Document:

EX-10.3

 Exhibit 10.3 

WARRANT AGREEMENT 
 THIS
WARRANT AGREEMENT (this “Agreement”), dated as of March 17, 2017, is by and among reorganized Chaparral Energy, Inc., a Delaware corporation (the “Company”), and Computershare Inc., a Delaware corporation (the
“Warrant Agent”). 
 WHEREAS, on May 9, 2016, the Company and its affiliated debtors (collectively, the
“Debtors”) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) under the
Case No. 16-11144 (LSS); 
 WHEREAS, on January 23, 2017, the Debtors filed the Joint Plan of Reorganization of the
Debtors Under Chapter 11 of the Bankruptcy Code D.I. 761 (as amended or supplemented from time to time, the “Plan”); 

WHEREAS, on March 10, 2017 the Bankruptcy Court entered an order confirming the Plan, and the Debtors emerged from their
chapter 11 cases on the date first written above (the “Effective Date”); 
 WHEREAS, pursuant to the Plan, the
Company will issue or cause to be issued to Mark A. Fischer, on or as soon as reasonably practicable after the Effective Date, warrants (the “Warrants”) to purchase shares of Class A common stock, par value $0.01 per share, of
the Company (“Class A Common Stock”), representing an aggregate total of 0.37575% of the total number of shares of the Class A Common Stock issuable pursuant to the Plan; 

WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and
exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in
connection with the issuance, registration, transfer, exchange, call, exercise and cancellation of the Warrants; and 
 WHEREAS, all
acts and things have been done and performed which are necessary to make the Warrants, when issued, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1    Definition of Terms. As used in this Agreement, the following capitalized terms shall have
the following respective meanings: 
 (a)     “Adjustment Event” has the meaning set
forth in Section 5.2 hereof. 

 (b)     “Affiliate” has the meaning set
forth in Rule 12b-2 of the Exchange Act. 
 (c)     “Agreement” has the meaning
set forth in the Preamble. 
 (d)     “Appropriate Officer” has the meaning set forth
in Section 3.2(a) hereof. 
 (e)     “Bankruptcy Code” means Title 11
of the United States Code, 11 U.S.C. §§ 101-1532. 
 (f)     “Bankruptcy
Court” has the meaning set forth in the Recitals. 
 (g)     “Beneficial
Holders” means, with respect to any Warrants represented by a Global Warrant Certificate, any person or entity that “beneficially owns” (as such term is defined and determined pursuant to Rule 13d-3 promulgated under the
Exchange Act) such Warrants. 
 (h)     “Board of Directors” means the Board of
Directors of the Company. 
 (i)     “Book-Entry Warrants” has the meaning set forth in
Section 3.1(c) hereof. 
 (j)     “Business Day” means any day that is not
(i) a Saturday, Sunday or any other day on which the New York Stock Exchange is closed and, (ii) in the event that the Warrants or Common Stock are listed on a national securities exchange other than the New York Stock Exchange, a day on
which such national securities exchange is closed. 
 (k)     “Certificated Warrant”
has the meaning set forth in Section 3.1(c) hereof. 
 (l)     “Class A Common
Stock” has the meaning set forth in the Recitals, and shall include any successor security as a result of any recapitalization, reorganization, reclassification or similar transaction involving the Company. 

(m)     “Class B Common Stock” has the meaning set forth in the Plan, and shall include
any successor security as a result of any recapitalization, reorganization, reclassification or similar transaction involving the Company. 

(n)     “Common Stock” means the shares of common stock of the Company, par value $0.01
per share, including Class A Common Stock and Class B Common Stock, and shall include any successor security as a result of any recapitalization, reorganization, reclassification or similar transaction involving the Company. 

  
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 (o)     “Company” has the meaning set forth
in the Preamble. 
 (p)     “Convertible Securities” means any securities (directly or
indirectly) convertible into or exchangeable for Common Stock, but excluding Options. 
 (q)
    “Current Sale Price” of the Class A Common Stock on any date of determination means: 

(i)     if the Class A Common Stock is listed on the New York Stock Exchange or The NASDAQ Stock
Market on such date, the average closing sale price per share of the Class A Common Stock (or if no closing sale price is reported, the average of the closing bid and closing ask prices or, if more than one in either case, the average of the
average closing bid and the average closing ask prices) for the ten (10) consecutive trading days immediately prior to such date of determination, as reported by the New York Stock Exchange or The NASDAQ Stock Market, as applicable; 

(ii)     if the Class A Common Stock is not listed on the New York Stock Exchange or The NASDAQ Stock
Market on such date, but is listed on another U.S. national or regional securities exchange, the average closing sale price per share of the Class A Common Stock (or if no closing sale price is reported, the average of the high bid and low
asked prices or, if more than one in either case, the average of the average high bid and low asked prices) for the ten (10) consecutive trading days immediately prior to such date of determination, as reported in composite transactions for
such securities exchange (or, if more than one, the principal U.S. national or regional securities exchange on which the Class A Common Stock is traded); 

(iii)     if the Class A Common Stock is not listed on a U.S. national or regional securities
exchange, the average last quoted sale price for the Class A Common Stock (or, if no sale price is reported, the average of the high bid and low asked price for such date) for the ten (10) consecutive trading days immediately prior to such
date of determination, in the over-the-counter market as reported by OTC Markets Group Inc. or other similar organization; or 

(iv)     in all other cases, as determined in good faith by the Board of Directors. 

The Current Sale Price shall be determined without reference to early hours, after hours or extended market trading. 

The Current Sale Price shall be appropriately adjusted by the Board of Directors in good faith if the “ex-date” (as hereinafter defined) for any
event (other than the issuance or distribution requiring such computation) occurs during the ten (10) consecutive trading days immediately prior to the day as of which the Current Sale Price is being determined. 

  
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 For these purposes the term “ex-date”, when used: 

(i)     with respect to any issuance or distribution, means the first date on which the Class A
Common Stock trades regular way on the relevant exchange or in the relevant market from which the sale price or bid and ask prices, as applicable, were obtained without the right to receive such issuance or distribution; 

(ii)     with respect to any subdivision or combination of shares of Class A Common Stock, means the
first date on which the Class A Common Stock trades regular way on such exchange or in such market after the time at which such subdivision or combination becomes effective; and 

(iii)     with respect to any tender or exchange offer, means the first date on which the Class A
Common Stock trades regular way on such exchange or in such market after the expiration time of such offer. 
 The foregoing adjustments shall be made to
the Current Sale Price in accordance with the terms hereof, as may be necessary or appropriate to effectuate the intent of this Agreement and to avoid unjust or inequitable results as determined in good faith by the Board of Directors. 

(r)     “Date of Issuance” has the meaning set forth in Section 3.1(a)
hereof. 
 (s)     “Debtors” has the meaning set forth in the Recitals. 

(t)     “Depositary” has the meaning set forth in Section 3.1(c) hereof. 

(u)     “Direct Registration Warrants” has the meaning set forth in
Section 3.1(c) hereof. 
 (v)     “Effective Date” has the meaning set
forth in the Recitals. 
 (w)     “Exchange Act” means the Securities Exchange Act
of 1934, as amended. 
 (x)     “Exercise Date” means any date, on or prior to the
expiration of the Exercise Period, on which the Holder exercises the right to purchase the Warrant Exercise Shares, in whole or in part, pursuant to and in accordance with the terms and conditions described herein. 

(y)     “Exercise Form” has the meaning set forth in Section 4.3(d) hereof.

 (z)     “Exercise Period” has the meaning set forth in Section 4.2
hereof. 
 (aa)     “Exercise Price” has the meaning set forth in
Section 4.1 hereof. 

