opinion is stated to be “to my knowledge” or words of
similar effect, I have based my opinion in sole reliance upon my actual current knowledge (after reasonable inquiry) and that of other attorneys in Murphy’s Law Department who have devoted time to this matter. 

The opinions expressed herein are as of the date hereof only, and I assume no obligation to update or supplement such opinions to reflect any
fact or circumstance that my hereafter come to my attention or any change that may hereafter occur or become effective. 
 The opinions
herein expressed and the statements herein made are limited in all respect to the General Corporation Law of the State of Delaware, the laws of the State of Arkansas and the applicable federal laws of the United States. 

The opinions herein have been furnished at your request and are solely for your benefit and the benefit of your successors and permitted
participants and assigns in connection with the subject transaction and may not relied upon by any other Person or furnished to anyone else without the prior written consent of the undersigned other than (i) for disclosure to regulatory
authorities having jurisdiction over the Administrative Agent or any Lender, or (ii) as disclosed in connection with any permitted assignment, transfer or participation in respect of the Transaction Documents. 

 

	
	
	   

	John A. Moore

  
 EXHIBIT
B-1 (PAGE 3) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 SCHEDULE I 

to 
 OPINION OF MANAGER, LAW
DEPARTMENT 
 AND CORPORATE SECRETARY OF MURPHY 

ADDRESSEES 
  

	1.	JPMorgan Chase Bank, N.A., as Administrative Agent under the Credit Agreement; and 

  

	2.	Each Lender now or hereafter party to the Credit Agreement. 

  
 EXHIBIT
B-1 (PAGE 4) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 EXHIBIT B-2 

FORM OF OPINION OF HIGGS & JOHNSON, 

SPECIAL COUNSEL FOR CANAM OFFSHORE LIMITED 

June 14, 2011 
 To each of the Addressees
Listed in the Attached Schedule I 
  

	 	Re:	Canam Offshore Limited (the “Company”), which is a corporation organized and existing under the laws of the Commonwealth of The Bahamas (the “Jurisdiction”) 

Ladies and Gentlemen: 
 We have acted as special counsel in the
Jurisdiction for the Company in connection with certain aspects of the transactions contemplated by the Transaction Documents (as such term is defined in Schedule II attached hereto, herein referred to as the “Transaction
Documents”). 
 In rendering the opinions set forth below, we have reviewed execution copies of the Transaction Documents and such other records,
certificates and documents as we have deemed appropriate for the purposes of such opinions. As to any facts material to our opinions, we have made no independent investigation of such facts and have relied, to the extent that we deem such reliance
proper, upon statements of public officials and officers or other representatives of the Company and on the representations and warranties set forth in the Transaction Documents. 

For the purposes of this opinion we have assumed: 
  

	 	1.	that the parties to the Transaction Documents (other than the Company) are duly organised and validly existing companies in good standing under the laws of the jurisdiction in which they are incorporated and registered
to do business. 

  

	 	2.	the genuineness and authenticity of all documents submitted to us and of the seals and signatures thereon and that none of such signatures and seals are affected by fraud, duress, misrepresentation or other
irregularity. 

  

	 	3.	the completeness and conformity to originals of all copy (whether or not certified) and faxed documents supplied to us; the authenticity of the originals of such documents. 

 

	 	4.	that there have been no further amendments to the Constitutional Documents (as defined in Schedule II). 

  
 EXHIBIT
B-2 (PAGE 1) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

	 	5.	that the Resolutions are a true and correct record of the resolutions duly passed by the Directors of the Company and have not been amended or rescinded and are and will remain in full force and effect.

  

	 	6.	that no other resolutions or other action has been or will be taken which could affect the Resolutions. 

  

	 	7.	that the Transaction Documents are not subject to avoidance by any person, under all applicable laws and in all applicable jurisdictions other than (in the case of the Company) the laws of the Jurisdiction.

  

	 	8.	that there are no provisions of the laws of public policy of any jurisdiction outside the Jurisdiction which would be contravened by the authorisation, execution, delivery or performance of the Transaction Documents or
of any obligation the performance of which the Transaction Documents contemplate. 

  

	 	9.	the accuracy and completeness of all information pertaining to the Company supplied to us which we have reviewed for the purpose of this opinion or contained in the Companies Registry of the Jurisdiction.

  

	 	10.	in so far as the Transaction Documents are to be performed in any jurisdictions other than the Jurisdiction its performance will not be illegal or ineffective by virtue of the laws of that jurisdiction.

  

	 	11.	due compliance of the Transaction Documents with all matters of, and the validity and enforceability thereof under, all such laws as govern or relate to them (other than the laws of the Jurisdiction as to which we are
opining). 

  

	 	12.	the parties to the Transaction Documents (other than the Company) have complied with all legal requirements pertaining to them as such status relates to their rights to enforce each of the Transaction Documents against
the Company under all applicable laws other than the laws of the Jurisdiction. 

