Document:

EX-10.3

 Exhibit 10.3 
  

 
  

SANDRIDGE ENERGY, INC., 
 as Issuer,

 THE GUARANTORS NAMED HEREIN, 

as Guarantors 
 AND 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
 INDENTURE 

Dated as of October 4, 2016 

0.00% Convertible Senior Subordinated Notes due 2020 
  

 
  

 TABLE OF CONTENTS 

 
  

							
	 	  	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	Section 1.01.	  	Definitions	  	 	2	  
	Section 1.02.	  	References to Principal Amount	  	 	12	  
	
	ARTICLE 2	  
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	  
			
	Section 2.01.	  	Designation and Amount	  	 	12	  
	Section 2.02.	  	Repayment Premium Applicable to Notes	  	 	13	  
	Section 2.03.	  	Form of Notes	  	 	13	  
	Section 2.04.	  	Date and Denomination of Notes; No Regular Interest and Defaulted Amounts	  	 	14	  
	Section 2.05.	  	Execution, Authentication and Delivery of Notes	  	 	15	  
	Section 2.06.	  	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	  	 	16	  
	Section 2.07.	  	Mutilated, Destroyed, Lost or Stolen Notes	  	 	19	  
	Section 2.08.	  	Temporary Notes	  	 	20	  
	Section 2.09.	  	Cancellation of Notes Paid, Converted, Etc	  	 	21	  
	Section 2.10.	  	CUSIP Numbers	  	 	21	  
	Section 2.11.	  	Repurchases	  	 	21	  
	
	ARTICLE 3	  
	SATISFACTION AND DISCHARGE	  
			
	Section 3.01.	  	Satisfaction and Discharge	  	 	21	  
	
	ARTICLE 4	  
	PARTICULAR COVENANTS OF THE COMPANY	  
			
	Section 4.01.	  	Payment of Principal	  	 	22	  
	Section 4.02.	  	Increase in Principal Amount	  	 	22	  
	Section 4.03.	  	Maintenance of Office or Agency	  	 	22	  
	Section 4.04.	  	Appointments to Fill Vacancies in Trustee’s Office	  	 	23	  
	Section 4.05.	  	Provisions as to Paying Agent	  	 	23	  
	Section 4.06.	  	Existence	  	 	24	  
	Section 4.07.	  	Information Requirement and Annual Reports	  	 	24	  
	Section 4.08.	  	Springing Event Notice	  	 	25	  
	Section 4.09.	  	Springing Lien	  	 	25	  
	Section 4.10.	  	Note Guarantees	  	 	26	  
	Section 4.11.	  	Additional Guarantors	  	 	26	  

  
 i 

							
	Section 4.12.	  	Stay, Extension and Usury Laws	  	 	26	  
	Section 4.13.	  	Compliance Certificate; Statements as to Defaults	  	 	26	  
	Section 4.14.	  	Further Instruments and Acts	  	 	26	  
	
	ARTICLE 5	  
	LISTS OF HOLDERS AND REPORTS BY THE COMPANY AND THE
TRUSTEE	  
			
	Section 5.01.	  	Lists of Holders	  	 	26	  
	Section 5.02.	  	Preservation and Disclosure of Lists	  	 	27	  
	
	ARTICLE 6	  
	DEFAULTS AND REMEDIES	  
			
	Section 6.01.	  	Events of Default	  	 	27	  
	Section 6.02.	  	Acceleration; Rescission and Annulment	  	 	28	  
	Section 6.03.	  	Payments of Notes on Default; Suit Therefor	  	 	29	  
	Section 6.04.	  	Application of Monies or Other Property Collected by Trustee	  	 	31	  
	Section 6.05.	  	Proceedings by Holders	  	 	31	  
	Section 6.06.	  	Proceedings by Trustee	  	 	32	  
	Section 6.07.	  	Remedies Cumulative and Continuing	  	 	32	  
	Section 6.08.	  	Direction of Proceedings and Waiver of Defaults by Majority of Holders	  	 	33	  
	Section 6.09.	  	Notice of Defaults	  	 	33	  
	Section 6.10.	  	Undertaking to Pay Costs	  	 	34	  
	
	ARTICLE 7	  
	CONCERNING THE TRUSTEE	  
			
	Section 7.01.	  	Duties and Responsibilities of Trustee	  	 	34	  
	Section 7.02.	  	Reliance on Documents, Opinions, Etc	  	 	36	  
	Section 7.03.	  	No Responsibility for Recitals, Etc	  	 	37	  
	Section 7.04.	  	Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes	  	 	37	  
	Section 7.05.	  	Monies and Shares of Common Stock to Be Held in Trust	  	 	37	  
	Section 7.06.	  	Reports by Trustee to Holders	  	 	37	  
	Section 7.07.	  	Compensation and Expenses of Trustee	  	 	37	  
	Section 7.08.	  	Officers’ Certificate as Evidence	  	 	38	  
	Section 7.09.	  	Eligibility of Trustee	  	 	38	  
	Section 7.10.	  	Resignation or Removal of Trustee	  	 	39	  
	Section 7.11.	  	Acceptance by Successor Trustee	  	 	40	  
	Section 7.12.	  	Succession by Merger, Etc	  	 	40	  
	Section 7.13.	  	Trustee’s Application for Instructions from the Company	  	 	41	  
	Section 7.14.	  	Preferential Collection of Claims Against Company	  	 	41	  

  
 ii 

							
	ARTICLE 8	  
	CONCERNING THE HOLDERS	  
			
	Section 8.01.	  	Action by Holders	  	 	41	  
	Section 8.02.	  	Proof of Execution by Holders	  	 	42	  
	Section 8.03.	  	Who Are Deemed Absolute Owners	  	 	42	  
	Section 8.04.	  	Company-Owned Notes Disregarded	  	 	42	  
	Section 8.05.	  	Revocation of Consents; Future Holders Bound	  	 	43	  
	
	ARTICLE 9	  
	HOLDERS’ MEETINGS	  
			
	Section 9.01.	  	Purpose of Meetings	  	 	43	  
	Section 9.02.	  	Call of Meetings by Trustee	  	 	44	  
	Section 9.03.	  	Call of Meetings by Company or Holders	  	 	44	  
	Section 9.04.	  	Qualifications for Voting	  	 	44	  
	Section 9.05.	  	Regulations	  	 	44	  
	Section 9.06.	  	Voting	  	 	45	  
	Section 9.07.	  	No Delay of Rights by Meeting	  	 	45	  
	
	ARTICLE 10	  
	SUPPLEMENTAL INDENTURES	  
			
	Section 10.01.	  	Supplemental Indentures Without Consent of Holders	  	 	46	  
	Section 10.02.	  	Supplemental Indentures with Consent of Holders	  	 	47	  
	Section 10.03.	  	Effect of Supplemental Indentures	  	 	48	  
	Section 10.04.	  	Notation on Notes	  	 	48	  
	Section 10.05.	  	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	  	 	48	  
	Section 10.06.	  	Compliance with Trust Indenture Act	  	 	48	  
	
	ARTICLE 11	  
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE	  
			
	Section 11.01.	  	Company May Consolidate, Etc. on Certain Terms	  	 	48	  
	Section 11.02.	  	Successor Corporation to Be Substituted	  	 	49	  
	Section 11.03.	  	Opinion of Counsel to Be Given to Trustee	  	 	50	  
	
	ARTICLE 12	  
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  
			
	Section 12.01.	  	Indenture and Notes Solely Corporate Obligations	  	 	50	  
	
	ARTICLE 13	  
	GUARANTEE OF NOTES	  
			
	Section 13.01.	  	The Note Guarantee	  	 	50	  
	Section 13.02.	  	Note Guarantee Unconditional	  	 	50	  

  
 iii 

							
	Section 13.03.	  	Discharge; Reinstatement	  	 	51	  
	Section 13.04.	  	Guarantor May Consolidate, Etc. on Certain Terms	  	 	51	  
	Section 13.05.	  	Existence	  	 	52	  
	Section 13.06.	  	Waiver by the Guarantors	  	 	52	  
	Section 13.07.	  	Subrogation and Contribution	  	 	52	  
	Section 13.08.	  	Stay of Acceleration	  	 	53	  
	Section 13.09.	  	Limitation on Amount of Note Guarantee	  	 	53	  
	Section 13.10.	  	Additional Guarantors	  	 	53	  
	Section 13.11.	  	Delivery of Note Guarantee	  	 	53	  
	Section 13.12.	  	Release of Note Guarantee	  	 	53	  
	
	ARTICLE 14	  
	CONVERSION OF NOTES	  
			
	Section 14.01.	  	Conversion Rate	  	 	53	  
	Section 14.02.	  	Optional Conversion	  	 	54	  
	Section 14.03.	  	Mandatory Conversion	  	 	54	  
	Section 14.04.	  	Conversion Procedure; Settlement Upon Conversion	  	 	55	  
	Section 14.05.	  	Decreased Conversion Rate Applicable to Notes	  	 	56	  
	Section 14.06.	  	Adjustment of Conversion Rate	  	 	57	  
	Section 14.07.	  	Adjustments of Prices	  	 	65	  
	Section 14.08.	  	Shares to Be Fully Paid	  	 	65	  
	Section 14.09.	  	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	  	 	65	  
	Section 14.10.	  	Certain Covenants	  	 	67	  
	Section 14.11.	  	Responsibility of Trustee	  	 	67	  
	Section 14.12.	  	Notice to Holders Prior to Certain Actions	  	 	68	  
	Section 14.13.	  	Stockholder Rights Plans	  	 	68	  
	
	ARTICLE 15	  
	COLLATERAL AND SECURITY	  
			
	Section 15.01.	  	Security Documents	  	 	69	  
	Section 15.02.	  	Intercreditor and Subordination Agreement	  	 	70	  
	Section 15.03.	  	Release of Liens in Respect of Notes	  	 	70	  
	Section 15.04.	  	Concerning the Trustee	  	 	71	  
	Section 15.05.	  	Appointment of Collateral Trustee	  	 	71	  
	
	ARTICLE 16	  
	OPTIONAL REDEMPTION	  
			
	Section 16.01.	  	Optional Redemption	  	 	72	  
	Section 16.02.	  	Notice of Optional Redemption; Selection of Notes	  	 	72	  
	Section 16.03.	  	Payment of Notes Called for Redemption	  	 	74	  
	Section 16.04.	  	Restrictions on Redemption	  	 	74	  

  
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	ARTICLE 17	  
	MISCELLANEOUS PROVISIONS	  
			
	Section 17.01.	  	Indenture Subject to Trust Indenture Act	  	 	74	  
	Section 17.02.	  	Provisions Binding on Successors	  	 	74	  
	Section 17.03.	  	Official Acts by Successor Corporation	  	 	74	  
	Section 17.04.	  	Addresses for Notices, Etc	  	 	75	  
	Section 17.05.	  	Communication by Holders with Other Holders	  	 	75	  
	Section 17.06.	  	Governing Law; Jurisdiction	  	 	75	  
	Section 17.07.	  	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	  	 	76	  
	Section 17.08.	  	Legal Holidays	  	 	76	  
	Section 17.09.	  	Benefits of Indenture	  	 	76	  
	Section 17.10.	  	Table of Contents, Headings, Etc	  	 	77	  
	Section 17.11.	  	Authenticating Agent	  	 	77	  
	Section 17.12.	  	Execution in Counterparts	  	 	78	  
	Section 17.13.	  	Severability	  	 	78	  
	Section 17.14.	  	Waiver of Jury Trial	  	 	78	  
	Section 17.15.	  	Force Majeure	  	 	78	  
	Section 17.16.	  	Calculations	  	 	78	  
	Section 17.17.	  	USA PATRIOT Act	  	 	79	  

 EXHIBIT 
  

							
	 Exhibit A
	  	 Form of Note
	  	 	A-1	  
	 Exhibit B
	  	 Form of Collateral Trust Agreement
	  	 	B-1	  
	 Exhibit C
	  	 Form of Intercreditor and Subordination Agreement
	  	 	C-1	  
	 Exhibit D
	  	 Form of Security Agreement
	  	 	D-1	  

  
 v 

 INDENTURE dated as of October 4, 2016 among SANDRIDGE ENERGY, INC., a Delaware corporation, as
issuer (the “Company,” as more fully set forth in Section 1.01), the GUARANTORS named in the signature pages hereto (each, a “Guarantor” and collectively, the “Guarantors,” as more fully set forth
in Section 1.01) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully set forth in Section 1.01). 

W I T N E S S E T H: 
 WHEREAS,
pursuant to the terms and conditions of the Plan of Reorganization, dated May 18, 2016, as the same may be amended, modified or restated from time to time (the “Plan of Reorganization”) relating to the reorganization under Chapter
11 of Title 11 of the United States Code of the Company and certain of its direct and indirect Subsidiaries, the Holders of Second Lien Note Claims (as defined in the Plan of Reorganization) are to be issued 0.00% Convertible Senior Subordinated
Notes due 2020 (the “Notes”) of the Company, initially in an aggregate principal amount not to exceed $281,780,873 (as increased by an amount equal to the aggregate principal amount of any additional Notes issued pursuant to Section
2.02); and 
 WHEREAS, the Company has duly authorized the issuance of the Notes, and in order to provide the terms and conditions upon
which the Notes are to be authenticated, issued and delivered, the Company has duly authorized the execution and delivery of this Indenture; and 

WHEREAS, the Notes are subordinate in the manner and to the extent set forth in the Intercreditor and Subordination Agreement (as defined in
Section 1.01); and 
 WHEREAS, the Form of Note, the certificate of authentication to be borne by each Note, the Form of Notice of
Conversion and the Form of Assignment and Transfer to be borne by the Notes are to be substantially in the forms hereinafter provided; and 

WHEREAS, this Indenture is subject to, and will be governed by, the provisions of the Trust Indenture Act of 1939 (the “Trust
Indenture Act” as more fully set forth in Section 1.01) that are required to be a part of and govern indentures qualified under the Trust Indenture Act; and 

WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or a
duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Company, each Note Guarantee, when duly executed by the applicable Guarantor and delivered hereunder, the valid, binding and legal
obligations of such Guarantor, and this Indenture a valid agreement of the Company and each Guarantor according to its terms, have been done and performed, and the execution of this Indenture and the issuance hereunder of the Notes and each Note
Guarantee have in all respects been duly authorized. 

 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in
consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, the Company and each Guarantor covenant and agree with the Trustee for the equal and proportionate benefit of the respective Holders from time to
time of the Notes and the Note Guarantees (except as otherwise provided below), as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly
provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. The words “herein,” “hereof,”
“hereunder” and words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural as well as the singular. 

“Affiliate” of any specified Person means any other Person (x) directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person or (y) advising or sub-advising or advised or sub-advised by or under common advisory or sub-advisory with such specified Person. For the purposes of this definition,
“control,” when used with respect to any specified Person means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. Notwithstanding anything to the contrary herein, the determination of whether one Person is an
“Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time such determination is made or required to be made, as the case may be, hereunder. 

“Board of Directors” means the board of directors of the Company or a committee of such board duly authorized to act for it
hereunder. 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the
Company to have been duly adopted by the Board of Directors, and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve
Bank of New York is authorized or required by law or executive order to close or be closed.
 “Capital Stock” means, for
any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 

  
 2 

 “Change of Control Transaction” shall mean the consummation of: (A) any
recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other
property or assets; (B) any share exchange, consolidation or merger of the Company pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or
a series of transactions of all or substantially all of the consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one of the Company’s Wholly Owned Subsidiaries; provided, however, that a
transaction described in clause (B) in which the holders of all classes of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or
surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions as such ownership immediately prior to such transaction shall not be a Change of Control Transaction. 

“Clause A Distribution” shall have the meaning specified in Section 14.06(c). 

“Clause B Distribution” shall have the meaning specified in Section 14.06(c). 

“Clause C Distribution” shall have the meaning specified in Section 14.06(c). 

“close of business” means 5:00 p.m. (New York City time). 

“Collateral” means all property wherever located and whether now owned or at any time acquired after the date hereof by the
Company or any Guarantor as to which a Lien is granted under the Security Documents to secure the Notes or any Note Guarantee; provided that (a) so long as Priority Lien Obligations are outstanding, such “Collateral” shall consist solely
of properties and assets subject to Liens securing the Priority Lien Obligations and (b) if no Priority Lien Obligations are outstanding, such “Collateral” shall consist of all property and assets that would be required to secure the
Priority Lien Obligations pursuant to the requirements of the Priority Lien Documents as in effect immediately prior to the discharge of all Priority Lien Obligations. 

“Collateral Trust Account” shall have the meaning assigned to such term in the Collateral Trust Agreement.  

“Collateral Trust Agreement” means that certain collateral trust agreement dated as of the date hereof among the Company, the
Guarantors party thereto, the Trustee and the Collateral Trustee, as the same may be amended, supplemented or otherwise modified or replaced from time to time and substantially in the form set forth in Exhibit B attached hereto. 

“Collateral Trustee” means Wilmington Trust, National Association, the collateral trustee for all Holders pursuant to the
terms hereof, and any successor thereof. 
 “Commission” means the U.S. Securities and Exchange Commission. 

  
 3 

 “Common Equity” of any Person means Capital Stock of such Person that is
generally entitled (a) to vote in the election of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the
management or policies of such Person. 
 “Common Stock” means the common stock of the Company, par value $0.001 per share,
at the date of this Indenture, subject to Section 14.09. 
 “Company” shall have the meaning specified in the first
paragraph of this Indenture, and subject to the provisions of Article 11, shall include its successors and assigns. 
 “Company
Order” means a written order of the Company, signed by (a) the Company’s Chief Executive Officer, Chief Financial Officer, President, Executive or Senior Vice President or any Vice President (whether or not designated by a number or
numbers or word or words added before or after the title “Vice President”) and (b) any such other Officer designated in clause (a) of this definition or the Company’s Treasurer or Assistant Treasurer or Secretary or any Assistant
Secretary, and delivered to the Trustee. 
 “Conversion Agent” shall have the meaning specified in Section 4.03. 

“Conversion Date” shall have the meaning specified in Section 14.04(c). 

“Conversion Obligation” shall have the meaning specified in Section 14.01. 

“Conversion Rate” shall have the meaning specified in Section 14.01. 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be
administered, which office at the date hereof is located at 15950 N. Dallas Parkway, Suite 550, Dallas, Texas 75248, Attention: SandRidge Energy Administrator, or such other address as the Trustee may designate from time to time by notice to the
Holders and the Company, or the principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company). 

“Custodian” means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any
successor entity thereto. 
 “Default” means any event that is, or after notice or passage of time, or both, would be, an
Event of Default. 
 “Defaulted Amounts” means any amounts on any Note (including, without limitation, the Redemption Price
and principal) that are payable but are not punctually paid or duly provided for. 
 “Depositary” means, with respect to
each Global Note, the Person specified in Section 2.06(c) as the Depositary with respect to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter,
“Depositary” shall mean or include such successor. 

  
 4 

 “Distributed Property” shall have the meaning specified in Section 14.06(c).

 “Domestic Subsidiary” means any Subsidiary of the Company other than a Foreign Subsidiary or a FSHCO. 

“Effective Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the
applicable market, regular way, reflecting the relevant share split or share combination, as applicable. 
 “Event of
Default” shall have the meaning specified in Section 6.01. 
 “Ex-Dividend Date” means the first date on which
shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common
Stock on such exchange or market (in the form of due bills or otherwise) as determined by such exchange or market. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “First
Lien Credit Facility” means the Credit Agreement dated as of October 4, 2016 among the Company, the lenders party thereto and Royal Bank of Canada, as Administrative Agent and L/C Issuer, as amended, restated, modified, renewed, refunded,
restructured, supplemented, replaced or refinanced from time to time in whole or in part from time to time. 
 “Foreign
Subsidiary” means any Subsidiary of the Company that is (i) a “controlled foreign corporation” within the meaning of the Internal Revenue Code or (ii) a Subsidiary of a “controlled foreign corporation” within the meaning
of the Internal Revenue Code. 
 “Form of Assignment and Transfer” means the “Form of Assignment and Transfer”
attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 
 “Form of Note” means the “Form of
Note” attached hereto as Exhibit A. 
 “Form of Notice of Conversion” means the “Form of Notice of
Conversion” attached as Attachment 1 to the Form of Note attached hereto as Exhibit A. 
 “FSHCO” means any Subsidiary
of the Company substantially all of the assets of which constitute the equity interests of Foreign Subsidiaries. 
 “Global
Note” shall have the meaning specified in Section 2.06(b). 

  
 5 

 “guarantee” means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any indebtedness or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay
(or advance or supply funds for the purchase or payment of) such indebtedness or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep well, to purchase assets, goods, securities or
services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such indebtedness or other obligation of the payment thereof or to protect such
obligee against loss in respect thereof, in whole or in part; provided that the term “guarantee” does not include endorsements for collection or deposit in the ordinary course of business. The term
“guarantee” used as a verb has a corresponding meaning. 
 “Guarantor” means, collectively, (i) SandRidge
Holdings, Inc., SandRidge Exploration and Production, LLC, SandRidge Midstream Inc., SandRidge Operating Company, Integra Energy, L.L.C. and Lariat Services, Inc. and (ii) each Guarantor Subsidiary that executes a supplemental indenture hereto
providing for the guarantee of the payment of the Notes, and subject to the provisions of Section 13.04, shall include their respective successors and assigns, in each case unless and until such Guarantor is released from its Note Guarantee pursuant
to this Indenture. 
 “Guarantor Subsidiary” means (i) each Subsidiary of the Company party hereto on the date hereof, (ii)
if any Priority Lien Debt (or any refinancing thereof secured by substantially similar collateral) is not in effect, (x) any Domestic Subsidiary (other than a Domestic Subsidiary that is an Immaterial Subsidiary), including any such Subsidiary
acquired or created by the Company or any Guarantor after the date hereof and (y) any Domestic Subsidiary that guarantees any indebtedness in respect of borrowed money of the Company or any Guarantor, which indebtedness is pari passu or
junior to the Company’s or such Guarantor’s respective obligations under this Indenture, any Note Guarantee or the Notes, as applicable and (iii) for so long as any Priority Lien Debt (or any refinancing thereof secured by substantially
similar collateral) is in effect, any other guarantor under such Priority Lien Debt (or any refinancing thereof secured by substantially similar collateral). 

“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any
Person in whose name at the time a particular Note is registered on the Note Register. 
 “Immaterial Subsidiary” means any
Subsidiary of the Company with less than $5,000,000 in total assets on a consolidated basis. 
 “Indenture” means this
instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 

“Intercreditor and Subordination Agreement” means the Intercreditor and Subordination Agreement between Royal Bank of Canada,
as Priority Lien Agent (as defined therein), the Collateral Trustee, and acknowledged and agreed by the Company and certain of its Subsidiaries party thereto, dated as of the date hereof, as it may be amended, restated, supplemented or otherwise
modified from time to time and substantially in the form set forth in Exhibit C attached hereto. 

  
 6 

 “Last Reported Sale Price” of the Common Stock on any date means the closing
sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite transactions
for the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the “Last
Reported Sale Price” shall be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted, the
“Last Reported Sale Price” shall be the average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date from each of at least three nationally recognized independent investment banking firms
selected by the Company for this purpose. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or
charge of any kind (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest). 

“Make-Whole Amount” shall have the meaning specified in Section 2.02. 

“Mandatory Conversion” shall have the meaning specified in Section 14.03(a). 

“Mandatory Conversion Event” shall have the meaning specified in Section 14.03(a). 

“Material Adverse Effect” means a material adverse change in, or a material adverse effect upon, the operations, earnings,
business, assets, properties, liabilities, condition (financial or otherwise) or prospects of the Company and its Subsidiaries, taken as a whole. 

“Maturity Date” means October 4, 2020. 

“Merger Event” shall have the meaning specified in Section 14.09(a). 

“Mortgages” means all mortgages, debentures, hypothecs, deeds of trust, deeds to secure indebtedness and similar documents,
instruments and agreements (and all amendments, modifications and supplements thereof) creating, evidencing, perfecting or otherwise establishing the Liens on the Collateral to secure payment of the Notes and the Note Guarantees or any part thereof;
provided that (a) so long as Priority Lien Obligations are outstanding, the property and assets subject to the Mortgages shall consist solely of all “Mortgaged Property” under and as defined (or such similar defined term) in the Priority
Lien Documents and (b) if no Priority Lien Obligations are outstanding, such property and assets shall consist solely of all “Mortgaged Property” under and as defined (or such similar defined term) in the Priority Lien Documents as in
effect immediately prior to the discharge of all Priority Lien Obligations. 
 “Note” or “Notes” shall
have the meaning specified in the first paragraph of the recitals of this Indenture. 

  
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 “Note Guarantee” means the guarantee of the Notes by a Guarantor pursuant to
this Indenture. 
 “Note Register” shall have the meaning specified in Section 2.06(a). 

“Note Registrar” shall have the meaning specified in Section 2.06(a). 

“Officer” means, with respect to the Company, the President, the Chief Executive Officer, the Chief Financial Officer, the
Treasurer, the Secretary, any Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”). 

“Officers’ Certificate,” when used with respect to the Company, means a certificate that is delivered to the Trustee and
that is signed by (a) two Officers of the Company or (b) one Officer of the Company and one of the Treasurer, any Assistant Treasurer, the Secretary, any Assistant Secretary or the Controller of the Company. Each such certificate shall include
the statements provided for in Section 17.07 if and to the extent required by the provisions of such Section. One of the Officers giving an Officers’ Certificate pursuant to Section 4.13 shall be the principal executive, financial or
accounting officer of the Company. 
 “open of business” means 9:00 a.m. (New York City time). 

“Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the
Company, or other counsel acceptable to the Trustee, that is delivered to the Trustee. Each such opinion shall include the statements provided for in Section 17.07 if and to the extent required by the provisions of such Section 17.07. 

“Optional Conversion” shall have the meaning specified in Section 14.02. 

“Optional Conversion Date” shall have the meaning specified in Section 14.04(c). 

“Optional Redemption” shall have the meaning specified in Section 16.01. 

“outstanding,” when used with reference to Notes, shall, subject to the provisions of Section 8.04, mean, as of any
particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 

(a)    Notes theretofore canceled by the Trustee or accepted by the Trustee for cancellation; 

(b)    Notes, or portions thereof, that have become due and payable and in respect of which monies in the
necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); 

  
 8 

 (c)    Notes that have been paid pursuant to Section 2.07 or
Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.07 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected
purchasers in due course; 
 (d)    Notes converted pursuant to Article 14 and required to be cancelled
pursuant to Section 2.09; 
 (e)    Notes redeemed pursuant to Article 16; and 

(f)    Notes repurchased by the Company pursuant to the penultimate sentence of Section 2.11. 

“Paying Agent” shall have the meaning specified in Section 4.03. 

“Person” means an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a
joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. 

“Plan of Reorganization” shall have the meaning specified in the first paragraph of the recitals of this Indenture. 

“Physical Notes” means permanent certificated Notes in registered form initially issued in minimum denominations of $1.00
principal amount and multiples of $1.00 in excess thereof. 
 “Predecessor Note” of any particular Note means every
previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.07 in lieu of or in exchange for a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note that it replaces. 

“Priority Lien Debt” means Priority Lien Debt as such term is defined in the Intercreditor and Subordination Agreement. 

“Priority Lien Documents” means Priority Lien Documents as such term is defined in the Intercreditor and Subordination
Agreement. 
 “Priority Lien Obligations” means Priority Lien Obligations as such term is defined in the Intercreditor and
Subordination Agreement. 
 “Priority Lien Secured Parties” means Priority Lien Secured Parties as such term is defined in
the Intercreditor and Subordination Agreement. 
 “Record Date” means, with respect to any dividend, distribution or other
transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the Common Stock (or such other security) is exchanged for or converted into any
combination of cash, securities or other property, 

  
 9 

 
the date fixed for determination of holders of the Common Stock (or such other security) entitled to receive such cash, securities or other property (whether such date is fixed by the Board of
Directors, by statute, by contract or otherwise). 
 “Redemption Date” shall have the meaning specified in Section
16.02(a). 
 “Redemption Notice” shall have the meaning specified in Section 16.02(a). 

“Redemption Price” means, for any Notes to be redeemed pursuant to Section 16.01, 100% of the principal amount of such Notes,
as increased by the Make-Whole Amount applicable to such Notes. 
 “Reference Property” shall have the meaning specified in
Section 14.09(a). 
 “Required Shares” means the greater of (x) at least 8,483,489 shares of Common Stock or (y) at least a
majority of the aggregate number of shares of Common Stock outstanding as of the date of delivery of a Springing Event Notice. 

“Required Springing Holders” means, as of any date of determination, Holders that hold or otherwise have beneficial ownership
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of at least two-thirds in aggregate principal amount of the Notes then outstanding. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the
Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time
shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this
Indenture. 
 “Scheduled Trading Day” means a day that is scheduled to be a Trading Day on the principal U.S. national or
regional securities exchange or market on which the Common Stock is listed or admitted for trading. If the Common Stock is not so listed or admitted for trading, “Scheduled Trading Day” means a Business Day. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Security Agreement” means that certain security agreement, to be entered into by and among the Company, the Guarantors party
thereto and the Collateral Trustee, on behalf of itself and the Secured Parties (as defined therein), as the same may be amended, supplemented or otherwise modified or replaced from time to time and substantially in the form set forth in Exhibit D
attached hereto. 
 “Security Documents” means the Collateral Trust Agreement, Security Agreement, and all other security
agreements, pledge agreements, hypothecs, collateral assignments, Mortgages, deeds of trust, deeds to secure debt, collateral agency agreements, debentures, control 

  
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agreements or other grants or transfers for security executed and delivered by the Company or any Guarantor creating (or purporting to create) a Lien upon Collateral in favor of the Collateral
Trustee (including, without limitation, the financing statements under the Uniform Commercial Code of the relevant state), in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with
its terms. 
 “Significant Subsidiary” means a Subsidiary of the Company that meets the definition of “significant
subsidiary” in Article 1, Rule 1-02 of Regulation S-X under the Exchange Act. 
 “Specified Litigation Event” means
(i)(a) the entry of an order by a court of competent jurisdiction denying summary judgment to the Company or its Affiliates or (b) the expiration of the time period in which the Company or its Affiliates may move for summary judgment, in either
case, in a class action lawsuit against the Company (other than such a lawsuit initiated by any Holder or Affiliate of a Holder) that is reasonably expected to result in the Company’s entry into bankruptcy proceedings or otherwise to result in
a Material Adverse Effect. 
 “Spin-Off” shall have the meaning specified in Section 14.06(c). 

“Springing Event” means, subject to the Intercreditor and Subordination Agreement, the requirement pursuant to Section 4.08
and Section 4.09 to create perfected Liens on the Collateral pursuant to the Security Documents, which secure the obligations of the Company under the Notes and the Indenture and of each Guarantor under any Note Guarantee and the Indenture. 

“Springing Event Notice” shall have the meaning specified in Section 4.08(a). 

“Springing Lien Amount” means initially $100,000,000 (subject to increase pursuant to Section 4.08(b)). 

“Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which
more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners
or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 

“Successor Company” shall have the meaning specified in Section 11.01(a). 

“Successor Guarantor” shall have the meaning specified in Section 13.04(a). 

“Trading Day” means a day on which (i) trading in the Common Stock (or other security for which a closing sale price must be
determined) generally occurs on The New York Stock Exchange or, if the Common Stock (or such other security) is not then listed on The New York Stock Exchange, on the principal other U.S. national or regional securities exchange on which the Common
Stock (or such other security) is then listed or, if the Common Stock (or such other security) is not then listed on a U.S. national or regional securities exchange, on the principal other market on which the Common Stock (or such other security) is
then traded and (ii) a Last 

  
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Reported Sale Price for the Common Stock (or such other security) is available on such securities exchange or market; provided that if the Common Stock (or such other security) is not so
listed or traded, “Trading Day” means a Business Day. 
 “transfer” shall have the meaning specified in
Section 2.06(c). 
 “Trigger Event” shall have the meaning specified in Section 14.06(c). 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this
Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture
Act of 1939, as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of
this Indenture until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

“unit of Reference Property” shall have the meaning specified in Section 14.09(a). 

“Valuation Period” shall have the meaning specified in Section 14.06(c). 

“Wholly Owned Subsidiary” means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes
of this definition, the reference to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”. 

Section 1.02. References to Principal Amount. Unless the context otherwise requires, any reference to principal
of, or in respect of, any Note in this Indenture shall be deemed to include the Make-Whole Amount if, in such context, the Make-Whole Amount is, was or would be issuable pursuant to Section 2.02. Unless the context otherwise requires, any express
mention of the Make-Whole Amount in any provision hereof shall not be construed as excluding the Make-Whole Amount in those provisions hereof where such express mention is not made. 

ARTICLE 2 
 ISSUE,
DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01. Designation and Amount. The Notes shall be designated as the “0.00% Convertible Senior
Subordinated Notes due 2020.” The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is initially limited to $281,780,873 (as increased by an amount equal to the aggregate principal amount of any
additional Notes issued pursuant to Section 2.02), except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder. 

  
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 Section 2.02. Repayment Premium Applicable to Notes. (a) In
connection with any acceleration of Notes pursuant to Section 6.02 or repayment or prepayment of Notes, including, without limitation, any Optional Redemption or any repayment following acceleration of the Notes pursuant to Section 6.02, the Company
shall be required to pay a make-whole amount of $0.783478 (the “Make-Whole Amount”) for each $1.00 in principal amount of Notes repaid or prepaid such that for each $1.00 in outstanding principal amount of such Notes so repaid or
prepaid the Company is required to repay or prepay $1.783478. 
 (b)    Upon any conversion of Notes after the
Make-Whole Amount has become payable, the Company shall deliver shares of Common Stock based on the principal amount of Notes to be converted, as increased to reflect the applicable Make-Whole Amount and pursuant to an adjusted Conversion Rate as
set forth in Section 14.05. 
 (c)    Upon any acceleration of Notes pursuant to Section 6.02 or repayment or prepayment
of Notes and the issuance of the Make-Whole Amount, the Company shall, without the consent of the Holders, (i) in the case of a Global Note, increase the outstanding principal amount of such Global Note (in minimum denominations of $1.00 principal
amount and multiples thereof) or (ii) in the case of Physical Notes, issue additional Physical Notes (in minimum denominations of $1.00 principal amount and multiples thereof) under this Indenture on the same terms and conditions as the Notes
initially issued under this Indenture on the date hereof; provided, in each case, the Make-Whole Amount shall be rounded up to $1.00 as necessary to satisfy any minimum denomination requirements or the procedures of the Depositary. 

(d)    Upon any acceleration of Notes pursuant to Section 6.02 or repayment or prepayment of Notes, the Company shall
promptly file with the Trustee an Officers’ Certificate setting forth the Make-Whole Amount of Notes due and setting forth a brief statement of the facts requiring such increase, together with a Company Order, directing the Trustee to increase
the Global Notes or authenticate additional Physical Notes representing the Make-Whole Amount. Unless and until a Responsible Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have
knowledge that any Make-Whole Amount is due and may assume without inquiry that no such Make-Whole Amount is due. Promptly after delivery of such certificate, the Company shall prepare a notice of such increase of the principal amount of Notes
setting forth the increased principal amount of Notes and the date on which each increase becomes effective and shall deliver such notice of such increase of the principal amount of Notes to each Holder. Failure to deliver such Officers’
Certificate or notice shall not affect the legality or validity of any such increase. 
 Section 2.03. Form of
Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby
expressly incorporated in and made a part of this Indenture. To the extent applicable, the Company, each Guarantor and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound
thereby. 
 Any Global Note may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not
inconsistent with the provisions of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any 

  
 13 

 
applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated
for issuance or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject. 

Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends or endorsements as the Officer
executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to
which any particular Notes are subject. 
 Each Global Note shall represent such principal amount of the outstanding Notes as shall be
specified therein and shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time
be increased or reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding
Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including
the Redemption Price, if applicable) of a Global Note shall be made to the Holder of such Note on the date of payment, unless a record date or other means of determining Holders eligible to receive payment is provided for herein. 