  
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 (bb)     “Fully Diluted” means all
Class A Common Stock outstanding as of the applicable measurement date together with all Common Stock then issuable upon (i) the conversion of Convertible Securities at the then applicable conversion rate, (ii) the exercise of any
Options and (iii) the conversion of Class B Common Stock to Class A Common Stock pursuant to the Third Amended and Restated Certificate of Incorporation of the Company, as amended; provided that, for purposes of clauses (i),
(ii) and (iii), all conditions to the convertibility and/or exercisability of Convertible Securities and Options of the Company, shall be deemed to have been satisfied. 

(cc)     “Funds” has the meaning set forth in Section 9.14 hereof. 

(dd)     “Global Warrant Certificates” has the meaning set forth in
Section 3.1(c) hereof. 
 (ee)     “Governmental Authority” means any
(i) government, (ii) governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, official or entity and any court or other tribunal) or (iii) body exercising, or entitled to
exercise, any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature, in each case, whether federal, state, local, municipal, foreign, supranational or of any other jurisdiction. 

(ff)     “Holder” has the meaning set forth in Section 4.1 hereof. 

(gg)     “Law” means all laws, statutes, rules, regulations, codes, injunctions, decrees,
orders, ordinances, registration requirements, disclosure requirements and other pronouncements having the effect of law of the United States, any foreign country or any domestic or foreign state, county, city or other political subdivision or of
any Governmental Authority. 
 (hh)     “Moody’s” means Moody’s Investors
Service, Inc. or any successor thereto. 
 (ii)     “Options” means any warrants or
other rights or options to subscribe for or purchase Common Stock or Convertible Securities. 
 (jj)
    “Organic Change” means any recapitalization, reorganization, reclassification, consolidation, merger, sale of all or substantially all of the Company’s equity securities or assets or other transaction,
in each case which is effected in such a way that the holders of Common Stock are entitled to receive (either directly or upon subsequent liquidation) cash, stock, securities or other assets or property with respect to or in exchange for Common
Stock, other than a transaction which triggers an adjustment pursuant to Sections 5.1, 5.2 or 5.3. 

(kk)     “Person” means any individual, firm, corporation, partnership, limited
partnership, limited liability company, association, indenture trustee, organization, joint stock company, joint venture, estate, trust, governmental unit or any political subdivision thereof, or any other entity (as such term is defined in the
Bankruptcy Code). 

  
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 (ll)     “Plan” has the meaning set forth
in the Recitals. 
 (mm)     “Pro Rata Repurchase Offer” means any offer to purchase
shares of any class of Common Stock by the Company or any Affiliate thereof pursuant to (i) any tender offer or exchange offer subject to Section 13(e) or 14(e) of the Exchange Act or Regulation 14E promulgated thereunder or
(ii) any other offer available to substantially all holders of any class of Common Stock to purchase or exchange their shares of Common Stock, in the case of both (i) or (ii), whether for cash, shares of capital stock of the Company, other
securities of the Company, evidences of indebtedness of the Company or any other Person, or any other property (including, without limitation, shares of capital stock, other securities or evidences of indebtedness of a Subsidiary), or any
combination thereof, effected while the Warrants are outstanding. The “effective date” of a Pro Rata Repurchase Offer shall mean the date of acceptance of shares for purchase or exchange by the Company under any tender or exchange
offer which is a Pro Rata Repurchase Offer or the date of purchase with respect to any Pro Rata Repurchase Offer that is not a tender or exchange offer. 

(nn)     “Registered Holder” has the meaning set forth in Section 3.3(d)
hereof. 
 (oo)     “Requisite Holders” means Registered Holders of Warrants
exercisable for a majority of the Class A Common Stock issuable upon exercise of all Warrants then outstanding. 
 (pp)
    “S&P” means Standard & Poor’s Financial Services LLC or any successor thereto. 

(qq)     “SEC” means the Securities and Exchange Commission or any other federal agency
at the time administering the Securities Act or the Exchange Act. 
 (rr)     “Securities
Act” means the Securities Act of 1933, as amended. 
 (ss)
    “Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company or other business entity of which (i) if a corporation, a majority of the total voting power of
shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or
a combination thereof, or (ii) if a partnership, limited liability company or other business entity (other than a corporation), a majority of the partnership, limited liability company or other similar ownership interest thereof is at the time
owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a
partnership, limited liability company or other business entity if such Person or Persons shall be allocated a majority of partnership, limited liability company or other business entity gains or losses or shall be or control the general partner,
the managing member or entity performing similar functions of such partnership, limited liability company or other business entity. 

  
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 (tt)     “Transfer” means any transfer,
sale, assignment or other disposition. 
 (uu)     “Warrant Agent” has the meaning set
forth in the preamble and shall include any successor to the Warrant Agent pursuant to Section 8.1 hereof. 

(vv)     “Warrant Certificates” has the meaning set forth in Section 3.1(c)
hereof. 
 (ww)     “Warrant Exercise Shares” means the shares of Class A Common
Stock issued upon the exercise of a Warrant. 
 (xx)     “Warrant Register” has the
meaning set forth in Section 3.3(c) hereof. 
 (yy)     “Warrant
Restrictions” has the meaning set forth in Section 3.1(c) hereof. 
 (zz)
    “Warrant Statements” has the meaning set forth in Section 3.1(c) hereof. 

(aaa)     “Warrants” has the meaning set forth in the Recitals. 

Section 1.2    Rules of Construction. 

(a)     The singular form of any word used herein, including the terms defined in Section 1.1
hereof, shall include the plural, and vice versa. The use herein of a word of any gender shall include correlative words of all genders. 

(b)     Unless otherwise specified, references to Articles, Sections and other subdivisions of this
Agreement are to the designated Articles, Sections and other subdivision of this Agreement as originally executed. The words “hereof,” “herein,” “hereunder” and words of similar import refer to this Agreement as a
whole. 
 (c)     References to “$” are to dollars in lawful currency of the United States of
America. 
 (d)     The Exhibits attached hereto are an integral part of this Agreement. 

ARTICLE II 
 APPOINTMENT
OF WARRANT AGENT 
 Section 2.1    Appointment. The Company hereby appoints the Warrant Agent
to act as agent for the Company for the Warrants in accordance with the express terms and subject to the 

  
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conditions set forth in this Agreement (and no implied terms or conditions), and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express
terms and conditions set forth in this Agreement. 
 ARTICLE III 

WARRANTS 

Section 3.1    Issuance of Warrants. 

(a) On the terms and subject to the conditions of this Agreement and in accordance with the terms of the Plan, on or as soon
as reasonably practicable after the Effective Date (such date, the “Date of Issuance”), the Company will issue the Warrants to Mark A. Fischer. 

(b) The maximum number of shares of Class A Common Stock issuable pursuant to exercise of the Warrants shall be 140,023
shares, as such amount may be adjusted from time to time pursuant to this Agreement. 
 (c) Unless otherwise provided in
this Agreement, the Warrants (such Warrants being referred to as “Book-Entry Warrants”) shall be issued through the book-entry facilities of The
Depository Trust Company, as depositary (the “Depositary”) in the form of one or more global warrant certificates (“Global Warrant Certificates”), duly executed on behalf of the Company and countersigned, either by
manual or facsimile signature, by the Warrant Agent, in the manner set forth in Section 3.3(a) below, which the Company shall deliver, or cause to be delivered to the Depositary, on or as soon as reasonably practicable after the
Effective Date. Notwithstanding the foregoing, any Warrants shall either be (x) represented by certificates (together with the Global Warrant Certificates, “Warrant Certificates”; and any Warrant represented by a Warrant
Certificate, other than a Global Warrant Certificate, being referred to as a “Certificated Warrant”) or (y) issued by electronic entry registration on the books of the Warrant Agent (“Direct Registration
Warrants”) and shall be reflected on statements issued by the Warrant Agent from time to time to the holders thereof (the “Warrant Statements”); provided that any Certificated Warrants or Direct Registration Warrants that
are not subject to any restriction on transfer or exercise, or are not subject to any vesting requirements (such restrictions or requirements, “Warrant Restrictions”), may be exchanged at any time for a corresponding number of
Book-Entry Warrants, in accordance with Section 6.1(c) and the applicable procedures of the Depositary and the Warrant Agent. 