  

	 	13.	any required consents, licenses, permits, approvals, exemptions or authorizations of or by any governmental authority or regulatory body of any jurisdiction other than the Jurisdiction, in connection with the
transactions contemplated by the Transaction Documents have been obtained. 

  

	 	14.	there have been no changes to the Officers and Directors of the Company as evidenced by the Registers. 

  

	 	15.	the choice of the governing law of the New York Law Documents (as such term is defined in Schedule II attached hereto, herein referred to as the “New York Law Documents”) has been made in good faith and
would be regarded as a valid and binding selection as a matter of New York law. The courts of New York would give effect to the choice of such law as the governing law of the New York Law Documents. 

  
 EXHIBIT
B-2 (PAGE 2) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

	 	16.	there is nothing under any law (other than the laws of the Jurisdiction) which would or might affect the opinions hereinafter appearing. Specifically, we have made no independent investigation of the laws of New York.

  

	 	17.	that (i) the Company was fully solvent at the time of and immediately after the acceptance of the New York Law Documents; and (ii) save as revealed by the Searches (as defined in Schedule II), no receiver has
been appointed in relation to any of the assets or undertakings of the Company. 

  

	 	18.	that the information disclosed by the Searches was accurate as of the date on which they were made. The information has not been altered and the Searches did not fail to disclose any information which had been delivered
for filing but did not appear from the information available at the time they were made or which ought to have been delivered for filing at that time but had not been so delivered and no additional matters would have been disclosed by the Searches
having been carried out since that time. 

  

	 	19.	the absence of fraud and the presence of good faith on the part of all parties to the Transaction Documents and their respective officers, employees, agents and advisors. 

 

	 	20.	that all acts, conditions and things required to be done, fulfilled or undertaken under any law (including any and all authorisations and consents of any public authority of any jurisdiction), other than that of the
Jurisdiction, in respect of the lawful execution or performance of the Transaction Documents and in order to ensure that it is binding upon and enforceable against the parties thereto will be done, fulfilled, undertaken or obtained.

 The making of each of the above assumptions indicates that we have assumed that the subject of each assumption is true, correct and
complete. That we have made an assumption in this opinion does not imply that we have made any enquiry to verify an assumption. No assumption specified above is limited by reference to any other assumption. 

Based upon the foregoing, and subject to the assumptions, qualifications, exceptions and limitations set forth herein, it is our opinion that: 

 

	 	1.	The Company is a corporation duly organized, validly existing and in good standing under the laws of the Jurisdiction. 

  

	 	2.	The Company has the requisite entity power and authority to execute and deliver the New York Law Documents and to perform its obligations thereunder. The Company’s execution, delivery and performance of its
obligations under the New York Law Documents have been duly authorized by all requisite corporate action, and the New York Law Documents have been duly executed and delivered by the Company. 

  
 EXHIBIT
B-2 (PAGE 3) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

	 	3.	The execution and delivery of the New York Law Documents and the performance by the Company of its respective terms do not (a) conflict with or result in violation of the Constitutional Documents, or
(b) result in the Company being obligated to create or impose any lien upon any of its properties, other than those contemplated by the New York Law Documents. The execution, delivery and performance by the Company of the New York Law Documents
do not violate any provision of law, rule or regulations of the Jurisdiction or any political subdivision thereof. 

  

	 	4.	In sole reliance on the Searches, no actions, suits or proceedings are pending or threatened against the Company before the Supreme Court of the Jurisdiction or any political subdivision thereof, (a) that involves
the Transaction Documents or the transactions contemplated thereby or (b) in which there is a reasonable possibility of an adverse decision that could have a material adverse effect on the financial condition or business of the Company.

  

	 	5.	The New York Law Documents is in proper form for enforcement in the Jurisdiction, and, to ensure the legality, validity and enforceability, or admissibility into evidence of the New York Law Documents in the courts of
the Jurisdiction, it is not necessary or desirable for any reason to register, record, file or notarize the New York Law Documents with any court or other authority in the Jurisdiction or that any stamp or similar tax be paid with respect thereto.

  

	 	6.	No approval, consent, or withholding of objection on the part of, or filing, registration or qualification with, any governmental department or regulatory authority, is necessary under the laws of the Jurisdiction as a
condition to the lawful execution, delivery and performance of the New York Law Documents and the transfer and payment of all amounts to be paid by the Company under the New York Law Documents in immediately available and freely transferrable United
States Dollars at the place of payment. 

  

	 	7.	No party to the New York Law Documents shall become liable for any stamp, registration, transfer, withholding or documentary taxes in the Jurisdiction by reason of entering into the Transaction Documents or exercising
their respective rights or performing their respective obligations thereunder. Neither the Administrative Agent (as such term is defined in Schedule II hereto, herein referred to as the “Administrative Agent”) nor the Lenders (as
such term is defined in Schedule II hereto, herein referred to as the “Lenders”) will be deemed to be resident, domiciled or carrying on any trade or business in the Jurisdiction by reason only of entering into the New York Law
Documents and performing the transactions for which they provide. 