Section 2.04. Date and Denomination of Notes; No Regular Interest and Defaulted Amounts. (a) The Notes shall be
initially issuable in registered form without coupons in minimum denominations of $1.00 principal amount and multiples of $1.00 in excess thereof. Each Note shall be dated the date of its authentication and shall not bear regular interest. 

(b)    Subject to Section 14.02 and Section 14.03, the principal amount (including the Redemption Price, if applicable) of
any Note (x) in the case of any Physical Note, shall be payable at the office or agency of the Company maintained by the Company for such purposes in the contiguous United States, which shall initially be the Corporate Trust Office and (y) in the
case of any Global Note, shall be payable by wire transfer of immediately available funds to the account of the Depositary or its nominee.

(c)    Any Defaulted Amounts shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii)
below: 
 (i)    The Company may elect to make payment of any Defaulted Amounts to the Persons in whose
names the Notes (or their respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the following manner. The Company shall

  
 14 

 
notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt
by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or
shall make arrangements satisfactory to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Amounts as in this clause
provided. Thereupon the Company shall fix a special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and not less than 10 days after
the receipt by the Trustee of the notice of the proposed payment. The Company shall promptly notify the Trustee in writing of such special record date and the Trustee, in the name and at the expense of the Company, shall cause notice of the
proposed payment of such Defaulted Amounts and the special record date therefor to be delivered to each Holder not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Amounts and the special
record date therefor having been so delivered, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on such special record date and shall no
longer be payable pursuant to the following clause (ii) of this Section 2.04(c). 
 (ii)    The Company
may make payment of any Defaulted Amounts in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as
may be required by such exchange or automated quotation system, if, after written notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Section 2.05. Execution, Authentication and Delivery of Notes. The Notes shall be signed in the name and on
behalf of the Company by the manual or facsimile signature of its Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or any of its Executive or Senior Vice Presidents. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to
the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the
Company hereunder. 
 Upon any acceleration of Notes pursuant to Section 6.02 or repayment or prepayment of Notes: (i) in the case of a
Global Note, the Trustee, upon receipt of a Company Order, shall distribute the principal amount of any Global Note, as increased by the aggregate Make-Whole Amount, rounded up to the nearest $1.00, to be allocated for the credit of the Holders on
such date in accordance with their interests and subject to the procedures of the Depositary, and an adjustment shall be made on the books and records of the Trustee (if it is then the Custodian for 

  
 15 

 
such Global Note) with respect to such Global Note, by the Trustee or the Custodian, as applicable, to reflect such increase; and (ii) in the case of a Physical Note, the Company shall deliver to
the Trustee additional Physical Notes in the applicable Make-Whole Amount, rounded up to the nearest $1.00 and in minimum denominations of $1.00 principal amount and multiples thereof, executed by the Company for authentication by the Trustee,
together with a Company Order for the authentication and delivery of such Notes, and the Trustee shall authenticate and deliver such additional Physical Notes in accordance with such Company Order. In each case, the Company shall deliver a notice to
Holders as provided in Section 2.02(d). 
 Only such Notes as shall bear thereon a certificate of authentication substantially in the form
set forth on the form of Note attached as Exhibit A hereto, executed manually by an authorized signatory of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.11), shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee (or such authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated
and delivered hereunder and that the Holder is entitled to the benefits of this Indenture. 
 In case any Officer of the Company who shall
have signed any of the Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed
of as though the Person who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such Persons as, at the actual date of the execution of such Note, shall be the Officers of the
Company, although at the date of the execution of this Indenture any such Person was not such an Officer. 
 Section
2.06. Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in
any other office or agency of the Company designated pursuant to Section 4.03, the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of
transfers of Notes. Such register shall be in written form or in any form capable of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for
the purpose of registering Notes and transfers of Notes as herein provided. The Company may appoint one or more co-Note Registrars in accordance with Section 4.03. 

Upon surrender for registration of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements
for such transfer set forth in this Section 2.06, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like
aggregate principal amount and bearing such legends as may be required by this Indenture. 
 Notes may be exchanged for other Notes of any
authorized denominations and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.03. Whenever any Notes are so

  
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surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive, bearing registration
numbers not contemporaneously outstanding. 
 All Notes presented or surrendered for registration of transfer or for exchange, repurchase or
conversion shall (if so required by the Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed,
by the Holder thereof or its attorney-in-fact duly authorized in writing. 
 No service charge shall be imposed by the Company, the Trustee,
the Note Registrar, any co-Note Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax
required in connection therewith as a result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of
transfer. 
 None of the Company, the Trustee, the Note Registrar or any co-Note Registrar shall be required to exchange or register a
transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion or (ii) any Notes selected for redemption in accordance with Article 16, except the
unredeemed portion of any Note being redeemed in part.
 All Notes issued upon any registration of transfer or exchange of Notes in
accordance with this Indenture shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

(b)    So long as the Notes are eligible for book-entry settlement with the Depositary, unless otherwise required by law,
subject to the fourth paragraph from the end of Section 2.06(c) all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name of the Depositary or the nominee of the
Depositary. The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the Custodian) in accordance with this
Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor. 

(c)    As used in this Section 2.06(c) and Section 2.06(d), the term “transfer” encompasses any sale,
pledge, transfer or other disposition whatsoever of any Note or Common Stock issued upon the conversion or exchange of a Note. 

Notwithstanding any other provisions of this Indenture (other than the provisions set forth in this Section 2.06(c)), a Global Note may not be
transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary
or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one or more Physical Notes in accordance with the second immediately succeeding paragraph. 

  
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 The Depositary shall be a clearing agency registered under the Exchange Act. The Company
initially appoints The Depository Trust Company to act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary,
and deposited with the Trustee as custodian for Cede & Co. 
 If (i) the Depositary notifies the Company at any time that the Depositary
is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is
not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the Company shall
execute, and the Trustee, upon receipt of an Officers’ Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such beneficial owner in a
principal amount equal to the principal amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each beneficial owner of the related Global Notes (or a
portion thereof) in an aggregate principal amount equal to the aggregate principal amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global Notes to the Trustee such Global Notes shall be canceled. 

Physical Notes issued in exchange for all or a part of the Global Note pursuant to this Section 2.06(c) shall be registered in such names and
in such authorized denominations as the Depositary shall instruct the Trustee pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii) of the immediately preceding paragraph, the relevant
beneficial owner through the direct or indirect participant shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered. 

At such time as all interests in a Global Note have been converted, canceled, repurchased, redeemed or transferred, such Global Note shall be,
upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for
Physical Notes, converted, canceled, repurchased, redeemed or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note
shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or
the Custodian, at the direction of the Trustee, to reflect such reduction or increase. 

  
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 The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance
with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants or beneficial owners of interests in
any Global Notes) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 
 None of the Company, the Trustee, the Conversion Agent or any
agent of the Company, the Trustee or the Conversion Agent shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising
or reviewing any records relating to such beneficial ownership interests. 
 (d)    Any Note or Common Stock issued upon
the conversion or exchange of a Note that is repurchased or owned by any Affiliate of the Company (or any Person who was an Affiliate of the Company at any time during the three months immediately preceding) may not be resold by such Affiliate (or
such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the Securities Act. The Notes and the Common Stock issued upon the conversion or exchange of a
Note are being offered and sold pursuant to an exemption from the registration requirement of Section 5 of the Securities Act provided by Section 1145 of Title 11 of the United States Code, and to the extent that any Holder or beneficial owner of a
Note is an “underwriter” as defined in Section 1145(b)(1) of Title 11 of the United States Code, such Holder or beneficial owner, as applicable, may not be able to sell or transfer any Notes in the absence of an effective registration
statement under the Securities Act or an exemption from registration thereunder. By accepting a transfer of a Note, the Holder or beneficial owner, as applicable, acknowledges the restrictions set forth herein. The Company shall cause any Note
that is repurchased or owned by it to be surrendered to the Trustee for cancellation in accordance with Section 2.09.
 Section
2.07. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an
authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a registration number not contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the
Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save
each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to
such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership thereof. 
 The
Trustee or such authenticating agent may authenticate any such substituted Note and deliver the same upon the receipt of such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No
service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note Registrar or the Paying Agent upon the 

  
 19 

 
issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as
a result of the name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has
been surrendered for required repurchase or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or
authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such payment or conversion shall furnish to the Company, to the
Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused by or connected with such substitution, and, in every case
of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent of the destruction, loss or theft of such Note and of the ownership thereof. 

Every substitute Note issued pursuant to the provisions of this Section 2.07 by virtue of the fact that any Note is destroyed, lost or stolen
shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to all the limitations set forth
in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon the express condition that the foregoing provisions are exclusive with
respect to the replacement, payment, redemption, conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the
contrary with respect to the replacement, payment, redemption, conversion or repurchase of negotiable instruments or other securities without their surrender. 

Section 2.08. Temporary Notes. Pending the preparation of Physical Notes, the Company may execute and the
Trustee or an authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and
substantially in the form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the Company
and authenticated by the Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall execute and deliver to
the Trustee or such authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company
pursuant to Section 4.03 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its
own expense and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered
hereunder. 

  
 20 

 Section 2.09. Cancellation of Notes Paid, Converted, Etc. The
Company shall cause all Notes surrendered for the purpose of payment, repurchase, redemption, registration of transfer or exchange or conversion, if surrendered to any Person other than the Trustee (including any of the Company’s agents,
Subsidiaries or Affiliates), to be surrendered to the Trustee for cancellation. All Notes delivered to the Trustee shall be canceled promptly by it, and no Notes shall be authenticated in exchange therefor except as expressly permitted by any
of the provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures and, after such disposition, shall deliver a certificate of such cancellation to the Company, at the Company’s
written request in a Company Order.
 Section 2.10. CUSIP Numbers. The Company in issuing the Notes may use
“CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the
Trustee in writing of any change in the “CUSIP” numbers.
 Section 2.11. Repurchases. The Company
may, to the extent permitted by law, and directly or indirectly (regardless of whether such Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a private or
public tender or exchange offer or through counterparties to private agreements, including by cash-settled swaps or other derivatives. The Company shall cause any Notes so repurchased (other than Notes repurchased pursuant to cash-settled swaps
or other derivatives) to be surrendered to the Trustee for cancellation in accordance with Section 2.09 and such Notes shall no longer be considered outstanding under this Indenture upon their surrender to the Trustee. 

ARTICLE 3 

SATISFACTION AND DISCHARGE 

Section 3.01. Satisfaction and Discharge. This Indenture shall upon request of the Company contained in an
Officers’ Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute such instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture, when (a)(i) all
Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section 2.07 and (y) Notes for whose payment money or other consideration
has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 4.05(d)) have been delivered to the Trustee for cancellation; or (ii)
the Company has deposited with the Trustee or delivered to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Redemption Date, upon conversion or otherwise, cash or cash and shares of Common Stock,
if any (solely to satisfy the Company’s Conversion Obligation, if applicable), sufficient to pay all of the outstanding Notes and all other sums due and payable under this Indenture by the 

  
 21 

 
Company; and (b) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.07 shall survive. 

ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Payment of Principal. The Company covenants and agrees that it will cause to be paid the
principal (including the Redemption Price and the Make-Whole Amount, if applicable) of each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes.

Section 4.02. Increase in Principal Amount. The Company covenants and agrees that it will cause the principal
of the Notes to be increased by any applicable Make-Whole Amount at the respective times and in the manner provided herein.
 Section
4.03. Maintenance of Office or Agency. The Company will maintain in the contiguous United States, an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for
payment or repurchase (“Paying Agent”) or for conversion (“Conversion Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company
will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office. 
 The
Company may also from time to time designate as co-Note Registrars one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations;
provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the contiguous United States, for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. The terms “Paying Agent” and “Conversion Agent” include any such additional or other
offices or agencies, as applicable. 
 The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian
and Conversion Agent and the Corporate Trust Office as the office or agency in the contiguous United States, where Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase or for conversion and
where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served; provided that, the Corporate Trust Office shall not be an office or agency for the purposes of service of legal process on the
Company.

  
 22 

 Section 4.04. Appointments to Fill Vacancies in Trustee’s
Office. The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a trustee, so that there shall at all times be a Trustee hereunder. 

Section 4.05. Provisions as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the
Trustee, the Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.05: 

(i)    that it will hold all sums held by it as such agent for the payment of the principal (including the
Redemption Price, if applicable) of the Notes in trust for the benefit of the Holders of the Notes; 

(ii)    that it will give the Trustee prompt notice of any failure by the Company to make any payment of
the principal (including the Redemption Price, if applicable) of the Notes when the same shall be due and payable; and 

(iii)    that at any time during the continuance of an Event of Default, upon request of the Trustee, it
will forthwith pay to the Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the principal (including
the Redemption Price, if applicable) of the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (including the Redemption Price, if applicable), and (unless such Paying Agent is the Trustee) the Company will promptly notify
the Trustee of any failure to take such action; provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date. 

(b)    If the Company shall act as its own Paying Agent, it will, on or before each due date of the principal (including
the Redemption Price, if applicable) of the Notes, set aside, segregate and hold in trust for the benefit of the Holders of the Notes a sum sufficient to pay such principal (including the Redemption Price, if applicable) so becoming due and will
promptly notify the Trustee in writing of any failure to take such action and of any failure by the Company to make any payment of the principal (including the Redemption Price, if applicable) of the Notes when the same shall become due and
payable.
 (c)    Anything in this Section 4.05 to the contrary notwithstanding, the Company may, at any time, for the
purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent hereunder as required by this Section
4.05, such sums or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be released from all further liability
but only with respect to such sums or amounts. Upon the occurrence of any event specified in Section 6.01(h) or Section 6.01(i), the Trustee shall automatically become the Paying Agent. 

  
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 (d)    Subject to applicable abandoned property law, any money and shares of
Common Stock deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal (including the Redemption Price, if applicable) of and the consideration due upon conversion of any Note and
remaining unclaimed for two years after such principal (including the Redemption Price, if applicable) or consideration due upon conversion has become due and payable shall be paid to the Company on request of the Company contained in an
Officers’ Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money and shares of Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The Borough of
Manhattan, The City of New York, notice that such money and shares of Common Stock remain unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money
and shares of Common Stock then remaining will be repaid or delivered to the Company. 
 Section
4.06. Existence. Subject to Article 11, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 

Section 4.07. Information Requirement and Annual Reports. (a) The Company shall file with the Trustee, within
15 days after the same are required to be filed with the Commission (giving effect to any grace period provided by Rule 12b-25 under the Exchange Act), copies of any documents or reports that the Company is required to file with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act. Any such document or report that the Company files with the Commission via the Commission’s EDGAR system shall be deemed to be filed with the Trustee for purposes of this Section 4.07(a)
at the time such documents are filed via the EDGAR system. 
 (b)    To the extent that the Company is not subject to
Section 13 or 15(d) of the Exchange Act, the Company shall, in lieu of the requirements set forth in subsection (a) above, promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective purchaser of such Notes
or the shares of Common Stock issuable upon conversion of such Notes, all quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Company were required to file
such forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to annual information only, a report thereon by the Company’s certified independent accountants.

 (c)    Delivery of the reports and documents described in subsection (a) or (b) above to the Trustee is for
informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of
its covenants hereunder (as to which the Trustee is entitled to conclusively rely on an Officers’ Certificate). 

  
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 Section 4.08. Springing Event Notice. (a) Upon the earlier
to occur of (i) the Company’s good faith determination that the Specified Litigation Event has occurred or (ii) the receipt of written notice from the Required Springing Holders that the Specified Litigation Event has occurred, the Springing
Event shall be deemed to have occurred, and the Company shall take, or cause to be taken, all such appropriate actions required pursuant to Section 4.09. Within five Business Days of the Springing Event, the Company shall, or cause the Trustee
(upon written request to the Trustee made at least two Business Days (unless a shorter period shall be agreed to by the Trustee) prior to the date on which notice is to be delivered) to, deliver a written notice (the “Springing Event
Notice”) of the Springing Event to all Holders of outstanding Notes. The Springing Event Notice shall (i) provide reasonable background on the facts and circumstances of the Specified Litigation Event, (ii) inform the Holders that the
Springing Event has occurred and (iii) request that each of the Holders notify the Company of the number of shares of Common Stock held by such Holders or their Affiliates. 

(b)    Upon receiving notices from the Holders or their Affiliates on or after the date of the Specified Litigation Event
setting forth the number of shares of Common Stock held by such Holders or their Affiliates (whether in response to the Springing Event Notice or otherwise), the Company shall calculate the total number of shares of Common Stock held by such Holders
or their Affiliates. Immediately upon receiving sufficient notices that the Holders or their Affiliates own the Required Shares in the aggregate, the Springing Lien Amount shall be increased to the full outstanding principal amount of the
Notes, including the Make-Whole Amount, if applicable, and the Company shall take, or cause to be taken, all appropriate actions required pursuant to Section 4.09. For the avoidance of doubt, if any amount becomes due in connection with any
acceleration of Notes pursuant to Section 6.02 or repayment or prepayment of Notes after the occurrence of a Springing Event, the Springing Lien Amount shall be increased to include the Make-Whole Amount and the Company shall take, or cause to be
taken, all appropriate actions required pursuant to Section 4.09. 
 Section 4.09. Springing Lien. Subject to
the Intercreditor and Subordination Agreement, promptly upon the occurrence of a Springing Event, and from time to time thereafter, including, without limitation, upon any increase in the Springing Lien Amount, the Company shall take such actions as
are necessary or as the Trustee or Collateral Trustee may reasonably request (it being understood that the Trustee or Collateral Trustee shall have no duty to make such request unless directed by the Holders in accordance with this Indenture),
including (a) the Company executing an amendment to the Collateral Trust Agreement as contemplated in Section 2.4 of the Collateral Trust Agreement and executing the Security Agreement within three Business Days after the occurrence of a Springing
Event, (b) the Company executing other Security Documents within fifteen Business Days after the occurrence of a Springing Event and (c) the filing of financing statements and Mortgages and delivery of other security documents, authorization
documents and opinions of counsel, to ensure and confirm that the obligations of the Company under the Notes and of each Guarantor under any Note Guarantee will be secured by a perfected Lien on the Collateral, as provided in the Security Documents,
junior only to the Liens securing the Priority Lien Obligations and to the extent of the Springing Lien Amount. 

  
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 Section 4.10. Note Guarantees. Each of the Company and the
Guarantors shall, and the Company shall cause each of the Guarantors to, ensure at all times that, unless otherwise permitted by this Indenture, each Note Guarantee shall remain in full force and effect and shall not be subordinated in right of
payment to any indebtedness for borrowed money of any of the Company and the Guarantors, unless required by applicable law. 
 Section
4.11. Additional Guarantors. The Company shall cause each of its Guarantor Subsidiaries to execute and deliver a supplemental indenture pursuant to which it shall become a Guarantor under this Indenture in accordance
with Section 13.10. 
 Section 4.12. Stay, Extension and Usury Laws. Each of the Company and the Guarantors
covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or
forgive the Company from paying all or any portion of the principal (including the Redemption Price, if applicable) of the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the
performance of this Indenture or any Note Guarantee; and each of the Company and the Guarantors (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any
such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 4.13. Compliance Certificate; Statements as to Defaults. The Company shall deliver to the Trustee
within 120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2016) an Officers’ Certificate stating whether the signers thereof have knowledge of any failure by the Company to comply
with all conditions and covenants then required to be performed under this Indenture and, if so, specifying each such failure and the nature thereof. 

In addition, the Company shall deliver to the Trustee, as soon as possible, and in any event within 30 days after the occurrence of any Event
of Default or Default, an Officers’ Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking or proposing to take in respect thereof. 

Section 4.14. Further Instruments and Acts. Upon request of the Trustee, the Company and each Guarantor will
execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

ARTICLE 5 
 LISTS
OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 5.01. Lists of Holders. The Company covenants and agrees that it will furnish or cause to be furnished
to the Trustee, semi-annually, not more than 15 days after each March 15 and September 15 in each year beginning with March 15, 2017, and at such other times as the Trustee may request in writing, within 30 days after receipt by the
Company of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide 

  
 26 

 
any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of the Holders as of a date not more than 15 days (or such other
date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be furnished so long as the Trustee is acting as Note Registrar. 

Section 5.02. Preservation and Disclosure of Lists. The Trustee shall preserve, in as current a form as is
reasonably practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the Trustee in its capacity as Note Registrar, if so acting. The
Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. Each of the following events shall be an “Event of Default”
with respect to the Notes: 
 (a)    default in the payment of principal (including the Redemption Price, if applicable)
of any Note when due and payable upon Optional Redemption, upon declaration of acceleration or otherwise; 

(b)    failure by the Company to comply with its obligations under Section 4.08 or Section 4.09; 

(c)    failure by the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon
exercise of a Holder’s conversion right; 
 (d)    failure by the Company to comply with its obligations under
Article 11 or by any Guarantor to comply with its obligations under Section 13.04; 
 (e)    failure by the Company or
any Guarantor for 60 days after written notice from the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding has been received by the Company to comply with any of the Company’s or any Guarantor’s other
agreements contained in the Notes or this Indenture; 
 (f)    default by the Company or any Subsidiary of the Company
with respect to any Mortgage, agreement or other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $50,000,000 (or its foreign currency equivalent) in the
aggregate of the Company and/or any such Subsidiary, whether such indebtedness now exists or shall hereafter be created (i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal
or interest of any such debt when due and payable at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise; 

  
 27 

 (g)    a final judgment or judgments for the payment of $50,000,000 (or its
foreign currency equivalent) or more (excluding any amounts covered by insurance) in the aggregate rendered against the Company or any Subsidiary of the Company, which judgment is not discharged, bonded, paid, waived or stayed within 60 days after
(i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; 

(h)    the Company, any Guarantor or any Significant Subsidiary shall commence a voluntary case or other proceeding
seeking liquidation, reorganization or other relief with respect to the Company, any such Guarantor or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, any such Guarantor or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due;

 (i)    an involuntary case or other proceeding shall be commenced against the Company, any Guarantor or any
Significant Subsidiary seeking liquidation, reorganization or other relief with respect to the Company, such Guarantor or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, such Guarantor or such Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding
shall remain undismissed and unstayed for a period of 30 consecutive days; or 
 (j)    except as permitted in this
Indenture, any Note Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect, or any Guarantor, or any Person acting on its behalf, shall deny or disaffirm its
obligation under the Note Guarantee. 
 Section 6.02. Acceleration; Rescission and Annulment. If one or more Events of
Default shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(h) or Section 6.01(i) with respect to the Company, any of its Significant Subsidiaries or
any Guarantor), unless the principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding determined in accordance with Section
8.04, by notice in writing to the Company (and to the Trustee if given by Holders), may declare 100% of the principal (including the Redemption Price, if applicable and the Make-Whole Amount) of all the Notes to be due and payable immediately, and
upon any such declaration the same shall become and shall automatically be immediately due and payable in cash, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default specified in Section
6.01(h) or Section 6.01(i) with respect to the Company, any of its Significant Subsidiaries or any Guarantor 

  
 28 

 
occurs and is continuing, 100% of the principal (including the Redemption Price and the Make-Whole Amount, if applicable) of all Notes shall become and shall automatically be immediately due and
payable in cash.
 The immediately preceding paragraph, however, is subject to the conditions that if, at any time after the principal
(including the Redemption Price, if applicable and the Make-Whole Amount) of the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as
hereinafter provided, the Company shall pay or shall deposit with the Trustee a sum sufficient to pay the principal (including the Redemption Price, if applicable and the Make-Whole Amount) of any and all Notes that shall have become due otherwise
than by acceleration and amounts due to the Trustee pursuant to Section 7.07, and if (1) rescission would not conflict with any judgment or decree of a court of competent jurisdiction and (2) any and all existing Events of Default under this
Indenture, other than the nonpayment of the principal (including the Redemption Price, if applicable and the Make-Whole Amount) of Notes that shall have become due solely by such acceleration, shall have been cured or waived pursuant to Section
6.08, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all
Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every
purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right consequent thereon. Notwithstanding anything to the contrary herein,
no such waiver or rescission and annulment shall extend to or shall affect any Default or Event of Default resulting from (i) the nonpayment of the principal (including the Redemption Price, if applicable and the Make-Whole Amount) of any Notes or
(ii) a failure to pay or deliver, as the case may be, the consideration due upon conversion of the Notes. 
 Section
6.03. Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause (a) of Section 6.01 shall have occurred, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit
of the Holders of the Notes, the whole amount then due and payable on the Notes for principal, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.07. If the Company shall
fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or
final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the monies adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the
Notes, wherever situated. 
 In the event there shall be pending proceedings for the bankruptcy or for the reorganization of the Company or
any other obligor on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed
for or taken possession of the Company or such other obligor, the property of the Company or such 

  
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other obligor, or in the event of any other judicial proceedings relative to the Company or such other obligor upon the Notes, or to the creditors or property of the Company or such other
obligor, the Trustee, irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions
of this Section 6.03, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal in respect of the Notes, and, in case of any judicial proceedings, to file
such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or its or their property, and to collect and receive any
monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the Trustee under Section 7.07; and any receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due to the Trustee under Section 7.07, incurred by it up to the
date of such distribution. To the extent that such payment of reasonable compensation, expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien
on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property that the Holders of the Notes may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or
arrangement or otherwise. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt
on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the
possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes. 

In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such proceedings. 

  
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 In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of any waiver pursuant to Section 6.08 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee, then and in
every such case the Company, the Holders and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the
Holders and the Trustee shall continue as though no such proceeding had been instituted. 
 Section 6.04. Application
of Monies or Other Property Collected by Trustee. Any monies or other property collected by the Trustee pursuant to this Article 6 shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of
such monies or other property, upon presentation of the several Notes, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid: 

First, to the payment of all amounts due the Trustee under Section 7.07; 

Second, in case the principal of the outstanding Notes shall not have become due and be unpaid, to the payment of any cash due upon
conversion of the Notes in default in the order of the date due of the payments of such cash due upon conversion, such payments to be made ratably to the Persons entitled thereto; 

Third, in case the principal of the outstanding Notes shall have become due, by declaration or otherwise, and be unpaid to the payment
of the whole amount (including, if applicable, the payment of the Redemption Price, Make-Whole Amount and any cash due upon conversion) then owing and unpaid upon the Notes for principal, and in case such monies or other property shall be
insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of such principal (including, if applicable, the Redemption Price, Make-Whole Amount and the cash due upon conversion) without preference or priority
of any Note over any other Note, ratably to the aggregate of such principal (including, if applicable, the Redemption Price, Make-Whole Amount and any cash due upon conversion); and 

Fourth, to the payment of the remainder, if any, to the Company. 

Section 6.05. Proceedings by Holders. Except to enforce the right to receive payment of principal (including,
if applicable, the Redemption Price) or the right to receive payment or delivery of the consideration due upon conversion, no Holder of any Note shall have any right by virtue of or by availing of any provision of this Indenture to institute any
suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy hereunder, unless: 

(a) such Holder previously shall have given to the Trustee written notice of an Event of Default and of the continuance thereof, as herein
provided; 

  
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 (b) Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall
have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; 
 (c) such
Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any loss, liability or expense to be incurred therein or thereby; 

(d) the Trustee for 60 days after its receipt of such notice, request and offer of such security or indemnity, shall have neglected or refused
to institute any such action, suit or proceeding; and 
 (e) no direction that, in the opinion of the Trustee, is inconsistent with such
written request shall have been given to the Trustee by the Holders of a majority of the aggregate principal amount of the Notes then outstanding within such 60-day period pursuant to Section 6.08, 

it being understood and intended, and being expressly covenanted by the taker and Holder of every Note with every other taker and Holder and the Trustee that
no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other Holder, or to obtain or seek to obtain priority over or
preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise provided herein). For the protection and
enforcement of this Section 6.05, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Notwithstanding any other provision of this Indenture and any provision of any Note, each Holder shall have the right to receive payment or
delivery, as the case may be, of (x) the principal (including, if applicable, the Redemption Price and the Make-Whole Amount) of, and (y) the consideration due upon conversion of, such Note, on or after the respective due dates expressed or provided
for in such Note or in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be, on or after such respective dates against the Company, which right shall not be impaired or affected without the
consent of such Holder. 
 Section 6.06. Proceedings by Trustee. In case of an Event of Default, the Trustee
may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by action at law or by
proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law. 
 Section 6.07. Remedies Cumulative and
Continuing. Except as provided in the last paragraph of Section 2.07, all powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any

  
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thereof or of any other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants
and agreements contained in this Indenture, and no delay or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power accruing upon any Default or Event of Default shall impair any such right or power, or shall be
construed to be a waiver of any such Default or Event of Default or any acquiescence therein; and, subject to the provisions of Section 6.05, every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as shall be deemed expedient, by the Trustee or by the Holders. 
 Section
6.08. Direction of Proceedings and Waiver of Defaults by Majority of Holders. The Holders of a majority of the aggregate principal amount of the Notes at the time outstanding determined in accordance with Section 8.04
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that
(a) such direction shall not be in conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow
any direction that it determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. The Holders of a majority in aggregate principal amount of the Notes at the time outstanding
determined in accordance with Section 8.04 may on behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences except (i) a default in the payment of the principal (including any Redemption
Price) of, the Notes when due that has not been cured pursuant to the provisions of Section 6.01, (ii) a failure by the Company to pay or deliver, as the case may be, the consideration due upon conversion of the Notes or (iii) a default in respect
of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes shall be
restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall
have been waived as permitted by this Section 6.08, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent or
other Default or Event of Default or impair any right consequent thereon. The Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders
have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense that might be incurred by it in compliance with such request or direction. 

Section 6.09. Notice of Defaults. The Trustee shall, within 90 days after the occurrence and continuance of a
Default of which a Responsible Officer has actual knowledge, deliver to all Holders notice of all Defaults known to a Responsible Officer, unless such Defaults shall have been cured or waived before the giving of such notice; provided that,
except in the case of a Default in the payment of the principal of (including the Redemption Price, if applicable) any of the Notes or a Default in the payment or delivery of the consideration due upon conversion, the Trustee shall be protected in
withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the interests of the Holders. 

  
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 Section 6.10. Undertaking to Pay Costs. All parties to this
Indenture agree, and each Holder of any Note by its acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.10 (to
the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined
in accordance with Section 8.04, or to any suit instituted by any Holder for the enforcement of the payment of the principal of any Note (including, but not limited to, the Redemption Price, if applicable) on or after the due date expressed or
provided for in such Note or to any suit for the enforcement of the right to convert any Note, or receive the consideration due upon conversion, in accordance with the provisions of Article 14. 

ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of
Default and after the curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture or the Trust Indenture Act. In the event an Event of
Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request
or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense that might be incurred by it in compliance with such request or direction.

 No provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own
grossly negligent failure to act or its own willful misconduct, except that: 
 (a) prior to the occurrence of an Event of Default and after
the curing or waiving of all Events of Default that may have occurred: 
 (i) the duties and obligations of the Trustee shall
be determined solely by the express provisions of this Indenture or the Trust Indenture Act, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture or the Trust
Indenture Act and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

  
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 (ii) in the absence of bad faith and willful misconduct on the part of the
Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture;
but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein); 

(b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless
it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 
 (c) the Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than a majority of the aggregate principal amount of the Notes at the time outstanding determined as provided in
Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 

(d) whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording
protection to, the Trustee shall be subject to the provisions of this Section; 
 (e) the Trustee shall not be liable in respect of any
payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to the Notes; 

(f) if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a Responsible Officer of the Trustee had actual knowledge of such event; 

(g) in the absence of written investment direction from the Company, all cash received by the Trustee shall be placed in a non-interest
bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or
the failure of the party directing such investments prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any
amounts held hereunder in the absence of such written investment direction from the Company; and 

  
 35 

 (h) in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent,
Conversion Agent or transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent or transfer agent. 

None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 
 Section
7.02. Reliance on Documents, Opinions, Etc. Subject to Trust Indenture Act Section 315(a) through (d), except as otherwise provided in Section 7.01: 

(a) the Trustee may conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be genuine and to have been signed or presented by the proper party or parties; 

(b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate
(unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the Company; 

(c) the Trustee may consult with counsel and require an Opinion of Counsel and any advice of such counsel or Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 

(d) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the expense of the Company and shall incur no
liability of any kind by reason of such inquiry or investigation; 
 (e) the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by
it with due care hereunder; and 
 (f) the permissive rights of the Trustee enumerated herein shall not be construed as duties. 

  
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 In no event shall the Trustee be liable for any punitive, consequential loss or damage of any
kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. The Trustee shall not be charged with knowledge of any Default or
Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the
Company or by any Holder of the Notes. 
 Section 7.03. No Responsibility for Recitals, Etc. The recitals
contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by the
Trustee in conformity with the provisions of this Indenture. 
 Section 7.04. Trustee, Paying Agents, Conversion
Agents or Note Registrar May Own Notes. The Trustee, any Paying Agent, any Conversion Agent or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were
not the Trustee, Paying Agent, Conversion Agent or Note Registrar. 
 Section 7.05. Monies and Shares of Common Stock
to Be Held in Trust. All monies and shares of Common Stock received by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes for which they were received. Money and shares of Common Stock held
by the Trustee in trust hereunder need not be segregated from other funds or property except to the extent required by law. The Trustee shall be under no liability for interest on any money or shares of Common Stock received by it hereunder
except as may be agreed from time to time by the Company and the Trustee. 
 Section 7.06. Reports by Trustee to
Holders. Within 60 days after October 4 in each year, beginning October 4, 2017, the Trustee shall send to Holders as provided in Trust Indenture Act Section 313(c) a brief report dated as of such October 4 that complies with
Trust Indenture Act Section 313(a) (if such report is required by Trust Indenture Act Section 313(a)). The Trustee shall also comply with Trust Indenture Act Section 313(b)(2). A copy of each report at the time of its mailing to Holders
shall be sent to the Company and filed with the Commission and each stock exchange on which any of the Notes are listed, as required by Trust Indenture Act Section 313(d). The Company shall notify the Trustee when the Notes are listed on any
stock exchange, and of any delisting thereof. 
 Section 7.07. Compensation and Expenses of Trustee. The
Company covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to, compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust) as mutually agreed to in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances
reasonably incurred or made by the Trustee in accordance with any of the provisions of this 

  
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Indenture in any capacity thereunder (including the reasonable compensation and expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any
such expense, disbursement or advance as shall have been caused by its gross negligence, willful misconduct or bad faith, as determined by a court of competent jurisdiction. The Company also covenants to indemnify the Trustee in any capacity
under this Indenture and any other document or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss, claim, damage, liability or expense incurred without gross
negligence, willful misconduct or bad faith on the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, as determined by a court of competent jurisdiction, and arising out of
or in connection with the acceptance or administration of this Indenture or in any other capacity hereunder, including the costs and expenses of defending themselves against any claim of liability in the premises. The obligations of the Company
under this Section 7.07 to compensate or indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances shall be secured by a senior lien to which the Notes are hereby made subordinate on all money or property
held or collected by the Trustee, except, subject to the effect of Section 6.04, funds or other property held in trust herewith for the benefit of the Holders of particular Notes. The Trustee’s right to receive payment of any amounts due
under this Section 7.07 shall not be subordinate to any other liability or indebtedness of the Company. The obligation of the Company under this Section 7.07 shall survive the satisfaction and discharge of this Indenture and the earlier
resignation or removal or the Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 7.07 shall extend to the officers,
directors, agents and employees of the Trustee. 
 Without prejudice to any other rights available to the Trustee under applicable law, when
the Trustee and its agents and any authenticating agent incur expenses or render services after an Event of Default specified in Section 6.01(h) or Section 6.01(i) occurs, the expenses and the compensation for the services are intended to constitute
expenses of administration under any bankruptcy, insolvency or similar laws. 
 Section
7.08. Officers’ Certificate as Evidence. Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or
desirable that a matter be proved or established prior to taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence, willful misconduct
and bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate delivered to the Trustee, and such Officers’ Certificate, in the absence of gross negligence, willful misconduct and
bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof. 