Section 3.2    Form of Warrant; Execution of Warrant Certificates. 

(a) Subject to Section 6.1 of this Agreement, the Global Warrant Certificates shall be in substantially the form
set forth in Exhibit A-1 attached hereto. The certificates for Certificated Warrants, with the forms of election to exercise and of assignment printed on the reverse thereof, shall be in substantially the form set forth in Exhibit
A-2 attached hereto. The Warrant Certificates may bear such appropriate 

  
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insertions, omissions, substitutions and other variations as are required or permitted by this Agreement, may have such letters, numbers or other marks of identification or designation and such
legends or endorsements placed thereon as may be required by the Depositary (including as provided in Section 3.2(b)) and as are consistent with the provisions of this Agreement, or as may be required to comply with any Law or with any
rules or regulations made pursuant thereto or with any rules of any securities exchange or as may be determined (in a manner consistent with the provisions of this Agreement) by the Chief Executive Officer or Chief Financial Officer of the Company
(each, an “Appropriate Officer”) executing such Warrant Certificates, as evidenced by their execution of the Warrant Certificates. Such signatures may be manual or facsimile signatures of such authorized officers and may be
imprinted or otherwise reproduced on the Warrant Certificates. 
 (b)     In case any Appropriate
Officer of the Company who shall have signed any of the Warrant Certificates (either manually or by facsimile signature) shall cease to be such Appropriate Officer before the Warrant Certificates so signed shall have been countersigned (either
manually or by facsimile signature) by the Warrant Agent or delivered by or on behalf of the Company, such Warrant Certificates nevertheless may be countersigned and delivered with the same force and effect as though such Appropriate Officer had not
ceased to be such Appropriate Officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be a proper Appropriate Officer of the
Company to sign such Warrant Certificate, although at the date of the execution of this Agreement any such person was not such Appropriate Officer. 

(c)     The Global Warrant Certificates shall bear a legend substantially in the form indicated therefor
on Exhibit A-1. The Global Warrant Certificates shall be deposited on or after the Date of Issuance with the Warrant Agent and registered in the name of Cede & Co., as the nominee of the Depositary. Each Global Warrant
Certificate shall represent such number of the outstanding Warrants as specified therein, and each shall provide that it shall represent the aggregate amount of outstanding Warrants from time to time endorsed thereon and that the aggregate amount of
outstanding Warrants represented thereby may from time to time be reduced or increased, as appropriate, in accordance with the terms of this Agreement and the applicable procedures of the Depositary. 

(d)     A Warrant Certificate shall be, and shall remain, subject to the provisions of this Agreement
until such time as all of the Warrants evidenced thereby shall have been duly exercised or shall have expired or been cancelled in accordance with the terms hereof. 

Section 3.3    Registration and Countersignature. 

(a)     Upon receipt of a written order of the Company signed by an Appropriate Officer instructing the
Warrant Agent to do so, the Warrant Agent (i) shall upon receipt of Warrant Certificates, including the Global Warrant Certificates, duly executed on behalf of the Company, countersign, either by manual or facsimile signature,

  
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such Global Warrant Certificates evidencing Warrants, and record such Warrant Certificates, including the Registered Holders thereof, in the Warrant Register, and (ii) shall register in the
Warrant Register any Direct Registration Warrants in the names of the initial Registered Holders thereof. Such written order of the Company shall specifically state the number of Warrants that are to be issued as Certificated Warrants or Direct
Registration Warrants and the name of the Registered Holders thereof, and the number of Warrants that are to be issued as Book-Entry Warrants, and the Warrant Agent may rely conclusively on such written order. Notwithstanding the foregoing or
anything else in this Agreement to the contrary, the Company shall not instruct the Warrant Agent to register any Direct Registration Warrants unless and until the Warrant Agent shall confirm to the Company in writing that it has the capabilities to
accommodate Direct Registration Warrants. 
 (b)     No Warrant Certificate shall be valid for any
purpose, and no Warrant evidenced thereby shall be exercisable, until such Warrant Certificate has been countersigned by the manual or facsimile signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate
executed by the Company shall be conclusive evidence that such Warrant Certificate so countersigned has been duly issued hereunder. 

(c)     The Warrant Agent shall keep or cause to be kept, at an office designated for such purpose, books
(the “Warrant Register”) in which, subject to such reasonable regulations as it may prescribe, it shall register the Certificated Warrants or Direct Registration Warrants, and the Warrants represented by Global Warrant Certificates,
and exercises, exchanges, cancellations and transfers of outstanding Warrants in accordance with the procedures set forth in Section 6.1 of this Agreement, all in a form reasonably satisfactory to the Company and the Warrant Agent. No
service charge shall be made for any exchange or registration of transfer of the Warrants, but the Company may require payment of a sum sufficient to cover any stamp or other tax or other charge that may be imposed on any Registered Holder in
connection with any such exchange or registration of transfer. The Warrant Agent shall have no obligation to effect an exchange or register a transfer unless and until it is satisfied that any payments required by the immediately preceding sentence
have been made. 
 (d)     Prior to due presentment for registration of transfer or exchange of any
Warrants in accordance with the procedures set forth in this Agreement, the Company and the Warrant Agent may deem and treat the person in whose name such Warrants are registered upon the Warrant Register (the “Registered Holder” of
such Warrants) as the absolute owner of such Warrants, for all purposes including, without limitation, for the purpose of any exercise thereof (subject to Section 4.3(d)(z)), any distribution to the Holder thereof and for all other
purposes (subject to Section 4.1(ii)), and neither the Warrant Agent nor the Company shall be affected by notice to the contrary. Neither the Company nor the Warrant Agent will be liable or responsible for any registration or transfer of any
Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary. 

  
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 ARTICLE IV 

TERMS AND EXERCISE OF WARRANTS 

Section 4.1    Exercise Price. Each Warrant shall entitle (i) in the case of the Certificated Warrants or
Direct Registration Warrants, the Registered Holder thereof and (ii) in the case of Book-Entry Warrants, the Beneficial Holder thereof ((i) and (ii) collectively, the “Holder”), subject to the provisions of this
Agreement, the right to purchase from the Company one share of Class A Common Stock (subject to adjustment from time to time as provided in Article V hereof), at the price of $36.78 per share (subject to adjustment from time to time as
provided in Article V, the “Exercise Price”). 
 Section 4.2    Exercise Period. Warrants
may be exercised by the Holder thereof, in whole or in part (but not as to a fractional share of Class A Common Stock), at any time and from time to time after the Date of Issuance and prior to 5:00 P.M., New York City time, on
June 30, 2018 (the “Exercise Period”). To the extent that a Warrant or portion thereof is not exercised prior to the expiration of the Exercise Period, it shall be automatically cancelled with no action by any Person, and with
no further rights thereunder, upon such expiration. 
 Section 4.3    Method of Exercise. 

(a)     In connection with the exercise of any Warrant, (i) the Holder shall surrender such Warrant
(or portion thereof) to the Warrant Agent for the number of Warrant Exercise Shares being exercised, up to the aggregate number of Warrant Exercise Shares for which the Warrants are exercisable and (ii) the Exercise Price shall be paid, at the
option of the Holder, (x) in United States dollars by personal, certified or official bank check payable to the Company or by wire transfer to an account specified in writing by the Company or the Warrant Agent to such Holder, in either case in
immediately available funds in an amount equal to the aggregate Exercise Price for such Warrant Exercise Shares as specified in the Exercise Form or (y) by cashless exercise as set forth in Section 4.3(b)). 