  

	 	8.	It is not necessary that the Administrative Agent or any Lender obtain any authorization from the government of the Jurisdiction or any subdivision, agency or instrumentality thereof by reason only of entering into the
New York Law Documents or the performance of any transaction for which they provide. 

  
 EXHIBIT
B-2 (PAGE 4) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

	 	9.	The Company has the power to submit and pursuant to the provisions of Section 10.09(b) of the Credit Agreement, has legally, validly, effectively and irrevocably submitted to the non-exclusive jurisdiction
of the Supreme Court of the State of New York sitting in New York County and of the United States District Court for the Southern District of New York, and any appellate court from any thereof (such courts herein referred to collectively as the
“New York Courts”), in each case for the purposes of all legal proceedings arising out of or relating to the Credit Agreement. 

  

	 	10.	A court of the Jurisdiction, if properly presented with a choice of law issue, will honor the choice of laws of the State of New York, U.S.A., to govern the New York Law Documents. 

 

	 	11.	If a final and conclusive judgment of a court in the United States of America arises out of the New York Law Documents, the courts of the Jurisdiction would recognise such judgment as a valid judgment, and permit the
same to found the basis of a fresh action in the Jurisdiction and may give a judgment based thereon without there being a retrial of the merits provided that: 

  

	 	(i)	such state or federal courts in the United States of America had proper jurisdiction over the parties subject to such jurisdiction; 

  

	 	(ii)	the judgement is for a debt for a definite sum of money other than the sum payable in respect of taxes or charges of like nature or in respect of a fine or penalty; 

 

	 	(iii)	the judgement was not obtained by fraud on the part of the party in whose favor the judgement was given or of the Court pronouncing it; 

 

	 	(iv)	enforcement of the judgement would not contravene the public policy of the Jurisdiction; 

  

	 	(v)	the proceedings in which the judgement was obtained complied with the rules of natural justice; 

  

	 	(vi)	the correct procedures under the laws of the Jurisdiction are duly complied with; 

  

	 	(vii)	the judgment is not inconsistent with a prior judgment of the Jurisdiction in respect of the same matter; and 

  

	 	(viii)	enforcement proceedings are instituted within six years after the date of judgment. 

 The opinions set forth
above are subject to the following qualifications and exceptions: 

  
 EXHIBIT
B-2 (PAGE 5) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

	 	1.	if any party is vested with a discretion or may determine a matter in its opinion, the courts of the Jurisdiction may require that such discretion be exercised reasonably or that such opinion is based on reasonable
grounds; 

  

	 	2.	a certificate, determination, notification or opinion from or by any party as to any matter provided in the Transaction Documents might be held by courts in the Jurisdiction not to be conclusive if it could be shown to
have an unreasonable or arbitrary basis or in the event of manifest error; 

  

	 	3.	any provision in any of the Transaction Documents providing that any calculation or certification will be conclusive and binding will not be effective if such calculation or certificate is fraudulent and will not
necessarily prevent judicial enquiry into the merits of any claim by any party thereto; 

  

	 	4.	a search at the Companies Registry may not reveal whether or not a receiver has been appointed as notice of the appointment may not be filed at the Companies Registry immediately after his appointment and, therefore,
our searches at the Companies Registry may not have revealed such matters; 

  

	 	5.	we are not to be imputed with any knowledge of the affairs of the Company which cannot be obtained from the Searches; 

  

	 	6.	all costs, charges and expenses properly incurred in the voluntary winding-up of the Company, including the remuneration of the liquidators, shall be payable out of the assets of the Company in priority to all other
claims. In a winding-up by the court, a court in the Jurisdiction may make an order as to costs, charges and expenses as it thinks just. 

  

	 	7.	a court in the Jurisdiction has jurisdiction to give judgement in the currency of the relevant obligation and statutory rates of interest payable upon judgements will vary according to the currency of the judgement. In
the event that the Company becomes insolvent and is made subject to a liquidation proceeding, a court in the Jurisdiction may require all debts to be proved in a common currency, which is likely to be the “functional currency” of the
Company determined in accordance with applicable accountancy principles; currency indemnity provisions have not been tested, so far as we are aware, in the courts of the Jurisdiction. 