Section 7.09. Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a Person
that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent

  
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report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article. The Trustee is subject to Trust Indenture Act Section 310(b). 
 Section
7.10. Resignation or Removal of Trustee. (a) The Trustee may at any time resign by giving written notice of such resignation to the Company and by delivering notice thereof to the Holders. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to
the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 60 days after the giving of such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days’
notice to the Company and the Holders, petition any court of competent jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this
Indenture) may, subject to the provisions of Section 6.10, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if
any, as it may deem proper and prescribe, appoint a successor trustee. 
 (b)    In case at any time any of the
following shall occur: 
 (i)    the Trustee shall cease to be eligible in accordance with the provisions
of Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Holder, or 

(ii)    the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in either case, the Company may by a Board Resolution remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed
by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.10, any Holder who has been a bona fide holder of a Note
or Notes for at least six months (or since the date of this Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c)    The Holders of a majority in aggregate principal amount of the Notes at the time outstanding, as determined in
accordance with Section 8.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such nomination the Company objects thereto,
in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.10(a) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee. 

  
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 (d)    If the Trustee fails to comply with this Section 7.10 with respect to
any Notes, any Holder of Notes who satisfies the requirements of Trust Indenture Act Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(e)    Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions
of this Section 7.10 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 
 Section
7.11. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.10 shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts
then due it pursuant to the provisions of Section 7.07, execute and deliver an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company
shall execute any and all instruments in writing for more fully and certainly vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim to which the
Notes are hereby made subordinate on all money or property held or collected by such trustee as such, except for funds or other property held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the
provisions of Section 7.07. 
 No successor trustee shall accept appointment as provided in this Section 7.11 unless at the time of such
acceptance such successor trustee shall be eligible under the provisions of Section 7.09. 
 Upon acceptance of appointment by a successor
trustee as provided in this Section 7.11, each of the Company and the successor trustee, at the written direction and at the expense of the Company shall deliver or cause to be delivered notice of the succession of such trustee hereunder to the
Holders. If the Company fails to deliver such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be delivered at the expense of the Company. 

Section 7.12. Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be merged
or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially
all of the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act

  
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on the part of any of the parties hereto; provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee
such corporation or other entity shall be eligible under the provisions of Section 7.09. 
 In case at the time such successor to the
Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or
authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by
such successor trustee may authenticate such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes
or in this Indenture provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any
predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation. 
 Section
7.13. Trustee’s Application for Instructions from the Company. Any application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or
omitted to be taken by the Trustee that affects the rights of the Holders of the Notes under this Indenture) may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and
the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable to the Company for any action taken by, or omission of, the Trustee in accordance with a proposal included in such
application on or after the date specified in such application (which date shall not be less than three Business Days after the date any officer that the Company has indicated to the Trustee should receive such application receives such application
determined in accordance with Section 17.04, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any omission), the Trustee shall have received
written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted. 

Section 7.14. Preferential Collection of Claims Against Company. The Trustee is subject to Trust Indenture Act
Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b). A trustee who has resigned or been removed shall be subject to Trust Indenture Act Section 311(a) to the extent indicated therein. 

ARTICLE 8 

CONCERNING THE HOLDERS 

Section 8.01. Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified
percentage of the aggregate principal amount of the Notes may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any
such action, the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument 

  
 41 

 
or any number of instruments of similar tenor executed by Holders in person or by agent or proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof at any meeting
of Holders duly called and held in accordance with the provisions of Article 9, or (c) by a combination of such instrument or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking
of any action by the Holders of the Notes, the Company or the Trustee may, but shall not be required to, fix in advance of such solicitation, a date as the record date for determining Holders entitled to take such action. The record date if one
is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action. 
 Section
8.02. Proof of Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and Section 9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in
accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note
Registrar. The record of any Holders’ meeting shall be proved in the manner provided in Section 9.06. 
 Section
8.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon
the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Note
Registrar) for the purpose of receiving payment of or on account of the principal (including any Redemption Price) of such Note, for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor
any Conversion Agent nor any Note Registrar shall be affected by any notice to the contrary. The sole registered holder of a Global Note shall be the Depositary or its nominee. All such payments or deliveries so made to any Holder for the
time being, or upon its order, shall be valid, and, to the extent of the sums or shares of Common Stock so paid or delivered, effectual to satisfy and discharge the liability for monies payable or shares deliverable upon any such
Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any holder of a beneficial interest in a Global Note may directly enforce against the Company, without the consent, solicitation,
proxy, authorization or any other action of the Depositary or any other Person, such holder’s right to exchange such beneficial interest for a Physical Note in accordance with the provisions of this Indenture. Without limiting the
generality of the foregoing, a Holder, including the Depositary, that is the Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or
other action provided in this Indenture to be made, given or taken by Holders, and Depositary that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such
Depositary’s standing instructions and customary practices. 
 Section 8.04. Company-Owned Notes
Disregarded. In determining whether the Holders of the requisite aggregate principal amount of Notes have concurred in any direction, consent, waiver or other action under this Indenture, Notes that are owned by the Company, by any
Subsidiary thereof or by any Affiliate of the Company or any Subsidiary thereof shall be 

  
 42 

 
disregarded and deemed not to be outstanding for the purpose of any such determination; provided that for the purposes of determining whether the Trustee shall be protected in relying on
any such direction, consent, waiver or other action only Notes that a Responsible Officer knows are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as outstanding for the purposes of this
Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee is not the Company, a Subsidiary thereof or an Affiliate of the Company or a Subsidiary
thereof. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to the Trustee promptly an
Officers’ Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons; and, subject to Section 7.01, the Trustee shall be entitled to accept such
Officers’ Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any such determination. 

Section 8.05. Revocation of Consents; Future Holders Bound. At any time prior to (but not after) the evidencing
to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified in this Indenture in connection with such action, any Holder of a Note that is shown
by the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in Section 8.02, revoke such action so
far as concerns such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of any Notes issued in exchange or
substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of transfer thereof. 

ARTICLE 9 

HOLDERS’ MEETINGS 

Section 9.01. Purpose of Meetings. A meeting of Holders may be called at any time and from time to time
pursuant to the provisions of this Article 9 for any of the following purposes: 
 (a)    to give any notice to the
Company, any Guarantor or to the Trustee or to give any directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its
consequences, or to take any other action authorized to be taken by Holders pursuant to any of the provisions of Article 6; 

(b)    to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 7; 

(c)    to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section
10.02; or 

  
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 (d)    to take any other action authorized to be taken by or on behalf of the
Holders of any specified aggregate principal amount of the Notes under any other provision of this Indenture or under applicable law. 

Section 9.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any
action specified in Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth the time and the place of such meeting and in general terms the action proposed to
be taken at such meeting and the establishment of any record date pursuant to Section 8.01, shall be delivered to Holders of such Notes. Such notice shall also be delivered to the Company. Such notices shall be delivered not less than 20
nor more than 90 days prior to the date fixed for the meeting. 
 Any meeting of Holders shall be valid without notice if the Holders of all
Notes then outstanding are present in person or by proxy or if notice is waived before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or
have, before or after the meeting, waived notice. 
 Section 9.03. Call of Meetings by Company or Holders. In
case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting
forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and
the place for such meeting and may call such meeting to take any action authorized in Section 9.01, by delivering notice thereof as provided in Section 9.02. 

Section 9.04. Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be
a Holder of one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who
shall be entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its
counsel. 
 Section 9.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee
may make such reasonable regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the
Company or by Holders as provided in Section 9.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the Holders of a majority in aggregate principal amount of the Notes represented at the meeting and entitled to vote at the meeting. 

  
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 Subject to the provisions of Section 8.04, at any meeting of Holders each Holder or proxyholder
shall be entitled to one vote for each $1.00 principal amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and
ruled by the chairman of the meeting to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on
behalf of other Holders. Any meeting of Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of a majority of the aggregate principal amount of Notes represented at the
meeting, whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 
 Section
9.06. Voting. The vote upon any resolution submitted to any meeting of Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the
outstanding aggregate principal amount of the Notes held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who
shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the
meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the
meeting and showing that said notice was delivered as provided in Section 9.02. The record shall show the aggregate principal amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the
affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the
meeting. 
 Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

Section 9.07. No Delay of Rights by Meeting. Nothing contained in this Article 9 shall be deemed or construed
to authorize or permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee
or to the Holders under any of the provisions of this Indenture or of the Notes. 

  
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 ARTICLE 10 

SUPPLEMENTAL INDENTURES 

Section 10.01. Supplemental Indentures Without Consent of Holders. The Company, when authorized by the
resolutions of the Board of Directors, the Guarantors and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 

(a)    to cure any ambiguity, omission, defect or inconsistency; 

(b)    to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture
pursuant to Article 11; 
 (c)    to provide for the assumption by a Successor Guarantor of the obligations of the
applicable Guarantor under its Note Guarantee and this Indenture pursuant to Section 13.04; 
 (d)    to add guarantees
with respect to the Notes; 
 (e)    to secure the Notes; 

(f)    to add to the covenants or Events of Default of the Company for the benefit of the Holders or surrender any right
or power conferred upon the Company; 
 (g)    to make any change that does not adversely affect the rights of any
Holder; 
 (h)    in connection with any Merger Event, provide that the Notes are convertible into Reference Property,
subject to the provisions of Section 14.04, and make such related changes to the terms of the Notes to the extent expressly required by Section 14.09; 

(i)    to adjust the Conversion Rate pursuant to this Indenture; 

(j)    to increase the outstanding principal amount of the Notes by the applicable Make-Whole Amount pursuant to this
Indenture; 
 (k)    to provide for the acceptance of appointment by a successor trustee pursuant to Section 7.10 or to
facilitate the administration of the trusts under this Indenture by more than one trustee; or 
 (l)    to comply with
any requirement of the Commission in connection with the qualification or to maintain the qualification of this Indenture under the Trust Indenture Act. 

Upon the written request of the Company, the Trustee is hereby authorized to join with the Company and the Guarantors in the execution of any
such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental indenture that affects the
Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by
the provisions of this Section 10.01 may be executed by the Company, the Guarantors and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of Section 10.02. 

  
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 Section 10.02. Supplemental Indentures with Consent of
Holders. With the consent (evidenced as provided in Article 8) of the Holders of at least a majority of the aggregate principal amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation,
consents obtained in connection with a repurchase of, or tender or exchange offer for, Notes), the Company, when authorized by the resolutions of the Board of Directors, the Guarantors and the Trustee, at the Company’s expense, may from time to
time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying
in any manner the rights of the Holders; provided, however, that, without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall: 

(a)    reduce the amount of Notes whose Holders must consent to an amendment; 

(b)    reduce the principal of or extend the Maturity Date of any Note; 

(c)    make any change that adversely affects the conversion rights of any Notes; 

(d)    reduce the Redemption Price of any Note or amend or modify in any manner adverse to the Holders the Company’s
obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 

(e)    make any Note payable in a currency, or at a place of payment, other than that stated in the Note; 

(f)    change the ranking of the Notes; 

(g)    make any change in this Article 10 that requires each Holder’s consent or in the waiver provisions in Section
6.02 or Section 6.08; 
 (h)    other than in accordance with the provisions of this Indenture, eliminate any existing
Note Guarantee; 
 (i)    make any change to the provisions of this Indenture governing the Collateral, including the
Security Documents, if such change would adversely affect the rights of Holders; or 
 (j)    impair the right of any
Holder to receive payment of principal (including the Redemption Price, if applicable) of such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s
Note. 
 Upon the written request of the Company, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid
and subject to Section 10.05, the Trustee shall join with the Company and the Guarantors in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties, liabilities or immunities
under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

  
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 Holders do not need under this Section 10.02 to approve the particular form of any proposed
supplemental indenture. It shall be sufficient if such Holders approve the substance thereof. After any such supplemental indenture becomes effective, the Company shall deliver to the Holders a notice briefly describing such supplemental
indenture. However, the failure to give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the supplemental indenture. 

Section 10.03. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to
the provisions of this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the
Company, the Guarantors and the Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be
deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 10.04. Notation
on Notes. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s expense, bear a notation in form approved by the Company as to any matter
provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any
such supplemental indenture may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 17.11) and delivered in exchange for
the Notes then outstanding, upon surrender of such Notes then outstanding. 
 Section 10.05. Evidence of Compliance of
Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by Section 17.07, the Trustee shall receive an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant hereto complies with the requirements of this Article 10 and is permitted or authorized by this Indenture. 
 Section
10.06. Compliance with Trust Indenture Act. Every amendment, waiver or supplement to this Indenture or the Notes shall comply with the Trust Indenture Act as then in effect. 

ARTICLE 11 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

Section 11.01. Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.02, the
Company shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its properties and assets to another Person, unless: 

(a)    the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall
be a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Company (if not the Company) shall expressly assume, by supplemental indenture all of the
obligations of the Company under the Notes and this Indenture; and 

  
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 (b)    immediately after giving effect to such transaction, no Default or
Event of Default shall have occurred and be continuing under this Indenture. 
 For purposes of this Section 11.01, the sale, conveyance,
transfer or lease of all or substantially all of the properties and assets of one or more Subsidiaries of the Company to another Person, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or
substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Company to another Person. 

Section 11.02. Successor Corporation to Be Substituted. In case of any such consolidation, merger, sale,
conveyance, transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee, of the due and punctual payment of the principal (including the Redemption Price, if applicable) of all
of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the
Company, such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the Company’s properties and assets, shall be substituted for the Company, with the same effect as if it had
been named herein as the party of the first part. Such Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate
and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company thereafter
shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the
terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this
Article 11 the Person named as the “Company” in the first paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Article 11) may be dissolved, wound up and liquidated at any
time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture and the Notes. 

  
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 In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes in
phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 
 Section
11.03. Opinion of Counsel to Be Given to Trustee. No such consolidation, merger, sale, conveyance, transfer or lease shall be effective unless the Trustee shall receive an Officers’ Certificate and an Opinion of
Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies
with the provisions of this Article 11. 
 ARTICLE 12 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS 
 Section 12.01. Indenture and Notes Solely Corporate Obligations. No recourse for
the payment of the principal of any Note, nor for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in
any Note, nor because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, Officer or director or Subsidiary, as such, past, present or future, of the Company or of any
successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood
that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes. 

ARTICLE 13 

GUARANTEE OF NOTES 

Section 13.01. The Note Guarantee. Subject to the provisions of this Article 13, each Guarantor hereby fully
and unconditionally guarantees, jointly and severally, the full and punctual payment (whether at maturity, by acceleration, upon redemption or otherwise) of the principal (including the Redemption Price, if applicable) of, and all other amounts
payable under, each Note, and the full and punctual payment of all other amounts payable by the Company under this Indenture. Upon failure by the Company to pay punctually any such amount, each Guarantor shall forthwith on demand pay the amount not
so paid at the place and in the manner specified in this Indenture. 
 Section 13.02. Note Guarantee
Unconditional. The obligations of each Guarantor hereunder are unconditional and absolute and, without limiting the generality of the foregoing, will not be released, discharged or otherwise affected by: 

(a)    any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Company under
this Indenture or any Note, by operation of law or otherwise; 

  
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 (b)    any modification or amendment of or supplement to this Indenture or
any Note; 
 (c)    any change in the corporate existence, structure or ownership of the Company, or any insolvency,
bankruptcy, reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any obligation of the Company contained in this Indenture or any Note; 

(d)    the existence of any claim, set off or other rights which the Guarantor may have at any time against the Company,
the Trustee or any other Person, whether in connection with this Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim; 

(e)    any invalidity or unenforceability relating to or against the Company for any reason of this Indenture or any Note,
or any provision of applicable law or regulation purporting to prohibit the payment by the Company of the principal (including the Redemption Price, if applicable) of any Note or any other amount payable by the Company under this Indenture; or 

(f)    any other act or omission to act or delay of any kind by the Company, the Trustee or any other Person or any other
circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder, other than payment in full of the principal (including the
Redemption Price, if applicable) of the Notes and all other amounts payable by the Company under this Indenture. 
 Section
13.03. Discharge; Reinstatement. Subject to Section 13.12, each Guarantor’s obligations hereunder will remain in full force and effect until the principal (including the Redemption Price, if applicable) of
the Notes and all other amounts payable by the Company under this Indenture have been paid in full. If at any time any payment of the principal (including the Redemption Price, if applicable) of any Note or any other amount payable by the Company
under this Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise, each Guarantor’s obligations hereunder with respect to such payment will be reinstated as
though such payment had been due but not made at such time. 
 Section 13.04. Guarantor May Consolidate, Etc. on
Certain Terms. Each Guarantor shall not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its properties and assets to another Person, unless: 

(a)    the resulting, surviving or transferee Person (the “Successor Guarantor”), if not the applicable
Guarantor, shall be organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and the Successor Guarantor (if not the applicable Guarantor) shall expressly assume, by supplemental indenture
all of the obligations of the applicable Guarantor under the applicable Note Guarantee and this Indenture; and 

(b)    immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing under this Indenture. 

  
 51 

 The foregoing limitations in this Section 13.04 shall not apply to any consolidation with, merger
with or into or sale, conveyance, transfer or lease of all or substantially all properties and assets to the Company or another Guarantor of the Notes. 

For purposes of this Section 13.04, the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of one or
more Subsidiaries of a Guarantor to another Person, which properties and assets, if held by such Guarantor instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of such Guarantor on a consolidated
basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of such Guarantor to another Person. 

In case of any such consolidation, merger, sale, conveyance, transfer or lease and upon the assumption by a Successor Guarantor, by
supplemental indenture, executed and delivered to the Trustee, of the applicable Note Guarantee and all other obligations of the applicable Guarantor under such Note Guarantee and this Indenture, such Successor Guarantor (if not the applicable
Guarantor) shall succeed to and, except in the case of a lease of all or substantially all of such Guarantor’s properties and assets, shall be substituted for such Guarantor, with the same effect as if it had been named herein as the party of
the first part. In the event of any such consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with this Section 13.04 the Person named as a “Guarantor” in the first paragraph of this
Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Section 13.04) may be dissolved, wound up and liquidated at any time thereafter and, except in the case of a lease, such Person shall be released
from its obligations under the applicable Note Guarantee and this Indenture. 
 In case of any such consolidation, merger, sale, conveyance,
transfer or lease, such changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 

Section 13.05. Existence. Subject to Section 13.04, each Guarantor shall do or cause to be done all things
necessary to preserve and keep in full force and effect its existence. 
 Section 13.06. Waiver by the
Guarantors. Each Guarantor irrevocably waives, to the fullest extent permitted by applicable law, acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as any requirement that at any time any
action be taken by any Person against the Company or any other Person. 
 Section 13.07. Subrogation and
Contribution. Upon making any payment with respect to any obligation of the Company under this Article 13, the Guarantor making such payment will be subrogated to the rights of the payee against the Company with respect to such obligation,
provided that the Guarantor may not enforce either any right of subrogation, or any right to receive payment in the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by
the Company hereunder or under the Notes remains unpaid. 

  
 52 

 Section 13.08. Stay of Acceleration. If acceleration of the time
for payment of any amount payable by the Company under this Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration under the terms of this Indenture are
nonetheless payable by the Guarantors hereunder forthwith on demand by the Trustee or the Holders. 
 Section
13.09. Limitation on Amount of Note Guarantee. Notwithstanding anything to the contrary in this Article 13, each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all
such parties that the Note Guarantee of such Guarantor not constitute a fraudulent conveyance under applicable fraudulent conveyance provisions of Title 11 of the United States Code or any comparable provision of state law. To effectuate that
intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor under its Note Guarantee are limited to the maximum amount that would not render the Guarantor’s obligations subject to
avoidance under applicable fraudulent conveyance provisions of Title 11 of the United States Code or any comparable provision of state law. 

Section 13.10. Additional Guarantors. Any Guarantor Subsidiary may become a Guarantor by executing and
delivering to the Trustee (a) a supplemental indenture, which subjects such Person to the provisions of this Indenture as a Guarantor, and (b) an Opinion of Counsel to the effect that such supplemental indenture has been duly authorized and executed
by such Person and constitutes the legal, valid and binding obligation of such Person (subject to customary assumptions and exceptions). 

Section 13.11. Delivery of Note Guarantee. The execution by each Guarantor of this Indenture (or a supplemental
indenture) evidences the Note Guarantee of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of authentication of any Note. The delivery of any Note by the Trustee after
authentication constitutes due delivery of the Note Guarantee set forth in this Indenture on behalf of each Guarantor. 
 Section
13.12. Release of Note Guarantee. The Note Guarantee of a Guarantor will terminate upon satisfaction and discharge of this Indenture in accordance with the terms hereof. 

Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the foregoing effect, the Trustee
will execute any documents reasonably requested by such Guarantor in order to evidence the release of the Guarantor from its obligations under its Note Guarantee. 

ARTICLE 14 

CONVERSION OF NOTES 

Section 14.01. Conversion Rate. The initial conversion rate of the Notes shall be 0.05330841 shares of Common
Stock (subject to adjustment as provided in this Article 14, the “Conversion Rate”) per $1.00 principal amount of Notes (subject to, and in accordance with, the settlement provisions of Section 14.04, the “Conversion
Obligation”). 

  
 53 

 Section 14.02. Optional Conversion. Subject to and upon compliance
with the provisions of this Article 14, each Holder of a Note shall have the right (which right shall be subject to Section 14.03), at such Holder’s option, to convert all or any portion of such Note at any time to, and including, the Business
Day immediately preceding the Maturity Date, at the Conversion Rate (an “Optional Conversion”); provided that if the Company calls any or all of the Notes for redemption pursuant to Article 16, then a Holder may surrender all
or any portion of its Notes designated by the Company for redemption for conversion at any time prior to the close of business on the Scheduled Trading Day prior to the Redemption Date; provided further that, after that time, the right to
convert such Notes shall expire, unless the Company defaults in the payment of the Redemption Price, in which case a Holder of Notes may convert such Notes until the Redemption Price has been paid or duly provided for. 

Section 14.03. Mandatory Conversion. (a) Subject to and upon compliance with the provisions of this Article 14,
the Company shall convert all outstanding Notes into Common Stock at the Conversion Rate (a “Mandatory Conversion”) upon the earliest to occur of the following (each, a “Mandatory Conversion Event”): 

(i)    the closing or effective date of any bona fide arm’s length issuance by the Company of Common
Stock to third parties that are not stockholders of the Company (or Affiliates of stockholders of the Company) for cash with (x) a total issuance size that is greater than or equal to $100,000,000 and (y) a per-share price greater than or equal to
$34.16, before underwriting commissions, placement fees or similar expenses; 
 (ii)    the Business Day
immediately succeeding the thirty (30) day period beginning on the date on which the Holders of at least a majority in aggregate principal amount of the Notes then outstanding deliver written notice to the Company to convert the Notes; 

(iii)    if the Common Stock is listed on a U.S. national securities exchange, the first Trading Day on
which the average of the Last Reported Sale Prices of the Common Stock over the thirty (30) consecutive Trading Day period ending on such Trading Day is 50% greater than $34.16; 

(iv)    the closing or effective date of any bona fide refinancing of the First Lien Credit Facility after
a determination by the Board of Directors in good faith that: (A) such refinancing provides for terms that are materially more favorable to the Company than the terms of the First Lien Credit Facility before such refinancing and (B) the causing of a
Mandatory Conversion is not the primary purpose of such refinancing; 
 (v)    the closing or effective
date of any Change of Control Transaction; or 
 (vi)    the Maturity Date. 

  
 54 

 (b)    Notwithstanding the foregoing, no Mandatory Conversion shall be
effected if a Default or Event of Default has occurred or is continuing. 
 (c)    Neither the Trustee nor the
Conversion Agent shall have any duty or responsibility to monitor or determine whether a Mandatory Conversion Event has occurred. 
 Section
14.04. Conversion Procedure; Settlement Upon Conversion. (a) Upon conversion of any Note, the Company shall deliver to the converting Holder, in respect of each $1.00 principal amount of Notes being converted, a number
of shares of Common Stock equal to the Conversion Rate, together with a cash payment, if applicable, in lieu of delivering any fractional share of Common Stock in accordance with subsection (i) of this Section 14.04, on the third Business Day
immediately following the relevant Conversion Date. Notwithstanding anything to the contrary herein, the Company shall not be required to issue any fraction of a share of Common Stock upon exercise of any Note; provided that the Company makes
the cash payment in lieu of such fractional share. 
 (b)    Subject to Section 14.04(e), before any Holder of a Note
shall be entitled to convert a Note pursuant to an Optional Conversion, such Holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and (ii) in the case of a Physical Note (1) complete,
manually sign and deliver an irrevocable notice to the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile thereof) at the office of the Conversion Agent and state in writing therein the principal amount of Notes to be
converted and the name or names (with addresses) in which such Holder wishes the certificate or certificates for the shares of Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly
endorsed to the Company or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent and (3) if required, furnish appropriate endorsements and transfer documents. The Trustee (or if
different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 14 on the Conversion Date for such conversion. 

If more than one Note shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to such Notes
shall be computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof to the extent permitted thereby) so surrendered. 

Any Note converted pursuant to a Mandatory Conversion shall be deemed to have been submitted or surrendered for conversion by the Holder
thereof for all purposes of this Indenture.
 (c)    A Note shall be deemed to have been converted (x) in the case of an
Optional Conversion, immediately prior to the close of business on the date (the “Optional Conversion Date”) that the Holder has complied with the requirements set forth in subsection (b) above or (y) subject to Section
14.03(b), in the case of a Mandatory Conversion, immediately prior to the close of business on the date (together with the Optional Conversion Date, the “Conversion Date”) that a Mandatory Conversion Event has occurred. The
Company shall issue or cause to be issued, and deliver to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, the full number of shares of Common Stock to which such Holder shall be entitled, in certificate form or in
book-entry format, in satisfaction of the Company’s Conversion Obligation. 

  
 55 

 (d)    In case any Note shall be surrendered for partial conversion, the
Company shall execute and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the Note so surrendered a new Note or Notes in authorized denominations in an aggregate principal amount equal to the unconverted
portion of the surrendered Note, without payment of any service charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or similar
governmental charge required by law or that may be imposed in connection therewith as a result of the name of the Holder of the new Notes issued upon such conversion being different from the name of the Holder of the old Notes surrendered for such
conversion. 
 (e)    If a Holder submits a Note for conversion, the Company shall pay any documentary, stamp or similar
issue or transfer tax due on the issue of the shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares to be issued in a name other than the Holder’s name, in which case the Holder shall pay that
tax. The Conversion Agent may refuse to deliver the certificates representing the shares of Common Stock being issued in a name other than the Holder’s name until the Conversion Agent receives a sum sufficient to pay any tax that is due by
such Holder in accordance with the immediately preceding sentence.
 (f)    Except as provided in Section 14.06, no
adjustment shall be made for dividends on any shares of Common Stock issued upon the conversion of any Note as provided in this Article 14. 

(g)    Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the direction of the Trustee,
shall make a notation on such Global Note as to the reduction in the principal amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the Trustee.

 (h)    The Person in whose name the shares of Common Stock shall be issuable upon conversion shall be treated as a
stockholder of record as of the close of business on the relevant Conversion Date. Upon a conversion of Notes, such Person shall no longer be a Holder of such Notes surrendered for conversion. 

(i)    The Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay
cash in lieu of delivering any fractional share of Common Stock issuable upon conversion based on the Last Reported Sale Price of the Common Stock on the relevant Conversion Date. 

Section 14.05. Decreased Conversion Rate Applicable to Notes. Concurrently with any increase to the outstanding
principal amount of the Notes pursuant to Section 2.02, the Conversion Rate shall be adjusted such that the Conversion Rate in effect immediately following the effectiveness of such increase in principal amount shall be equal to the Conversion Rate
in effect immediately prior to such increase in principal amount, multiplied by a fraction, (a) the 

  
 56 

 
numerator of which is the aggregate principal amount of the Notes outstanding immediately prior to such increase in principal amount and (b) the denominator of which is the aggregate principal
amount of the Notes outstanding immediately following such increase in principal amount. 
 Section 14.06. Adjustment
of Conversion Rate. The Conversion Rate shall be adjusted from time to time by the Company if any of the following events occurs, except that the Company shall not make any adjustments to the Conversion Rate if Holders of the Notes
participate (other than in the case of (x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the
transactions described in this Section 14.06, without having to convert their Notes, as if they held a number of shares of Common Stock equal to the Conversion Rate, multiplied by the principal amount of Notes held by such Holder. 

(a)    If the Company exclusively issues shares of Common Stock as a dividend or distribution on shares of the Common
Stock, or if the Company effects a share split or share combination, the Conversion Rate shall be adjusted based on the following formula: 
  

					
	CR’ = CR0 x	 	 OS’
	  	
	 	OS0	  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the close of business on the Record Date of such dividend or distribution, or immediately prior to the open of business on the Effective Date of such share split or share
combination, as applicable;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the close of business on such Record Date or immediately after the open of business on such Effective Date, as applicable;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the close of business on such Record Date or immediately prior the open of business on such Effective Date, as applicable; and
			
	OS’	  	=	  	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

 Any adjustment made under this Section 14.06(a) shall become effective immediately after the close of business
on the Record Date for such dividend or distribution, or immediately after the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution of the type described in this
Section 14.06(a) is declared but not so paid or made, the Conversion Rate shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the Conversion Rate that would then be
in effect if such dividend or distribution had not been declared. 

  
 57 

 (b)    If the Company issues to all or substantially all holders of the
Common Stock any rights, options or warrants entitling them, for a period of not more than 45 calendar days after the announcement date of such issuance, to subscribe for or purchase shares of the Common Stock at a price per share that is less than
the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, the Conversion Rate shall be
increased based on the following formula: 
  

					
	CR’ = CR0 x	 	 OS0 + X
	  	
	 	OS0 + Y	  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such issuance;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the close of business on such Record Date;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the close of business on such Record Date;
			
	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

 Any increase made under this Section 14.06(b) shall be made successively whenever any such rights, options or
warrants are issued and shall become effective immediately after the close of business on the Record Date for such issuance. To the extent that shares of the Common Stock are not delivered after the expiration of such rights, options or
warrants, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect had the increase with respect to the issuance of such rights, options or warrants been made on the basis of delivery of only the number of shares of
Common Stock actually delivered. If such rights, options or warrants are not so issued, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such Ex-Dividend Date for such issuance had not occurred. 

For purposes of this Section 14.06(b), in determining whether any rights, options or warrants entitle the holders to subscribe for or purchase
shares of the Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement for such
issuance, and in determining the aggregate offering price of such 

  
 58 

 
shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount payable on exercise or conversion thereof,
the value of such consideration, if other than cash, to be determined by the Board of Directors.
 (c)    If the Company
distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of the Company or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock,
excluding (i) dividends, distributions or issuances as to which an adjustment was effected pursuant to Section 14.06(a) or Section 14.06(b), (ii) dividends or distributions paid exclusively in cash as to which the provisions set forth in Section
14.06(d) shall apply, and (iii) Spin-Offs as to which the provisions set forth below in this Section 14.06(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to
acquire Capital Stock or other securities, the “Distributed Property”), then the Conversion Rate shall be increased based on the following formula: 
  

					
	CR’ = CR0 x	 	
      SP0  
    
	  	
	 	SP0 – FMV	  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such distribution;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the close of business on such Record Date;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution; and
			
	FMV	  	=	  	the fair market value (as determined by the Board of Directors) of the Distributed Property with respect to each outstanding share of the Common Stock on the Ex-Dividend Date for such distribution.

 Any increase made under the portion of this Section 14.06(c) above shall become effective immediately after
the close of business on the Record Date for such distribution. If such distribution is not so paid or made, the Conversion Rate shall be decreased to the Conversion Rate that would then be in effect if such distribution had not been
declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each
Holder of a Note shall receive, in respect of each $1.00 principal amount thereof, at the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the amount and kind of Distributed Property such Holder
would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate in effect on the Ex-Dividend Date for the distribution. If the Board of Directors determines the “FMV” (as defined above) of any
distribution for purposes of this 

  
 59 

 
Section 14.06(c) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in computing the
Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such distribution.

With respect to an adjustment pursuant to this Section 14.06(c) where there has been a payment of a dividend or other distribution on the
Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading on a U.S. national
securities exchange (a “Spin-Off”), the Conversion Rate shall be increased based on the following formula: 
  

					
	CR’ = CR0 x	 	 FMV0 + MP0
	  	
	 	MP0	  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the end of the Valuation Period;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the end of the Valuation Period;
			
	FMV0	  	=	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of the Common Stock (determined by reference to the definition of Last
Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the
Spin-Off (the “Valuation Period”); and
			
	MP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 The increase to the Conversion Rate under the preceding paragraph shall occur at the close of business on the
last Trading Day of the Valuation Period; provided that in respect of any conversion of Notes, if the relevant Conversion Date occurs during the Valuation Period, references to “10” in the preceding paragraph shall be deemed to be
replaced with such lesser number of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Conversion Date in determining the Conversion Rate. 

For purposes of this Section 14.06(c) (and subject in all respect to Section 14.13), rights, options or warrants distributed by the Company to
all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence
of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such shares of the Common Stock; (ii) are not exercisable; and (iii) are also issued in 

  
 60 

 
respect of future issuances of the Common Stock, shall be deemed not to have been distributed for purposes of this Section 14.06(c) (and no adjustment to the Conversion Rate under this Section
14.06(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Rate shall be
made under this Section 14.06(c). If any such right, option or warrant, including any such existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights,
options or warrants become exercisable to purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Record Date with
respect to new rights, options or warrants with such rights (in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event
of any distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a
distribution amount for which an adjustment to the Conversion Rate under this Section 14.06(c) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof,
upon such final redemption or purchase (x) the Conversion Rate shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Rate shall then again be readjusted to give effect to such distribution, deemed
distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming
such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without
exercise by any holders thereof, the Conversion Rate shall be readjusted as if such rights, options and warrants had not been issued. 
 For
purposes of Section 14.06(a), Section 14.06(b) and this Section 14.06(c), if any dividend or distribution to which this Section 14.06(c) is applicable also includes one or both of: 

(A)    a dividend or distribution of shares of Common Stock to which Section 14.06(a) is applicable (the “Clause A
Distribution”); or 
 (B)    a dividend or distribution of rights, options or warrants to which Section
14.06(b) is applicable (the “Clause B Distribution”), 
 then, in either case, (1) such dividend or distribution, other than the Clause A
Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 14.06(c) is applicable (the “Clause C Distribution”) and any Conversion Rate adjustment required by this Section
14.06(c) with respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Conversion Rate adjustment required by
Section 14.06(a) and Section 14.06(b) with respect thereto shall then be made, except that, if determined by the Company (I) the “Record Date” of the Clause A Distribution and the Clause B Distribution shall be deemed to be the Record Date
of the Clause C Distribution and (II) any 

  
 61 

 
shares of Common Stock included in the Clause A Distribution or Clause B Distribution shall be deemed not to be “outstanding immediately prior to the close of business on such Record Date or
immediately after the open of business on such Effective Date, as applicable” within the meaning of Section 14.06(a) or “outstanding immediately prior to the close of business on such Record Date” within the meaning of Section
14.06(b). 
 (d)    If any cash dividend or distribution is made to all or substantially all holders of the Common
Stock, the Conversion Rate shall be adjusted based on the following formula: 
  

					
	CR’ = CR0 x	 	
    SP0    

	  	
	 	SP0 – C	  	

 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the close of business on the Record Date for such dividend or distribution;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the close of business on the Record Date for such dividend or distribution;
			
	SP0	  	=	  	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
			
	C	  	=	  	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 Any increase pursuant to this Section 14.06(d) shall become effective immediately after the close of business
on the Record Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Rate shall be decreased, effective as of the date the Board of Directors determines not to make or pay such dividend or
distribution, to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing increase, each Holder of a Note shall receive, for each $1.00 principal amount of Notes, at the same time and upon the same terms as holders of
shares of the Common Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Rate on the Ex-Dividend Date for such cash dividend or distribution.