(b)     In lieu of paying the Exercise Price by personal, certified or official bank check or by wire
transfer, any Holder may elect to exercise Warrants by authorizing the Company to withhold and not issue to such Holder, in payment of the Exercise Price thereof, a number of such Warrant Exercise Shares equal to (x) the number of Warrant
Exercise Shares for which the Warrants are being exercised, multiplied by (y) the Exercise Price, and divided by (z) the Current Sale Price on the Exercise Date (and such withheld shares shall no longer be issuable under such Warrants, and
the Holder shall not have any rights or be entitled to any payment with respect to such withheld shares). 

(c)     Upon exercise of any Warrants, the Warrant Agent will as promptly as practicable, within a
reasonable time period to enable the Company to meet its obligations under Section 4.4(a), deliver written request to the Company to confirm the number of shares of Class A Common Stock issuable in connection with such exercise. The
Company shall calculate and transmit to the Warrant Agent in a written 

  
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notice, and the Warrant Agent shall have no duty, responsibility or obligation to calculate or confirm, the number of shares of Class A Common Stock issuable in connection with any exercise.
The Warrant Agent shall be entitled to rely conclusively on any such written notice provided by the Company, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written
instructions or pursuant to this Agreement. Such written notice from the Company shall also set forth the cost basis for such shares of Class A Common Stock issued pursuant to such exercise. 

(d)     Subject to the terms and conditions of this Agreement, the Holder of any Warrants may exercise, in
whole or in part, such Holder’s right to purchase the Warrant Exercise Shares issuable upon exercise of such Warrants by: (x) in the case of Certificated Warrants, properly completing and duly executing the exercise form for the election
to exercise such Warrants (including the exercise forms referred to in clauses (y) and (z) below, an “Exercise Form”) substantially in the form of Exhibit B-1,
(y) in the case of Direct Registration Warrants, providing an Exercise Form substantially in the form of Exhibit B-2 hereto, properly completed and duly executed by the Registered Holder thereof, to the Warrant Agent, and (z) in the
case of Book-Entry Warrants, providing an Exercise Form in compliance with the applicable procedures of the Depositary and its direct and indirect participants, as applicable. 

(e)     Any exercise of Warrants pursuant to the terms of this Agreement shall be irrevocable as of the
date of delivery of the Exercise Form and shall constitute a binding agreement between the Holder and the Company, enforceable in accordance with the terms of this Agreement. 

(f)     In the case of Certificated Warrants, upon receipt of the Warrant Certificate with the properly
completed and duly executed Exercise Form, or in the case of Direct Registration Warrants, upon receipt of an Exercise Form, in each case pursuant to Section 4.3(d), the Warrant Agent shall: 

(i)     examine the Exercise Form and all other documents delivered to it by or on behalf of Holders as
contemplated hereunder to ascertain whether or not, on their face, such Exercise Form and any such other documents have been executed and completed in accordance with their terms and the terms hereof; 

(ii)     if an Exercise Form or other document appears, on its face, to have been improperly completed or
executed or some other irregularity in connection with the exercise of the Warrants exists, endeavor to inform the appropriate parties (including the person submitting such instrument) of the need for fulfillment of all requirements, specifying
those requirements which appear to be unfulfilled; 
 (iii)     inform the Company of and reasonably
cooperate with and assist the Company in resolving any reconciliation problems between the information provided on any Exercise Form received and the information on the Warrant Register; 

  
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 (iv)     advise the Company as soon as practicable to enable
the Company to meet its obligations under Section 4.4(a), after receipt of an Exercise Form, of (A) the receipt of such Exercise Form and the number of Warrant Exercise Shares in respect of which the Warrants are requested to be
exercised in accordance with the terms and conditions of this Agreement, (B) the instructions with respect to delivery of the Class A Common Stock deliverable upon such exercise, subject to timely receipt of such information by the Warrant
Agent, and (C) such other information as the Company shall reasonably request; and 
 (v)    
subject to Class A Common Stock being made available to the Warrant Agent by or on behalf of the Company, and written instructions from the Company, liaise with the transfer agent for the Class A Common Stock for the issuance and
registration of the number of shares of Class A Common Stock issuable upon exercise of the Warrants in accordance with the Exercise Form. 
 The
Company reserves the right to reject any and all Exercise Forms that it reasonably determines are not in proper form or for which any corresponding agreement by the Company to exchange would, in the opinion of the Company, be unlawful. Any such
determination by the Company shall be final and binding on the Holders of the Warrants, absent manifest error. Moreover, the Company reserves the absolute right to waive any of the conditions to any particular exercise of Warrants or any defects in
the Exercise Form(s) with regard to any particular exercise of Warrants. The Company shall provide prompt written notice to the Warrant Agent of any such rejection or waiver. 

(g)     In the case of Book-Entry Warrants, the Company and the Warrant Agent shall cooperate with the
Depositary and its direct and indirect participants in order to effectuate the exercise of such Warrants, in accordance with the reasonable and applicable practices and procedures of the Depositary and such participants, including the manner of
delivery of notice of exercise by the Beneficial Holders thereof, in such form as shall be prescribed by such participants, as applicable. 

(h)     The Warrant Agent shall forward funds received for warrant exercises in a given month by the fifth
business day of the following month by wire transfer to an account designated by the Company. 
 Section 4.4   
Issuance of Common Stock. 
 (a)     Upon the effectiveness of any exercise of any Warrants
pursuant to Section 4.3, the Company shall, subject to Section 4.6, promptly at its expense, as soon as practicable cause to be issued as directed by the Holder of such Warrants the total number of whole shares of
Class A Common Stock for which such Warrants are being exercised (as the same may be hereafter adjusted pursuant to Article V) in such denominations as are requested by the Holder as set forth below: (i) in the case of the exercise
of any Certificated Warrants or Direct Registration Warrants by the Registered Holder thereof, registered as directed by the Holder, (ii) in the case of the exercise of any Book-Entry Warrants by the Beneficial Holder thereof, by same day or
next day credit to the Depositary in accordance with the practices and procedures of the Depositary and its respective participants, delivered to such account as directed by the Holder. 

  
 13 

 (b)     The Warrant Exercise Shares shall be deemed to have
been issued at the time at which all of the conditions to such exercise have been fulfilled, and the Holder, or other person to whom the Holder shall direct the issuance thereof, shall be deemed for all purposes to have become the holder of such
Warrant Exercise Shares at such time. 
 Section 4.5    Reservation of Shares. 

(a)     During the Exercise Period, the Company shall at all times reserve and keep available out of its
authorized but unissued shares of Class A Common Stock solely for the purpose of issuance upon the exercise of the Warrants, a number of shares of Class A Common Stock equal to the aggregate Warrant Exercise Shares issuable upon the
exercise of all outstanding Warrants. The Company shall use commercially reasonable efforts to take all such actions as may be necessary to assure that all such shares of Class A Common Stock may be so issued without violating the
Company’s governing documents, any agreements to which the Company is a party on the date hereof, any requirements of any national securities exchange upon which shares of Class A Common Stock may be listed or any applicable Laws. The
Company shall not take any action which would cause the number of authorized but unissued shares of Class A Common Stock to be less than the number of such shares required to be reserved hereunder for issuance upon exercise of the Warrants. If
the Class A Common Stock is listed on a national or regional securities exchange, the Company shall use commercially reasonable efforts to cause the Warrant Exercise Shares to be so listed upon issuance. 