 

	 	8.	the reference to the “enforceability” and “validity” of the terms of the New York Documents means that the obligations assumed by the Company thereunder are of a type which Bahamian courts enforce.
It does not mean that those obligations will necessarily be enforced in all circumstances in accordance with their terms. In particular: 

  

	 	(i)	enforcement may be limited by bankruptcy, insolvency, liquidation, reorganisation and other laws of general application relating to or affecting the rights of creditors; 

  
 EXHIBIT
B-2 (PAGE 6) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

	 	(ii)	enforcement may be limited by general principals of equity – for example, equitable remedies may not be available where damages are considered to be an adequate remedy; 

 

	 	(iii)	the effectiveness of any exoneration or disclaimer provisions may be limited by law – for example, such provisions may not be enforceable to the extent they are unreasonable; 

 

	 	(iv)	claims may become barred under the Bahamian Limitation Act, (Ch. 83) (under which an action in contract may not be brought before a Court of The Bahamas after the expiration of 6 years from the date on which the cause
of action accrued; an action to recover any principal sum of money secured by a mortgage or other charge on property or to recover the proceeds of the sale of land may not be brought after the expiry of 12 years from the date when the right to
receive the money accrued; an action to recover arrears of interest payable in respect of any sum of money or charge or payable in respect of the proceeds of the sale of land may not be brought after the expiry of 6 years from the date when the
interest became due); or be or become subject to defences of set-off or counterclaim; 

  

	 	(v)	enforcement of obligations may be invalidated by reason of fraud, misrepresentation, mistake or duress or the provisions of Bahamian law applicable to contracts held to have been frustrated by events happening after
their execution; 

  

	 	(vi)	a Bahamian Court may refuse to give effect to a purported contractual obligation to pay costs imposed upon another party in respect of the cost of any successful litigation brought against that party and such a court
may not award by way of costs all of the expenditure incurred by a successful litigant in proceedings brought before that court; and 

  

	 	(vii)	any provisions as to payment of default interest/agreed compensation contained in the new York Documents may be unenforceable to the extent that any element of interest/agreed compensation constitutes a penalty rather
than a compensatory amount. 

  

	 	9.	stamp duty has to be paid on every writ of summons filed at the Supreme Court. The rate of stamp duty is $4.00 for every claim for a debt or liquidated demand for an amount not exceeding $1,000 and $4.00 for every
additional $500 or fraction thereof. 

  

	 	10.	our opinion is limited to the present laws of the Jurisdiction and the present practice of the courts in the Jurisdiction and is limited to facts and circumstances known to us and subsisting at the date hereof.

 This opinion is to be construed in accordance with and governed by the laws of the Jurisdiction. We express no opinion with respect to the
law of any other jurisdiction. It is delivered in connection with the Transaction Documents and is strictly limited to the matters stated herein and does not extend to and is not to be read as extending by implication to, any other matter. 

  
 EXHIBIT
B-2 (PAGE 7) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 We express no opinion as to (a) the commercial terms of the Transaction Documents or the transactions
contemplated therein, or the financial standing of the Company or its ability to settle or discharge any obligations arising under the Transaction Documents, or (b) the value of the assets covered by the Transaction Documents, as applicable.

 This opinion letter is given solely for your benefit and the benefit of your successors and assigns in connection with the transactions contemplated by
the Transaction Documents and may not be furnished to, or relied upon by, any other person or for any other purpose without our prior written consent. 

Very truly yours, 

HIGGS & JOHNSON 

  
 EXHIBIT
B-2 (PAGE 8) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 SCHEDULE I 

to OPINION OF HIGGS & JOHNSON 

List of Addressees 
  

	1.	JPMorgan Chase Bank, N.A., as Administrative Agent under the Credit Agreement; and 

  

	2.	Each Lender now or hereafter party to the Credit Agreement. 

  
 EXHIBIT
B-2 (PAGE 9) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 SCHEDULE II 

to 
 OPINION OF HIGGS &
JOHNSON 
 Transaction Documents 
 As
used herein, the term “Transaction Documents” means, collectively, the New York Law Documents and the Local Law Documents, as such terms are defined below. 

As used herein, the term “New York Law Documents” means, collectively, the following documents: 

 

	 	1.	5-Year Revolving Credit Agreement dated as of June 14, 2011 (herein referred to as the “Credit Agreement”), by and among Murphy Oil Corporation, the Company and Murphy Oil Company Ltd., as
Borrowers, JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), and the other Lenders party thereto (the foregoing entities herein referred to as the “Lenders”), Bank of America, N.A.,
BNP Paribas, DNB Nor Bank ASA and Wells Fargo Bank, National Association, as Co-Syndication Agents and J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc., BNP Paribas Securities Corp., DNB Nor Markets, Inc., and Wells
Fargo Securities, LLC, AS Co-Lead Arrangers and Joint Bookrunners. 