(e)    If the Company or any of its Subsidiaries make a payment in respect of a tender or exchange offer for the Common
Stock, to the extent that the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period
commencing on, and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer, the Conversion Rate shall be increased based on the following formula: 

 

					
	CR’ = CR0 x	 	 AC +
(SP’xOS’)
	  	
	 	OS0 x SP’	  	

  
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 where, 
  

					
	CR0	  	=	  	the Conversion Rate in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
			
	CR’	  	=	  	the Conversion Rate in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
			
	AC	  	=	  	the aggregate value of all cash and any other consideration (as determined by the Board of Directors) paid or payable for shares of Common Stock purchased in such tender or exchange offer;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such
tender or exchange offer);
			
	OS’	  	=	  	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or
exchange offer); and
			
	SP’	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.

 The increase to the Conversion Rate under this Section 14.06(e) shall occur at the close of business on the
10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that in respect of any conversion of Notes, if the relevant Conversion Date occurs during the 10
Trading Days immediately following, and including, the Trading Day next succeeding the date any such tender or exchange offer expires, references to “10” or “10th” in the preceding paragraph shall be deemed replaced with such
lesser number of Trading Days as have elapsed between the date that such tender or exchange offer expires and the Conversion Date in determining the Conversion Rate. 

(f)    Notwithstanding this Section 14.06 or any other provision of this Indenture or the Notes, if a Conversion Rate
adjustment becomes effective, and a Holder that has converted its Notes on or after the relevant Ex-Dividend Date and on or prior to the related Record Date would be treated as the record holder of the shares of Common Stock as of the related
Conversion Date as described under Section 14.04(h) based on an adjusted Conversion Rate for such Ex-Dividend 

  
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Date, then, notwithstanding the Conversion Rate adjustment provisions in this Section 14.06, the Conversion Rate adjustment relating to such Ex-Dividend Date shall not be made for such converting
Holder. Instead, such Holder shall be treated as if such Holder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other event giving rise to such adjustment. 

(g)    Except as stated in Section 14.05 and this Section 14.06, the Company shall not adjust the Conversion Rate for the
issuance of shares of the Common Stock or any securities convertible into or exchangeable for shares of the Common Stock or the right to purchase shares of the Common Stock or such convertible or exchangeable securities. 

(h)    In addition to those adjustments required by Section 14.05 and clauses (a), (b), (c), (d) and (e) of this Section
14.06, and to the extent permitted by applicable law and subject to the applicable rules of any exchange on which any of the Company’s securities are then listed, the Company from time to time may increase the Conversion Rate by any amount for
a period of at least 20 Business Days if the Board of Directors determines that such increase would be in the Company’s best interest. In addition, to the extent permitted by applicable law and subject to the applicable rules of any
exchange on which any of the Company’s securities are then listed, the Company may (but is not required to) increase the Conversion Rate to avoid or diminish any income tax to holders of Common Stock or rights to purchase Common Stock in
connection with a dividend or distribution of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion Rate is increased pursuant to either of the preceding two sentences, the Company shall
deliver to the Holder of each Note a notice of the increase at least 15 days prior to the date the increased Conversion Rate takes effect, and such notice shall state the increased Conversion Rate and the period during which it will be in effect.

 (i)    Notwithstanding anything to the contrary in this Article 14, the Conversion Rate shall not be adjusted: 

(i)    upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for
the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any plan; 

(ii)    upon the issuance of any shares of Common Stock or options or rights to purchase those shares
pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the Company or any of the Company’s Subsidiaries; 

(iii)    upon the issuance of any shares of the Common Stock pursuant to any option, warrant, right or
exercisable, exchangeable or convertible security not described in clause (ii) of this subsection and outstanding as of the date the Notes were first issued; 

(iv)    solely for a change in the par value of the Common Stock; or 

  
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 (v)    upon the repurchase of shares of Common Stock pursuant
to an open-market share repurchase program or other buy-back transaction that is not a tender offer or exchange offer of the nature described under Section 14.06(e). 

(j)    All calculations and other determinations under this Article 14 shall be made by the Company and shall be made to
the nearest one-one millionth (1/1,000,000th) of a share. 
 (k)    Whenever the Conversion Rate is adjusted as herein
provided, the Company shall promptly file with the Trustee (and the Conversion Agent if not the Trustee) an Officers’ Certificate setting forth the Conversion Rate after such adjustment and setting forth a brief statement of the facts requiring
such adjustment. Unless and until a Responsible Officer of the Trustee shall have received such Officers’ Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may assume without
inquiry that the last Conversion Rate of which it has knowledge is still in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Rate setting forth the adjusted Conversion
Rate and the date on which each adjustment becomes effective and shall deliver such notice of such adjustment of the Conversion Rate to each Holder. Failure to deliver such notice shall not affect the legality or validity of any such
adjustment. 
 (l)    For purposes of this Section 14.06, the number of shares of Common Stock at any time outstanding
shall not include shares of Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on shares of Common Stock held in the treasury of the Company, but shall include shares of Common
Stock issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. 
 Section 14.07. Adjustments of
Prices. Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices over a span of multiple days, the Board of Directors shall make appropriate adjustments to each to account for any
adjustment to the Conversion Rate that becomes effective, or any event requiring an adjustment to the Conversion Rate where the Record Date, Effective Date or expiration date, as the case may be, of the event occurs, at any time during the period
when the Last Reported Sale Prices are to be calculated. 
 Section 14.08. Shares to Be Fully Paid. The
Company shall provide, free from preemptive rights, out of its authorized but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for
conversion (assuming that at the time of computation of such number of shares, all such Notes would be converted by a single Holder). 

Section 14.09. Effect of Recapitalizations, Reclassifications and Changes of the Common Stock.

(a)    In the case of: 

(i)    any recapitalization, reclassification or change of the Common Stock (other than changes resulting
from a subdivision or combination), 

  
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 (ii)    any consolidation, merger, combination or similar
transaction involving the Company, 
 (iii)    any sale, lease or other transfer to a third party of the
consolidated assets of the Company and the Company’s Subsidiaries substantially as an entirety or 

(iv)    any statutory share exchange, 

in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including
cash or any combination thereof) (any such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the right to convert each $1.00 principal amount of Notes shall be changed into a right to convert such
principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate
immediately prior to such Merger Event would have owned or been entitled to receive (the “Reference Property,” with each “unit of Reference Property” meaning the kind and amount of Reference Property that a holder
of one share of Common Stock is entitled to receive) upon such Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a
supplemental indenture permitted under Section 10.01(h) providing for such change in the right to convert each $1.00 principal amount of Notes; provided, however, that at and after the effective time of the Merger Event the number of
shares of Common Stock otherwise deliverable upon conversion of the Notes in accordance with Section 14.04 shall instead be deliverable in the amount and type of Reference Property that a holder of that number of shares of Common Stock would have
received in such Merger Event. 
 If the Merger Event causes the Common Stock to be converted into, or exchanged for, the right to receive
more than a single type of consideration (determined based in part upon any form of stockholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed to be (x) the weighted average of the types and
amounts of consideration received by the holders of Common Stock that affirmatively make such an election or (y) if no holders of Common Stock affirmatively make such an election, the types and amounts of consideration actually received by the
holders of Common Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one share of Common Stock. The Company shall notify
Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as practicable after such determination is made. 

Such supplemental indenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that
shall be as nearly equivalent as is possible to the adjustments provided for in this Article 14. If, in the case of any Merger Event, the Reference Property includes shares of stock, securities or other property or assets (including cash or any
combination thereof) of a Person other than the successor or purchasing corporation, as the case may be, in such Merger Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions
to protect the interests of the Holders of the Notes as the Board of Directors shall reasonably consider necessary by reason of the foregoing, including the provisions providing for the purchase rights set forth in Article 15. 

  
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 (b)    When the Company executes a supplemental indenture pursuant to
subsection (a) of this Section 14.09, the Company shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise a unit of
Reference Property after any such Merger Event, any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly deliver notice thereof to all Holders. The Company shall cause notice
of the execution of such supplemental indenture to be delivered to each Holder within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 

(c)    The Company shall not become a party to any Merger Event unless its terms are consistent with this Section
14.09. None of the foregoing provisions shall affect the right of a holder of Notes to convert, or have converted, its Notes into shares of Common Stock as set forth in Section 14.01, Section 14.02, Section 14.03 and Section 14.04 prior to the
effective date of such Merger Event. 
 (d)    The above provisions of this Section shall similarly apply to successive
Merger Events. 
 Section 14.10. Certain Covenants. (a) The Company covenants that all shares of Common Stock
issued upon conversion of Notes will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof. 

(b)    The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes
hereunder require registration with or approval of any governmental authority under any federal or state law before such shares of Common Stock may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and
interpretations of the Commission, secure such registration or approval, as the case may be. 
 (c)    The Company
further covenants that if at any time the Common Stock shall be listed on any national securities exchange or automated quotation system the Company will list and keep listed, so long as the Common Stock shall be so listed on such exchange or
automated quotation system, any Common Stock issuable upon conversion of the Notes. 
 Section 14.11. Responsibility
of Trustee. The Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Rate (or any adjustment thereto) or whether any facts exist that may constitute a
Mandatory Conversion Event or that may require any adjustment (including any increase) of the Conversion Rate, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein
or in any supplemental indenture provided to be employed, in making the same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of
any securities, property or cash that may at any time be issued or 

  
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delivered upon the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be
responsible for any failure of the Company to issue, transfer or deliver any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of
the duties, responsibilities or covenants of the Company contained in this Article. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of
any provisions contained in any supplemental indenture entered into pursuant to Section 14.09 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the conversion of their
Notes after any event referred to in such Section 14.09 or to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent investigation) as conclusive evidence of the
correctness of any such provisions, and shall be protected in relying upon, the Officers’ Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect
thereto. 
 Section 14.12. Notice to Holders Prior to Certain Actions. In case of any:

(a)    action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Rate pursuant to
Section 14.05, Section 14.06 or Section 14.13; 
 (b)    Merger Event; or 

(c)    voluntary or involuntary dissolution, liquidation or winding-up of the Company or any of its Subsidiaries; 

then, in each case (unless notice of such event is otherwise required pursuant to another provision of this Indenture), the Company shall cause to be filed
with the Trustee and the Conversion Agent (if other than the Trustee) and to be delivered to each Holder, as promptly as possible but in any event at least 20 days prior to the applicable date hereinafter specified, a notice stating (i) the date on
which a record is to be taken for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of which the holders of Common Stock of record are to be determined for the purposes of such
action by the Company or one of its Subsidiaries, or (ii) the date on which such Merger Event, dissolution, liquidation or winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of
record shall be entitled to exchange their Common Stock for securities or other property deliverable upon such Merger Event, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the
legality or validity of such action by the Company or one of its Subsidiaries, Merger Event, dissolution, liquidation or winding-up. 

Section 14.13. Stockholder Rights Plans. If the Company has a stockholder rights plan in effect upon conversion
of the Notes, each share of Common Stock issued upon such conversion shall be entitled to receive the appropriate number of rights, if any, and the certificates representing the Common Stock issued upon such conversion shall bear such legends, if
any, in each case as may be provided by the terms of any such stockholder rights plan, as the 

  
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same may be amended from time to time. However, if, prior to any conversion of Notes, the rights have separated from the shares of Common Stock in accordance with the provisions of the applicable
stockholder rights plan, the Conversion Rate shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of the Common Stock Distributed Property as provided in Section 14.06(c), subject to
readjustment in the event of the expiration, termination or redemption of such rights. 
 ARTICLE 15 

COLLATERAL AND SECURITY 

Upon securing the Notes in accordance with Section 4.09, the following provisions shall apply: 

Section 15.01. Security Documents. (a) The Company and each of the Guarantors consent and agree to
be bound by the terms of the Security Documents to which they are parties, as the same may be in effect from time to time, and agree to perform their obligations thereunder in accordance therewith. The Company and the Guarantors hereby agree that
the Collateral Trustee shall hold the Collateral on behalf of and for the benefit of itself, the Trustee and all of the Holders. Furthermore, it is further understood and agreed that the Collateral Trustee is holding the Collateral Trust
Account solely for purposes of establishing the Trust Estate (as defined in the Collateral Trust Agreement) and is not holding such Collateral Trust Account as Collateral on behalf of and for the benefit of all of the Holders and as such has no duty
or obligations to the Holders with respect to such Collateral Trust Account.
 (b)    Each Holder of Notes, by its
acceptance thereof and of the Note Guarantees, consents and agrees to the terms of the Intercreditor and Subordination Agreement and the Security Documents (including, without limitation, the provisions providing for foreclosure and release of
Collateral and amendments to the Security Documents) as the same may be in effect or may be amended from time to time in accordance with their terms and authorizes and appoints (and authorizes and directs the Trustee to appoint) Wilmington Trust,
National Association, as the Collateral Trustee. The Trustee hereby authorizes and appoints Wilmington Trust, National Association, as Collateral Trustee, and each Holder of Notes and the Trustee direct (and each Holder authorizes and directs the
Trustee to direct) the Collateral Trustee to enter into the Security Documents (other than the Collateral Trust Agreement, after the occurrence of a Springing Event as provided in Section 4.09), enter into the amendment of the Collateral Trust
Agreement after the occurrence of Springing Event as provided in Section 4.09 and to perform its obligations and exercise its rights thereunder in accordance therewith, subject to the terms and conditions thereof. The Trustee, the Collateral Trustee
and each Holder of Notes, by accepting the Notes and the Note Guarantees of the Guarantors, acknowledges that, as more fully set forth in the Security Documents, the Collateral as now or hereafter constituted shall be held, subject to the
Intercreditor and Subordination Agreement, for the benefit of all the Holders, the Collateral Trustee and the Trustee, and the Lien of this Indenture and the Security Documents is subject to and qualified and limited in all respects by the
Intercreditor and Subordination Agreement, the Security Documents and actions that may be taken thereunder. 

  
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 Section 15.02. Intercreditor and Subordination
Agreement. This Article 15 and the provisions of each other Security Document are subject to the terms, conditions and benefits set forth in the Intercreditor and Subordination Agreement. The Company and each Guarantor consents to,
and agrees to be bound by, the terms of the Intercreditor and Subordination Agreement, as the same may be in effect from time to time, and to perform its obligations thereunder in accordance with the terms thereof. Each Holder of Notes, by its
acceptance of the Notes (a) consents to the subordination terms provided for in the Intercreditor and Subordination Agreement, (b) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor and
Subordination Agreement and (c) authorizes and instructs the Collateral Trustee and the Trustee (and the Trustee to direct the Collateral Trustee, if applicable) on behalf of each Holder to enter into the Intercreditor and Subordination Agreement on
the date hereof as Collateral Trustee on behalf of such Holders. The foregoing provisions are intended as an inducement to the Priority Lien Secured Parties under the Priority Lien Documents to extend credit to the Company and certain of its
Subsidiaries, and such Priority Lien Secured Parties are intended third party beneficiaries of such provisions and the provisions of the Intercreditor and Subordination Agreement. 

Section 15.03. Release of Liens in Respect of Notes. The Collateral Trustee’s Liens upon the
Collateral will no longer secure the obligations of the Company under the Notes and of each Guarantor under any Note Guarantee, and the right of the Holders to the benefits and proceeds of the Collateral Trustee’s Liens on the Collateral will
terminate and be discharged: 
 (a)    upon satisfaction and discharge of this Indenture in accordance with the terms
hereof; 
 (b)    upon payment in full and discharge of all Notes outstanding under this Indenture and all other
obligations of the Company under the Notes and of each Guarantor under any Note Guarantee, due and payable under this Indenture and the other Security Documents at the time the Notes are paid in full and discharged (other than contingent indemnity
obligations for which no claim has been made); 
 (c)    as to any Collateral of the Company or a Guarantor that is
sold, transferred or otherwise disposed of by the Company or any Guarantor to a Person that is not (either before or after such sale, transfer or disposition) the Company or any of its Subsidiaries in a transaction or other circumstance that
complies with the terms of the Indenture and is permitted by all of the other Security Documents, at the time of such sale, transfer or other disposition or to the extent of the interest sold, transferred or otherwise disposed of; 

(d)    in whole or in part, with the consent of the Holders of the requisite aggregate principal amount of Notes in
accordance with Article 10; 
 (e)    with respect to the assets of any Guarantor, at the time that such Guarantor is
released from its Note Guarantee in accordance with Section 13.12; or 
 (f)    if and to the extent required by the
terms of the Intercreditor and Subordination Agreement. 

  
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 Upon delivery to the Trustee and Collateral Trustee of an Officers’ Certificate and Opinion
of Counsel stating that all conditions precedent set forth in the Indenture and the Security Documents to release the Collateral Trustee’s Liens have been satisfied, the Trustee and Collateral Trustee, if applicable, shall execute and deliver
such instruments reasonably requested by the Company to effect such release. 
 Section 15.04. Concerning the Trustee
and Collateral Trustee. (a) None of the Trustee, Collateral Trustee and any of their officers, directors, employees, attorneys or agents shall be responsible or liable (i) for the legality, enforceability, effectiveness or
sufficiency of the Security Documents, for the creation, perfection, priority, sufficiency, maintenance, renewal or protection of any Lien, or for any defect or deficiency as to any such matters, or (ii) for any failure to demand, collect, foreclose
or realize upon or otherwise enforce any of the Liens or Security Documents or any delay in doing so, or (iii) for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title, for
insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 

(b)    The rights, privileges, protections, immunities and benefits given to the Trustee under this Indenture, including,
without limitation, its right to be indemnified and compensated and all other rights, privileges, protections, immunities and benefits set forth in this Indenture are extended to the Trustee and Collateral Trustee when each is acting under the
Collateral Trust Agreement and, if applicable, the other Security Documents. 
 (c)    Neither the Trustee nor
Collateral Trustee will be responsible for filing any financing or continuation statements or recording any documents or instruments at any time or times or otherwise perfecting or maintaining the perfection of any Liens on the Collateral. 

(d)    Whenever an action under the Collateral Trust Agreement requires an Act of Parity Lien Debtholders (as defined in
the Collateral Trust Agreement), the Trustee, in its capacity as a Parity Lien Representative (as defined in the Collateral Trust Agreement), shall seek the direction of Holders of the Notes (if Holder consent or direction is required under this
Indenture). Subject to the next succeeding sentence, the Trustee shall deliver an affirmative vote in such Act of Parity Lien Debtholders in the entire aggregate outstanding principal amount of the Notes, if the minimum consent or directions of
Holders for such action required under this Indenture are met. If the requested action requires the consent or direction of each Holder of the Notes affected thereby, then the Trustee shall not deliver an affirmative vote in such Act of Parity Lien
Debtholders unless it receives the consent of each Holder. 
 Section 15.05. Appointment of Collateral
Trustee. The Company and each of the Holders by acceptance of the Notes hereby designates and appoints the Collateral Trustee as its agent under this Indenture, the Collateral Trust Agreement and the Intercreditor and Subordination
Agreement (and the Security Documents (other than the Collateral Trust Agreement) upon the occurrence of a Springing Event), and the Company and each of the Holders by acceptance of the Notes hereby irrevocably authorizes the Collateral Trustee
to take such action on its behalf under the provisions of this Indenture, the Security Documents and the Intercreditor and Subordination Agreement, and to exercise such powers and perform such duties

  
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as are expressly delegated to the Collateral Trustee by the terms of this Indenture, the Security Documents and the Intercreditor and Subordination Agreement, and consents and agrees to the terms
of the Intercreditor and Subordination Agreement and each Security Document, as the same may be in effect or may be amended, restated, supplemented or otherwise modified from time to time in accordance with their respective terms. The
Collateral Trust Agreement shall provide that the Collateral Trustee shall act as such on the express conditions contained in this Section 15.05. Each Holder agrees that any action taken by the Collateral Trustee in accordance with the
provisions of this Indenture, the Intercreditor and Subordination Agreement and the Security Documents, and the exercise by the Collateral Trustee of any rights or remedies set forth herein and therein, shall be authorized and binding upon all
Holders. Notwithstanding any provision to the contrary contained elsewhere in this Indenture, the Security Documents and the Intercreditor and Subordination Agreement, the duties of the Collateral Trustee shall be ministerial and administrative
in nature, and the Collateral Trustee shall not have any duties or responsibilities, except those expressly set forth herein and in the Security Documents and the Intercreditor and Subordination Agreement to which the Collateral Trustee is a party,
nor shall the Collateral Trustee have or be deemed to have any trust or other fiduciary relationship with the Trustee or any Holder, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this
Indenture, the Security Documents and the Intercreditor and Subordination Agreement or otherwise exist against the Collateral Trustee. Without limiting the generality of the foregoing sentence, the use of the term “trustee” or
“Trustee” in this Indenture with reference to the Collateral Trustee is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used
merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 

ARTICLE 16 

OPTIONAL REDEMPTION 

Section 16.01. Optional Redemption. Prior to the Maturity Date, the Company may redeem (an “Optional
Redemption”) for cash all or part of the Notes, at the Redemption Price. 
 Section 16.02. Notice of Optional Redemption;
Selection of Notes. (a) In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a “Redemption
Date”) and it or, at its written request received by the Trustee not less than 55 calendar days prior to the Redemption Date (or such shorter period of time as may be acceptable to the Trustee), the Trustee, in the name of and at the
expense of the Company, shall deliver or cause to be delivered a notice of such Optional Redemption (a “Redemption Notice”) not less than 45 nor more than 60 calendar days prior to the Redemption Date to each Holder of Notes so to
be redeemed as a whole or in part; provided, however, that, if the Company shall give such notice, it shall also give written notice of the Redemption Date to the Trustee. The Redemption Date must be a Business Day. 

  
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 (b)    The Redemption Notice, if delivered in the manner herein provided,
shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such Redemption Notice or any defect in the Redemption Notice to the Holder of any Note designated for
redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

(c)    Each Redemption Notice shall specify: 

(i)    the Redemption Date; 

(ii)    the Redemption Price; 

(iii)    that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be
redeemed; 
 (iv)    the place or places where such Notes are to be surrendered for payment of the
Redemption Price; 
 (v)    that Holders may surrender their Notes for conversion at any time prior to
the close of business on the Scheduled Trading Day immediately preceding the Redemption Date; 

(vi)    the procedures a converting Holder must follow to convert its Notes; 

(vii)    the Conversion Rate; 

(viii)    the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes; and 

(ix)    in case any Note is to be redeemed in part only, the portion of the principal amount (including the
applicable Make-Whole Amount) thereof to be redeemed, and on and after the Redemption Date, upon surrender of such Note, a new Note in principal amount equal to the unredeemed portion (including the applicable Make-Whole Amount) thereof shall be
issued. 
 A Redemption Notice shall be irrevocable. 

(d)    If fewer than all of the outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions
thereof of a Global Note or the Notes in certificated form to be redeemed (in principal amounts of $1.00 or multiples thereof) in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed
and if such listing is known to the Trustee, or if such Notes are not so listed, by lot, on a pro rata basis or by another method the Trustee considers to be fair and appropriate and in the case of Global Notes, in accordance with the
applicable procedures of the Depositary. If any Note selected for partial redemption is submitted for conversion in part after such selection, the portion of the Note submitted for conversion shall be deemed (so far as may be possible) to be
the portion selected for redemption. The Trustee shall make the selection from outstanding Notes not previously called for redemption. The Trustee may select for redemption portions of the principal of Notes that have denominations larger
than $1.00. Notes and portions of them the 

  
 73 

 
Trustee selects shall be in amounts of $1.00 or a whole multiple of $1.00 in excess thereof. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of
Notes called for redemption. The Trustee shall notify the Company promptly of the Notes or portions of Notes to be redeemed. 
 Section
16.03. Payment of Notes Called for Redemption. (a) If any Redemption Notice has been given in respect of the Notes in accordance with Section 16.02, the Notes shall become due and payable on the Redemption Date at the place or
places stated in the Redemption Notice and at the applicable Redemption Price. On presentation and surrender of the Notes at the place or places stated in the Redemption Notice, the Notes shall be paid and redeemed by the Company at the
applicable Redemption Price. 
 (b)    Prior to the open of business on the Redemption Date, the Company shall deposit
with the Paying Agent or, if the Company or a Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately available funds if deposited on the Redemption
Date), sufficient to pay the Redemption Price of all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the Redemption Date for such
Notes. The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Redemption Price. 

Section 16.04. Restrictions on Redemption. The Company may not redeem any Notes on any date if the principal amount of the
Notes has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded, on or prior to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment
of the Redemption Price with respect to such Notes). 
 ARTICLE 17 

MISCELLANEOUS PROVISIONS 

Section 17.01. Indenture Subject to Trust Indenture Act. This Indenture is subject to the provisions of the
Trust Indenture Act that are required to be part of this Indenture, and shall, to the extent applicable, be governed by such provisions. 

Section 17.02. Provisions Binding on Successors. All the covenants, stipulations, promises and agreements of
each of the Company and the Guarantors contained in this Indenture shall bind its successors and assigns whether so expressed or not. 

Section 17.03. Official Acts by Successor Corporation. Any act or proceeding by any provision of this Indenture
authorized or required to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at
the time be the lawful sole successor of the Company. 

  
 74 

 Section 17.04. Addresses for Notices, Etc. Any notice or demand
that by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company or any Guarantor shall be deemed to have been sufficiently given or made, for all purposes if given or served by
being deposited postage prepaid by registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to SandRidge Energy, Inc., 123 Robert S. Kerr Avenue, Oklahoma City, Oklahoma
73102, Attention: General Counsel or sent electronically in PDF format to the Company’s General Counsel at pwarman@sandridgeenergy.com. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been
sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the Corporate Trust Office or sent electronically in PDF format. 

The Trustee, by notice to the Company, may designate additional or different addresses for subsequent notices or communications. 

Any notice or communication delivered or to be delivered to a Holder of Physical Notes shall be mailed to it by first class mail, postage
prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication delivered or to be delivered to a Holder of Global Notes shall be delivered in
accordance with the applicable procedures of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed. Any notice or communication shall also be mailed to any Person described in Trust Indenture Act Section
313(c), to the extent required by the Trust Indenture Act. 
 Failure to mail or deliver a notice or communication to a Holder or any defect
in it shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed or delivered, as the case may be, in the manner provided above, it is duly given, whether or not the addressee receives it. 

Section 17.05. Communication by Holders with Other Holders. Holders may communicate pursuant to Trust Indenture
Act Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Note Registrar, and anyone else shall have the protection of Trust Indenture Act Section 312(c). 

Section 17.06. Governing Law; Jurisdiction. THIS INDENTURE AND EACH NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO THIS INDENTURE AND EACH NOTE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). 

Each of the Company and the Guarantors irrevocably consents and agrees, for the benefit of the Holders from time to time of the Notes and the
Trustee, that any legal action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture, any Note Guarantee or the Notes may be brought in the courts of the State
of New York or the courts of the United States located in the Borough of Manhattan, 

  
 75 

 
New York City, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the non-exclusive jurisdiction of each such
court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and revenues.

Each of the Company and the Guarantors irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it
may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture, any Note Guarantee or the Notes brought in the courts of the State of New York or the courts
of the United States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any
such court has been brought in an inconvenient forum. 
 Section 17.07. Evidence of Compliance with Conditions
Precedent; Certificates and Opinions of Counsel to Trustee. Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall, if requested by the Trustee,
furnish to the Trustee an Officers’ Certificate or Opinion of Counsel or both, as applicable, stating that such action is permitted by the terms of this Indenture. 

Each Officers’ Certificate provided for, by or on behalf of the Company in this Indenture and delivered to the Trustee with respect to
compliance with this Indenture (other than the Officers’ Certificates provided for in Section 4.13 pursuant to Trust Indenture Act Section 314(a)(4)) shall include (a) a statement that the person signing such certificate is familiar with the
requested action and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that, in the judgment of such person, he or
she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to whether or not, in the judgment of such
person, such action is permitted by this Indenture. 
 Notwithstanding anything to the contrary in this Section 17.07, if any provision in
this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be entitled to such Opinion of Counsel. 

Section 17.08. Legal Holidays. In any case where any Conversion Date or Maturity Date is not a Business Day,
then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect as if taken on such date. 

Section 17.09. Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall
give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under
this Indenture. 

  
 76 

 Section 17.10. Table of Contents, Headings, Etc. The table of
contents and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions
hereof. 
 Section 17.11. Authenticating Agent. The Trustee may appoint an authenticating agent that shall be
authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.05, Section 2.06,
Section 2.07, Section 2.08, Section 10.04 and Section 16.02 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all
purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the Trustee” and a certificate of authentication executed on behalf of the
Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee
hereunder pursuant to Section 7.09. 
 Any corporation or other entity into which any authenticating agent may be merged or converted or
with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust
business of any authenticating agent, shall be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.11, without the execution or filing of any paper or any
further act on the part of the parties hereto or the authenticating agent or such successor corporation or other entity. 
 Any
authenticating agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such
authenticating agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor
authenticating agent (which may be the Trustee), shall give written notice of such appointment to the Company and shall deliver notice of such appointment to all Holders. 

The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may
terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 
 The provisions of Section 7.02, Section
7.03, Section 7.04, Section 8.03 and this Section 17.11 shall be applicable to any authenticating agent. 

  
 77 

 If an authenticating agent is appointed pursuant to this Section 17.11, the Notes may have
endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  

			
	                                    
                                         
   ,
	 as Authenticating Agent, certifies that this is one of the Notes described

in the within-named Indenture.

 

			
	By:	 	  

	Authorized Officer

 Section 17.12. Execution in Counterparts. This Indenture may be executed in any
number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be
their original signatures for all purposes. 
 Section 17.13. Severability. In the event any provision of
this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

Section 17.14. Waiver of Jury Trial. EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, ANY NOTE GUARANTEE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 17.15. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay
in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts that
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 17.16. Calculations. Except as otherwise provided herein, the Company shall be responsible for making
all calculations called for under the Notes. These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of the Common Stock, any Make-Whole Amount and the Conversion Rate of the Notes. The Company
shall make all these calculations in good faith and, absent manifest error, the Company’s calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule of its calculations to each of the Trustee and the
Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee will forward the Company’s calculations to
any Holder of Notes upon the request of that Holder at the sole cost and expense of the Company. 

  
 78 

 Section 17.17. USA PATRIOT Act. The parties hereto acknowledge that in
accordance with Section 326 of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each
person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the
requirements of the USA PATRIOT Act. 
 [Remainder of page intentionally left blank] 

  
 79 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the
date first written above. 
  

			
	SANDRIDGE ENERGY, INC., as Issuer
		
	By:	 	 /s/ Julian Bott

	Name:	 	Julian Bott
	Title:	 	Executive Vice President and
		 	Chief Financial Officer
	
	INTEGRA ENERGY, L. L.C., as Guarantor
		
	By:	 	 /s/ Julian Bott

	Name:	 	Julian Bott
	Title:	 	Executive Vice President and
		 	Chief Financial Officer
	
	LARIAT SERVICES, INC., as Guarantor
		
	By:	 	 /s/ Julian Bott

	Name:	 	Julian Bott
	Title:	 	Executive Vice President and
		 	Chief Financial Officer
	
	SANDRIDGE EXPLORATION AND
		 	PRODUCTION, LLC, as Guarantor
		
	By:	 	 /s/ Julian Bott

	Name:	 	Julian Bott
	Title:	 	Executive Vice President and
		 	Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
			
	SANDRIDGE HOLDINGS, INC., as Guarantor
		
	By:	 	 /s/ Julian Bott

	Name:	 	Julian Bott
	Title:	 	Executive Vice President and
		 	Chief Financial Officer
	
	SANDRIDGE MIDSTREAM, INC., as Guarantor
		
	By:	 	 /s/ Julian Bott

	Name:	 	Julian Bott
	Title:	 	Executive Vice President and
		 	Chief Financial Officer
	
	SANDRIDGE OPERATING
		 	COMPANY, as Guarantor
		
	By:	 	 /s/ Julian Bott

	Name:	 	Julian Bott
	Title:	 	Executive Vice President and
		 	Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
			
	WILMINGTON TRUST, NATIONAL
		 	ASSOCIATION, as Trustee
		
	By:	 	 /s/ Shawn Goffinet

	Name:	 	Shawn Goffinet
	Title:	 	Assistant Vice President

  
 [Signature Page to
Indenture] 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [INCLUDE FOLLOWING LEGEND IN ALL SECURITIES]

 [THE OBLIGATIONS EVIDENCED HEREBY ARE SUBORDINATE IN THE MANNER AND TO THE EXTENT SET FORTH IN THAT CERTAIN INTERCREDITOR AND
SUBORDINATION AGREEMENT DATED AS OF OCTOBER 4, 2016, BETWEEN ROYAL BANK OF CANADA, AS THE ORIGINAL PRIORITY LIEN AGENT, AND WILMINGTON TRUST, NATIONAL ASSOCIATION, AS THE ORIGINAL SUBORDINATED NOTES TRUSTEE AND ACKNOWLEDGED AND AGREED BY SANDRIDGE
ENERGY, INC. AND CERTAIN OF ITS SUBSIDIARIES, AND EACH HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, SHALL BE BOUND BY THE PROVISIONS OF THE INTERCREDITOR AND SUBORDINATION AGREEMENT, INCLUDING WITHOUT LIMITATION, THE SUBORDINATION TERMS
THEREIN.] 

  
 A-1 

 SANDRIDGE ENERGY, INC. 

0.00% Convertible Senior Subordinated Note due 2020 
  

			
	No. [        ]	  	[Initially]1 $[        ]

 CUSIP No. [80007P BC2] 

SANDRIDGE ENERGY, INC., a corporation duly organized and validly existing under the laws of the State of Delaware (the
“Company,” which term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]2 [        ]3, or registered assigns, the principal sum [as may be increased or decreased as set forth in
the “Schedule of Exchanges of Notes” attached hereto]4 [of $[        ]]5, which amount, taken
together with the principal amounts of all other outstanding Notes, shall not, unless permitted by the Indenture, exceed $281,780,873 in aggregate at any time (as increased by an amount equal to the aggregate principal amount of any additional Notes
issued pursuant to Section 2.02 of the within-mentioned Indenture), in accordance with the rules and procedures of the Depositary, on October 4, 2020. 

The Make-Whole Amount will be issued and payable as set forth in Section 2.02 of the within-mentioned Indenture, and any reference to
principal of, or in respect of, any Note therein shall be deemed to include the Make-Whole Amount if, in such context, the Make-Whole Amount is, was or would be payable pursuant to such Section 2.02, and any express mention of the payment of the
Make-Whole Amount in any provision therein shall not be construed as excluding the Make-Whole Amount in those provisions thereof where such express mention is not made. 

This Note shall not bear regular interest. 

The Company shall pay the principal of this Note, if and so long as such Note is a Global Note, in immediately available funds to the
Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company shall pay the principal of any Notes (other than Notes that are Global Notes) at
the office or agency designated by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in respect of the Notes and its agency in the contiguous United States, as a place where
Notes may be presented for payment or for registration of transfer and exchange.
  

	1 	Include if a global note. 

	2 	Include if a global note. 

	3 	Include if a physical note. 

	4 	Include if a global note. 

	5 	Include if a physical note. 

  
 A-2 

 Reference is made to the further provisions of this Note set forth on the reverse hereof,
including, without limitation, provisions giving the Holder of this Note the right to convert this Note into shares of Common Stock on the terms and subject to the limitations set forth in the Indenture, the creation of a second priority perfected
Lien on the Collateral, the Note Guarantees and the subordination of this Note to the Priority Lien Obligations. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Note, and any claim, controversy or dispute arising under or related to this Note, shall be construed in accordance with and governed
by the laws of the State of New York (without regard to the conflicts of laws provisions thereof). 
 In the case of any conflict
between this Note and the Indenture, the provisions of the Indenture shall control and govern. 
 This Note shall not be valid or become
obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the Indenture. 