(b)     The Company covenants that it will take such actions as may be necessary or appropriate in order
that all Warrant Exercise Shares issued upon exercise of the Warrants will, upon issuance in accordance with the terms of this Agreement, be fully paid and non-assessable and free from any and all (i) security interests created by or imposed
upon the Company and (ii) taxes, liens and charges with respect to the issuance thereof. If at any time prior to the expiration of the Exercise Period the number and kind of authorized but unissued shares of the Company’s capital stock
shall not be sufficient to permit exercise in full of the Warrants, the Company will promptly take such corporate action as may, in the opinion of its counsel, be reasonably necessary (including seeking stockholder approval, if required) to increase
its authorized but unissued shares to such number of shares as shall be sufficient for such purposes. The Company agrees that its issuance of Warrants shall constitute full authority to its officers who are charged with the issuance of Warrant
Exercise Shares to issue Warrant Exercise Shares upon the exercise of Warrants. Without limiting the generality of the foregoing, the Company will not increase the stated or par value per share, if any, of the Class A Common Stock above the
Exercise Price per share in effect immediately prior to such increase in stated or par value. 
 (c)    
The Company represents and warrants to the Holders that the issuance of the Warrants and the issuance of shares of Class A Common Stock upon 

  
 14 

 
exercise thereof in accordance with the terms hereof will not constitute a breach of, or a default under, any other material agreements to which the Company is a party on the date hereof. 

Section 4.6    Fractional Shares. Notwithstanding any provision to the contrary contained in this Agreement, the
Company shall not be required to issue any fraction of a share of its capital stock in connection with the exercise of any Warrants, and in any case where a Holder of Warrants would, except for the provisions of this Section 4.6, be
entitled under the terms thereof to receive a fraction of a share upon the exercise of such Warrants, the Company shall, upon the exercise of such Warrants, issue or cause to be issued only the largest whole number of Warrant Exercise Shares
issuable upon such exercise (and such fraction of a share will be disregarded, and the Holder shall not have any rights or be entitled to any payment with respect to such fraction of a share); provided that the number of whole Warrant
Exercise Shares which shall be issuable upon the contemporaneous exercise of any Warrants shall be computed on the basis of the aggregate number of Warrant Exercise Shares issuable upon exercise of all such Warrants. 

Section 4.7    Close of Books; Par Value. The Company shall not close its books against the transfer of any
Warrants or any Warrant Exercise Shares in any manner which interferes with the timely exercise of such Warrants. Without limiting Section 4.5(b), the Company shall use commercially reasonable efforts to, from time to time, take all such
action as may be necessary to assure that the par value per share of the unissued shares of Common Stock acquirable upon exercise of the Warrants is at all times equal to or less than the Exercise Price then in effect. 

Section 4.8    Payment of Taxes. In connection with the exercise of any Warrants, the Company shall not be required
to pay any tax or other charge imposed in respect of any transfer involved in the Company’s issuance and delivery of shares of Class A Common Stock (including certificates therefor) (or any payment of cash or other property in lieu of such
shares) to any recipient other than the Holder of the Warrants being exercised, and in case of any such tax or other charge, the Warrant Agent and the Company shall not be required to issue or deliver any such shares (or cash or other property in
lieu of such shares) until (x) such tax or charge has been paid or an amount sufficient for the payment thereof has been delivered to the Warrant Agent or the Company or (y) it has been established to the Company’s and the Warrant
Agent’s satisfaction that any such tax or other charge that is or may become due has been paid. For the avoidance of doubt, the Warrant Agent shall not have any duty or obligation to take any action under any section of this Agreement that
requires the payment of taxes or charges, unless and until the Warrant Agent is satisfied that all such taxes and/or charges have been paid. 

ARTICLE V 
 ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF 
 WARRANT EXERCISE SHARES 

In order to prevent dilution of the rights granted under the Warrants, the Exercise Price shall be subject to adjustment from time to time as
provided in this Article V, and the number of shares of Class A Common Stock issuable upon exercise of each Warrant shall be subject to adjustment from time to time as provided in this Article V. 

  
 15 

 Section 5.1    Subdivision or Combination of Class A Common
Stock. In the event that the amount of outstanding Class A Common Stock is increased or decreased by combination (by reverse stock split or reclassification) or subdivision (by any stock split or reclassification) of the Class A Common
Stock or any distribution by the Company with respect to the Class A Common Stock in the form of additional Class A Common Stock, then, on the effective date of such combination, subdivision or distribution, the number of Warrant Exercise
Shares issuable on exercise of the Warrants shall be increased or decreased, as applicable, in proportion to such increase or decrease, as applicable, in the outstanding Class A Common Stock. Whenever the number of Warrant Exercise Shares
purchasable upon the exercise of the Warrants is adjusted pursuant to this Section 5.1, the Exercise Price shall be adjusted (to the nearest one ten-thousandth of a cent ($0.000001)) by multiplying such Exercise Price immediately prior
to such adjustment by a fraction of which (a) the numerator shall be the number of Warrant Exercise Shares purchasable upon the exercise of the Warrants immediately prior to such adjustment and (b) the denominator shall be the number of
Warrant Exercise Shares purchasable immediately after such adjustment. 
 Section 5.2    Distributions. If the
Company at any time after the issuance of the Warrants but prior to the expiration of the Exercise Period fixes a record date for the making of a distribution to all holders of shares of the Common Stock of securities, evidences of indebtedness,
assets, cash, rights or warrants (excluding dividends or distributions referred to in Section 5.1), then, in each such case, the Exercise Price in effect prior to such record date shall be adjusted thereafter to the price determined by
the following formula: 
  

					
	EP1  =  EP0  *	 	 (CP0 - FV)

 
	  	
	 	  
	  	
	 	  

CP0
	  	

 where 
  

					
	EP1	  	=	  	the Exercise Price in effect immediately following the application of the adjustments in this Section 5.2;
			
	EP0	  	=	  	the Exercise Price in effect immediately prior to the application of the adjustments in this Section 5.2;
			
	CP0	  	=	  	the Current Sale Price of the Class A Common Stock on the last trading day preceding the first date on which the Class A Common Stock trades regular way without the right to receive such distribution; and
			
	FV	  	=	  	the amount of cash and/or the fair market value of the securities, evidences of indebtedness, assets, rights or warrants to be so distributed in respect of one share of Common Stock, as determined in good faith by the Board of
Directors.

 Such adjustment shall be made successively whenever such a record date is fixed (an “Adjustment
Event”). In such Adjustment Event, the number of Warrant Exercise Shares issuable upon the exercise of each Warrant shall be increased to the number obtained by dividing 

  
 16 

 
(x) the product of (1) the number of Warrant Exercise Shares issuable upon the exercise of each Warrant before such adjustment, and (2) the Exercise Price in effect immediately
prior to the adjustment by (y) the new Exercise Price immediately following such adjustment. 
 In the event that such distribution is not so made, the
Exercise Price and the number of Warrant Exercise Shares issuable upon exercise of the Warrants then in effect shall be readjusted, effective as of the date when the Board of Directors determines not to distribute such shares, evidences of
indebtedness, assets, rights, cash or warrants, as the case may be, to the Exercise Price that would then be in effect and the number of Warrant Exercise Shares that would then be issuable upon exercise of the Warrants if such record date had not
been fixed. 
 Section 5.3    Pro Rata Repurchase Offer of Common Stock. If at any time after the issuance of the
Warrants but prior to the expiration of the Exercise Period the Company consummates a Pro Rata Repurchase Offer of Common Stock, then the Exercise Price shall be reduced to the price determined by the following formula: 

 

					
	EP1  =  EP0  *	 	
(OS0 * CP0) - AP

 
	  	
	 	  
	  	
	 	  
 (OS0 - SP0) * CP0
	  	

 where 
  

					
	EP1	  	=	  	the Exercise Price in effect immediately following the application of the adjustments in this Section 5.3 (but in no event greater than EP0);
			
	EP0	  	=	  	the Exercise Price in effect immediately prior to the application of the adjustments in this Section 5.3;
			
	OS0	  	=	  	the number of Fully Diluted shares of Class A Common Stock outstanding immediately before consummation of such Pro Rata Repurchase Offer;
			
	CP0	  	=	  	the Current Sale Price of a share of Class A Common Stock on the trading day immediately preceding the first public announcement by the Company or any of its Affiliates of the intent to effect such Pro Rata Repurchase
Offer;
			
	AP	  	=	  	the aggregate purchase price (including the fair market value, as determined in good faith by the Board of Directors, of any non-cash consideration included therein) paid for the shares of
Common Stock in the Pro Rata Repurchase Offer; and
			
	SP0	  	=	  	the number of shares of Common Stock so repurchased in the Pro Rata Repurchase Offer.