  

	 	2.	The Notes executed by the Company pursuant to the Credit Agreement. 

 As used herein, the term “Local
Law Documents” means, collectively, the following documents: 
  

	 	1.	the Certificate of Incorporation and the Memorandum and Articles of Association of the Company, as amended, (together hereinafter referred to as the “Constitutional Documents”); 

 

	 	2.	Resolutions of the Directors of the Company dated [                    ], 2011 authorizing, inter alia,
the transactions contemplated by the Transaction Documents (the “Resolutions”); 

  

	 	3.	Registers of the Officers and Directors of the Company (hereinafter referred to as the “Registers”); 

  

	 	4.	Certificate of Good Standing of the Company dated [                    ], 2011. 

 

	 	5.	Secretary’s Certificate from the Company dated [                    ], 2011. 

 

	 	6.	Search results obtained from searches conducted at the appropriate registries in the Jurisdiction, namely the Companies Registry, the Registry of Records and the Supreme Court Registry of the Jurisdiction on
[                    ], 2011 (the “Searches”) in respect of the Company. 

  
 EXHIBIT
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 5-YEAR
REVOLVING CREDIT AGREEMENT 

 EXHIBIT B-3 

FORM OF OPINION OF OSLER, HOSKIN & HARCOURT LLP 

SPECIAL COUNSEL FOR MURPHY OIL COMPANY LTD. 

June 14, 2011 
 To each of the Addressees listed in the
Attached Schedule A 
 Dear Ladies and Gentlemen: 

Reference is made to that 5 year revolving credit agreement (the “Credit Agreement”) dated as of June 14, 2011 among JPMorgan Chase Bank,
N.A., as administrative agent (the “Administrative Agent”), the other Lenders party thereto, Murphy Oil Corporation (“Murphy”), CANAM Offshore Limited (“CANAM”), and Murphy Oil Company Ltd. (the
“Company”) (collectively, Murphy, CANAM and the Company are the “Loan Parties”). 
 We have acted as special Alberta
counsel to the Company in connection with the Credit Agreement. All capitalized terms used in this opinion letter, unless otherwise defined, shall have the meanings specified in the Credit Agreement. 

This opinion is given to you pursuant to Section 4.01(b) of the Credit Agreement. 

 

	A.	Documentation 

 As such counsel, we have examined an executed copy of the following (each, unless
otherwise specified, dated a the date of the Credit Agreement): 
  

	 	(a)	the Credit Agreement; 

  

	 	(b)	a note issued by the Company to Wells Fargo Bank, National Association; 

  

	 	(c)	a note issued by the Company to JPMorgan Chase Bank, N.A; and 

  

	 	(d)	a note issued by the Company to Deutsche Bank AG New York Branch. 

 All of the above documents are collectively
referred to in this opinion letter as the “Transaction Documents”. 
  

	B.	Jurisdiction 

 Our opinion is limited to the laws of the Province of Alberta and the federal laws of
Canada applicable in the Province of Alberta (“Applicable Laws”). 

  
 EXHIBIT
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REVOLVING CREDIT AGREEMENT 

	C.	Scope of Examination 

 In connection with the opinions expressed in this letter we have considered such
questions of law and examined such public and corporate records, certificates and other documents and conducted such other examinations as we have considered necessary for the purposes of the opinions expressed in this letter. 

We have not maintained the minute book of the Company. Our opinions in paragraphs E.2 and E.3, are based solely on a review of the documents, instruments,
certificates actually contained in the officer’s certificate of Dennis D. Ward, the Vice President of the Company (the “Officer’s Certificate”) including the certified copy of the resolution of the directors of the Company
approving the Transaction Documents. 
  

	D.	Assumptions and Reliances 

 In expressing the opinions in paragraph E.1, we have relied solely upon a
certificate of compliance issued by the Department of Industry Canada, dated the date hereof, a copy of which has been delivered to you, and paragraph 7 of the Officer’s Certificate. 

To the extent that the opinions expressed in this opinion letter are based on factual matters, we have relied solely on the Officer’s Certificate, as to
such matters. A copy of the Officer’s Certificate has been separately provided to you. 
 For purposes of the opinions expressed in this letter, we
have assumed: 
  

	 	(a)	that the parties to the Transaction Documents (other than the Company) are duly organized and validly existing companies in good standing under the laws of the jurisdiction in which they are incorporated and registered
to do business; 

  

	 	(b)	the legal capacity of all individuals, the genuineness of all signatures and the authenticity of all documents submitted to us as originals and the conformity to authentic original documents of all documents submitted
to us as copies; 

  

	 	(c)	the accuracy, currency and completeness of the indices and filing systems maintained at the public offices where we have searched or enquired or have caused searches or enquiries to be conducted; 

 

	 	(d)	that all facts set forth in all certificates supplied, or otherwise conveyed to us, by public officials and in the Officer’s Certificate are true; 

 

	 	(e)	delivery of the Transaction Documents under the laws of New York; 

  

	 	(f)	that all of the Transaction Documents have been duly authorized, executed and delivered by all parties other than the Company, and are enforceable in accordance with their respective terms against all parties to them.