[Remainder of page intentionally left blank] 

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

 

			
	SANDRIDGE ENERGY, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 Dated: 
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
 WILMINGTON TRUST, NATIONAL ASSOCIATION 

as Trustee, certifies that this is one of the Notes described 
 in
the within-named Indenture. 
  

			
	By:	 	  

		 	Authorized Signatory

  
 A-4 

 [FORM OF REVERSE OF NOTE] 

SANDRIDGE ENERGY, INC. 
 0.00%
Convertible Senior Subordinated Note due 2020 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its
0.00% Convertible Senior Subordinated Notes due 2020 (the “Notes”), initially limited to the aggregate principal amount of $281,780,873 (as increased by an amount equal to the aggregate principal amount of any additional Notes
issued pursuant to Section 2.02 of the within-mentioned Indenture) all issued or to be issued under and pursuant to an Indenture dated as of October 4, 2016 (the “Indenture”), among the Company, the guarantors named therein (the
“Guarantors”) and Wilmington Trust, National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights,
obligations, duties and immunities thereunder of the Trustee, the Company, each Guarantor and the Holders of the Notes. Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in the
Indenture. 
 In case certain Events of Default shall have occurred and be continuing, the principal (including the Redemption Price and the
Make-Whole Amount, if applicable) of all Notes may be declared, by either the Trustee or Holders of at least 25% in aggregate principal amount of Notes then outstanding, and upon said declaration shall become, due and payable in cash, in the manner,
with the effect and subject to the conditions and certain exceptions set forth in the Indenture. 
 Subject to the terms and conditions of
the Indenture, the Company will make all payments and deliveries in respect of the Redemption Price on the Redemption Date and the principal amount on the Maturity Date, as the case may be, to the Holder who surrenders a Note to a Paying Agent to
collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts.

The Indenture contains provisions permitting the Company, the Guarantors and the Trustee in certain circumstances, without the consent of the
Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the Indenture provided, to execute supplemental
indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of a majority in aggregate principal amount of the Notes at the time
outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default under the Indenture and its consequences. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay or deliver, as the case may be, the principal (including the Redemption Price, if applicable) of, and the consideration due upon conversion of, this Note at the place, at the respective times, at the rate
and in the lawful money herein prescribed. 

  
 A-5 

 The Notes are issuable in registered form without coupons in minimum denominations of $1.00
principal amount and multiples of $1.00 in excess thereof. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged for a like
aggregate principal amount of Notes of other authorized denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in
connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different from the name of the Holder of the old Notes surrendered for such exchange. 

The Notes shall be redeemable at the Company’s option prior to the Maturity Date in accordance with the terms and subject to the
conditions specified in the Indenture.
 Subject to the provisions of the Indenture, the Holder hereof has the right, at its option, prior
to the close of business on the Business Day immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1.00 or a multiple thereof, into shares of Common Stock at the Conversion Rate specified in the Indenture, as
adjusted from time to time as provided in the Indenture. 
 Subject to the provisions of the Indenture, the Notes shall be converted into
shares of Common Stock at the Conversion Rate specified in the Indenture, as adjusted from time to time as provided in the Indenture. 

Upon the occurrence of a Springing Event, subject to the Intercreditor and Subordination Agreement, the Notes shall be secured by a second
priority perfected Lien on the Collateral as provided in the Security Documents, in accordance with the terms and subject to the conditions specified in the Indenture. 

The Notes are initially entitled to the benefits of certain Note Guarantees of the Guarantors and may thereafter be entitled to certain other
Note Guarantees made for the benefit of the Holders as set forth in the Indenture. 
 To the extent provided in the Intercreditor and
Subordination Agreement, this Note and all Notes are subordinated to the Priority Lien Obligations. To the extent provided in the Intercreditor and Subordination Agreement, the Priority Lien Obligations must be paid in full before the Notes may be
paid. The Company agrees, and each Holder by accepting a Note agrees, to the subordination provisions contained in the Intercreditor and Subordination Agreement and authorizes the Trustee to give it effect and appoints the Trustee as
attorney-in-fact for such purpose. 

  
 A-6 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
 TEN COM = as tenants in common 

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act 
 CUST =
Custodian 
 TEN ENT = as tenants by the entireties 
 JT
TEN = joint tenants with right of survivorship and not as tenants in common 
 Additional abbreviations may also be used though not in
the above list. 

  
 A-7 

 SCHEDULE A6 

SCHEDULE OF EXCHANGES OF NOTES 

SANDRIDGE ENERGY, INC. 
 0.00%
Convertible Senior Subordinated Notes due 2020 
 The initial principal amount of this Global Note is
[        ] DOLLARS ($[        ]). The following increases or decreases in this Global Note have been made: 

 

									
	 Date of exchange
	  	 Amount of

decrease in
 principal amount

of this Global Note
	  	 Amount of

increase in
 principal amount

of this Global Note
	  	 Principal amount

of this Global Note
following such

decrease or
 increase
	  	 Signature of

authorized
 signatory of

Trustee or
 Custodian

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

  
  

	6 	Include if a global note. 

  
 A-8 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
  

	To:	SandRidge Energy, Inc. 

  

	To:	Wilmington Trust, National Association 

 Global Capital Markets 

15950 N. Dallas Parkway, Suite 550 

Dallas, TX 75248 
 Attention:
SandRidge Energy Administrator 
 The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the
portion hereof (that is $1.00 principal amount or a multiple thereof) below designated, into shares of Common Stock in accordance with the terms of the Indenture referred to in this Note, and directs that the shares of Common Stock issuable and
deliverable upon such conversion, together with any cash for any fractional share, and any Notes representing any unconverted principal amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated
below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in
accordance with Section 14.04(d) and Section 14.04(e) of the Indenture. Capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Indenture. 

 

							
	 Dated:
	 	
                     
                                
	    	  
	  	
				
		 		    	  
	  	
		 		    	Signature(s)	  	

  

                          
                                       

Signature Guarantee 
 Signature(s) must be guaranteed 

by an eligible Guarantor Institution 
 (banks, stock brokers,
savings and 
 loan associations and credit unions) 
 with
membership in an approved 
 signature guarantee medallion program 

pursuant to Securities and Exchange 
 Commission Rule 17Ad-15 if
shares 
 of Common Stock are to be issued, or 
 Notes are to be
delivered, other than 
 to and in the name of the registered holder. 

  
 1 

	
	 Fill in for registration of shares if

	 to be issued, and Notes if to

	 be delivered, other than to and in the

	 name of the registered holder:

	
	  

	 (Name)

	
	  

	 (Street Address)

	
	  

	 (City, State and Zip Code)

	 Please print name and address

  

	
	 Principal amount to be converted (if less than all):

 

	
	
$                  
                                         
             

	
	 NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every
particular without alteration or enlargement or any change whatever.
  

	
	                                      
                                      
	 Social Security or Other Taxpayer

	 Identification Number

  
 2 

 ATTACHMENT 2 

[FORM OF ASSIGNMENT AND TRANSFER] 
  

	To:	Wilmington Trust, National Association 

 Global Capital Markets 

15950 N. Dallas Parkway, Suite 550 

Dallas, TX 75248 
 Attention:
SandRidge Energy Administrator 
 For value received
                                        
hereby sell(s), assign(s) and transfer(s) unto
                                        
(Please insert social security or Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably constitutes and appoints
                                         
    attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises. 
 In connection with
any transfer of the within Note, the undersigned confirms that such Note is being transferred: 
  

	☐	To SandRidge Energy, Inc. or a subsidiary thereof; or 

  

	☐	Pursuant to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended; or 

  

	☐	Pursuant to and in compliance with Section 1145 of Title 11 of the United States Code; or 

  

	☐	Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption from the registration requirements of the Securities Act of 1933, as amended. 

  
 1 

	
	Dated:
                                         
           
	
	  

	  

	Signature(s)
	  

	 Signature Guarantee

	
	 Signature(s) must be guaranteed by an

	 eligible Guarantor Institution (banks, stock

	 brokers, savings and loan associations and

	 credit unions) with membership in an approved

	 signature guarantee medallion program pursuant

	 to Securities and Exchange Commission

	 Rule 17Ad-15 if Notes are to be delivered, other

	 than to and in the name of the registered holder.

 NOTICE: The signature on the assignment must correspond with the name as written upon the face of the Note in every
particular without alteration or enlargement or any change whatever. 

  
 2 

 EXHIBIT B 

FORM OF COLLATERAL TRUST AGREEMENT 

[See Attached] 

  
 B-1 

 EXHIBIT C 

FORM OF INTERCREDITOR AND SUBORDINATION AGREEMENT 

[See Attached] 

  
 C-1 

 EXHIBIT D 

FORM OF SECURITY AGREEMENT 

[See Attached] 

  
 D-1EX-10.4

 Exhibit 10.4 
  

 
  

INTERCREDITOR AND SUBORDINATION AGREEMENT 

dated as of October 4, 2016 between 

Royal Bank of Canada, 
 as Priority
Lien Agent, 
 and 
 Wilmington
Trust, National Association, 
 as Subordinated Collateral Trustee 

and Acknowledged and Agreed by 

SandRidge Energy, Inc. and certain of its subsidiaries 
  

 
 THIS IS THE INTERCREDITOR AGREEMENT REFERRED TO IN
(A) THE INDENTURE DATED AS OF OCTOBER 4, 2016, AMONG SANDRIDGE ENERGY, INC., CERTAIN OF ITS SUBSIDIARIES FROM TIME TO TIME PARTY THERETO AND WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE, (B) THE SENIOR REVOLVING CREDIT AGREEMENT
DATED AS OF OCTOBER 4, 2016 AS AMENDED, SUPPLEMENTED, RESTATED OR OTHERWISE MODIFIED FROM TIME TO TIME, AMONG SANDRIDGE ENERGY, INC., THE LENDERS PARTY THERETO FROM TIME TO TIME AND ROYAL BANK OF CANADA, AS ADMINISTRATIVE AGENT, (C) THE OTHER
NOTE DOCUMENTS REFERRED TO IN SUCH INDENTURE AND (D) THE OTHER LOAN DOCUMENTS REFERRED TO IN SUCH CREDIT AGREEMENT. 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  
	DEFINITIONS	  
			
	Section 1.01	  	Construction; Certain Defined Terms	  	 	1	  
	
	ARTICLE II	  
	SUBORDINATION	  
			
	Section 2.01	  	Subordination of Subordinated Debt to Priority Lien Debt	  	 	15	  
	Section 2.02	  	Subordinated Debt Payment Restrictions	  	 	16	  
	Section 2.03	  	Relative Priorities	  	 	16	  
	Section 2.04	  	Prohibition on Marshalling, Etc	  	 	17	  
	Section 2.05	  	No New Liens	  	 	17	  
	Section 2.06	  	Similar Collateral and Agreements	  	 	17	  
	Section 2.07	  	No Duties of Priority Lien Agent	  	 	18	  
	
	ARTICLE III	  
	ENFORCEMENT RIGHTS; PURCHASE OPTION	  
			
	Section 3.01	  	Limitation on Enforcement Action	  	 	18	  
	Section 3.02	  	Standstill Period; Permitted Enforcement Action	  	 	19	  
	Section 3.03	  	Insurance	  	 	20	  
	Section 3.04	  	Notification of Release of Collateral	  	 	20	  
	Section 3.05	  	No Interference; Payment Over	  	 	20	  
	Section 3.06	  	Purchase Option	  	 	21	  
	
	ARTICLE IV	  
	OTHER AGREEMENTS	  
			
	Section 4.01	  	Release of Liens; Automatic Release of Subordinated Liens	  	 	23	  
	Section 4.02	  	Certain Agreements With Respect to Insolvency or Liquidation Proceedings	  	 	24	  
	Section 4.03	  	Reinstatement	  	 	27	  
	Section 4.04	  	Refinancings; Additional Priority Lien Debt; Additional Subordinated Debt	  	 	27	  
	Section 4.05	  	Amendments to Subordinated Documents	  	 	29	  
	Section 4.06	  	Legends	  	 	29	  
	Section 4.07	  	Subordinated Secured Parties Rights as Unsecured Creditors; Judgment Lien Creditor	  	 	30	  
	Section 4.08	  	Postponement of Subrogation	  	 	30	  
	Section 4.09	  	Acknowledgment by the Secured Debt Representatives	  	 	30	  
	
	ARTICLE V	  
	GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS	  
			
	Section 5.01	  	General	  	 	30	  
	Section 5.02	  	Deposit Accounts	  	 	31	  
	
	ARTICLE VI	  
	APPLICATION OF PROCEEDS; DETERMINATION OF AMOUNTS	  
			
	Section 6.01	  	Application of Proceeds	  	 	31	  
	Section 6.02	  	Determination of Amounts	  	 	31	  
	
	ARTICLE VII	  
	NO RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE; CONSENT OF GRANTORS; ETC.	  
			
	Section 7.01	  	No Reliance; Information	  	 	32	  

  
 i 

							
	 	  	 	  	Page	 
	Section 7.02	  	No Warranties or Liability	  	 	32	  
	Section 7.03	  	Obligations Absolute	  	 	33	  
	Section 7.04	  	Grantors Consent	  	 	33	  
	
	ARTICLE VIII	  
	REPRESENTATIONS AND WARRANTIES	  
			
	Section 8.01	  	Representations and Warranties of Each Party	  	 	33	  
	Section 8.02	  	Representations and Warranties of Each Representative	  	 	34	  
	
	ARTICLE IX	  
	MISCELLANEOUS	  
			
	Section 9.01	  	Notices	  	 	34	  
	Section 9.02	  	Waivers; Amendment	  	 	35	  
	Section 9.03	  	Actions Upon Breach; Specific Performance	  	 	35	  
	Section 9.04	  	Parties in Interest	  	 	35	  
	Section 9.05	  	Survival of Agreement	  	 	35	  
	Section 9.06	  	Counterparts	  	 	36	  
	Section 9.07	  	Severability	  	 	36	  
	Section 9.08	  	Governing Law; Jurisdiction; Consent to Service of Process	  	 	36	  
	Section 9.09	  	WAIVER OF JURY TRIAL	  	 	36	  
	Section 9.10	  	Headings	  	 	37	  
	Section 9.11	  	Conflicts	  	 	37	  
	Section 9.12	  	Provisions Solely to Define Relative Rights	  	 	37	  
	Section 9.13	  	Certain Terms Concerning the Subordinated Collateral Trustee	  	 	37	  
	Section 9.14	  	Certain Terms Concerning the Priority Lien Agent and the Subordinated Collateral Trustee	  	 	37	  
	Section 9.15	  	Authorization of Secured Agents	  	 	38	  
	Section 9.16	  	Further Assurances	  	 	38	  
	Section 9.17	  	Relationship of Secured Parties	  	 	38	  
	Section 9.18	  	Springing Event	  	 	38	  
		
	Annex and Exhibits	  			
		
	Annex I	  			
			
	Exhibit A	  	Form of Priority Confirmation Joinder	  			
	Exhibit B	  	Security Documents	  			

  
 ii 

 INTERCREDITOR AND SUBORDINATION AGREEMENT, dated as of October 4, 2016 (as amended,
supplemented or otherwise modified from time to time in accordance with the terms hereof, this “Agreement”), between Royal Bank of Canada, as administrative agent for the Priority Lien Secured Parties referred to herein (in such
capacity, and together with its successors and assigns in such capacity, the “Original Priority Lien Agent”), and Wilmington Trust, National Association, as collateral trustee for the Subordinated Secured Parties referred to herein
(in such capacity, and together with its successors in such capacity, the “Original Subordinated Collateral Trustee”) and agreed by SandRidge Energy, Inc., a Delaware corporation (together with its successors and assigns,
“SandRidge”) and certain of its subsidiaries. 
 Reference is made to (a) the Priority Credit Agreement
(defined below) and (b) the Subordinated Notes Indenture (defined below) governing the Subordinated Notes (defined below). 
 From time
to time following the date hereof, SandRidge may (i) incur Additional Priority Lien Obligations (defined below) to the extent permitted by the Secured Debt Documents (defined below); in connection with any Additional Priority Lien Obligations,
SandRidge and the Priority Lien Agent (defined below) shall, concurrently with the incurrence of such Additional Priority Lien Obligations, enter into a Priority Lien Intercreditor Agreement (defined below) and (ii) with respect to the
Subordinated Notes and the Subordinated Obligations (each defined below), in accordance with the terms of and to the extent permitted by the Subordinated Notes Indenture, the Priority Lien Documents and subject to the express conditions set forth in
Section 4.04 of this Agreement, incur liens on the Collateral securing such Subordinated Obligations on a second priority, subordinated basis (any such Subordinated Obligations so secured, the Subordinated Secured Obligations); in connection
with the Subordinated Notes Indenture and any Subordinated Secured Obligations, SandRidge and certain Grantors (defined below), the Subordinated Notes Trustee (defined below) and the Subordinated Collateral Trustee (defined below) shall,
concurrently with the incurrence of such Subordinated Secured Obligations, enter into a Subordinated Collateral Trust Agreement (defined below). 

In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Priority Lien Agent (for itself and on behalf of the Priority Lien Secured Parties) and the Subordinated Collateral Trustee (for itself and on behalf of the Subordinated Secured Parties (defined below), if any) agree as
follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 Construction; Certain Defined Terms. (a) 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, (i) any reference herein to any
agreement, instrument, other document, statute or regulation shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented or otherwise modified, (ii) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made to such subsidiaries, (iii) 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, (iv) all references herein to Articles, Sections
and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, 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 and (vi) the term “or” is not exclusive. 

 (b) All terms used in this Agreement that are defined in Article 1, 8 or 9 of the New York UCC
(whether capitalized herein or not) and not otherwise defined herein have the meanings assigned to them in Article 1, 8 or 9 of the New York UCC. If a term is defined in Article 9 of the New York UCC and another Article of the UCC, such term shall
have the meaning assigned to it in Article 9 of the New York UCC. 
 (c) Unless otherwise set forth herein, all references herein to the
Subordinated Collateral Trustee shall be deemed to refer to the Subordinated Collateral Trustee in its capacity as collateral trustee under the Subordinated Collateral Trust Agreement. 

(d) As used in this Agreement, the following terms have the meanings specified below: 

“Accounts” has the meaning assigned to such term in Section 3.01. 

“Additional Priority Lien Debt Facility” means any indebtedness for which the requirements of Section 4.04(b) of this
Agreement have been satisfied, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from time to time in accordance with each applicable Secured Debt Document;
provided that neither the Priority Credit Agreement nor any Priority Substitute Credit Facility shall constitute an Additional Priority Lien Debt Facility at any time. 

“Additional Priority Lien Documents” means the Additional Priority Lien Debt Facility, the Priority Lien Intercreditor
Agreement and the Additional Priority Lien Security Documents. 
 “Additional Priority Lien Obligations” means, with
respect to any Grantor, any obligations of such Grantor owed to any Additional Priority Lien Secured Party (or any of its Affiliates) in respect of the Additional Priority Lien Documents. 

“Additional Priority Lien Secured Parties” means, at any time, the Priority Lien Agent, the trustee, agent or other
representative of the holders of any Series of Priority Lien Debt who maintains the transfer register for such Series of Priority Lien Debt, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Additional Priority
Lien Document and each other holder of, or obligee in respect of, any holder or lender pursuant to any Series of Priority Lien Debt outstanding at such time; provided that the Credit Agreement Secured Parties (other than the Priority Lien Agent)
shall not be deemed Additional Priority Lien Secured Parties. 
 “Additional Priority Lien Security Documents” means the
Additional Priority Lien Debt Facility (insofar as the same grants a Lien on the Collateral) and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements,
or grants or transfers for security, now existing or entered into after the date hereof, executed and delivered by SandRidge or any other Grantor to the Priority Lien Agent creating (or purporting to create) a Lien upon the Priority Lien Collateral
in favor of the Additional Priority Lien Secured Parties. 
 “Additional Subordinated Debt Facility” means any indebtedness
for which the requirements of Section 4.04(b) of this Agreement have been satisfied, as amended, restated, modified, renewed, refunded, restated, restructured, increased, supplemented, replaced or refinanced in whole or in part from time
to time in accordance with each applicable Secured Debt Document; provided that neither the Subordinated Notes Indenture nor any Subordinated Substitute Facility shall constitute an Additional Subordinated Debt Facility at any time. 

  
 2 

 “Additional Subordinated Documents” means the Additional Subordinated Debt
Facility and the Additional Subordinated Security Documents. 
 “Additional Subordinated Obligations” means, with respect
to any Grantor, any obligations of such Grantor owed to any Additional Subordinated Secured Party (or any of its Affiliates) in respect of the Additional Subordinated Documents. 

“Additional Subordinated Secured Parties” means, at any time, the Subordinated Collateral Trustee, the trustee, agent or
other representative of the holders of any Series of Subordinated Debt who maintains the transfer register for such Series of Subordinated Debt, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Additional
Subordinated Document and each other holder of, or obligee in respect of, any holder or lender pursuant to any Series of Subordinated Debt outstanding at such time; provided that the Indenture Subordinated Secured Parties shall not be deemed
Additional Subordinated Secured Parties. 
 “Additional Subordinated Security Documents” means the Additional Subordinated
Debt Facility (insofar as the same grants a Lien on the Collateral) and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements, or grants or transfers for
security, now existing or entered into after the date hereof, executed and delivered by SandRidge or any other Grantor creating (or purporting to create) a Lien upon the Subordinated Collateral in favor of the Additional Subordinated Secured
Parties. 
 “Affiliate” means, with respect to any specified Person: (a) any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person; (b) any other Person that owns, directly or indirectly, 10% or more of the Voting Stock of such specified Person (or any of such specified
Person’s direct or indirect parent’s Voting Stock); or (c) any other Person 10% or more of the Voting Stock of which is beneficially owned or held directly or indirectly by such specified Person. For purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “under common control with” have meanings correlative to the foregoing. 

“Agreement” has the meaning assigned to such term in the preamble hereto. 

“Bank Product” means each and any of the following bank services and products provided to SandRidge or any other Grantor by
any lender under the Priority Credit Agreement or any Affiliate of any such lender: (a) commercial credit cards; (b) stored value cards; and (c) Treasury Management Arrangements (including controlled disbursement, automated
clearinghouse transactions, return items, overdrafts and interstate depository network services). 
 “Bank Product
Obligations” means any and all obligations of SandRidge or any other Grantor, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof
and substitutions therefor) in connection with any Bank Product. 
 “Bankruptcy Code” means Title 11 of the United States
Code. 

  
 3 

 “Bankruptcy Law” means the Bankruptcy Code and any other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, administration, rearrangement, judicial management, receivership, insolvency, reorganization (by way of voluntary arrangement, scheme of arrangement or otherwise), or
similar federal, state, or foreign debtor relief laws (including under any applicable corporate statute) of the United States or other applicable jurisdictions from time to time in effect. 

“Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in Houston, Texas or
in New York, New York are authorized or required by law to close. 
 “Capital Stock” of any Person means any and all
shares, units, interests, participations, rights in or other equivalents (however designated) of such Person’s capital stock, other equity interests whether now outstanding or issued after the date hereof, partnership interests (whether general
or limited), limited liability company interests, any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, including any Preferred
Stock, and any rights (other than debt securities or other indebtedness convertible into Capital Stock), warrants or options exchangeable for or convertible into such Capital Stock. 

“Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, constituting the Priority
Lien Collateral and/or the Subordinated Collateral, if any. 
 “Credit Agreement Debt” means the indebtedness under the
Priority Credit Agreement (including letters of credit and reimbursement obligations with respect thereto) that was permitted to be incurred and secured under the Priority Credit Agreement or any Additional Priority Lien Debt Facility (or as to
which the lenders under the Priority Credit Agreement obtained an Officer’s Certificate at the time of incurrence to the effect that such indebtedness was permitted to be incurred and secured by all applicable Secured Debt Documents) and
additional indebtedness under any Priority Substitute Credit Facility. For purposes of this Agreement, indebtedness under the Priority Credit Agreement is permitted to be incurred under the Subordinated Notes Indenture. 

“Credit Agreement Documents” means the Priority Credit Agreement, the Credit Agreement Security Documents, the other
“Loan Documents” (as defined in the Priority Credit Agreement) and all other loan documents, notes, guarantees, instruments and agreements governing or evidencing, or executed or delivered in connection with, any Priority Substitute Credit
Facility. 
 “Credit Agreement Obligations” means the Credit Agreement Debt and all other Obligations in respect of or in
connection with Credit Agreement Debt including, without limitation, the principal amount of all debts, claims and indebtedness and accrued interest, fees, costs, and other charges incurred under the Priority Credit Agreement and the other Credit
Agreement Documents, whether incurred before or after commencement of an Insolvency or Liquidation Proceeding, and whether or not allowable in an Insolvency or Liquidation Proceeding together with (a) any amendments, modifications, renewals or
extensions thereof to the extent not prohibited by the terms of this Agreement, (b) any interest accruing thereon after the commencement of an Insolvency or Liquidation Proceeding, without regard to whether or not such interest is an allowed
claim, and (c) Hedging Obligations and the Bank Product Obligations. For the avoidance of doubt, Hedging Obligations shall only constitute Credit Agreement Obligations to the extent that such Hedging Obligations are secured under the terms of
the Credit Agreement Documents. To the extent that any payment with respect to the Credit Agreement Obligations (whether by or on behalf of SandRidge, as proceeds of security, enforcement of any right of set-off, or otherwise) is declared to be
fraudulent or preferential in any respect, set aside, or required to be paid to a debtor in possession, trustee, receiver, or similar Person, then the obligation or part thereof originally intended to be satisfied will be deemed to be reinstated and
outstanding as if such payment had not occurred. 

  
 4 

 “Credit Agreement Secured Parties” means, at any time, (a) the Priority
Lien Agent, (b) each lender or issuing bank under the Priority Credit Agreement, (c) each holder, provider or obligee of any Hedging Obligations and Bank Product Obligations that (i) is a lender under the Priority Credit Agreement or
an Affiliate (as defined herein or in the Priority Credit Agreement) thereof at the time such Hedging Obligation or Bank Product Obligation is entered into or (ii) is a holder, provider or obligee of Hedging Obligations and Bank Product
Obligations designated on Schedule 1.01A or 1.01B, respectively of the Priority Credit Agreement, and, in the case of each of the foregoing clauses (i) and (ii), is a secured party (or a party entitled to the benefits of the security) under any
Credit Agreement Document, (d) the beneficiaries of each indemnification obligation undertaken by any Grantor under any Credit Agreement Document, (e) each other Person that provides letters of credit, guarantees or other credit support
related thereto under any Credit Agreement Document and (f) each other holder of, or obligee in respect of, any Credit Agreement Obligations (including pursuant to a Priority Substitute Credit Facility), in each case to the extent designated as
a secured party (or a party entitled to the benefits of the security) under any Credit Agreement Document outstanding at such time. 

“Credit Agreement Security Documents” means the Priority Credit Agreement (insofar as the same grants a Lien on the
Collateral), each agreement listed in Part A of Exhibit B hereto, and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, control agreements, or grants or transfers for security, now existing or
entered into after the date hereof, executed and delivered by SandRidge or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the Priority Lien Agent (including any such agreements, assignments, mortgages, deeds
of trust and other documents or instruments associated with any Priority Substitute Credit Facility). 
 “Credit
Facilities” means one or more debt facilities (including, without limitation, the Priority Credit Agreement), commercial paper facilities or other debt instruments, indentures or agreements providing for revolving credit loans, term loans,
receivables financings (including through the sale of receivables to the lenders or to special purpose entities formed to borrow from the lenders against such receivables), letters of credit, capital markets financings and/or private placements
involving bonds or other debt securities, or other debt obligations, in each case, as amended, restated, modified, renewed, refunded, restructured, supplemented, replaced or refinanced from time to time in whole or in part from time to time,
including without limitation any amendment increasing the amount of indebtedness incurred or available to be borrowed thereunder, extending the maturity of any indebtedness incurred thereunder or contemplated thereby or deleting, adding or
substituting one or more parties thereto (whether or not such added or substituted parties are banks or other institutional lenders). 

“DIP Financing” has the meaning assigned to such term in Section 4.02(b). 

“DIP Financing Liens” has the meaning assigned to such term in Section 4.02(b). 

“DIP Lenders” has the meaning assigned to such term in Section 4.02(b). 

“Discharge of Priority Lien Obligations” means the occurrence of all of the following: 

(a) termination or expiration of all commitments to lend and to extend credit (and to acquire participations in letters of credit and all
obligations to issue, amend, renew or extend letters of credit) that would constitute Priority Lien Obligations; 
 (b) payment in full in
cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such proceeding), premium (if any), and expenses
(including, without limitation, all professional fees and expenses) on all Priority Lien Obligations (other than any undrawn letters of credit); 

  
 5 

 (c) discharge or cash collateralization (at the lower of (i) 105% of the aggregate undrawn
amount and (ii) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Priority Lien Document) of all outstanding letters of credit constituting Priority Lien Obligations; 

(d) payment in full in cash of obligations in respect of Hedging Obligations constituting Priority Lien Obligations (and, with respect to any
particular agreement regarding Hedging Obligations, termination of such agreement and payment in full in cash of all obligations thereunder or such other arrangements as have been made by the counterparty thereto (and communicated to the Priority
Lien Agent) pursuant to the terms of the Priority Credit Agreement); 
 (e) the provision of cash collateral to the applicable Priority Lien
Secured Parties in such amount as such Priority Lien Secured Parties determine is reasonably necessary to secure such Priority Lien Secured Parties in respect of any asserted or threatened (in writing) claims, demands, actions, suits, proceedings,
investigations, liabilities, fines, costs, penalties, or damages for which any such Priority Lien Secured Parties may be entitled to indemnification or reimbursement by any Obligor pursuant to the indemnification or reimbursement provisions of the
applicable Priority Lien Documents; and 
 (f) payment in full in cash of all other Priority Lien Obligations, including without limitation,
Bank Product Obligations, that are outstanding and unpaid at the time the Priority Lien Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no
claim or demand for payment has been made at or prior to such time, except to the extent provided for in the preceding clause (e)). 
 provided that,
if, at any time after the Discharge of Priority Lien Obligations has occurred, SandRidge or any Grantor enters into any Priority Lien Document evidencing a Priority Lien Obligation which incurrence is not prohibited by the applicable Secured Debt
Documents, then such Discharge of Priority Lien Obligations shall automatically be deemed not to have occurred for all purposes of this Agreement with respect to such new Priority Lien Obligations (other than with respect to any actions taken as a
result of the occurrence of such first Discharge of Priority Lien Obligations), and, from and after the date on which SandRidge designates such indebtedness as Priority Lien Debt in accordance with this Agreement, the obligations under such Priority
Lien Document shall automatically and without any further action be treated as Priority Lien Obligations for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth in this
Agreement, any Subordinated Obligations shall be deemed to have been at all times Subordinated Obligations and at no time Priority Lien Obligations. For the avoidance of doubt, a Replacement as contemplated by Section 4.04(a) shall not be
deemed to cause a Discharge of Priority Lien Obligations. In the event that any Priority Lien Obligations are modified and are paid, or to be paid, over time pursuant to section 1129 of the Bankruptcy code or any similar provision under another
Bankruptcy Law, such Priority Lien Obligations shall be deemed to be Discharged when the final payment is made, in cash, in respect of such Debt and all obligations pursuant to such new Debt shall have been satisfied. 

“Disposition” shall mean any sale, lease, exchange, assignment, license, contribution, transfer or other disposition.
“Dispose” shall have a correlative meaning. 
 “Enforcement Action” means an action to: 

(a) foreclose, execute, levy, or collect on, take possession or control of, sell or otherwise realize upon (judicially or non-judicially), or
lease, license or otherwise dispose of (whether publicly or privately), Collateral, or otherwise exercise or enforce remedial rights with respect to Collateral under the Priority Lien Documents or the Subordinated Documents (including by way of
setoff, recoupment, 

  
 6 

 
notification of a public or private sale or other disposition pursuant to the New York UCC or other applicable law, notification to account debtors, notification to depositary banks under deposit
account control agreements, or exercise of rights under letters-in-lieu, bailee’s letter, landlord consents or similar agreements or arrangements, if applicable); 

(b) solicit bids from third Persons to conduct the liquidation or disposition of Collateral or to engage or retain sales brokers, marketing
agents, auctioneers, investment bankers or other third Persons for the purposes of marketing, promoting and selling Collateral; 
 (c)
receive a transfer of Collateral in satisfaction of Debt or any other Obligations secured thereby; 
 (d) otherwise enforce a security
interest or exercise another right or remedy, as a secured creditor or otherwise, pertaining to the Collateral at law, in equity or pursuant to the Priority Lien Documents or Subordinated Documents (including the commencement of applicable legal
proceedings or other actions with respect to all or any portion of the Collateral to facilitate the actions described in the preceding clauses, and exercising voting rights in respect of equity interests comprising Collateral); 

(e) effect the disposition of Collateral by any Grantor (in lieu of a foreclosure sale) after the occurrence and during the continuation of an
Event of Default (as defined in the Priority Credit Agreement or the Subordinated Collateral Trust Agreement) with the consent of the Priority Lien Agent or the Subordinated Collateral Trustee, as applicable; 

(f) after the occurrence of an Event of Default under the Priority Credit Agreement, obtain payment of, collect or realize upon any
Subordinated Debt; or 
 (g) commence, or join in filing of a petition for commencement of, an Insolvency or Liquidation Proceeding against
any Obligor or the owner of Collateral. 
 provided that “Enforcement Action” shall not include any forbearance from the exercise of any
remedies by the Priority Lien Agent or any other Priority Lien Secured Parties or by the Subordinated Collateral Trustee or any other Subordinated Secured Parties, as the case may be. 

“Governmental Authority” means the government of the United States or any other nation, or any political subdivision thereof,
whether state, provincial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other Person exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 
 “Grantor” means SandRidge, each other subsidiary of SandRidge that shall have granted any Lien
in favor of any of the Priority Lien Agent or the Subordinated Collateral Trustee on any of its assets or properties to secure any of the Secured Obligations. 

“Hedging Obligations” means, with respect to any Grantor, the obligations of such Grantor incurred in the normal course of
business and consistent with past practices and not for speculative purposes under: 
 (a) interest rate swap agreements, interest rate cap
agreements and interest rate collar agreements entered into with one or more financial institutions and designed to protect such Grantor or any subsidiary thereof entering into the agreement against fluctuations in interest rates with respect to
indebtedness incurred; 

  
 7 

 (b) foreign exchange contracts and currency protection agreements entered into with one or more
financial institutions and designed to protect such Grantor or any subsidiary thereof entering into the agreement against fluctuations in currency exchanges rates with respect to indebtedness incurred; 

(c) any commodity futures contract, commodity option or other similar agreement or arrangement designed to protect against fluctuations in the
price of oil, natural gas or other commodities used, produced, processed or sold by that Grantor or any subsidiary thereof at the time; and 

(d) other agreements or arrangements designed to protect such Grantor or any subsidiary thereof against fluctuations in interest rates,
commodity prices or currency exchange rates. 
 “Indebtedness” has the meaning set forth in the Priority Credit Agreement
as in effect on the date hereof, and any component definition used therein has the meaning set forth in the Priority Credit Agreement as of the date hereof. 

“Indenture Subordinated Documents” means the Subordinated Notes Indenture, the Subordinated Indenture Notes, the Indenture
Subordinated Security Documents and all other loan documents, notes, guarantees, instruments and agreements governing or evidencing the Indenture Subordinated Obligations or any Subordinated Substitute Facility. 