 In such event, the Warrant Exercise Shares issuable upon the exercise of each Warrant shall be increased to the number
obtained by dividing (x) the product of (1) the number of Warrant Exercise Shares issuable upon the exercise of each Warrant before such adjustment, and (2) the 

  
 17 

 
Exercise Price in effect immediately prior to the adjustment by (y) the new Exercise Price immediately following such adjustment. For the avoidance of doubt, no increase to the Exercise
Price or decrease in the Warrant Exercise Shares issuable upon exercise of the Warrants shall be made pursuant to this Section 5.3. 

Section 5.4    Reorganization, Reclassification, Consolidation, Merger or Sale. In connection with any Organic
Change prior to the expiration of the Exercise Period, the Holders shall have the right to acquire and receive, upon exercise of such Warrants, such cash, stock, securities or other assets or property as would have been issued or payable in such
Organic Change (if the Holder had exercised such Warrant immediately prior to such Organic Change) with respect to or in exchange, as applicable, for the number of Warrant Exercise Shares that would have been issued upon exercise of such Warrants,
if such Warrants had been exercised immediately prior to the occurrence of such Organic Change. The Company shall not effect any Organic Change unless, prior to the consummation thereof, the surviving Person (if other than the Company) resulting
from such Organic Change, shall assume, by written instrument substantially similar in form and substance to this Agreement in all material respects (including with respect to the provisions of Article V), the obligation to deliver to the
Holders such cash, stock, securities or other assets or property which, in accordance with the foregoing provision, the Holders shall be entitled to receive upon exercise of the Warrants. The provisions of this Section 5.4 shall
similarly apply to successive Organic Changes. 
 Section 5.5    Notice of Adjustments. Whenever the number
and/or kind of Warrant Exercise Shares or the Exercise Price is adjusted as herein provided and upon any Organic Change, the Company shall (i) prepare and deliver, or cause to be prepared and delivered, forthwith to the Warrant Agent a written
statement setting forth the adjusted number and/or kind of securities, cash or other assets or property issuable upon the exercise of Warrants and the Exercise Price after such adjustment, the facts requiring such adjustment and the computation by
which adjustment was made, and (ii) cause the Warrant Agent to give written notice to each Registered Holder in the manner provided in Section 9.2 below, of the record date or the effective date of the event. Failure to give such
notice, or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent shall be fully protected in relying upon any such written notice delivered in accordance with this Section 5.5, and on any
adjustment therein contained, and shall not be deemed to have knowledge of any such adjustment unless and until it shall have received such written notice. Notwithstanding anything to the contrary contained herein, the Warrant Agent shall have no
duty or obligation to investigate or confirm whether the information contained in any such written notice complies with the terms of this Agreement or any other document. The Warrant Agent shall have no duty to determine when an adjustment under
this Article V should be made, how any such adjustment should be calculated, or the amount of any such adjustment. 

Section 5.6    Exclusion of Certain Adjustments. Subject to Section 4.5(b), no adjustment needs be made
for a change in the par value of the shares of Class A Common Stock. All calculations under this Section shall be made to the nearest one ten-thousandth (1/10,000) of one cent ($0.01) or to the nearest one ten-thousandth
(1/10,000) of a share, as the case may be. 
 Section 5.7    Calculation of Adjustments. The form of Warrant
Certificate need not be changed because of any adjustments in the Exercise Price or the number and/or kind of shares 

  
 18 

 
issuable upon exercise of the Warrants, and Warrant Certificates theretofore or thereafter issued may continue to express the same price and number and kind of shares as are stated therein, as
initially issued; provided that such adjustments in the Exercise Price or the number and/or kind of shares issuable upon exercise of the Warrants pursuant to the terms of this Agreement shall nonetheless have effect upon exercise of the Warrants.
The Company, however, may at any time in its sole discretion make any change in the form of Warrant Certificate that it may deem appropriate to give effect to such adjustments and that does not affect the substance of the Warrant Certificate or this
Agreement (including the rights, duties, liabilities or obligations of the Warrant Agent), and any Warrant Certificate thereafter issued, whether in exchange or substitution for an outstanding Warrant Certificate, may be in the form so changed. 

ARTICLE VI 
 TRANSFER
AND EXCHANGE OF WARRANTS 
 Section 6.1    Registration of Transfers and Exchanges. 

(a)     Transfer and Exchange of Book-Entry Warrants. The Transfer and exchange of Book-Entry
Warrants shall be effected through the Depositary and its direct and indirect participants, in accordance with the applicable procedures therefor of the Depositary and such participants. 

(b)     Exchange of Book-Entry Warrants for Certificated Warrants or Direct Registration Warrants.
If at any time, (x) the Depositary for the Global Warrant Certificates notifies the Company that the Depositary is unwilling or unable to continue as Depositary for the Global Warrant Certificates and a successor Depositary for the Global
Warrant Certificates is not appointed by the Company within ninety (90) days after delivery of such notice or (y) the Company, in its sole discretion, notifies the Warrant Agent in writing that it elects to exclusively cause the
issuance of Certificated Warrants or Direct Registration Warrants under this Agreement, then upon written instructions signed by an Appropriate Officer of the Company, the Warrant Agent shall register and issue Certificated Warrants, or shall
register Direct Registration Warrants, in an aggregate number equal to the number of Book-Entry Warrants represented by the Global Warrant Certificates, in accordance with such written instructions. Such written instructions provided by the Company
shall state that the Certificated Warrants or Direct Registration Warrants issued in exchange for Book-Entry Warrants pursuant to this Section 6.1(b) shall be registered in such names and in such amounts as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Warrant Agent. 

(c)     Transfer and Exchange of Certificated Warrants or Direct Registration Warrants. When
Certificated Warrants or Direct Registration Warrants are presented to the Warrant Agent with a written request (x) to register the Transfer of such Certificated Warrants or Direct Registration Warrants or (y) to exchange such Certificated
Warrants or Direct Registration Warrants for an equal number of Certificated Warrants or Direct Registration Warrants, respectively, of other authorized denominations, the Warrant Agent shall register the Transfer or make the exchange, and

  
 19 

 
in the case of Certificated Warrants shall issue such new Warrant Certificates, as requested if its customary requirements for such transactions are met, provided, that (A) the
Warrant Agent shall have received (x) a written instruction of Transfer in form satisfactory to the Warrant Agent, duly executed by the Registered Holder thereof or by his attorney, duly authorized in writing along with evidence of authority
that may be required by the Warrant Agent, including but not limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, (y) a written
order of the Company signed by an Appropriate Officer authorizing such exchange and (z) in the case of Certificated Warrants, surrender of the Warrant Certificate(s) representing same duly endorsed for Transfer or exchange, and (B) if
reasonably requested by the Company, the Company shall have received a written opinion of counsel reasonably acceptable to the Company that such transfer is in compliance with the Securities Act. 