  
 EXHIBIT
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REVOLVING CREDIT AGREEMENT 

	E.	Opinions 

 On the basis of the foregoing and subject to the qualifications and limitations expressed
herein, we are of the opinion that: 
  

	1.	The Company is a corporation existing under the laws of Canada. 

  

	2.	The Company has all necessary corporate power and capacity to enter into each of the Transaction Documents to which it is a party and to perform its obligations under the applicable Transaction Documents.

  

	3.	The execution and delivery by the Company of each of the Transaction Documents to which it is a party and the performance of its obligations under such Transaction Documents have been duly authorized by all necessary
corporate action on the part of the Company. 

  

	4.	Each of the Transaction Documents to which the Company is a party has been duly executed and delivered by it. 

  

	5.	The Company is not a party to, bound by, or subject to any article or by-law provision or any statutory law or regulation which is violated, contravened, or breached by the execution or delivery by the Company of any of
the Transaction Documents. 

  

	6.	No taxes or other charges including, without limitation, intangible or documentary stamp taxes, transfer taxes or similar charges, are payable under Applicable Laws on account of the execution and delivery of the
Transaction Documents by the Company or the creation of the indebtedness by the Company evidenced by any of the Transaction Documents. 

  

	7.	It is not necessary that the Administrative Agent or any Lender obtain any authorization from the Government of Alberta or the Government of Canada or any subdivision, agency or instrumentality thereof by reason only of
the execution and delivery of the Transaction Documents. 

  

	8.	Neither the Administrative Agent nor any Lender will be deemed to be resident, domiciled or carrying on business in the Province of Alberta or Canada by reason only of the execution and delivery of the Transaction
Documents. 

  

	9.	The submission by the Company to the non-exclusive jurisdiction of the courts of New York (a “New York Court”) in Section 10.09(b) of the Credit Agreement would be recognized and given effect by an
Alberta Court as a valid submission to the New York Court, provided that the provisions of the Credit Agreement dealing with service of process on the Company are duly complied with. 

 

	10.	Assuming the choice of New York Law provided for in the Transaction Documents is effective under such law, the Company has the power to submit, and under the terms of the Credit Agreement has submitted, to the
non-exclusive jurisdiction of New York Court. 

  
 EXHIBIT
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 5-YEAR
REVOLVING CREDIT AGREEMENT 

	11.	In any proceeding in a court of competent jurisdiction in the Province of Alberta (an “Alberta Court”) for the enforcement of the Transaction Documents, an Alberta Court would apply the laws of New York
(“New York Law”), in accordance with the parties’ choice of New York Law in the Transaction Documents, to all issues which under the laws of the Province of Alberta and the federal laws applicable in the Province of Alberta
(“Alberta Law”) are to be determined in accordance with the chosen law of the contract, provided that: 

  

	 	(a)	The parties’ choice of New York Law is bona fide and legal and is not contrary to public policy, as such term is interpreted under Alberta Law (“Public Policy”) (We have no reason to believe that
the choice of New York Law in this context is contrary to Public Policy); 

  

	 	(b)	In any such proceeding, an Alberta Court: 

  

	 	(i)	will not take judicial notice of the provisions of New York Law but will only apply such provisions if they are pleaded and proven by expert testimony; 

 

	 	(ii)	will apply Alberta Law to matters which would be characterized as procedural under Alberta Law; 

  

	 	(iii)	will apply provisions of Alberta Law that have overriding effect; 

  

	 	(iv)	will not apply any New York Law if its application would be contrary to Public Policy; 

  

	 	(v)	will not apply any New York Law if such application would be characterized under Alberta Law as the direct or indirect enforcement of a foreign revenue, expropriatory, penal or other public law; and 

 

	 	(vi)	will not enforce the performance of any obligation that is illegal under the laws of any jurisdiction in which the obligation is to be performed; and 

 

	 	(c)	an Alberta Court has discretion to decline to hear an action if: 

  

	 	(i)	it is contrary to Public Policy; 

  

	 	(ii)	it is not the proper forum to hear such an action; or 

  

	 	(iii)	another action is properly pending before, or a decision has been rendered by, a foreign authority relating to the same cause of action. We have no reason to believe that it would be contrary to Public Policy for an
Alberta Court to hear an action to enforce the Transaction Documents in Alberta. 