“Indenture Subordinated Obligations” means, with respect to any Grantor, any obligations of such Grantor owed to any
Indenture Subordinated Secured Party (or any of its Affiliates) in respect of the Indenture Subordinated Documents. 
 “Indenture
Subordinated Secured Parties” means, at any time, the Subordinated Notes Trustee, the Subordinated Collateral Trustee, the trustees, agents and other representatives of the holders of the Subordinated Indenture Notes (including any holders
of notes pursuant to supplements executed in connection with the issuance of any Series of Subordinated Debt under the Subordinated Notes Indenture) who maintain the transfer register for such Subordinated Indenture Notes or such Series of
Subordinated Debt, the beneficiaries of each indemnification obligation undertaken by any Grantor under any Indenture Subordinated Document and each other holder of, or obligee in respect of, any Subordinated Indenture Notes, any holder or lender
pursuant to any Indenture Subordinated Document outstanding at such time; provided that the Additional Subordinated Secured Parties shall not be deemed Indenture Subordinated Secured Parties. 

“Indenture Subordinated Security Documents” means the Subordinated Notes Indenture (insofar as the same grants a Lien on the
Collateral), the Subordinated Collateral Trust Agreement, each agreement listed in Part B of Exhibit B hereto and any other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency
agreements, control agreements, or grants or transfers for security, now existing or entered into after the date hereof, executed and delivered by SandRidge or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of
the Subordinated Collateral Trustee (including any such agreements, assignments, mortgages, deeds of trust and other documents or instruments associated with any Subordinated Substitute Facility). 

“Insolvency or Liquidation Proceeding” means: 

(a) any case commenced by or against SandRidge or any other Grantor under the Bankruptcy Code or any other Bankruptcy Law, any other
proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of SandRidge or any other Grantor, any receivership or assignment for the benefit of creditors relating to SandRidge or any other Grantor
or any similar case or proceeding relative to SandRidge or any other Grantor or its creditors, as such, in each case whether or not voluntary; 

  
 8 

 (b) any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or
relating to SandRidge or any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 

(c) any other proceeding of any type or nature in which substantially all claims of creditors of SandRidge or any other Grantor are determined
and any payment or distribution is or may be made on account of such claims. 
 “Lien” means any mortgage or deed of trust,
charge, pledge, lien (statutory or otherwise), privilege, security interest, assignment, deposit, arrangement, hypothecation, claim, preference, priority or other encumbrance for security purposes upon or with respect to any property of any kind
(including any conditional sale, capital lease or other title retention agreement, any leases in the nature thereof, and any agreement to give any security interest), real or personal, movable or immovable, now owned or hereafter acquired. 

“Material Adverse Effect” means a material adverse change in, or a material adverse effect upon, the operations, earnings,
business, assets, properties, liabilities, condition (financial or otherwise) or prospects of the Company and its Subsidiaries, taken as a whole; provided, without limiting the generality of the foregoing, that the Company’s entry into
bankruptcy proceedings shall be deemed to constitute a “Material Adverse Effect.” 
 “New York UCC” means
the Uniform Commercial Code as from time to time in effect in the State of New York. 
 “Obligations” means any principal
(including reimbursement obligations and obligations to provide cash collateral with respect to letters of credit whether or not drawn), interest (including, to the extent legally permitted, all interest accrued thereon after the commencement of any
Insolvency or Liquidation Proceeding at the rate, including any applicable post-default rate even if such interest is not enforceable, allowable or allowed as a claim in such proceeding), premium (if any), fees, indemnifications, reimbursements,
expenses and other liabilities payable under the documentation governing any indebtedness. 
 “Officer” means, with respect
to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Senior Vice President, any
Vice President or any Assistant Vice President of such Person. 
 “Officer’s Certificate” means a certificate signed
on behalf of SandRidge by any Officer of SandRidge. 
 “Original Priority Lien Agent” has the meaning assigned to such term
in the preamble hereto. 
 “Original Subordinated Collateral Trustee” has the meaning assigned to such term in the preamble
hereto. 
 “Permitted Subordinated Debt Payments” means any payment permitted by Section 7.15 of the Priority Credit
Agreement and any similar restriction in any successor agreement no more favorable to the Subordinated Debt than as provided in such Section 7.15; provided that nothing shall prevent the Subordinated Debt from paying interest-in-kind or
making a claim in any Insolvency or Liquidation Proceeding. 

  
 9 

 “Person” means an individual, a corporation, a partnership, a limited liability
company, an association, a trust or any other entity, including a government or political subdivision or an agency or instrumentality thereof. 

“Preferred Stock” means, with respect to any Person, any Capital Stock of any class or classes (however designated) which is
preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over the Capital Stock of any other class in such Person. 

“Priority Confirmation Joinder” means an agreement substantially in the form of Exhibit. A. 

“Priority Credit Agreement” means that certain Credit Agreement, dated as of October 4, 2016, by and among SandRidge, as
borrower, the Original Priority Lien Agent, and the other lenders party thereto, as such agreement, in whole or in part, in one or more instances, may be amended, restated, renewed, extended, substituted, refinanced, restructured, replaced,
supplemented or otherwise modified from time to time (including, without limitation, any successive amendments, restatements, renewals, extensions, substitutions, foregoing) and any credit agreement, loan agreement, note agreement, promissory note,
indenture or any other agreement or instrument evidencing or governing the terms of any Priority Substitute Credit Facility. 

“Priority Lien” means a Lien granted by SandRidge or any other Grantor in favor of the Priority Lien Agent, at any time, upon
any Property of SandRidge or such Grantor to secure Priority Lien Obligations (including Liens on such Collateral under the security documents associated with any Priority Substitute Credit Facility). 

“Priority Lien Agent” means (a) the Original Priority Lien Agent, and, from and after the date of execution and delivery
of a Priority Substitute Credit Facility, the agent, collateral agent, trustee or other representative of the lenders or holders of the indebtedness and other Obligations evidenced thereunder or governed thereby, in each case, together with its
successors in such capacity and (b) any collateral trustee or agent in respect of any Additional Priority Lien Debt Facility pursuant to the Priority Lien Intercreditor Agreement. 

“Priority Lien Collateral” shall mean all “Collateral”, as defined in the Priority Credit Agreement or any other
Priority Lien Document, and any other assets of any Grantor now or at any time hereafter subject to Liens which secure, but only to the extent securing, any Priority Lien Obligation. 

“Priority Lien Debt” means the Credit Agreement Debt and all additional indebtedness incurred under any Additional Priority
Lien Documents and with respect to which the requirements of Section 4.04(b) have been satisfied, and all indebtedness incurred under any Priority Substitute Credit Facility. 

“Priority Lien Documents” means the Credit Agreement Documents and the Additional Priority Lien Documents. 

“Priority Lien Intercreditor Agreement” means from and after the date of execution and delivery of any Additional Priority
Lien Debt Facility and/or a Priority Substitute Credit Facility, an intercreditor agreement entered into among SandRidge, the other Grantors, the Priority Lien Agent and the other Priority Lien Representatives, as amended, restated, adjusted,
waived, renewed, extended, supplemented or otherwise modified from time to time, in accordance with each applicable Priority Lien Document. 

  
 10 

 “Priority Lien Obligations” means the Credit Agreement Obligations, Additional
Priority Lien Obligations and, in each case, all other Obligations in respect thereof. Notwithstanding any other provision hereof, the term “Priority Lien Obligations” will include accrued interest, fees, costs and other charges incurred
under the Priority Lien Documents, whether incurred before or after commencement of an Insolvency or Liquidation Proceeding. 

“Priority Lien Representative” means (a) in the case of the Priority Credit Agreement, the Priority Lien Agent, and
(b) in the case of any other Series of Priority Lien Debt, the trustee, agent or representative of the holders of such Series of Priority Lien Debt who (i) is appointed as a Priority Lien Representative (for purposes related to the
administration of the security documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Priority Lien Debt, together with its successors in such capacity, and (ii) has executed the Priority Lien
Intercreditor Agreement or become party to the Priority Lien Intercreditor Agreement by executing a joinder in the form required under the Priority Lien Intercreditor Agreement. 

“Priority Lien Secured Parties” means, at any time, the Credit Agreement Secured Parties and the Additional Priority Lien
Secured Parties at such time. 
 “Priority Lien Security Documents” means the Credit Agreement Security Documents and the
Additional Priority Lien Security Documents. 
 “Priority Substitute Credit Facility” means any Credit Facility with
respect to which the requirements contained in Section 4.04(a) of this Agreement have been satisfied and that Replaces the Priority Credit Agreement then in existence. For the avoidance of doubt, no Priority Substitute Credit Facility
shall be required to be a revolving or asset-based loan facility and may be a facility evidenced or governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument; provided that
any Priority Lien securing such Priority Substitute Credit Facility shall be subject to the terms of this Agreement for all purposes (including the lien priorities as set forth herein as of the date hereof). 

“Property” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible,
including, without limitation, cash, securities, accounts and contract rights. 
 “Recovery” has the meaning assigned to
such term in Section 4.03. 
 “Replaces” means, (a) in respect of any agreement with reference to the
Priority Credit Agreement or the Priority Lien Obligations or any Priority Substitute Credit Facility, that such agreement refunds, refinances, increases or replaces the Priority Credit Agreement, the Priority Lien Obligations or such Priority
Substitute Credit Facility in whole (in a transaction that is in compliance with Section 4.04(a)) and that all commitments thereunder are terminated, or, to the extent permitted by the terms of the Priority Credit Agreement, Priority
Lien Obligations or such Priority Substitute Credit Facility, in part, and (b) in respect of any agreement with reference to the Subordinated Documents, the Subordinated Obligations or any Subordinated Substitute Facility, that such
indebtedness refunds, refinances, increases or replaces the Subordinated Documents, the Subordinated Obligations or such Subordinated Substitute Facility in whole (in a transaction that is in compliance with Section 4.04(a)) and that all
commitments thereunder are terminated, or, to the extent permitted by the terms of the Subordinated Documents, the Subordinated Obligations or such Subordinated Substitute Facility, in part. “Replace,” “Replaced”
and “Replacement” shall have correlative meanings. 
 “SandRidge” has the meaning assigned to such term in
the preamble hereto. 

  
 11 

 “Secured Debt Documents” means the Priority Lien Documents and the Subordinated
Documents. 
 “Secured Debt Representative” means the Priority Lien Agent and the Subordinated Collateral Trustee. 

“Secured Obligations” means the Priority Lien Obligations and the Subordinated Obligations. 

“Secured Parties” means the Priority Lien Secured Parties and the Subordinated Secured Parties. 

“Security Documents” means the Priority Lien Security Documents and the Subordinated Security Documents. 

“Series of Priority Lien Debt” means, severally, the Priority Credit Agreement and each other issue or series of Priority
Lien Debt (including any Additional Priority Lien Debt Facility) for which a single transfer register is maintained. 
 “Series of
Subordinated Debt” means, severally, the Subordinated Indenture Notes and each other issue or series of Subordinated Debt (including any Additional Subordinated Debt Facility) for which a single transfer register is maintained. 

“Series of Secured Debt” means each Series of Priority Lien Debt and each Series of Subordinated Debt. 

“Specified Litigation Event” means (i)(a) the entry of an order by a court of competent jurisdiction denying summary judgment
to the Company or its Affiliates or (b) the expiration of the time period in which the Company or its Affiliates may move for summary judgment, in either case, in a class action lawsuit against the Company (other than such a lawsuit initiated
by any Subordinated Secured Party or Affiliate of a Subordinated Secured Party) that is reasonably expected to result in a Material Adverse Effect under the relevant Subordinated Documents. 

“Springing Event” shall mean the creation of a Subordinated Lien on the Collateral to secure up to $100,000,000 in aggregate
principal amount, subject to increase pursuant to Section 9.18(c), of the obligations of the Company under the relevant Subordinated Debt Documents and guarantee obligations of any subsidiary of the Company providing a guarantee of such
Subordinated Debt upon the earlier to occur of (i) the Company’s good faith determination that the Specified Litigation Event has occurred or (ii) the receipt of written notice from holders or lenders constituting at least two-thirds
in aggregate principal amount of the relevant Subordinated Obligations then outstanding (or the Subordinated Representative acting pursuant to the direction of such holders or lenders) that the Specified Litigation Event has occurred, the Springing
Event shall be deemed to have occurred. 
 “Springing Event Notice” has the meaning assigned to such term in
Section 9.18. 
 “Standstill Period” has the meaning assigned to such term in Section 3.02(a)(i).

 “Subordinated Collateral” shall mean all “Collateral”, as defined in any Subordinated Document, and any other
assets of any Grantor now or at any time hereafter subject to Liens which secure, but only to the extent securing, any Subordinated Obligations. 

“Subordinated Collateral Trust Agreement” means the Collateral Trust Agreement, dated as of October 4, among SandRidge,
the other Grantors from time to time party thereto, the Subordinated Notes 

  
 12 

 
Trustee, the other Subordinated Representatives from time to time party thereto and the Subordinated Collateral Trustee, as amended, restated, adjusted, waived, renewed, extended, supplemented or
otherwise modified from time to time, in accordance with each applicable Subordinated Document. 
 “Subordinated Collateral
Trustee” means the Original Subordinated Collateral Trustee, and, from and after the date of execution and delivery of a Subordinated Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or other
holders of the indebtedness and other obligations evidenced thereunder or governed thereby, in each case, together with its successors in such capacity. 

“Subordinated Debt” means the indebtedness under the Subordinated Indenture Notes issued on the date hereof and guarantees
thereof and all additional indebtedness incurred under any Additional Subordinated Documents, in each case, that was permitted to be incurred and secured in accordance with the Secured Debt Documents (or as to which the lenders or other financing
sources under the applicable Subordinated Documents obtained an Officer’s Certificate at the time of incurrence to the effect that such indebtedness was permitted to be incurred and secured by all applicable Secured Debt Documents) and with
respect to which the requirements of Section 4.04(b) have been (or are deemed) satisfied, and all indebtedness incurred under any Subordinated Substitute Facility. 

“Subordinated Documents” means the Indenture Subordinated Documents and the Additional Subordinated Documents. 

“Subordinated Indenture Notes” means (i) the Subordinated Notes due 2020 issued under the Subordinated Notes Indenture.

 “Subordinated Lien” means a Lien granted by a Subordinated Document to the Subordinated Collateral Trustee, at any time,
upon any Collateral by any Grantor to secure Subordinated Obligations (including Liens on such Collateral under the security documents associated with any Subordinated Substitute Facility); provided, that in no event shall any Subordinated
Lien be granted unless a Springing Event has occurred. 
 “Subordinated Notes Indenture” means the Indenture, dated as of
October 4, 2016, among SandRidge, the Grantors party thereto from time to time and the Subordinated Notes Trustee, as amended, restated, adjusted, waived, renewed, extended, supplemented or otherwise modified from time to time in accordance
with the terms hereof (including any supplements executed in connection with the issuance of any Series of Subordinated Debt under the Subordinated Notes Indenture) unless restricted by the terms of this Agreement, and any credit agreement, loan
agreement, note agreement, promissory note, indenture or any other agreement or instrument evidencing or governing the terms of any Subordinated Substitute Facility. 

“Subordinated Notes Trustee” means the Original Subordinated Notes Trustee, and, from and after the date of execution and
delivery of a Subordinated Substitute Facility, the agent, collateral agent, trustee or other representative of the lenders or other holders of the indebtedness and other obligations evidenced thereunder or governed thereby, together with its
successors in such capacity. 
 “Subordinated Obligations” means Subordinated Debt and all other Obligations in respect
thereof. Notwithstanding any other provision hereof, the term “Subordinated Obligations” will include accrued interest, fees, costs and other charges incurred under the Subordinated Notes Indenture and the other Subordinated Documents,
whether incurred before or after commencement of an Insolvency or Liquidation Proceeding and whether or not allowable in an Insolvency or Liquidation Proceeding. 

  
 13 

 “Subordinated Purchasers” has the meaning assigned to such term in
Section 3.06(a). 
 “Subordinated Representative” means (a) in the case of the Subordinated Indenture
Notes, the Subordinated Notes Trustee, and (b) in the case of any other Series of Subordinated Debt, the trustee, agent or representative of the holders of such Series of Subordinated Debt who (i) is appointed as a Subordinated
Representative (for purposes related to the administration of the security documents) pursuant to the indenture, credit agreement or other agreement governing such Series of Subordinated Debt, together with its successors in such capacity, and
(ii) has become party to the Subordinated Collateral Trust Agreement by executing a joinder in the form required under the Subordinated Collateral Trust Agreement. 

“Subordinated Secured Parties” means the Indenture Subordinated Secured Parties and the Additional Subordinated Secured
Parties. 
 “Subordinated Security Documents” means the Indenture Subordinated Security Documents and the Additional
Subordinated Security Documents. 
 “Subordinated Substitute Facility” means any facility with respect to which the
requirements contained in Section 4.04(a) of this Agreement have been satisfied and that is permitted to be incurred pursuant to the Priority Lien Documents, the proceeds of which are used to, among other things, Replace the Subordinated
Notes Indenture and/or any Additional Subordinated Debt Facility then in existence. For the avoidance of doubt, no Subordinated Substitute Facility shall be required to be evidenced by notes or other instruments and may be a facility evidenced or
governed by a credit agreement, loan agreement, note agreement, promissory note, indenture or any other agreement or instrument; provided that any such Subordinated Substitute Facility shall be subject to the terms of this Agreement for all
purposes (including the lien priority as set forth herein as of the date hereof) as the other Liens securing the Subordinated Obligations are subject to under this Agreement. 

“subsidiary” of a Person means: 

(a) any corporation more than 50% of the outstanding voting power of the Voting Stock of which is owned or controlled, directly or indirectly,
by such Person or by one or more other subsidiaries of such Person, or by such Person and one or more other subsidiaries thereof, or 
 (b)
any limited partnership of which such Person or any subsidiary of such Person is a general partner, or 
 (c) any other Person in which such
Person, or one or more other subsidiaries of such Person, or such Person and one or more other subsidiaries, directly or indirectly, has more than 50% of the outstanding Capital Stock or has the power, by contract or otherwise, to direct or cause
the direction of the policies, management and affairs thereof. 
 “Treasury Management Arrangement” means any agreement or
other arrangement governing the provision of treasury or cash management services, including deposit accounts, overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled
disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services. 

“Voting Stock” of a Person means Capital Stock of such Person of the class or classes pursuant to which the holders thereof
have the general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such Person (irrespective of whether or not at the time Capital Stock of any other class or classes shall have
or might have voting power by reason of the happening of any contingency). 

  
 14 

 ARTICLE II 

SUBORDINATION 

Section 2.01 Subordination of Subordinated Debt to Priority Lien Debt. 

(a) SandRidge covenants and agrees, and each of the Subordinated Collateral Trustee and each Subordinated Secured Party by its acceptance of
the Subordinated Documents (whether upon original issue or upon transfer or assignment) likewise covenants and agrees, notwithstanding anything to the contrary contained in any of the Subordinated Documents, that the payment of any and all of the
Subordinated Debt shall be subordinate and subject in right and time of payment, to the extent and in the manner hereinafter set forth, to the prior indefeasible payment in full in cash of all Priority Lien Debt and all the termination of all
commitments to lend under the Priority Lien Documents, subject to Section 2.02. Each holder of Priority Lien Debt, whether now outstanding or hereafter created, incurred, assumed or guaranteed, shall be deemed to have acquired Priority
Lien Debt in reliance upon the provisions contained in this Agreement. 
 (b) In the event of any Insolvency or Liquidation Proceeding
involving any Credit Party: 
 (i) All Priority Lien Debt shall first be indefeasibly paid in full in cash and all commitments to lend
under the Priority Lien Documents shall have been terminated before any Distribution, whether in cash, securities or other property, shall be made on account of any Subordinated Debt. 

(ii) Any Distribution, whether in cash, securities or other property which would otherwise, but for the terms hereof, be payable or
deliverable in respect of the Subordinated Debt shall be paid or delivered directly to the Priority Lien Agent (to be held and/or applied by the Priority Lien Agent in accordance with the terms of the applicable Priority Lien Documents) until all
Priority Lien Debt is indefeasibly paid in full in cash and all commitments to lend under the Priority Lien Documents have terminated. Each of the Subordinated Collateral Trustee and each Subordinated Secured Party irrevocably authorizes, empowers
and directs any debtor, debtor in possession, receiver, trustee, liquidator, custodian, conservator or other Person having authority, to pay or otherwise deliver all such Distributions to the Priority Lien Agent. Each of the Subordinated Collateral
Trustee and each Subordinated Secured Party also irrevocably authorizes and empowers the Priority Lien Agent, in the name of each such Person, to demand, sue for, collect and receive any and all such Distributions. 

(iii) Each of the Subordinated Collateral Trustee and each Subordinated Secured Party agrees not to (and hereby waives any right to)
initiate, prosecute or participate (or support any other Person in initiating, prosecuting or participating) in any claim, action or other proceeding challenging the enforceability or validity of the Priority Lien Debt or the perfection or priority
of any Liens securing the Priority Lien Debt, including without limitation, any Lien on the Collateral securing the Priority Lien Debt. 

(iv) The Priority Lien Debt shall continue to be treated as Priority Lien Debt and the provisions of this Agreement shall continue to govern
the relative rights and priorities of the holders of the Priority Lien Debt even if all or part of the Senior Debt or any security interests securing the Priority Lien Debt are subordinated, set aside, avoided, invalidated or disallowed in
connection with any such Insolvency and Liquidation Proceeding, and this Agreement shall be reinstated if at any time any payment of any of the Prior Lien Debt is rescinded or must otherwise be returned by any holder of the Priority Lien Debt or any
representative of such holder. 

  
 15 

 Section 2.02 Subordinated Debt Payment Restrictions. 

(a) Notwithstanding the terms of the Subordinated Documents, SandRidge hereby agrees that it may not make, and the Subordinated Collateral
Trustee for itself and on behalf of each Subordinated Secured Party hereby agrees that it will not accept, any Distribution with respect to the Subordinated Debt (including without limitation, any Distribution in respect of any put or repurchase of
warrants or similar instruments) until the Priority Lien Debt is indefeasibly paid in full in cash and all commitments to lend under the Priority Lien Documents have terminated, other than Permitted Subordinated Debt Payments, subject to the terms
of this Agreement. 
 (b) If any Distribution on account of the Subordinated Debt not permitted to be made by SandRidge or accepted by any
Subordinated Secured Creditor under this Agreement is made and received by any Subordinated Secured Creditor, such Distribution shall not be commingled with any of the assets of such Subordinated Secured Creditor, shall be held in trust by such
Subordinated Secured Creditor for the benefit of the holder of the Priority Lien Debt and shall be promptly paid over to the Priority Lien Agent for application (in accordance with the relevant Priority Lien Documents) to the payment of the Priority
Lien Debt then remaining unpaid, until all of the Priority Lien Debt is indefeasibly paid in full in cash and all commitments to lend under the Priority Lien Documents have terminated. 

Section 2.03 Relative Priorities. (a) The grant of the Priority Liens pursuant to the Priority Lien Documents and the grant
of the Subordinated Liens, if any, pursuant to the Subordinated Documents create two separate and distinct Liens on the Collateral; provided, however, that no Subordinated Liens shall be granted unless and until a Springing Event
occurs and such Subordinated Liens are granted in accordance with Section 4.04. 
 (b) Notwithstanding anything contained in
this Agreement, the Priority Lien Documents, the Subordinated Documents or any other agreement or instrument or operation of law to the contrary, or any other circumstance whatsoever and irrespective of (i) how a Lien was acquired (whether by
grant, possession, statute, operation of law, subrogation, or otherwise), (ii) the time, manner, or order of the grant, attachment or perfection of a Lien, (iii) any conflicting provision of the New York UCC or other applicable law,
(iv) any defect in, or non-perfection, setting aside, or avoidance of, a Lien or a Priority Lien Document or a Subordinated Document, (v) the modification of a Priority Lien Obligation or a Subordinated Obligation, or (vi) the
subordination of a Lien on Collateral securing a Priority Lien Obligation to a Lien securing another obligation of SandRidge or other Person that is permitted under the Priority Lien Documents as in effect on the date hereof or securing a DIP
Financing and the Subordinated Collateral Trustee, on behalf of itself and the other Subordinated Secured Parties, hereby agrees that (i) any Priority Lien on any Collateral now or hereafter held by or for the benefit of any Priority Lien
Secured Party shall be senior in right, priority, operation, effect and all other respects to any and all Subordinated Liens on any Collateral and (ii) any Subordinated Lien on any Collateral now or hereafter held by or for the benefit of any
Subordinated Secured Party shall be junior and subordinate in right, priority, operation, effect and all other respects to any and all Priority Liens on any Collateral. 

(c) It is acknowledged that (i) the aggregate amount of the Priority Lien Obligations may be increased from time to time pursuant to the
terms of the Priority Lien Documents, (ii) a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from time to time may be
increased or reduced and subsequently reborrowed, and (iii) (A) the Priority Lien Documents may be replaced, restated, 

  
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supplemented, restructured or otherwise amended or modified from time to time and (B) the Priority Lien Obligations may be increased, extended, renewed, replaced, restated, supplemented,
restructured, repaid, refunded, refinanced or otherwise amended or modified from time to time, in the case of the foregoing (A) and (B) all without affecting the subordination and lien priorities of the Subordinated Debt and Subordinated
Liens provided hereunder or the provisions of this Agreement defining the relative rights of the Priority Lien Secured Parties and the Subordinated Secured Parties. The lien priorities provided for herein shall not be altered or otherwise affected
by any amendment, modification, supplement, extension, increase, renewal, restatement or Replacement of either the Priority Lien Obligations (or any part thereof) or the Subordinated Obligations (or any part thereof), by the release of any
Collateral or of any guarantees for any Priority Lien Obligations or by any action that any Secured Debt Representative or Secured Party may take or fail to take in respect of any Collateral. 

Section 2.04 Prohibition on Marshalling, Etc. Until the Discharge of Priority Lien Obligations, the Subordinated Collateral
Trustee will not assert any marshalling, appraisal, valuation, or other similar right that may otherwise be available to a junior secured creditor. 

Section 2.05 No New Liens. The parties hereto agree that, so long as the Discharge of Priority Lien Obligations has not occurred,
none of the Grantors shall, nor shall any Grantor permit any of its subsidiaries to, (i) grant or permit any additional Liens (other than, for the avoidance of doubt, Liens granted upon the occurrence of a Springing Event) on any asset of a
Grantor to secure any Subordinated Obligation, or take any action to perfect any additional Liens (other than, for the avoidance of doubt, Liens granted upon the occurrence of a Springing Event), unless it has granted, or substantially concurrently
therewith grants (or offers to grant), a Lien on such asset of such Grantor to secure the Priority Lien Obligations and has taken all actions required to perfect such Liens; provided, however, the refusal or inability of the Priority
Lien Agent to accept such Lien will not prevent the Subordinated Collateral Trustee from taking the Lien or (ii) grant or permit any additional Liens on any asset of a Grantor to secure any Priority Lien Obligation, or take any action to
perfect any additional Liens, unless it has granted, or substantially concurrently therewith grants (or offers to grant), a Lien on such asset of such Grantor to secure the Subordinated Obligations and has taken all actions required to perfect such
Liens; provided, however, the refusal or inability of the Subordinated Collateral Trustee to accept such Lien will not prevent the Priority Lien Agent from taking the Lien, with each such Lien as described in this
Section 2.05 to be subject to the provisions of this Agreement. To the extent that the provisions of the immediately preceding sentence are not complied with for any reason, without limiting any other right or remedy available to the
Priority Lien Agent, the other Priority Lien Secured Parties, the Subordinated Collateral Trustee or the other Subordinated Secured Parties, the Subordinated Collateral Trustee, for itself and on behalf of the other Subordinated Secured Parties
agrees that any amounts received by or distributed to any Subordinated Secured Party pursuant to or as a result of any Lien granted in contravention of this Section 2.05 shall be subject to Section 3.05(b). 

Section 2.06 Similar Collateral and Agreements. The parties hereto acknowledge and agree that it is their intention that the
Priority Lien Collateral and the Subordinated Collateral be identical. In furtherance of the foregoing, the parties hereto agree (a) to cooperate in good faith in order to determine, upon any reasonable request by the Priority Lien Agent or the
Subordinated Collateral Trustee, the specific assets included in the Priority Lien Collateral and the Subordinated Collateral, the steps taken to perfect the Priority Liens and the Subordinated Liens thereon and the identity of the respective
parties obligated under the Priority Lien Documents and the Subordinated Documents in respect of the Priority Lien Obligations and the Subordinated Obligations, respectively, (b) that the Subordinated Security Documents creating Liens on the
Collateral shall be in all material respects the same forms of documents as the respective Priority Lien 

  
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Security Documents creating Liens on the Collateral other than (i) with respect to the priority nature of the Liens created thereunder in such Collateral, (ii) such modifications to
such Subordinated Security Documents which are less restrictive than the corresponding Priority Lien Security Documents, (iii) provisions in the Subordinated Security Documents which are solely applicable to the rights and duties of the
Subordinated Secured Parties, and (iv) such deletions or modifications of representations, warranties and covenants as are customary with respect to security documents establishing Liens securing publicly traded debt securities and
(c) that at no time shall there be any Grantor that is an obligor in respect of the Subordinated Obligations that is not also an obligor in respect of the Priority Lien Obligations. 

Section 2.07 No Duties of Priority Lien Agent. The Subordinated Collateral Trustee, for itself and on behalf of each Subordinated
Secured Party, acknowledges and agrees that neither the Priority Lien Agent nor any other Priority Lien Secured Party shall have any duties or other obligations to any such Subordinated Secured Party with respect to any Collateral, other than to
transfer to the Subordinated Collateral Trustee any remaining Collateral and any proceeds of the sale or other Disposition of any such Collateral remaining in its possession following the associated Discharge of Priority Lien Obligations, in each
case without representation or warranty on the part of the Priority Lien Agent or any Priority Lien Secured Party. In furtherance of the foregoing, each Subordinated Secured Party acknowledges and agrees that until the Discharge of Priority Lien
Obligations (subject to the terms of Section 3.02, including the rights of the Subordinated Secured Parties following the expiration of any applicable Standstill Period), the Priority Lien Agent shall be entitled, for the benefit of the
Priority Lien Secured Parties, to sell, transfer or otherwise Dispose of or deal with such Collateral, as provided herein and in the Priority Lien Documents, without regard to any Subordinated Lien or any rights to which the Subordinated Collateral
Trustee or any Subordinated Secured Party would otherwise be entitled as a result of such Subordinated Lien. Without limiting the foregoing, each Subordinated Secured Party agrees that neither the Priority Lien Agent nor any other Priority Lien
Secured Party shall have any duty or obligation first to marshal or realize upon any type of Collateral, or to sell, Dispose of or otherwise liquidate all or any portion of such Collateral, in any manner that would maximize the return to the
Subordinated Secured Parties, notwithstanding that the order and timing of any such realization, sale, Disposition or liquidation may affect the amount of proceeds actually received by the Subordinated Secured Parties from such realization, sale,
Disposition or liquidation. Each of the Subordinated Secured Parties waives any claim such Subordinated Secured Party may now or hereafter have against the Priority Lien Agent or any other Priority Lien Secured Party arising out of any actions which
the Priority Lien Agent or the Priority Lien Secured Parties take or omit to take (including actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or
depreciation of, or failure to realize upon, any of the Collateral, and actions with respect to the collection of any claim for all or any part of the Priority Lien Obligations from any account debtor, guarantor or any other party) in accordance
with this Agreement and the Priority Lien Documents or the valuation, use, protection or release of any security for the Priority Lien Obligations. 

ARTICLE III 
 ENFORCEMENT
RIGHTS; PURCHASE OPTION 
 Section 3.01 Limitation on Enforcement Action. Prior to the Discharge of Priority Lien
Obligations, the Subordinated Collateral Trustee, for itself and on behalf of each Subordinated Secured Party hereby agrees that, subject to Section 3.05(b) and Section 4.07, none of the Subordinated Collateral Trustee,
Subordinated Noteholder or any other Subordinated Secured Party shall take any Enforcement Action or commence or join in any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar
official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its interest in or realize upon, or take any other action available to it in
respect of, any Subordinated Debt or Collateral under any Subordinated Security Document, applicable law or otherwise (including but not limited to any right of setoff), it being agreed that only the Priority Lien Agent, acting in accordance with
the applicable Priority Lien Documents, shall have the exclusive right (and whether or not any Insolvency 

  
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or Liquidation Proceeding has been commenced), to take any such actions or exercise any such remedies with respect to Collateral, in each case, without any consultation with or the consent of the
Subordinated Collateral Trustee or any other Subordinated Secured Party. In exercising rights and remedies with respect to the Collateral, the Priority Lien Agent and the other Priority Lien Secured Parties may enforce the provisions of the Priority
Lien Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in their sole discretion and regardless of whether such exercise and enforcement is adverse to the interest of any Subordinated Secured
Party. Such exercise and enforcement shall include the rights of an agent appointed by them to Dispose of Collateral upon foreclosure, to incur expenses in connection with any such Disposition and to exercise all the rights and remedies of a secured
creditor under the Uniform Commercial Code, the Bankruptcy Code or any other Bankruptcy Law. Without limiting the generality of the foregoing, the Priority Lien Agent will have the exclusive right to deal with that portion of the Collateral
consisting of deposit accounts and securities accounts (collectively “Accounts”), including exercising rights under control agreements with respect to such Accounts. The Subordinated Collateral Trustee, for itself and on behalf of
the other Subordinated Secured Parties, hereby acknowledges and agrees that no covenant, agreement or restriction contained in any Subordinated Security Document or any other Subordinated Document, shall be deemed to restrict in any way the rights
and remedies of the Priority Lien Agent or the other Priority Lien Secured Parties with respect to the Collateral as set forth in this Agreement. Notwithstanding the foregoing, subject to Section 3.05, the Subordinated Collateral
Trustee, on behalf of the Subordinated Secured Parties, may, but will have no obligation to, take all such actions (not adverse to the Priority Liens or the rights of the Priority Lien Agent and the Priority Lien Secured Parties) it deems necessary
to perfect or continue the perfection of the Subordinated Liens in the Collateral or to create, preserve or protect (but not enforce) the Subordinated Liens in the Collateral. Nothing herein shall limit the right or ability of the Subordinated
Secured Parties to (i) purchase (by credit bid or otherwise) all or any portion of the Collateral in connection with any enforcement of remedies by the Priority Lien Agent to the extent that, and so long as, the Priority Lien Secured Parties
receive payment in full in cash of all Priority Lien Obligations after giving effect thereto, (ii) file a proof of claim with respect to the Subordinated Obligations or (iii) as provided in Section 4.07. 

Section 3.02 Standstill Period; Permitted Enforcement Action. Prior to the Discharge of Priority Lien Obligations and
notwithstanding the foregoing Section 3.01, both before and during an Insolvency or Liquidation Proceeding: after a period of 270 days has elapsed (which period will be tolled during any period in which the Priority Lien Agent is not
entitled, on behalf of the Priority Lien Secured Parties, to enforce or exercise any rights or remedies with respect to any Collateral as a result of (A) any injunction issued by a court of competent jurisdiction or (B) the automatic stay
or any other stay in any Insolvency or Liquidation Proceeding) since the date on which the Subordinated Collateral Trustee has delivered to the Priority Lien Agent written notice of the acceleration of any Subordinated Debt (the “Standstill
Period”), the Subordinated Collateral Trustee and the other Subordinated Secured Parties may enforce or exercise any rights or remedies with respect to any Collateral; provided, however that notwithstanding the expiration of
the Standstill Period or anything in the Subordinated Collateral Trust Agreement to the contrary, in no event may the Subordinated Collateral Trustee or any other Subordinated Secured Party enforce or exercise any rights or remedies with respect to
any Collateral, or commence, join with any Person at any time in commencing, or petition for or vote in favor of any resolution for, any such action or proceeding, if the Priority Lien Agent on behalf of the Priority Lien Secured Parties or any
other Priority Lien Secured Party shall have (A) commenced, and shall be diligently pursuing (or shall have sought or requested relief from, or modification of, the automatic stay or any other stay or other prohibition in any Insolvency or
Liquidation Proceeding to enable the commencement and pursuit thereof), the enforcement or exercise of any rights or remedies with respect to the Collateral or any such action or proceeding or (B) given prompt written notice to the Subordinated
Representatives by the Priority Lien Agent of its intention to commence any such proceeding described in the preceding clause (A). 