(d)     Exchange of Certificated Warrants or Direct Registration Warrants for Book-Entry Warrants.
Certificated Warrants or Direct Registration Warrants that are not subject to any Warrant Restrictions may be exchanged for Book-Entry Warrants upon satisfaction of the requirements set forth below. Upon
receipt by the Warrant Agent of appropriate written instruments of transfer with respect to such Certificated Warrants or Direct Registration Warrants, in form satisfactory to the Warrant Agent, and in the case of Certificated Warrants, surrender of
the Warrant Certificate(s) representing same duly endorsed for Transfer or exchange, together with written instructions directing the Warrant Agent to make, or to direct the Depositary to make, an endorsement on the Global Warrant Certificate to
reflect an increase in the number of Warrants represented by the Global Warrant Certificate equal to the number of Warrants represented by such Certificated Warrants or Direct Registration Warrants, then the Warrant Agent shall cancel such
Certificated Warrants or Direct Registration Warrants on the Warrant Register and cause or direct the Depositary to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Warrant Agent, the number
of Book-Entry Warrants represented by the Global Warrant Certificate to be increased accordingly. If no Global Warrant Certificates are then outstanding, or if the Global Warrant Certificates then outstanding cannot be used for such purposes, the
Company shall issue and the Warrant Agent shall countersign (by either manual or facsimile signature), a new Global Warrant Certificate representing the appropriate number of Book-Entry Warrants. Any such Transfer shall be subject to the
Company’s prior written approval, which shall not be unreasonably withheld, conditioned or delayed. 
 (e)
    Restrictions on Transfer and Exchange of Global Warrant Certificates. Notwithstanding any other provisions of this Agreement (other than the provisions set forth in Section 6.1(f)), unless and until it is
exchanged in whole for Certificated Warrants or Direct Registration Warrants, a Global Warrant Certificate may not be Transferred as a whole except 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. 

  
 20 

 (f)     Restrictions on Transfer. No Warrants or
Warrant Exercise Shares shall be sold, exchanged or otherwise Transferred in violation of the Securities Act or applicable state securities Laws. If any Holder purports to Transfer Warrants to any Person in a transaction that would violate the
provisions of this Section 6.1(f), such Transfer shall be void ab initio and of no effect. 

(g)     Exchange of Global Warrant Certificate. A Global Warrant Certificate may be exchanged for
another Global Warrant Certificate of like or similar tenor for purposes of complying with the practices and procedures of the Depositary. 

(h)     Cancellation of Global Warrant Certificate. At such time as all beneficial interests in a
Global Warrant Certificate have either been exchanged for Certificated Warrants or Direct Registration Warrants, redeemed, repurchased or cancelled, the Global Warrant Certificate shall be returned to, or retained and cancelled pursuant to
applicable Law by, the Warrant Agent, upon written instructions from the Company satisfactory to the Warrant Agent. 

Section 6.2    Obligations with Respect to Transfers and Exchanges of Warrants. 

(a)     All Certificated Warrants or Direct Registration Warrants issued upon any registration of Transfer
or exchange of Certificated Warrants or Direct Registration Warrants, respectively, shall be the valid obligations of the Company, entitled to the same benefits under this Agreement as the Certificated Warrants or Direct Registration Warrants
surrendered upon such registration of Transfer or exchange. No service charge shall be made to a Registered Holder for any registration, Transfer or exchange of any Certificated Warrants or Direct Registration Warrants, but the Company may require
payment of a sum sufficient to cover any stamp or other tax or other charge that may be imposed on the Registered Holder, the Company or the Warrant Agent in connection with any such exchange or registration of Transfer. The Warrant Agent shall
forward any such sum collected by it to the Company or to such persons as the Company specifies by written notice. The Warrant Agent shall have no obligation to effect an exchange or register a Transfer unless and until it is satisfied that all such
taxes and/or charges have been paid. 
 (b)     So long as the Depositary, or its nominee, is the
registered owner of a Global Warrant Certificate, the Depositary or such nominee, as the case may be, shall be considered by the Company, the Warrant Agent, and any agent of the Company or the Warrant Agent as the sole owner or holder of the
Warrants represented by such Global Warrant Certificate for all purposes under this Agreement (subject to Sections 4.1(ii) and 4.3(d)(z)). Neither the Company nor the Warrant Agent, in its capacity as registrar for such Warrants,
will have any responsibility or liability for any aspect of the records relating to beneficial interests in a Global Warrant Certificate or for maintaining, supervising or reviewing any records relating to such beneficial interests. Notwithstanding
the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy, or other authorization furnished by the Depositary or impair the
operation of customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in a Global Warrant Certificate. 

  
 21 

 (c)     Subject to Section 6.1(c), and this
Section 6.2, the Warrant Agent shall: 
 (i)     in the case of Certificated Warrants, upon
receipt of all information required to be delivered hereunder, from time to time register the Transfer of any outstanding Certificated Warrants in the Warrant Register, upon delivery by the Registered Holder thereof, at the Warrant Agent’s
office designated for such purpose, of the Warrant Certificate representing such Certificated Warrants, duly endorsed for transfer, by the Registered Holder thereof or by the duly appointed legal representative thereof or by a duly authorized
attorney; and upon any such registration of Transfer, a new Warrant Certificate shall be issued to the transferee. 
 (ii)
    in the case of Direct Registration Warrants, upon receipt of all information required to be delivered hereunder, from time to time register the Transfer of any outstanding Direct Registration Warrants in the Warrant Register,
upon delivery by the Registered Holder thereof, at the Warrant Agent’s office designated for such purpose, of a form of assignment substantially in the form of Exhibit C hereto, properly completed and duly executed by the Registered
Holder thereof or by the duly appointed legal representative thereof or by a duly authorized attorney; and upon any such registration of Transfer, a new Direct Registration Warrant shall be issued to the transferee. 

Section 6.3    Fractional Warrants. The Warrant Agent shall not effect any registration of Transfer or exchange
which will result in the issuance of a fraction of a Warrant. 
 ARTICLE VII 

OTHER PROVISIONS RELATING TO RIGHTS OF HOLDERS OF WARRANTS 

Section 7.1    No Rights or Liability as Stockholder. Nothing contained herein or the Warrants shall be construed
as conferring upon the Holder or his, her or its transferees the right to vote or to receive dividends or to consent or to receive notice as a stockholder in respect of any meeting of stockholders for the election of directors of the Company or of
any other matter, or any rights whatsoever as stockholders of the Company. The vote or consent of any Holder shall not be required with respect to any action or proceeding of the Company and no Holder shall have any right not expressly conferred
hereunder or under, or by applicable Law with respect to, the Warrants held by such Holder. No Holder, by reason of the ownership or possession of a Warrant, shall have any right to receive any cash dividends, stock dividends, allotments or rights
or other distributions paid, allotted or distributed or distributable to the holders of Class A Common Stock prior to, or for which the relevant record date preceded, the date of the exercise of such Warrant. No provision thereof and no mere
enumeration therein of the rights or privileges of the Holder shall give rise to any liability of such Holder for the Exercise Price hereunder or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of
the Company. 

  
 22 

 Section 7.2    Notice to Registered Holders. The Company shall give
notice to Registered Holders by regular mail, and prompt written notice thereof to the Warrant Agent, if any of the following events is proposed to occur prior to the expiration or exercise in full of the Warrants: 

(a)     the payment of any dividend payable in any securities upon shares of Common Stock or the making of
any distribution (other than a regular quarterly cash dividend) to all holders of Common Stock; 

(b)     the issuance to all holders of Common Stock of any additional shares of Common Stock or of rights,
Options or warrants to subscribe for or purchase Common Stock or of any other subscription rights, Options or warrants; 

(c)     the issuance of any additional Common Stock, Options or Convertible Securities that would result
in an adjustment to the Exercise Price under Section 5.1; 
 (d)     a Pro Rata Repurchase
Offer; 
 (e)     an Organic Change; 