  
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 5-YEAR
REVOLVING CREDIT AGREEMENT 

	12.	An Alberta Court would give a judgment based upon a final and conclusive in personam judgment of a court of competent jurisdiction in New York (a “New York Court”) for a sum certain, obtained against
the Company with respect to a claim arising out of the Transaction Documents (a “New York Judgment”) without reconsideration of the merits provided that: 

 

	 	(a)	the New York Court has jurisdiction over the Company according to Alberta Law (and submission by the Company in the Credit Agreement to the non-exclusive jurisdiction of the New York Court is sufficient for that
purpose); 

  

	 	(b)	an action to enforce the New York Judgment must be commenced in an Alberta Court within any applicable limitation period; 

  

	 	(c)	an Alberta Court has discretion to stay or decline to hear an action on the New York Judgment if such judgment is under appeal, or there is another subsisting judgment in any jurisdiction relating to the same cause of
action; 

  

	 	(d)	an Alberta Court will render judgment only in Canadian dollars; and 

  

	 	(e)	an action in an Alberta Court on the New York Judgment may be affected by bankruptcy, insolvency or laws affecting the enforcement of creditors’ rights generally; 

further, an Alberta Court will not give such judgment if: 
  

	 	(f)	the New York Judgment was obtained by fraud or in a manner contrary to the principles of natural justice; 

  

	 	(g)	the New York Judgment is for a claim which would be characterized as based on foreign revenue, expropriatory, or penal, or other public law under Alberta Law; 

 

	 	(h)	the New York Judgment is contrary to Public Policy or to an order made by the Attorney General of Canada under the Foreign Extraterritorial Measures Act (Canada) or by the Competition Tribunal under the
Competition Act (Canada) in respect of certain judgments referred to in such statutes; We have no reason to believe that enforcement of a judgement of the New York Court under the Transaction Documents would be contrary to Public Policy; or

  

	 	(i)	the New York Judgment has been satisfied or is void or voidable under New York Law. 

  

	F.	Searches and Administrative Matters 

  

	 	1.	We have conducted or caused to be conducted searches current as of the dates indicated in Schedule B under the statutes and at the offices of public record in the Province of Alberta specified in Schedule B. The results
of the searches are set out in Schedule B, as of the respective currency dates. 

  
 EXHIBIT
B-3 (PAGE 5) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 The opinions expressed in this opinion letter are given solely for your benefit and your successors and assigns,
in connection with the transactions referred to in this opinion letter, and may not, in whole or in part, be relied upon by or shown or distributed to any other person or entity; provided that this opinion letter may be shown to, but not relied
upon, prospective Lenders under the Credit Agreement. 
 Yours very truly, 

LC/NCH 

  
 Exhibit B-3 (Page 6) 

 

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 SCHEDULE A 

ADDRESSEES 
  

	1.	JPMorgan Chase Bank, N.A., as Administrative Agent under the Credit Agreement; and 

  

	2.	Each Lender now or hereafter party to the Credit Agreement. 

  
 EXHIBIT
B-3 (PAGE 7) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 SCHEDULE B 

SEARCHES 
 [Attached.] 

  
 EXHIBIT
B-3 (PAGE 8) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 EXHIBIT B-4 

FORM OF OPINION OF VINSON & ELKINS LLP, 

SPECIAL COUNSEL FOR THE ADMINISTRATIVE AGENT 

June 14, 2011 
 Each of the Addresses Listed

 on the Attached Schedule I 
 Ladies and Gentlemen: 

We have acted as special counsel to JPMorgan Chase Bank, N.A. in connection with the preparation, execution and delivery of the 5-Year
Revolving Credit Agreement dated as of June 14, 2011 (the “Credit Agreement”), among Murphy Oil Corporation, a Delaware corporation (“Murphy”), Canam Offshore Limited, a Bahamian corporation
(“Canam”), Murphy Oil Company Ltd., a Canadian corporation (“MOCL” and together with Murphy and MOCL, the “Borrowers”), the lenders party thereto, and JPMorgan Chase Bank, N.A.,
as administrative agent (the “Administrative Agent”). 
 This opinion is delivered to you pursuant to subsection
4.01(c) of the Credit Agreement. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

In arriving at the opinion expressed below, we have examined a counterpart of the Credit Agreement signed by the Borrowers, the Administrative
Agent and the Lenders. 
 In rendering the opinion expressed below, we have assumed, with your permission, without independent investigation
or inquiry, (i) the authenticity of all documents submitted to us as originals, (ii) the genuineness of all signatures on all documents that we examined, (iii) the conformity to authentic originals of documents submitted to us as
certified, conformed or photostatic copies, (iv) each party to the Credit Agreement (a “Transaction Party”) is a corporation, partnership, limited liability company or other entity duly organized and validly existing
under the laws of the jurisdiction of its organization, (v) each Transaction Party has full power and authority (corporate, partnership, limited liability company or otherwise) to execute, deliver and perform its obligations under the Credit
Agreement, (vi) the Credit Agreement has been duly executed and delivered by each Transaction Party, (vii) the execution, delivery and performance by each Transaction Party of the Credit Agreement have been duly authorized by all necessary
action (corporate, partnership, limited liability company or otherwise) and do not contravene the bylaws or other constituent documents of such Transaction Party, (viii) the execution, delivery and performance by each Transaction Party of the
Credit Agreement do not conflict with or result in the breach of any document or instrument binding on it, (ix) the execution, delivery and performance by each Transaction Party of the Credit Agreement do not contravene any provision of any
law, rule, regulation, order, writ, judgment, injunction, decree, determination or award applicable to any of them, (x) no authorization, approval, consent, order, 