  
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 Section 3.03 Insurance. Unless and until the Discharge of Priority Lien Obligations
has occurred (subject to the terms of Section 3.02, including the rights of the Subordinated Secured Parties following expiration of any applicable Standstill Period), the Priority Lien Agent shall have the sole and exclusive right,
subject to the rights of the Grantors under the Priority Lien Documents, to adjust and settle claims in respect of Collateral under any insurance policy in the event of any loss thereunder and to approve any award granted in any condemnation or
similar proceeding (or any deed in lieu of condemnation) affecting the Collateral. Unless and until the Discharge of Priority Lien Obligations has occurred, and subject to the rights of the Grantors under the Priority Lien Documents, all proceeds of
any such policy and any such award (or any payments with respect to a deed in lieu of condemnation) in respect to the Collateral shall be paid to the Priority Lien Agent pursuant to the terms of the Priority Lien Documents (including for purposes of
cash collateralization of commitments, letters of credit and Hedging Obligations). If the Subordinated Collateral Trustee or any Subordinated Secured Party shall, at any time prior to the Discharge of Priority Lien Obligations, receive any proceeds
of any such insurance policy or any such award or payment in contravention of the foregoing, it shall pay such proceeds over to the Priority Lien Agent. In addition, if by virtue of being named as an additional insured or loss payee of any insurance
policy of any Grantor covering any of the Collateral, the Subordinated Collateral Trustee, or any other Subordinated Secured Party shall have the right to adjust or settle any claim under any such insurance policy, then unless and until the
Discharge of Priority Lien Obligations has occurred, the Subordinated Collateral Trustee and any such Subordinated Secured Party shall follow the instructions of the Priority Lien Agent, or of the Grantors under the Priority Lien Documents to the
extent the Priority Lien Documents grant such Grantors the right to adjust or settle such claims, with respect to such adjustment or settlement (subject to the terms of Section 3.02, including the rights of the Subordinated Secured
Parties following expiration of any applicable Standstill Period). 
 Section 3.04 Notification of Release of Collateral. Each
of the Priority Lien Agent and the Subordinated Collateral Trustee shall give the other Secured Debt Representatives prompt written notice of the Disposition by it of, and Release by it of the Lien on, any Collateral. Such notice shall describe in
reasonable detail the subject Collateral, the parties involved in such Disposition or Release, the place, time, manner and method thereof, and the consideration, if any, received therefor; provided, however, that the failure to give
any such notice shall not in and of itself in any way impair the effectiveness of any such Disposition or Release. 
 Section 3.05
No Interference; Payment Over. 
 (a) No Interference. The Subordinated Collateral Trustee, for itself and on behalf of each
Subordinated Secured Party, agrees that each Subordinated Secured Party (i) will not take or cause to be taken any action the purpose or effect of which is, or could be, to make any Subordinated Lien pari passu with, or to give such
Subordinated Secured Party any preference or priority relative to, any Priority Lien with respect to the Collateral or any part thereof, (ii) will not challenge or question in any proceeding the validity or enforceability of any Priority Lien
Obligations or Priority Lien Document, or the validity, attachment, perfection or priority of any Priority Lien, or the validity or enforceability of the priorities, rights or duties established by the provisions of this Agreement, (iii) will
not take or cause to be taken any action the purpose or effect of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other Disposition of the Collateral by any
Priority Lien Secured Party or the Priority Lien Agent acting on their behalf, (iv) shall have no right to (A) direct the Priority Lien Agent or any other Priority Lien Secured Party to exercise any right, remedy or power with respect to
any Collateral or (B) consent to the exercise by the Priority Lien Agent or any other Priority Lien Secured Party of any right, remedy or power with respect to any Collateral, (v) will not institute any suit or assert in any suit or
Insolvency or Liquidation Proceeding any claim against the Priority Lien Agent or other Priority Lien Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to, and neither the
Priority 

  
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Lien Agent nor any other Priority Lien Secured Party shall be liable for, any action taken or omitted to be taken by the Priority Lien Agent or other Priority Lien Secured Party with respect to
any Priority Lien Collateral, (vi) prior to the Discharge of Priority Lien Obligations will not seek, and hereby waives any right, to have any Collateral or any part thereof marshaled upon any foreclosure or other Disposition of such
Collateral, (vii) will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement, (viii) will not object to forbearance by the Priority Lien Agent
or any Priority Lien Secured Party, and (ix) prior to the Discharge of Priority Lien Obligations will not assert, and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or claim the
benefit of any marshalling, appraisal, valuation or other similar right that may be available under applicable law with respect to the Collateral or any similar rights a junior secured creditor may have under applicable law. 

(b) Payment Over. The Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated Secured Party hereby agrees
that if any Subordinated Secured Party shall obtain possession of any Collateral or shall realize any proceeds or payment in respect of any Collateral, pursuant to the exercise of any rights or remedies with respect to the Collateral under any
Subordinated Security Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding, to the extent permitted hereunder, at any time prior to the Discharge of Priority Lien Obligations
secured, or intended to be secured, by such Collateral, then it shall hold such Collateral, proceeds or payment in trust for the Priority Lien Agent and the other Priority Lien Secured Parties and transfer such Collateral, proceeds or payment, as
the case may be, to the Priority Lien Agent as promptly as practicable. Furthermore, the Subordinated Collateral Trustee shall, at the Grantors’ expense, promptly send written notice to the Priority Lien Agent upon receipt of such Collateral,
proceeds or payment by it or the Subordinated Notes Trustee or, to the extent it has knowledge, by any other Subordinated Secured Party and if directed by the Priority Lien Agent within five (5) days after receipt by the Priority Lien Agent of
such written notice, the applicable Subordinated Secured Party shall deliver such Collateral, proceeds or payment to the Priority Lien Agent in the same form as received, with any necessary endorsements, or as court of competent jurisdiction may
otherwise direct. The Priority Lien Agent is hereby authorized to make any such endorsements as agent for the Subordinated Collateral Trustee or any other Subordinated Secured Party. The Subordinated Collateral Trustee, for itself and on behalf of
each other Subordinated Secured Party, agrees that if, at any time, it obtains written notice that all or part of any payment with respect to any Priority Lien Obligations previously made shall be rescinded for any reason whatsoever, it will
promptly pay over to the Priority Lien Agent any payment received by it and then in its possession or under its direct control in respect of any such Priority Lien Collateral and shall promptly turn any such Collateral then held by it over to the
Priority Lien Agent, and the provisions set forth in this Agreement will be reinstated as if such payment had not been made, until the Discharge of Priority Lien Obligations. All Subordinated Liens will remain attached to and enforceable against all
proceeds so held or remitted, subject to the priorities set forth in this Agreement. Anything contained herein to the contrary notwithstanding, this Section 3.05(b) shall not apply to any proceeds of Collateral realized in a transaction
not prohibited by the Priority Lien Documents and as to which the possession or receipt thereof by the Subordinated Collateral Trustee or any other Subordinated Secured Party is otherwise permitted by the Priority Lien Documents. 

Section 3.06 Purchase Option. 

(a) Notwithstanding anything in this Agreement to the contrary, on or at any time after (i) the commencement of an Insolvency or
Liquidation Proceeding or (ii) the acceleration of the Priority Lien Obligations, holders of the Subordinated Debt and each of their respective designated Affiliates (the “Subordinated Purchasers”) will have the right, at their
sole option and election (but will not be obligated), at any time upon prior written notice to the Priority Lien Agent, to purchase from the Priority Lien Secured Parties (x) all (but not less than all) Priority Lien Obligations (including
unfunded 

  
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commitments) and (y) any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing that are outstanding on the date of such purchase. Promptly following
the receipt of such notice, the Priority Lien Agent will deliver to the Subordinated Collateral Trustee a statement of the amount of Priority Lien Debt, other Priority Lien Obligations and DIP Financing provided by any of the Priority Lien Secured
Parties, if any, then outstanding and the amount of the cash collateral requested by the Priority Lien Agent to be delivered pursuant to Section 3.06(b)(ii) below. The right to purchase provided for in this Section 3.06 will
expire unless, within 10 Business Days after the receipt by the Subordinated Collateral Trustee of such notice from the Priority Lien Agent, the Subordinated Purchasers deliver to the Priority Lien Agent an irrevocable commitment of the Subordinated
Purchasers to purchase (x) all (but not less than all) of the Priority Lien Obligations (including unfunded commitments) and (y) any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing and to
otherwise complete such purchase on the terms set forth under this Section 3.06. 
 (b) On the date specified by the
Subordinated Purchasers in such irrevocable commitment (which shall not be less than five Business Days nor more than 20 Business Days, after the receipt by the Priority Lien Agent of such irrevocable commitment), the Priority Lien Secured Parties
shall sell to the Subordinated Purchasers (x) all (but not less than all) Priority Lien Obligations (including unfunded commitments) and (y) any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing
that are outstanding on the date of such sale, subject to any required approval of any Governmental Authority then in effect, if any, and only if on the date of such sale, the Priority Lien Agent receives the following: 

(i) payment, as the purchase price for all Priority Lien Obligations sold in such sale, of an amount equal to the full amount of (x) all
Priority Lien Obligations (other than outstanding letters of credit as referred to in clause (ii) below) and (y) loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing then outstanding
(including principal, interest, fees, reasonable attorneys’ fees and legal expenses, but excluding contingent indemnification obligations for which no claim or demand for payment has been made at or prior to such time); provided that in
the case of Hedging Obligations that constitute Priority Lien Obligations the Subordinated Purchasers shall cause the applicable agreements governing such Hedging Obligations to be assigned and novated or, if such agreements have been terminated,
such purchase price shall include an amount equal to the sum of any unpaid amounts then due in respect of such Hedging Obligations, calculated using the methodology provided for under the applicable Hedging Obligation (e.g., loss, market quotations
or close-out amount) and after giving effect to any netting arrangements; 
 (ii) a cash collateral deposit in such amount as the Priority
Lien Agent determines is reasonably necessary to secure the payment of any outstanding letters of credit constituting Priority Lien Obligations that may become due and payable after such sale (but not in any event in an amount greater than one
hundred five percent (105%) of the amount then reasonably estimated by the Priority Lien Agent to be the aggregate outstanding amount of such letters of credit at such time), which cash collateral shall be (A) held by the Priority Lien
Agent as security solely to reimburse the issuers of such letters of credit that become due and payable after such sale and any fees and expenses incurred in connection with such letters of credit and (B) returned to the Subordinated Purchasers
(except as may otherwise be required by applicable law or any order of any court or other Governmental Authority) promptly after the expiration or termination from time to time of all payment contingencies affecting such letters of credit; and 

(iii) any agreements, documents or instruments which the Priority Lien Agent may reasonably request pursuant to which the Subordinated
Purchasers in such sale expressly assume and adopt all of the obligations of the Priority Lien Agent and the Priority Lien Secured Parties under the Priority Lien Documents and in connection with loans provided by any of the Priority Lien Secured

  
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Parties in connection with a DIP Financing on and after the date of the purchase and sale and the Subordinated Notes Trustee (or any other representative appointed by the holders of a majority in
aggregate principal amount of the Subordinated Indenture Notes then outstanding) becomes a successor agent thereunder. 
 (c) Such purchase
of the Priority Lien Obligations (including unfunded commitments) and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing shall be made on a pro rata basis among the Subordinated Purchasers giving
notice to the Priority Lien Agent of their interest to exercise the purchase option hereunder according to each such Subordinated Purchaser’s portion of the Subordinated Debt outstanding on the date of purchase or such portion as such
Subordinated Purchasers may otherwise agree among themselves. Such purchase price and cash collateral shall be remitted by wire transfer in federal funds to such bank account of the Priority Lien Agent as the Priority Lien Agent may designate in
writing to the Subordinated Purchasers for such purpose. Interest shall be calculated to but excluding the Business Day on which such sale occurs if the amounts so paid by the Subordinated Purchasers to the bank account designated by the Priority
Lien Agent are received in such bank account prior to 12:00 noon, New York City time, and interest shall be calculated to and including such Business Day if the amounts so paid by the Subordinated Purchasers to the bank account designated by the
Priority Lien Agent are received in such bank account later than 12:00 noon, New York City time. 
 (d) Such sale shall be expressly made
without representation or warranty of any kind by the Priority Lien Secured Parties as to the Priority Lien Obligations, the Collateral or otherwise and without recourse to any Priority Lien Secured Party, except that the Priority Lien Secured
Parties shall represent and warrant severally as to the Priority Lien Obligations (including unfunded commitments) and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing then owing to it: (i) that
such applicable Priority Lien Secured Party owns such Priority Lien Obligations (including unfunded commitments) and any loans provided by any of the Priority Lien Secured Parties in connection with a DIP Financing; and (ii) that such
applicable Priority Lien Secured Party has the necessary corporate or other governing authority to assign such interests. 
 (e) After such
sale becomes effective, the outstanding letters of credit will remain enforceable against the issuers thereof and will remain secured by the Priority Liens upon the Collateral in accordance with the applicable provisions of the Priority Lien
Documents as in effect at the time of such sale, and the issuers of letters of credit will remain entitled to the benefit of the Priority Liens upon the Collateral and sharing rights in the proceeds thereof in accordance with the provisions of the
Priority Lien Documents as in effect at the time of such sale, as fully as if the sale of the Priority Lien Debt had not been made, but only the Person or successor agent to whom the Priority Liens are transferred in such sale will have the right to
foreclose upon or otherwise enforce the Priority Liens and only the Subordinated Purchasers in the sale will have the right to direct such Person or successor as to matters relating to the foreclosure or other enforcement of the Priority Liens. 

ARTICLE IV 
 OTHER
AGREEMENTS 
 Section 4.01 Release of Liens; Automatic Release of Subordinated Liens. (a) Prior to the Discharge of
Priority Lien Obligations, the Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated Secured Party, agrees that, in the event the Priority Lien Secured Parties release their Lien on any Collateral, the Subordinated
Lien on such Collateral shall terminate and be released automatically and without further action if (i) such sale, transfer or other disposition of Collateral is effectuated in compliance with the Subordinated Notes Indenture, (ii) such
release is effected in connection with the Priority Lien Collateral Agent’s foreclosure upon, or other exercise of rights or 

  
 23 

 
remedies with respect to, such Collateral, or (iii) such release is effected in connection with a sale or other Disposition of any Collateral (or any portion thereof) under Section 363
of the Bankruptcy Code or any other provision of the Bankruptcy Code if the Priority Lien Secured Parties shall have consented to such sale or Disposition of such Collateral; provided that, in the case of each of clauses (i),
(ii) and (iii), the Subordinated Liens on such Collateral shall attach to (and shall remain subject and subordinate to all Priority Liens securing Priority Lien Obligations) any proceeds of a sale, transfer or other Disposition of
Collateral not paid to the Priority Lien Secured Parties or that remain after the Discharge of Priority Lien Obligations. 
 (b) The
Subordinated Collateral Trustee agrees to execute and deliver (at the sole cost and expense of the Grantors) all such releases and other instruments as shall reasonably be requested by the Priority Lien Agent to evidence and confirm any release of
Collateral provided for in this Section 4.01. 
 Section 4.02 Certain Agreements With Respect to Insolvency or
Liquidation Proceedings. (a) The parties hereto acknowledge that this Agreement is a “subordination agreement” under Section 510(a) of the Bankruptcy Code and shall continue in full force and effect, notwithstanding the
commencement of any Insolvency or Liquidation Proceeding by or against SandRidge or any subsidiary of SandRidge. All references in this Agreement to SandRidge or any subsidiary of SandRidge or any other Grantor will include such Person or Persons as
a debtor-in-possession and any receiver or trustee for such Person or Persons in an Insolvency or Liquidation Proceeding. 
 (b) If
SandRidge or any of its subsidiaries shall become subject to any Insolvency or Liquidation Proceeding and shall, as debtor(s)-in-possession, or if any receiver or trustee for such Person or Persons shall, move for approval of financing (“DIP
Financing”) to be provided by one or more lenders (the “DIP Lenders”) under Section 364 of the Bankruptcy Code or the use of cash collateral under Section 363 of the Bankruptcy Code, the Subordinated Collateral
Trustee, for itself and on behalf of each Subordinated Secured Party, agrees that neither it nor any other Subordinated Secured Party will raise any objection, contest or oppose, and each Subordinated Secured Party will waive any claim such Person
may now or hereafter have, to any such financing or to the Liens on the Collateral securing the same (“DIP Financing Liens”), or to any use, sale or lease of cash collateral that constitutes Collateral or to any grant of
administrative expense priority under Section 364 of the Bankruptcy Code, unless the Priority Lien Agent or the Priority Lien Secured Parties oppose or object to such DIP Financing or such DIP Financing Liens or such use of cash collateral. To
the extent such DIP Financing Liens are senior to, or rank pari passu with, the Priority Liens, the Subordinated Collateral Trustee will, for itself and on behalf of the other Subordinated Secured Parties, subordinate the Subordinated Liens
on the Collateral to the Priority Liens and to such DIP Financing Liens, so long as the Subordinated Collateral Trustee, on behalf of the Subordinated Secured Parties, retains Liens on all the Collateral, including proceeds thereof arising after the
commencement of any Insolvency or Liquidation Proceeding, with the same priority relative to the Priority Liens as existed prior to the commencement of the case under the Bankruptcy Code. 

(c) Prior to the Discharge of Priority Lien Obligations, without the consent of the Priority Lien Agent, in the Priority Lien Agent’s
sole discretion, the Subordinated Collateral Trustee, for itself and on behalf of each Subordinated Secured Party agrees not to propose, support or enter into any DIP Financing. 

(d) The Subordinated Collateral Trustee, for itself and on behalf of each Subordinated Secured Party, agrees that it will not object to,
oppose or contest (or join with or support any third party objecting to, opposing or contesting) a sale or other Disposition, a motion to sell or Dispose or the bidding procedure for such sale or Disposition of any Collateral (or any portion
thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code if the Priority 

  
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Lien Secured Parties shall have consented to such sale or Disposition, such motion to sell or Dispose or such bidding procedure for such sale or Disposition of such Collateral and all Priority
Liens and Subordinated Liens will attach to the proceeds of the sale in the same respective priorities as set forth in this Agreement. 

(e) The Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated Secured Party, waives any claim that may be had
against the Priority Lien Agent or any other Priority Lien Secured Party arising out of any DIP Financing Liens (that is granted in a manner that is consistent with this Agreement) or administrative expense priority under Section 364 of the
Bankruptcy Code. 
 (f) The Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated Secured Party, agrees that
neither the Subordinated Collateral Trustee nor any other Subordinated Secured Party, will file or prosecute in any Insolvency or Liquidation Proceeding any motion for adequate protection (or any comparable request for relief) based upon their
interest in the Collateral, nor object to, oppose or contest (or join with or support any third party objecting to, opposing or contesting) (i) any request by the Priority Lien Agent or any other Priority Lien Secured Party for adequate
protection or (ii) any objection by the Priority Lien Agent or any other Priority Lien Secured Party to any motion, relief, action or proceeding based on the Priority Lien Agent or Priority Lien Secured Parties claiming a lack of adequate
protection, except that the Subordinated Secured Parties may: 
 (A) freely seek and obtain relief granting adequate
protection in the form of a replacement lien co-extensive in all respects with, but subordinated (as set forth in Section 2.01) to, and with the same relative priority to the Priority Liens as existed prior to the commencement of the
Insolvency or Liquidation Proceeding, all Liens granted in the Insolvency or Liquidation Proceeding to, or for the benefit of, the Priority Lien Secured Parties; and 

(B) freely seek and obtain any relief upon a motion for adequate protection (or any comparable relief), without any condition
or restriction whatsoever, at any time after the Discharge of Priority Lien Obligations. 
 (g) The Subordinated Collateral Trustee, for
itself and on behalf of each of the Subordinated Secured Parties, waives any claim it or any other Subordinated Secured Party may now or hereafter have against the Priority Lien Agent or any other Priority Lien Secured Party (or their
representatives) arising out of any election by the Priority Lien Agent or any Priority Lien Secured Parties, in any proceeding instituted under the Bankruptcy Code, or the application of Section 1111(b) of the Bankruptcy Code. 

(h) The Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated Secured Party, agrees that in any Insolvency or
Liquidation Proceeding, neither the Subordinated Collateral Trustee nor any other Subordinated Secured Party shall support or vote to accept any plan of reorganization or disclosure statement of SandRidge or any other Grantor unless such plan is
supported by each class under such plan of Priority Lien Secured Parties in accordance with Section 1126(c) of the Bankruptcy Code or otherwise provides for the payment in full in cash of all Priority Lien Obligations (including all
post-petition interest approved by the bankruptcy court, fees and expenses and cash collateralization of all letters of credit) on the effective date of such plan of reorganization. 

(i) The Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated Secured Party, agrees that neither the
Subordinated Collateral Trustee nor any other Subordinated Secured Party shall seek relief, pursuant to Section 362(d) of the Bankruptcy Code or otherwise, from the automatic stay of Section 362(a) of the Bankruptcy Code or from any other
stay in any Insolvency or Liquidation Proceeding in respect of the Collateral without the prior written consent of the Priority Lien Agent. 

  
 25 

 (j) The Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated
Secured Party, agrees that neither the Subordinated Collateral Trustee nor any other Subordinated Secured Party shall oppose or seek to challenge any claim by the Priority Lien Agent or any other Priority Lien Secured Party for allowance or payment
in any Insolvency or Liquidation Proceeding of Priority Lien Obligations consisting of post-petition interest, fees or expenses or cash collateralization of all letters of credit to the extent of the value of the Priority Liens (it being understood
that such value will be determined without regard to the existence of the Subordinated Liens on the Collateral). Neither Priority Lien Agent nor any other Priority Lien Secured Party shall oppose or seek to challenge any claim by the Subordinated
Collateral Trustee or any other Subordinated Secured Party for allowance or payment in any Insolvency or Liquidation Proceeding of Subordinated Obligations consisting of post-petition interest, fees or expenses to the extent of the value of the
Subordinated Liens on the Collateral; provided that if the Priority Lien Agent or any other Priority Lien Secured Party shall have made any such claim, such claim (i) shall have been approved or (ii) will be approved
contemporaneously with the approval of any such claim by the Subordinated Collateral Trustee or any Subordinated Secured Party. 
 (k)
Without the express written consent of the Priority Lien Agent, none of the Subordinated Collateral Trustee or any other Subordinated Secured Party shall (or shall join with or support any third party in opposing, objecting to or contesting, as the
case may be), in any Insolvency or Liquidation Proceeding involving any Grantor, (i) oppose, object to or contest the determination of the extent of any Liens held by any of Priority Lien Secured Party or the value of any claims of any such
holder under Section 506(a) of the Bankruptcy Code or (ii) oppose, object to or contest the payment to the Priority Lien Secured Party of interest, fees or expenses under Section 506(b) of the Bankruptcy Code. 

(l) Notwithstanding anything to the contrary contained herein, if in any Insolvency or Liquidation Proceeding a determination is made that any
Lien encumbering any Collateral is not enforceable for any reason, then the Subordinated Collateral Trustee for itself and on behalf of each other Subordinated Secured Party, agrees that, any distribution or recovery they may receive in respect of
any Collateral shall be segregated and held in trust and forthwith paid over to the Priority Lien Agent for the benefit of the Priority Lien Secured Parties in the same form as received without recourse, representation or warranty (other than a
representation of the Subordinated Collateral Trustee that it has not otherwise sold, assigned, transferred or pledged any right, title or interest in and to such distribution or recovery) but with any necessary endorsements or as a court of
competent jurisdiction may otherwise direct. The Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated Secured Party, hereby appoints the Priority Lien Agent, and any officer or agent of the Priority Lien Agent, with
full power of substitution, the attorney-in-fact of each Subordinated Secured Party for the limited purpose of carrying out the provisions of this Section 4.02(l) and taking any action and executing any instrument that the Priority Lien
Agent may deem necessary or advisable to accomplish the purposes of this Section 4.02(l), which appointment is irrevocable and coupled with an interest. 

(m) The Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated Secured Party, hereby agrees that the Priority
Lien Agent shall have the exclusive right to credit bid the Priority Lien Obligations and further that none of the Subordinated Collateral Trustee or, any other Subordinated Secured Party shall (or shall join with or support any third party in
opposing, objecting to or contesting, as the case may be) oppose, object to or contest such credit bid by the Priority Lien Agent. 
 (n)
Without the consent of the Priority Lien Agent in its sole discretion, the Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated Secured Party, agrees it will not file an involuntary bankruptcy claim or seek the
appointment of an examiner or a trustee for SandRidge or any of its subsidiaries. 

  
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 (o) The Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated
Secured Party, waives any right to assert or enforce any claim under Section 506(c) or 552 of the Bankruptcy Code as against any Priority Lien Secured Party or any of the Collateral, except as expressly permitted by this Agreement. 

Section 4.03 Reinstatement. If any Priority Lien Secured Party is required in any Insolvency or Liquidation Proceeding or
otherwise to turn over or otherwise pay to the estate of any Grantor any amount (a “Recovery”) for any reason whatsoever, then the Priority Lien Obligations shall be reinstated to the extent of such Recovery and the Priority Lien
Secured Parties shall be entitled to a reinstatement of Priority Lien Obligations with respect to all such recovered amounts. The Subordinated Collateral Trustee, for itself and on behalf of each other Subordinated Secured Party, agrees that if, at
any time, a Subordinated Secured Party receives notice of any Recovery, the Subordinated Collateral Trustee or any other Subordinated Secured Party shall promptly pay over to the Priority Lien Agent any payment received by it and then in its
possession or under its control in respect of any Collateral subject to any Priority Lien securing such Priority Lien Obligations and shall promptly turn any Collateral subject to any such Priority Lien then held by it over to the Priority Lien
Agent, and the provisions set forth in this Agreement shall be reinstated as if such payment had not been made. If this Agreement shall have been terminated prior to any such Recovery, this Agreement shall be reinstated in full force and effect, and
such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement. Any amounts received by the Subordinated Collateral Trustee or any other Subordinated
Secured Party and then in its possession or under its control on account of the Subordinated Obligations after the termination of this Agreement shall, in the event of a reinstatement of this Agreement pursuant to this Section 4.03, be
held in trust for and paid over to the Priority Lien Agent for the benefit of the Priority Lien Secured Parties for application to the reinstated Priority Lien Obligations until the discharge thereof. This Section 4.03 shall survive
termination of this Agreement. 
 Section 4.04 Refinancings; Additional Priority Lien Debt; Additional Subordinated Debt. 

(a) The Priority Lien Obligations and the Subordinated Obligations may be Replaced, by any Priority Substitute Credit Facility or Subordinated
Substitute Facility, as the case may be, in each case, without notice to, or the consent of any Secured Party, all without affecting the Lien priorities provided for herein or the other provisions hereof; provided, that (i) the Priority
Lien Agent and the Subordinated Collateral Trustee shall receive on or prior to incurrence of a Priority Substitute Credit Facility or Subordinated Substitute Facility (A) an Officer’s Certificate from SandRidge stating that (I) the
incurrence thereof is permitted by each applicable Secured Debt Document to be incurred and (II) the requirements of Section 4.06 have been satisfied, and (B) a Priority Confirmation Joinder from the holders or lenders of any
indebtedness that Replaces the Priority Lien Obligations or the Subordinated Obligations (or an authorized agent, trustee or other representative on their behalf), and (ii) on or before the date of such incurrence, such Priority Substitute
Credit Facility or Subordinated Substitute Facility is designated by SandRidge, in an Officer’s Certificate delivered to the Priority Lien Agent and the Subordinated Collateral Trustee, as “Priority Lien Debt” or “Subordinated
Debt”, as applicable, for the purposes of the Secured Debt Documents and this Agreement; provided that no Series of Secured Debt may be designated as more than one of Priority Lien Debt or Subordinated Debt. 

(b) SandRidge will be permitted to designate as an additional holder of Priority Lien Obligations or Subordinated Obligations hereunder each
Person who is, or who becomes, the registered holder of Priority Lien Debt or Subordinated Debt, as applicable, incurred by SandRidge after the date of 

  
 27 

 
this Agreement in accordance with the terms of all applicable Secured Debt Documents. SandRidge may effect such designation by delivering to the Priority Lien Agent and the Subordinated
Collateral Trustee, each of the following: 
 (i) an Officer’s Certificate stating that SandRidge intends to incur (A) Additional
Priority Lien Obligations which will be Priority Lien Debt, (B) Additional Subordinated Obligations which will be Subordinated Debt, which in each case, will be permitted by each applicable Secured Debt Document to be incurred and secured by a
Priority Lien or Subordinated Lien; 
 (ii) an authorized agent, trustee or other representative on behalf of the holders or lenders of any
Additional Priority Lien Obligations or Additional Subordinated Obligations, as applicable, must be designated as an additional holder of Secured Obligations hereunder and must, prior to such designation, sign and deliver on behalf of the holders or
lenders of such Additional Priority Lien Obligations or Additional Subordinated Obligations, as applicable, a Priority Confirmation Joinder, and, to the extent necessary or appropriate to facilitate such transaction, a new intercreditor agreement
substantially similar to this Agreement, as in effect on the date hereof; and 
 (iii) evidence that SandRidge has duly authorized,
executed (if applicable) and recorded (or caused to be recorded) in each appropriate governmental office all relevant filings and recordations deemed necessary by SandRidge and the holder of such Additional Priority Lien Obligations, or Additional
Subordinated Obligations, as applicable, or its Secured Debt Representative, to ensure that the Additional Priority Lien Obligations or Additional Subordinated Obligations are secured by the Collateral in accordance with the Priority Lien Security
Documents or Subordinated Security Documents, as applicable (provided that such filings and recordings may be authorized, executed and recorded following any incurrence on a post-closing basis if permitted by the Priority Lien Representative
or Subordinated Representative for such Additional Priority Lien Obligations or Additional Subordinated Obligations, as applicable). 
 (c)
SandRidge will be permitted to incur Subordinated Liens with respect to the Subordinated Obligations to the extent such Subordinated Obligations are permitted to be secured by the Priority Credit Agreement, the other Priority Lien Documents, the
Subordinated Notes Indenture and the other Subordinated Documents in connection with a Springing Event. Any Subordinated Debt with respect to which such Springing Event applies may be secured by a Subordinated Lien under and pursuant to the
Subordinated Security Documents provided the Subordinated Collateral Trustee, acting for itself and on behalf of the Subordinated Secured Parties, becomes a party to this Agreement by satisfying the conditions set forth in clauses
(i) and (ii) of the immediately succeeding paragraph. 
 In order for the Subordinated Collateral Trustee to become a
party to this Agreement, 
 (i) the Priority Lien Agent and the Subordinated Collateral Trustee shall have executed and delivered a
Priority Confirmation Joinder pursuant to which (a) such Subordinated Collateral Trustee becomes a Secured Debt Representative hereunder and (b) the Subordinated Secured Debt and the related Subordinated Secured Parties become subject
hereto and bound hereby; 
 (ii) SandRidge shall have delivered to the Priority Lien Agent and the Subordinated Collateral Trustee
(A) true and complete copies of each Subordinated Secured Document and (B) an Officer’s Certificate certifying such copies as being true and correct and identifying the obligations to be designated as Subordinated Secured Obligations
and the initial aggregate principal amount thereof; and 

  
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 (iii) without limiting Section 4.06, the Subordinated Secured Documents relating to
such Subordinated Secured Debt shall provide, in a manner satisfactory to the Priority Lien Agent, that each Subordinated Secured Party shall be subject to and bound by the provisions of this Agreement in its capacity as a holder of such
Subordinated Secured Debt. 
 Notwithstanding the foregoing, nothing in this Agreement will be construed to allow SandRidge or any other
Grantor to incur additional indebtedness unless otherwise permitted by the terms of each applicable Secured Debt Document. 
 Each of the
then-exiting Priority Lien Agent and the Subordinated Collateral Trustee shall be authorized to execute and deliver such documents and agreements (including amendments or supplements to this Agreement) as such holders, lenders, agent, trustee or
other representative may reasonably request to give effect to any such Replacement or any incurrence of Additional Priority Lien Obligations, Additional Subordinated Obligations, it being understood that the Priority Lien Agent and the Subordinated
Collateral Trustee or (if permitted by the terms of the applicable Secured Debt Documents) the Grantors, without the consent of any other Secured Party or (in the case of the Grantors) one or more Secured Debt Representatives, may amend, supplement,
modify or restate this Agreement to the extent necessary or appropriate to facilitate such amendments or supplements to effect such Replacement or incurrence all at the expense of the Grantors. Upon the consummation of such Replacement or incurrence
and the execution and delivery of the documents and agreements contemplated in the preceding sentence, the holders or lenders of such indebtedness and any authorized agent, trustee or other representative thereof shall be entitled to the benefits of
this Agreement. 
 Section 4.05 Amendments to Subordinated Documents. Prior to the Discharge of Priority Lien Obligations,
without the prior written consent of the Priority Lien Agent, no Subordinated Document may be amended, supplemented, restated or otherwise modified and/or refinanced or entered into to the extent such amendment, supplement, restatement or
modification and/or refinancing, or the terms of any new Subordinated Document would (i) adversely affect the lien priority rights of the Priority Lien Secured Parties or the rights of the Priority Lien Secured Parties to receive payments owing
pursuant to the Priority Lien Documents, (ii) except as otherwise provided for in this Agreement, add any Liens securing the Collateral granted under the Subordinated Security Documents, if any, (iii) confer any additional rights on the
Subordinated Collateral Trustee or any other Subordinated Secured Party, if any, in a manner adverse to the Priority Lien Secured Parties, or (iv) contravene the provisions of this Agreement or the Priority Lien Documents. 

Section 4.06 Legends. Each of 

(a) the Priority Lien Agent acknowledges with respect to the (i) Priority Credit Agreement and the Credit Agreement Security Documents
and (ii) the Additional Priority Lien Debt Facility and the Additional Priority Lien Security Documents, if any, and 
 (b) the
Subordinated Collateral Trustee acknowledges with respect to (i) the Subordinated Notes Indenture and the Indenture Subordinated Security Documents, and (ii) the Additional Subordinated Debt Facility and the Additional Subordinated
Security Documents, if any, that 
 the Grantors shall cause the Subordinated Notes Indenture, the Additional Subordinated Debt Facility (if any), the
Subordinated Documents (other than control agreements to which both the Priority Lien Agent and the Subordinated Collateral Trustee are parties) and each associated Security Document (other than control agreements to which both the Priority Lien
Agent and the Subordinated Collateral Trustee are parties) granting any security interest in the Collateral to contain the appropriate legend set forth on Annex I. 

  
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 Section 4.07 Subordinated Secured Parties Rights as Unsecured Creditors; Judgment Lien
Creditor. Both before and during an Insolvency or Liquidation Proceeding, any of the Subordinated Secured Parties may take any actions and exercise any and all rights that would be available to a holder of unsecured claims so long as such action
or exercise of rights is permitted hereunder by such party acting in its capacity as a Subordinated Secured Party; provided, however, that the Subordinated Secured Parties may not take any of the actions prohibited by
Section 3.05(a) or Section 4.02 or any other provisions in this Agreement, nor may any of the Subordinated Secured Parties take any action as an unsecured creditor which such party is not permitted to take hereunder as a
secured Subordinated Secured Party; provided, further, that in the event that any of the Subordinated Secured Parties becomes a judgment lien creditor in respect of any Collateral as a result of its enforcement of its rights as an
unsecured creditor with respect to the Subordinated Obligations such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Priority Lien Obligations) as the Subordinated Secured Parties are
subject to this Agreement. 
 Section 4.08 Postponement of Subrogation. The Subordinated Collateral Trustee, for itself and on
behalf of each other Subordinated Secured Party, hereby agrees that no payment or distribution to any Priority Lien Secured Party pursuant to the provisions of this Agreement shall entitle any Subordinated Secured Party to exercise any rights of
subrogation in respect thereof until the Discharge of Priority Lien Obligations shall have occurred. Following the Discharge of Priority Lien Obligations, but subject to the reinstatement as provided in Section 4.03, each Priority Lien
Secured Party will execute such documents, agreements, and instruments as any Subordinated Secured Party may reasonably request to evidence the transfer by subrogation to any such Person of an interest in the Priority Lien Obligations resulting from
payments or distributions to such Priority Lien Secured Party by such Person, so long as all costs and expenses (including all reasonable legal fees and disbursements) incurred in connection therewith by such Priority Lien Secured Party are paid by
such Person upon request for payment thereof. 
 Section 4.09 Acknowledgment by the Secured Debt Representatives. Each of the
Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured Parties, and the Subordinated Collateral Trustee, for itself and on behalf of the other Subordinated Secured Parties, hereby acknowledges that this Agreement is a
material inducement to enter into a business relationship, that each has relied on this Agreement to enter into the Priority Credit Agreement and the Subordinated Notes Indenture, as applicable, and all documentation related thereto, and that each
will continue to rely on this Agreement in their related future dealings. 
 ARTICLE V 

GRATUITOUS BAILMENT FOR PERFECTION OF CERTAIN SECURITY INTERESTS 

Section 5.01 General. Prior to the Discharge of Priority Lien Obligations, the Priority Lien Agent agrees that if it shall at any
time hold a Priority Lien on any Collateral that can be perfected by the possession or control of such Collateral or of any Account in which such Collateral is held, and if such Collateral or any such Account is in fact in the possession or under
the control of the Priority Lien Agent, the Priority Lien Agent will serve as gratuitous bailee for the Subordinated Collateral Trustee for the sole purpose of perfecting the Subordinated Lien of the Subordinated Collateral Trustee on such
Collateral. It is agreed that the obligations of the Priority Lien Agent and the rights of the Subordinated Collateral Trustee and the other Subordinated Secured Parties in connection with any such bailment arrangement will be in all respects
subject to the provisions of Article II. Notwithstanding anything to the contrary herein, the Priority Lien Agent will be deemed to make no representation as to the adequacy of the steps taken by it to perfect the Subordinated Lien on any
such 

  
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Collateral and shall have no responsibility, duty, obligation or liability to the Subordinated Collateral Trustee, any other Subordinated Secured Party or any other Person for such perfection or
failure to perfect, it being understood that the sole purpose of this Article is to enable the Subordinated Secured Parties to obtain a perfected Subordinated Lien in such Collateral to the extent, if any, that such perfection results from the
possession or control of such Collateral or any such Account by the Priority Lien Agent. The Priority Lien Agent acting pursuant to this Section 5.01 shall not have by reason of the Priority Lien Security Documents, the Subordinated
Security Documents, this Agreement or any other document or theory, a fiduciary relationship in respect of any Priority Lien Secured Party, the Subordinated Collateral Trustee or any Subordinated Secured Party. Subject to Section 4.03,
from and after the Discharge of Priority Lien Obligations, the Priority Lien Agent shall take all such actions in its power as shall reasonably be requested by the Grantors or the Subordinated Collateral Trustee (at the sole cost and expense of the
Grantors) to transfer possession or control of such Collateral or any such Account (in each case to the extent the Subordinated Collateral Trustee has a Lien on such Collateral or Account after giving effect to any prior or concurrent releases of
Liens) to the Subordinated Collateral Trustee for the benefit of all Subordinated Secured Parties. 
 Section 5.02 Deposit
Accounts. Prior to the Discharge of Priority Lien Obligations, to the extent that any Account is under the control of the Priority Lien Agent at any time, the Priority Lien Agent will act as gratuitous bailee for the Subordinated Collateral
Trustee for the purpose of perfecting the Liens of the Subordinated Secured Parties in such Accounts and the cash and other assets therein as provided in Section 5.01 (but will have no duty, responsibility or obligation to the
Subordinated Secured Parties (including, without limitation, any duty, responsibility or obligation as to the maintenance of such control, the effect of such arrangement or the establishment of such perfection) except as set forth in the last
sentence of this Section 5.02(a)). Unless the Subordinated Liens on such Collateral shall have been or concurrently are released, after the occurrence of Discharge of Priority Lien Obligations, the Priority Lien Agent shall, at the
request of the Subordinated Collateral Trustee, cooperate with the Grantors and the Subordinated Collateral Trustee (at the expense of the Grantors) in permitting control of any other Accounts to be transferred to the Subordinated Collateral Trustee
(or for other arrangements with respect to each such Accounts satisfactory to the Subordinated Collateral Trustee to be made). 
 ARTICLE
VI 
 APPLICATION OF PROCEEDS; DETERMINATION OF AMOUNTS 

Section 6.01 Application of Proceeds. Prior to the Discharge of Priority Lien Obligations, and regardless of whether an Insolvency
or Liquidation Proceeding has been commenced, Collateral or Proceeds received in connection with the enforcement or exercise of any rights or remedies with respect to any portion of the Collateral will be applied: 

(a) first, to the payment in full in cash of all Priority Lien Obligations, 

(b) second, to the payment in full in cash of all Subordinated Obligations, and 

(c) third, to SandRidge or as otherwise required by applicable law. 

Section 6.02 Determination of Amounts. Whenever a Secured Debt Representative shall be required, in connection with the exercise
of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Priority Lien Obligations (or the existence of any commitment to extend credit that would constitute Priority Lien Obligations) or
Subordinated Obligations, or the existence of any Lien securing any such obligations, or the Collateral subject to any such Lien, it may request that such information be furnished to it in writing by the other Secured Debt Representatives and shall
be entitled to make such determination on the basis of the information so furnished; provided, however, that if a Secured Debt Representative shall fail or refuse reasonably promptly to provide the requested information, the requesting
Secured Debt Representative shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of SandRidge. Each Secured Debt Representative may
rely conclusively, 

  
 31 

 
and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent
jurisdiction) and shall have no liability to SandRidge or any of their subsidiaries, any Secured Party or any other Person as a result of such determination. 

ARTICLE VII 
 NO
RELIANCE; NO LIABILITY; OBLIGATIONS ABSOLUTE; CONSENT OF GRANTORS; ETC. 
 Section 7.01 No Reliance; Information. The
Priority Lien Secured Parties and the Subordinated Secured Parties shall have no duty to disclose to any Subordinated Secured Party or to any Priority Lien Secured Party, as the case may be, any information relating to SandRidge or any of the other
Grantors, or any other circumstance bearing upon the risk of non-payment of any of the Priority Lien Obligations or the Subordinated Obligations, as the case may be, that is known or becomes known to any of them or any of their Affiliates. In the
event any Priority Lien Secured Party or any Subordinated Secured Party, in its sole discretion, undertakes at any time or from time to time to provide any such information to, any Subordinated Secured Party or any Priority Lien Secured Party, as
the case may be, it shall be under no obligation (a) to make, and shall not make or be deemed to have made, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of the
information so provided, (b) to provide any additional information or to provide any such information on any subsequent occasion or (c) to undertake any investigation. 

Section 7.02 No Warranties or Liability. 

(a) The Priority Lien Agent, for itself and on behalf of the other Priority Lien Secured Parties, acknowledges and agrees that, except for the
representations and warranties set forth in Article VIII, neither the Subordinated Collateral Trustee nor any other Subordinated Secured Party has made any express or implied representation or warranty, including with respect to the
execution, validity, legality, completeness, collectability or enforceability of any of the Subordinated Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. 

(b) The Subordinated Collateral Trustee, for itself and on behalf of the other Subordinated Secured Parties, acknowledges and agrees that,
except for the representations and warranties set forth in Article VIII, neither the Priority Lien Agent nor any other Priority Lien Secured Party has made any express or implied representation or warranty, including with respect to the
execution, validity, legality, completeness, collectability or enforceability of any of the Priority Lien Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. 

(c) (i) The Priority Lien Agent and the other Priority Lien Secured Parties shall have no express or implied duty to the Subordinated
Collateral Trustee or any other Subordinated Secured Party, and (ii) the Subordinated Collateral Trustee and the other Subordinated Secured Parties shall have no express or implied duty to the Priority Lien Agent or any other Priority Lien
Secured Party, in each case to act or refrain from acting in a manner which allows, or results in, the occurrence or continuance of a default or an event of default under any Priority Lien Document and any Subordinated (other than, in each case,
this Agreement), regardless of any knowledge thereof which they may have or be charged with. 
 (d) The Subordinated Collateral Trustee, for
itself and on behalf of each other Subordinated Secured Party, hereby waives any claim that may be had against the Priority Lien Agent or any other Priority Lien Secured Party arising out of any actions which the Priority Lien Agent or such Priority
Lien Secured Party takes or omits to take (including actions with respect to the creation, 

  
 32 

 
perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any Collateral, and actions with
respect to the collection of any claim for all or only part of the Priority Lien Obligations from any account debtor, guarantor or any other party) in accordance with this Agreement and the Priority Lien Documents or the valuation, use, protection
or release of any security for such Priority Lien Obligations. 
 Section 7.03 Obligations Absolute. The Lien priorities
provided for herein and the respective rights, interests, agreements and obligations hereunder of the Priority Lien Agent and the other Priority Lien Secured Parties and the Subordinated Collateral Trustee and the other Subordinated Secured Parties
shall remain in full force and effect irrespective of: 
 (a) any lack of validity or enforceability of any Secured Debt Document; 

(b) any change in the time, place or manner of payment of, or in any other term of (including the Replacing of), all or any portion of the
Priority Lien Obligations, it being specifically acknowledged that a portion of the Priority Lien Obligations consists or may consist of indebtedness that is revolving in nature, and the amount thereof that may be outstanding at any time or from
time to time may be increased or reduced and subsequently reborrowed; 
 (c) any amendment, waiver or other modification, whether by course
of conduct or otherwise, of any Secured Debt Document; 
 (d) the securing of any Priority Lien Obligations or Subordinated Obligations or
with any additional collateral or guarantees, or any exchange, release, voiding, avoidance or non-perfection of any security interest in any Collateral or any other collateral or any release of any guarantee securing any Priority Lien Obligations or
Subordinated Obligations; 
 (e) the commencement of any Insolvency or Liquidation Proceeding in respect of SandRidge or any other Grantor;
or 
 (f) any other circumstances that otherwise might constitute a defense available to, or a discharge of, SandRidge or any other Grantor
in respect of the Priority Lien Obligations or the Subordinated Obligations. 
 Section 7.04 Grantors Consent. Each Grantor
hereby consents to the provisions of this Agreement and the intercreditor arrangements provided for herein and agrees that the obligations of the Grantors under the Secured Debt Documents will in no way be diminished or otherwise affected by such
provisions or arrangements (except as expressly provided herein). 
 ARTICLE VIII 

REPRESENTATIONS AND WARRANTIES 

Section 8.01 Representations and Warranties of Each Party. Each party hereto represents and warrants to the other parties hereto
as follows: 
 (a) Such party is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization and has all requisite power and authority to enter into and perform its obligations under this Agreement. 
 (b) This Agreement
has been duly executed and delivered by such party. 

  
 33 

 (c) The execution, delivery and performance by such party of this Agreement (i) do not
require any consent or approval of, registration or filing with or any other action by any Governmental Authority of which the failure to obtain could reasonably be expected to have a Material Adverse Effect (as defined in the Priority Credit
Agreement), (ii) will not violate any applicable law or regulation or any order of any Governmental Authority or any indenture, agreement or other instrument binding upon such party which could reasonably be expected to have a Material Adverse
Effect and (iii) will not violate the charter, by-laws or other organizational documents of such party. 
 Section 8.02
Representations and Warranties of Each Representative. Each of the Priority Lien Agent and the Subordinated Collateral Trustee represents and warrants to the other parties hereto that it is authorized under the Priority Credit Agreement and
the Subordinated Collateral Trust Agreement, as the case may be, to enter into this Agreement. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.01 Notices. 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 telecopy, as follows: 
 (a) if to the Original Priority
Lien Agent, to it at: 
 Royal Bank of Canada 

20 King Street West, 4th Floor 

Toronto, Ontario M5K 1C4 
 Fax:
416.842.4023 
 Attention: manager Agency Services 

(b) if to the Original Subordinated Collateral Trustee, to it at: 

Wilmington Trust, National Association 

15950 North Dallas Parkway, Suite 550 

Dallas, Texas 75248 
 Attention:
SandRidge Notes Administrator 
 (c) if to any other Secured Debt Representative, to such address as specified in the Priority Confirmation
Joinder. 
 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 (if a Business Day) and on the next Business Day
thereafter (in all other cases) if delivered by hand or overnight courier service or sent by telecopy or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly
addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01. As agreed to in writing among SandRidge, the Priority
Lien Agent and the Subordinated Collateral Trustee from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person. 

  
 34 

 Section 9.02 Waivers; Amendment. (a) No failure or delay on the part of any
party hereto 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 parties hereto 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 party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 9.02, and then such waiver or consent shall be
effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

(b) Neither this Agreement nor any provision hereof may be terminated, waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by each Secured Debt Representative; provided, however, that this Agreement may be amended from time to time as provided in Section 4.04. Any amendment of this Agreement that is proposed
to be effected without the consent of a Secured Debt Representative as permitted by the proviso to the preceding sentence shall be submitted to such Secured Debt Representative for its review at least 5 Business Days prior to the proposed
effectiveness of such amendment. 
 Section 9.03 Actions Upon Breach; Specific Performance. (a) Prior to the Discharge of
Priority Lien Obligations, if any Subordinated Secured Party, contrary to this Agreement, commences or participates in any action or proceeding against any Grantor or the Collateral, such Grantor, with the prior written consent of the Priority Lien
Agent, may interpose as a defense or dilatory plea the making of this Agreement, and any Priority Lien Secured Party may intervene and interpose such defense or plea in its or their name or in the name of such Grantor. 

(b) Prior to the Discharge of Priority Lien Obligations, should any Subordinated Secured Party, contrary to this Agreement, in any way take,
attempt to or threaten to take any action with respect to the Collateral (including any attempt to realize upon or enforce any remedy with respect to this Agreement), or take any other action in violation of this Agreement or fail to take any action
required by this Agreement, the Priority Lien Agent or any other Priority Lien Secured Party (in its own name or in the name of the relevant Grantor) or the relevant Grantor, with the prior written consent of the Priority Lien Agent, (A) may
obtain relief against such Subordinated Secured Party, by injunction, specific performance and/or other appropriate equitable relief, it being understood and agreed by the Subordinated Collateral Trustee on behalf of each Subordinated Secured Party
that (I) the Priority Lien Secured Parties’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (II) each Subordinated Secured Party waives any defense that the Grantors and/or the Priority Lien
Secured Parties cannot demonstrate damage and/or be made whole by the awarding of damages, and (B) shall be entitled to damages, as well as reimbursement for all reasonable and documented costs and expenses incurred in connection with any
action to enforce the provisions of this Agreement, from such Subordinated Secured Party. 
 Section 9.04 Parties in Interest.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of,
this Agreement. 
 Section 9.05 Survival of Agreement. All covenants, agreements, representations and warranties made by any
party in 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. 

  
 35 

 Section 9.06 Counterparts. This Agreement may be executed in counterparts, each of
which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually signed
counterpart of this Agreement. 
 Section 9.07 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. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with
valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

Section 9.08 Governing Law; Jurisdiction; Consent to Service of Process. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 (b) Each party hereto 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 court 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 any party hereto may otherwise have to bring any action or proceeding relating to this
Agreement in the courts of any jurisdiction. 
 (c) Each party hereto 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 9.08. 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. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
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 9.09 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. 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. 

  
 36 

 Section 9.10 Headings. Article, Section and Annex headings used herein are for
convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

Section 9.11 Conflicts. In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions
of any Secured Debt Documents, the provisions of this Agreement shall control. 
 Section 9.12 Provisions Solely to Define Relative
Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the distinct and separate relative rights of the Priority Lien Secured Parties and the Subordinated Secured Parties. None of SandRidge, any other
Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other than Sections 4.01, 4.02, 4.04, or
4.05) is intended to or will amend, waive or otherwise modify the provisions of the Priority Credit Agreement or the Subordinated Notes Indenture, as applicable), and except as expressly provided in this Agreement neither SandRidge nor any
other Grantor may rely on the terms hereof (other than Sections 4.01, 4.02, 4.04, or 4.05, Article VII and Article IX). Nothing in this Agreement is intended to or shall impair the obligations of SandRidge
or any other Grantor, which are absolute and unconditional, to pay the Obligations under the Secured Debt Documents as and when the same shall become due and payable in accordance with their terms. Notwithstanding anything to the contrary herein or
in any Secured Debt Document, the Grantors shall not be required to act or refrain from acting pursuant to this Agreement, any Priority Lien Document or any Subordinated Document with respect to any Collateral in any manner that would cause a
default under any Priority Lien Document. 
 Section 9.13 Certain Terms Concerning the Subordinated Collateral Trustee. The
Subordinated Collateral Trustee is executing and delivering this Agreement solely in its capacity as such and pursuant to direction set forth in the Subordinated Collateral Trust Agreement; and in so doing, the Subordinated Collateral Trustee shall
not be responsible for the terms or sufficiency of this Agreement for any purpose. The Subordinated Collateral Trustee shall have no duties or obligations under or pursuant to this Agreement other than such duties and obligations as may be expressly
set forth in this Agreement as duties and obligations on its part to be performed or observed. In entering into this Agreement, or in taking (or forbearing from) any action under or pursuant to the Agreement, the Subordinated Collateral Trustee
shall have and be protected by all of the rights, immunities, indemnities and other protections granted to it under the Subordinated Notes Indenture and the other Subordinated Documents (including without limitation Article 5 and
Section 7.8 of the Subordinated Collateral Trust Agreement). 
 Section 9.14 Certain Terms Concerning the Priority Lien
Agent and the Subordinated Collateral Trustee. None of the Priority Lien Agent or the Subordinated Collateral Trustee shall have any liability or responsibility for the actions or omissions of any other Secured Party, or for any other Secured
Party’s compliance with (or failure to comply with) the terms of this Agreement. None of the Priority Lien Agent or the Subordinated Collateral Trustee shall have individual liability to any Person if it shall mistakenly pay over or distribute
to any Secured Party (or SandRidge) any amounts in violation of the terms of this Agreement, so long as the Priority Lien Agent or the Subordinated Collateral Trustee, as the case may be, is acting in good faith. Each party hereto hereby
acknowledges and agrees that each of the Priority Lien Agent and the Subordinated Collateral Trustee is entering into this Agreement solely in its capacity under the Priority Lien Documents and the Subordinated Documents, respectively, and not in
its individual capacity. (a) The Priority Lien Agent shall not be deemed to owe any fiduciary duty to the Subordinated Collateral Trustee or any other Subordinated Representative or any other Subordinated Secured Party; and (b) the
Subordinated Collateral Trustee shall not be deemed to owe any fiduciary duty to the Priority Lien Agent or any other Priority Lien Secured Party. 

  
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 Section 9.15 Authorization of Secured Agents. By accepting the benefits of this
Agreement and the other Priority Lien Security Documents, each Priority Lien Secured Party authorizes the Priority Lien Agent to enter into this Agreement and to act on its behalf as collateral agent hereunder and in connection herewith. By
accepting the benefits of this Agreement and the other Subordinated Security Documents, each Subordinated Secured Party authorizes the Subordinated Collateral Trustee to enter into this Agreement and to act on its behalf as collateral agent
hereunder and in connection herewith. 
 Section 9.16 Further Assurances. Each of the Priority Lien Agent, for itself and on
behalf of the other Priority Lien Secured Party, the Subordinated Collateral Trustee, for itself and on behalf of the other Subordinated Secured Parties, and each Grantor party hereto, for itself and on behalf of its subsidiaries, agrees that it
will execute, or will cause to be executed, any and all further documents, agreements and instruments, and take all such further actions, as may be required under any applicable law, or which the Priority Lien Agent or the Subordinated Collateral
Trustee may reasonably request, to effectuate the terms of this Agreement, including the relative Lien priorities provided for herein, all at the Grantor’s sole cost and expense. 

Section 9.17 Relationship of Secured Parties. Nothing set forth herein shall create or evidence a joint venture, partnership or an
agency or fiduciary relationship among the Secured Parties. None of the Secured Parties nor any of their respective directors, officers, agents or employees shall be responsible to any other Secured Party or to any other Person for any
Grantor’s solvency, financial condition or ability to repay the Priority Lien Obligations or the Subordinated Obligations, or for statements of any Grantor, oral or written, or for the validity, sufficiency or enforceability of the Priority
Lien Documents or the Subordinated Documents, or any security interests granted by any Grantor to any Secured Party in connection therewith. Each Secured Party has entered into its respective financing agreements with the Grantors based upon its own
independent investigation, and none of the Priority Lien Agent or the Subordinated Collateral Trustee makes any warranty or representation to the other Secured Debt Representatives or the Secured Parties for which it acts as agent nor does it rely
upon any representation of the other agents or the Secured Parties for which it acts as agent with respect to matters identified or referred to in this Agreement. 

Section 9.18 Springing Event. 

(a) Within five Business Days of the Springing Event, the Company shall, or cause the Subordinated Representative to, deliver a written notice
(the “Springing Event Notice”) of the Springing Event to all holders, or lenders, of the relevant Subordinated Obligations. The Springing Event Notice shall (i) provide reasonable background on the facts and circumstances of
the Specified Litigation Event, (ii) inform such holders or lenders that the Springing Event has occurred and (iii) to the extent applicable, request that each of the holders, or lenders, of such Subordinated Obligations notify the Company
of the number of shares of common stock held by such holder or lender. 
 (b) Upon the occurrence of a Springing Event, and from time to
time thereafter, including, without limitation, upon any increase in the obligations of the Company under the relevant Subordinated Debt Documents and guarantee obligations of any subsidiary of the Company providing a guarantee of the relevant
Subordinated Debt pursuant to Section 9.18(c), the Company shall take such actions as are necessary and as the Subordinated Debt Representative or the holders or lenders in respect of the relevant Subordinated Debt Obligations may
request, including delivery of financing statements and other security documents, authorization documents and opinions of counsel, to ensure and confirm that the obligations of the Company under the relevant Subordinated Debt Documents and guarantee
obligations of any subsidiary of the Company providing a guarantee of the relevant Subordinated Debt will be secured by a perfected Subordinated Lien on the Collateral junior only to the Liens securing the Priority Credit Agreement. 

  
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 (c) Immediately upon receiving sufficient notices from the holders or lenders of Subordinated
Obligations on or after the date of the Specified Litigation Event that such holders or lenders own the greater of (x) at least 8,483,489 shares of common stock of the Company or (y) at least a majority of the aggregate number of shares of
common stock outstanding as of the date of delivery of a Springing Event Notice in the aggregate (whether in response to the Springing Event Notice or otherwise), the amount of the obligations of the Company under the relevant Subordinated Debt
Documents and guarantee obligations of any subsidiary of the Company providing a guarantee of the relevant Subordinated Debt shall be increased from $100,000,000 in aggregate principal amount of such obligations to the full outstanding principal
amount of such obligations (including any additional principal amount). 
 [SIGNATURES BEGIN NEXT PAGE] 

  
 39 

 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. 
  

			
	ROYAL BANK OF CANADA, as Priority Lien
	Agent
		
	By:	 	 /s/ Susan Khokher

	Name:	 	Susan Khokher
	Title:	 	Manager

 Signature Page 

Intercreditor and Subordination Agreement 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	as Subordinated Collateral Trustee
		
	By:	 	 /s/ Shawn Goffinet

	Name:	 	Shawn Goffinet
	Title:	 	Assistant Vice President

 Signature Page 

Intercreditor and Subordination Agreement 

 
			
	ACKNOWLEDGED AND AGREED AS OF THE DATE FIRST ABOVE WRITTEN:
	
	SANDRIDGE ENERGY, INC.
		
	By:	 	 /s/ Julian Bott

	Name:	 	Julian Bott
	Title:   Executive Vice President and Chief Financial Officer
	
	SANDRIDGE HOLDINGS, INC.
	SANDRIDGE EXPLORATION AND PRODUCTION, LLC
	SANDRIDGE MIDSTREAM, INC.
	SANDRIDGE OPERATING COMPANY
	INTEGRA ENERGY, L.L.C.
	LARIAT SERVICES, INC.
		
	By:	 	 /s/ Julian Bott

	Name:	 	Julian Bott
	Title:   Executive Vice President and Chief Financial Officer

 Signature Page 

Intercreditor and Subordination Agreement 

 ANNEX I 

Provision for the Subordinated Notes Indenture, any Additional Subordinated Debt Facility and the Subordinated Documents 

Reference is made to the Intercreditor and Subordination Agreement, dated as of October 4, 2016, between Royal Bank of Canada, as Priority Lien Agent
(as defined therein), and Wilmington Trust, National Association, as Subordinated Collateral Trustee (as defined therein) and acknowledged and agreed by SandRidge Energy, Inc. and certain of its subsidiaries (as amended, supplemented, amended and
restated or otherwise modified and in effect from time to time, the “Intercreditor Agreement”). Each holder of Subordinated Obligations (as defined therein), by its acceptance of such Subordinated Obligations i) consents to the
subordination of Liens provided for in the Intercreditor Agreement, ii) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement and iii) authorizes and instructs the Subordinated
Collateral Trustee (as defined therein) on behalf of each Subordinated Secured Party (as defined therein) to enter into the Intercreditor Agreement as Subordinated Collateral Trustee on behalf of such Subordinated Secured Parties. The foregoing
provisions are intended as an inducement to the lenders under the Priority Lien Documents (as defined in the Intercreditor Agreement) to extend credit to SandRidge Energy, Inc. and such lenders are intended third party beneficiaries of such
provisions and the provisions of the Intercreditor Agreement. 
 Provision for all Subordinated Security Documents 

Reference is made to the Intercreditor and Subordination Agreement, dated as of October 4, 2016, between Royal Bank of Canada, as Priority Lien Agent
(as defined therein), and Wilmington Trust, National Association, as Subordinated Collateral Trustee (as defined therein) and acknowledged and agreed by SandRidge Energy, Inc. and certain of its subsidiaries (as amended, supplemented, amended and
restated or otherwise modified and in effect from time to time, the “Intercreditor Agreement”). Each Person that is secured hereunder, by accepting the benefits of the security provided hereby, (i) consents (or is deemed to
consent), to the subordination of Liens provided for in the Intercreditor Agreement, (ii) agrees (or is deemed to agree) that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement,
(iii) authorizes (or is deemed to authorize) the Subordinated Collateral Trustee (as defined in the Intercreditor Agreement) on behalf of such Person to enter into, and perform under, the Intercreditor Agreement and (iv) acknowledges (or
is deemed to acknowledge) that a copy of the Intercreditor Agreement was delivered, or made available, to such Person. 
 Notwithstanding any other
provision contained herein, this Agreement, the Liens created hereby and the rights, remedies, duties and obligations provided for herein are subject in all respects to the provisions of the Intercreditor Agreement and, to the extent provided
therein, the applicable Security Documents (as defined in the Intercreditor Agreement). In the event of any conflict or inconsistency between the provisions of this Agreement and the Intercreditor Agreement, the provisions of the Intercreditor
Agreement shall control. 

  
 Annex I-1 

 EXHIBIT A 

to Intercreditor Agreement 

[FORM OF] 
 PRIORITY
CONFIRMATION JOINDER 
 Reference is made to the Intercreditor Agreement, dated as of October 4, 2016 (as amended, supplemented,
amended and restated or otherwise modified and in effect from time to time, the “Intercreditor Agreement”) between Royal Bank of Canada, as Priority Lien Agent for the Priority Lien Secured Parties (as defined therein), and
Wilmington Trust, National Association, as Subordinated Collateral Trustee for the Subordinated Secured Parties (as defined therein) and acknowledged and agreed by SandRidge Energy, Inc. and certain of its subsidiaries. 

Capitalized terms used but not otherwise defined herein shall have the meaning set forth in the Intercreditor Agreement. This Priority
Confirmation Joinder is being executed and delivered pursuant to Section 4.04 [(a)][(b)][(c)] of the Intercreditor Agreement as a condition precedent to the debt for which the undersigned is acting as representative being entitled to the
rights and obligations of being [Additional [Priority Lien/Subordinated] Obligations] under the Intercreditor Agreement. 
 1.
Joinder. The undersigned, [                    ], a
[                    ], (the “New Representative”) as [trustee] [collateral trustee] [administrative agent] [collateral agent] under
that certain [describe applicable indenture, credit agreement or other document governing the Additional Priority Lien or Subordinated Obligations] hereby: 

(a) represents that the New Representative has been authorized to become a party to the Intercreditor Agreement on behalf of the [Priority
Lien Secured Parties under a Priority Substitute Credit Facility] [Additional Priority Lien Secured Parties under an Additional Priority Lien Debt Facility] [Indenture Subordinated Secured Parties under the Subordinated Substitute Facility]
[Additional Subordinated Secured Parties under the Additional Subordinated Debt Facility] as [a Priority Lien Agent under a Priority Substitute Credit Facility] [a Subordinated Collateral Trustee under a Subordinated Substitute Facility] [Secured
Debt Representative] [Priority Lien Representative] [Subordinated Representative] under the Intercreditor Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Intercreditor Agreement as fully as if
the undersigned had executed and delivered the Intercreditor Agreement as of the date thereof; and 
 (b) agrees that its address for
receiving notices pursuant to the Intercreditor Agreement shall be as follows: 
 [Address]; 

2. Priority Confirmation. 

[Option A: to be used if additional debt constitutes a Series of Priority Lien Debt] The undersigned New Representative, on
behalf of itself and each holder of Obligations in respect of the Series of Priority Lien Debt [that constitutes a Priority Lien Substitute Facility] for which the undersigned is acting as [Priority Lien Representative] [Priority Lien Agent] hereby
agrees, for the benefit of all Secured Parties and each future Secured Debt Representative, and as a condition to being treated as Secured Obligations under the Intercreditor Agreement, that: 

(a) all Priority Lien Obligations will be and are secured in accordance with the Priority Lien Intercreditor Agreement by all Priority Liens
at any time granted by SandRidge or any other Grantor to secure any Obligations in respect of such Series of Priority Lien Debt, whether or not upon property otherwise constituting Collateral for such Series of Priority Lien Debt; 

  
 Exhibit A - 1 

 (b) the New Representative and each holder of Obligations in respect of the Series of Priority
Lien Debt for which the undersigned is acting as [Priority Lien Representative] are bound by the provisions of the Intercreditor Agreement, including the provisions relating to the ranking of Priority Liens and Subordinated Liens and the order of
application of proceeds from enforcement of Priority Liens and Subordinated Liens; and 
 (c) the New Representative and each holder
of Obligations in respect of the Series of Priority Lien Debt for which the undersigned is acting as [Priority Lien Representative] appoints the Priority Lien Agent and consents to the terms of the Intercreditor Agreement and the performance by the
Priority Lien Agent of, and directs the Priority Lien Agent to perform, its obligations under the Intercreditor Agreement and the Priority Lien Intercreditor Agreement, together with all such powers as are reasonably incidental thereto. [or]

 [Option B: to be used if additional debt constitutes a Series of Subordinated Debt] The undersigned New Representative,
on behalf of itself and each holder of Obligations in respect of the Series of Subordinated Debt [that constitutes Subordinated Substitute Facility] for which the undersigned is acting as [Subordinated Representative] [Subordinated Collateral
Trustee] hereby agrees, for the benefit of all Secured Parties and each future Secured Debt Representative, and as a condition to being treated as Secured Obligations under the Intercreditor Agreement, that: 

(a) all Subordinated Obligations will be and are secured equally and ratably by all Subordinated Liens at any time granted by SandRidge or any
other Grantor to secure any Obligations in respect of such Series of Subordinated Debt, whether or not upon property otherwise constituting Collateral for such Series of Subordinated Debt; 

(b) the New Representative and each holder of Obligations in respect of the Series of Subordinated Debt for which the undersigned is acting as
[Subordinated Representative] are bound by the provisions of the Intercreditor Agreement, including the provisions relating to the ranking of Priority Liens and Subordinated Liens and the order of application of proceeds from enforcement of Priority
Liens and Subordinated Liens; and 
 (c) the New Representative and each holder of Obligations in respect of the Series of
Subordinated Debt for which the undersigned is acting as [Subordinated Representative] appoints the Subordinated Collateral Trustee and consents to the terms of the Intercreditor Agreement and the performance by the Second Lien Collateral Trustee
of, and directs the Subordinated Collateral Trustee to perform, its obligations under the Intercreditor Agreement and the Subordinated Collateral Trust Agreement, together with all such powers as are reasonably incidental thereto. [or] 

3. Full Force and Effect of Intercreditor Agreement. Except as expressly supplemented hereby, the Intercreditor Agreement shall remain
in full force and effect. 
 4. Governing Law and Miscellaneous Provisions. The provisions of Article IX of the Intercreditor
Agreement will apply with like effect to this Priority Confirmation Joinder. 
 5. Expenses. SandRidge agree to reimburse each
Secured Debt Representative for its reasonable fees and expenses in connection with this Priority Confirmation Joinder, including the reasonable fees, other charges and disbursements of counsel. 

  
 Exhibit A - 2 

 IN WITNESS WHEREOF, the parties hereto have caused this Priority Confirmation Joinder to be
executed by their respective officers or representatives as of [                    , 20    ]. 

 

			
	[insert name of New Representative]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The Priority Lien Agent hereby acknowledges receipt of this Priority Confirmation Joinder [and agrees to act as Priority
Lien Agent for the New Representative and the holders of the Obligations represented thereby]: 
  

			
	  

	as Priority Lien Agent
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The Subordinated Collateral Trustee hereby acknowledges receipt of this Priority Confirmation Joinder [and agrees to act
as Subordinated Collateral Trustee for the New Representative and the holders of the Obligations represented thereby]: 
  

			
	  

	as Subordinated Collateral Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit A - 3 

 
			
	Acknowledged and Agreed to by:
	
	SANDRIDGE ENERGY, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 Exhibit A - 4 

 EXHIBIT B 

to Intercreditor Agreement 

SECURITY DOCUMENTS 
 PART A. 

List of Credit Agreement Security Documents 
  

	1.	Security Agreement, dated as of October 4, 2016 among SandRidge Energy, Inc., each of the other Grantors party thereto, and the Priority Lien Agent as Administrative Agent for the Priority Lien Secured Parties.

  

	2.	Each mortgage and deed of trust entered into as of October 4, 2016 and thereafter, assigned to the Priority Lien Agent or executed and delivered by SandRidge Energy, Inc. or any other Grantor creating (or
purporting to create) a Lien upon Collateral in favor of the Priority Lien Agent, to secure the Priority Lien Obligations, except to the extent released by the Priority Lien Agent in accordance with this Agreement and the Priority Lien Security
Documents. 

  

	3.	Each UCC Financing Statement filed in connection with the documents listed in items 1 and 2 of this Part A. 

PART B. 
 List of Indenture Subordinated Lien Security
Documents 
  

	1.	Security Agreement, dated as of [●] among SandRidge Energy, Inc., each of the other Grantors party thereto, and the Subordinated Collateral Trustee for the Subordinated Secured Parties. 

 

	2.	Each mortgage and deed of trust entered into as of [●] and thereafter, assigned to the Subordinated Collateral Trustee or executed and delivered by SandRidge Energy, Inc. or any other Grantor creating (or
purporting to create) a Lien upon Collateral in favor of the Subordinated Collateral Trustee, to secure the Subordinated Obligations, except to the extent released by the Subordinated Collateral Trustee in accordance with this Agreement and the
Subordinated Security Documents. 

  

	3.	Each UCC Financing Statement filed in connection with the documents listed in items 1 and 2 of this Part A. 

  
 Exhibit B - 1

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