  
 EXHIBIT
B-4 (PAGE 1) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 
license, franchise, permit or other action by, and no notice to or filing with, any Governmental Authority or any other third party is required for the due execution, delivery and performance by
each Transaction Party of the Credit Agreement that has not been duly obtained or made and that is not in full force and effect, (xi) the Credit Agreement constitutes valid, binding and enforceable obligations of each party thereto (other than
the Borrowers), and (xii) the laws of any jurisdiction other than the laws of the State of New York do not affect the terms of the Credit Agreement. With respect to certain of the foregoing matters as they relate to the Borrowers, please refer
to (a) the opinion letter, dated as of the date hereof, delivered to you by John A. Moore, Manager, Law Department and Corporate Secretary for Murphy, (b) the opinion letter, dated as of the date hereof, delivered to you by
Higgs & Johnson, special counsel for Canam and (c) the opinion letter, dated as of the date hereof, delivered to you by Osler, Hoskin & Harcourt LLP, special counsel for MOCL. 

Based upon the foregoing, and subject to the qualifications and comments set forth below, we are of the opinion that, insofar as the law of
the State of New York is concerned, the Credit Agreement dated and delivered the date hereof constitutes a legal, valid and binding obligation of the Borrowers, enforceable against the Borrowers in accordance with its terms, except as affected by
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an
implied covenant of good faith and fair dealing. 
 Our opinion is subject to the following qualifications: 

1. We express no opinion as to Section 10.09 of the Credit Agreement insofar as it relates to methods of service of process or to
an action brought in the United States District Court for the Southern District of New York and note that such matters may be raised by such court. 

2. We express no opinion as to any indemnification obligations under the Credit Agreement to the extent such obligations might be deemed to be
inconsistent with public policy. 
 3. We express no opinion as to Section 10.08 of the Credit Agreement purporting to grant to
Participants a right to set-off. 
 4. We express no opinion as to any provision of the Credit Agreement that purports to establish an
evidentiary standard for determinations by the Lenders or the Administrative Agent. 
 5. We express no opinion with respect to the validity
or enforceability of the following provisions to the extent that they are contained in the Credit Agreement: (i) provisions releasing, exculpating or exempting a party from, or requiring indemnification or contribution of a party for, liability
for its own negligence or to the extent that the same are inconsistent with the public policy underlying any law, rule or regulation; (ii) provisions purporting to waive, subordinate, or not give effect to rights to notice, demands, legal
defenses or other rights or benefits that cannot be waived, subordinated, or rendered ineffective under applicable law; (iii) provisions purporting to waive remedies inconsistent with applicable law; (iv) provisions relating

  
 EXHIBIT
B-4 (PAGE 2) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 
to powers of attorney, severability or set-offs; (v) provisions restricting access to courts or purporting to affect the jurisdiction or venue of courts (other than the courts of the State
of New York with respect to the Credit Agreement); (vi) provisions relating to waiver of jury trial; (vii) provisions purporting to exclude all conflicts-of-law rules; (viii) provisions setting out methods or procedures for service of
process; and (ix) provisions providing that decisions by a party are conclusive or may be made in its sole discretion. 
 6. Insofar as
our opinion above relates to the enforceability under New York law of the provisions in the Credit Agreement, such opinion is rendered solely in reliance upon the Act of July 19, 1984, ch.421, 1984 McKinney’s Sess. Law of NY 1406 (codified
as N.Y. Gen. Oblig. Law §§5-1401 (McKinney 1989)) (the “Act”) and is subject to the qualifications that such enforceability (i) may be limited by public policy considerations of any jurisdictions in which
enforcement of such provisions, or of a judgment upon an agreement containing such provisions, is sought and (ii) as specified in the Act, does not apply to the extent provided to the contrary in subsection two of Section 1-105 of the New
York Uniform Commercial Code. 
 We are members of the Bar of the State of New York and we do not express any opinion herein concerning any
law other than the law of the State of New York. 
 This opinion letter is rendered as of the date set forth above and we expressly disclaim
any obligation to update this letter after the date hereof. 
 This opinion has been rendered solely for your benefit in connection with the
Credit Agreement and the transactions contemplated thereby and may not be relied upon by you for any other purpose, or relied upon by any other Person, firm or corporation without our prior written consent. 

Very truly yours, 

Vinson & Elkins LLP 

  
 EXHIBIT
B-4 (PAGE 3) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT 

 SCHEDULE I 

TO OPINION OF VINSON & ELKINS LLP 

JPMorgan Chase Bank, N.A. as Administrative Agent under the Credit Agreement; and Each Lender now or hereafter a party to the Credit Agreement. 

  
 EXHIBIT
B-4 (PAGE 4) 
  

  
 5-YEAR
REVOLVING CREDIT AGREEMENT

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