(f)     a dissolution, liquidation or winding up of the Company; or 

(g)     the occurrence of any other event that would result in an adjustment to the Exercise Price or the
number of Warrant Exercise Shares issuable upon exercise of the Warrants under Article V. 
 Any such notice shall be given at least
ten (10) Business Days prior to the date fixed as the record date or the date of closing of the Company’s stock transfer books for the determination of the stockholders entitled to such dividend, distribution or subscription rights, or of
the stockholders entitled to vote on such Organic Change, dissolution, liquidation or winding up or the proposed effective date of a Pro Rata Repurchase Offer, or any other event that would result in an adjustment to the Exercise Price or the number
of Warrant Exercise Shares issuable upon exercise of the Warrants under Article V. Such notice shall specify such record date or the date of closing the stock transfer books or proposed effective date, as the case may be. Failure to provide
such notice shall not affect the validity of any action taken. For the avoidance of doubt, no such notice (or the failure to provide it to any Holder) shall supersede or limit any adjustment called for by Article V by reason of any event as
to which notice is required by this Section 7.2. 
 Section 7.3    Lost, Stolen, Mutilated or Destroyed
Warrant Certificates. If any Warrant Certificate is lost, stolen, mutilated or destroyed, the Company may issue, and upon written request by the Company, the Warrant Agent shall countersign (either by manual or facsimile signature), and deliver,
in exchange and substitution for and upon cancellation of the mutilated Warrant Certificate, or in lieu of and substitution for the Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate of like tenor in accordance with written
instructions from the Company and subject to the terms of this Section 7.3. In the case of Warrant Certificates other than Global Warrant Certificates, the Company or the Warrant Agent may, in its discretion, require evidence reasonably
satisfactory to it of the loss, theft or destruction of such Warrant 

  
 23 

 
Certificate, and an open penalty surety bond satisfactory to the Warrant Agent and holding it and the Company harmless, absent notice to the Warrant Agent that such replacement certificates have
been acquired by a bona fide purchaser. Applicants for such substitute Warrant Certificates shall also comply with such other regulations as the Company or the Warrant Agent may reasonably require. 

Section 7.4    Cancellation of Warrants. If the Company shall purchase or otherwise acquire Warrants, such Warrants
shall be cancelled and retired, in the case of Certificated Warrants or Direct Registration Warrants, by appropriate notation on the Warrant Register, and, in the case of Book-Entry Warrants, in accordance with the applicable procedures of the
Depositary, including if required by such applicable procedures by appropriate notation on the applicable Global Warrant Certificate. 

ARTICLE VIII 

CONCERNING THE WARRANT AGENT AND OTHER MATTERS 

Section 8.1    Resignation, Removal, Consolidation or Merger of Warrant Agent. 

(a)     Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter
appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company. In the event the transfer agency relationship in effect between the
Company and the Warrant Agent terminates, the Warrant Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination. If the office of the Warrant Agent becomes
vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after
it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the Registered Holder of a Warrant, then the Registered Holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New
York for the appointment of a successor Warrant Agent at the Company’s cost. The Company may, at any time and for any reason at no cost to the Holders, remove the Warrant Agent and appoint a successor Warrant Agent by thirty
(30) days’ written notice to the Warrant Agent signed by the Company and specifying such removal and the date when it is intended to become effective, one copy of which shall be delivered to the Warrant Agent being removed and one copy to
the successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a Person organized and existing under the Laws of the United States of America, or any state thereunder, in good standing. After
appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any
further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, rights, immunities, duties and obligations of such predecessor Warrant Agent hereunder; 

  
 24 

 
and upon request of any successor Warrant Agent, the Company shall make, execute, acknowledge and deliver any and all instruments in writing for more fully and effectually vesting in and
confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties and obligations. 
 (b)
    Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall (i) give notice thereof to the predecessor Warrant Agent and the transfer agent for the Class A
Common Stock not later than the effective date of any such appointment, and (ii) cause written notice thereof to be delivered to each Registered Holder at such Holder’s address appearing on the Warrant Register. Failure to give any notice
provided for in this Section 8.1(b) or any defect therein shall not affect the legality or validity of the removal of the Warrant Agent or the appointment of a successor Warrant Agent, as the case may be. 

(c)     Merger, Consolidation or Name Change of Warrant Agent. 

(i)     Any Person into which the Warrant Agent may be merged or with which it may be consolidated or any
Person resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement, without any further act or deed, if such person would be eligible for appointment as a successor
Warrant Agent under the provisions of Section 8.1(a). If any of the Warrant Certificates have been countersigned but not delivered at the time such successor to the Warrant Agent succeeds under this Agreement, any such successor to the
Warrant Agent may adopt the countersignature of any previous Warrant Agent; and if at that time any of the Warrant Certificates shall not have been countersigned, any successor to the Warrant Agent may countersign such Warrant Certificates either in
the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement. 

(ii)     If at any time the name of the Warrant Agent is changed and at such time any of the Warrant
Certificates have been countersigned but not delivered, the Warrant Agent whose name has changed may adopt the countersignature under its prior name; and if at that time any of the Warrant Certificates have not been countersigned, the Warrant Agent
may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement. 

Section 8.2    Fees and Expenses of Warrant Agent. 

(a)     Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its
services as Warrant Agent as set forth in the fee schedule mutually agreement upon by the Company and the Warrant Agent (which is incorporated herein by reference) and will reimburse the Warrant Agent upon demand for all documented out-of-pocket
expenses (including reasonable counsel fees and expenses), taxes and governmental charges and other charges of any kind and nature incurred by the Warrant Agent in connection with the negotiation, preparation, delivery, administration, execution,
modification, waiver, delivery, enforcement or amendment of this Agreement and the exercise and performance of its duties hereunder. 

  
 25 

 (b)     Further Assurances. The Company agrees to
perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or
performing of the provisions of this Agreement. 
 Section 8.3    Duties of Warrant Agent 

(a)     Covered Persons. References to the Warrant Agent in this Section 8.3 shall
include the Warrant Agent and its affiliates, principles, directors, officers, employees, agents, representatives, attorneys, accountants, advisors and other professionals. 

(b)     Liability. 

(i)     The Warrant Agent shall not be liable for or by reason of any of the statements
of fact or recitals contained in this Agreement, the Warrant Statements or in the Warrant Certificates (except, in each case, its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be
deemed to have been made by the Company only. The Warrant Agent shall not be under any responsibility in respect of the validity or sufficiency of this Agreement or the execution and delivery hereof or in respect of the validity or execution of any
Warrant Certificate (except, in each case, its countersignature therefor); nor shall the Warrant Agent be responsible for any breach by the Company of any covenant or condition contained in this Agreement; nor shall the Warrant Agent be responsible
for the making of any adjustment in the Exercise Price or the number and/or kind of shares issuable upon the exercise of Warrants required under the provisions of Article V or be responsible for the manner, method or amount of any
such change or the ascertaining of the existence of facts that would require any such change; nor shall the Warrant Agent by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Warrant
Exercise Shares to be issued pursuant to this Agreement or any Warrant or as to whether any Warrant Exercise Shares will, when issued, be validly issued and fully paid and non-assessable. The Warrant Agent shall not be accountable or under any duty
or responsibility for the application by the Company of the proceeds of the issue and sale, or exercise, of the Warrants. 

(ii)     The Warrant Agent shall have no liability under, and no duty to inquire as to, the provisions of
any agreement, instrument or document other than this Agreement, as expressly provided herein. 
 (iii)
    The Warrant Agent may rely on and shall incur no liability or responsibility to the Company, any Holder, or any other Person for any action taken, suffered or omitted to be taken by it upon any notice, instruction, request,
resolution, waiver, consent, order, certificate, affidavit, statement, or other paper, document or 

  
 26 

 
instrument furnished to the Warrant Agent hereunder and believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. The Warrant Agent shall be under no
duty to inquire into or investigate the validity, accuracy or content of any such notice, instruction, request, resolution, waiver, consent, order, certificate, affidavit, statement, or other paper, document or instrument. The Warrant Agent shall
not take any instructions or directions except those given in accordance with this Agreement. 
 (iv)
    The Warrant Agent shall act hereunder solely as agent for the Company and, notwithstanding anything contained herein, in a ministerial capacity and does not assume any obligation or relationship of agency or trust with any of
the Holders or any other Person, and its duties shall be determined solely by the provisions hereof. The Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken in connection with this Agreement except to the extent
that a court of competent jurisdiction determines that its own gross negligence, willful misconduct or bad faith (as each is determined by a final, nonappealable judgment) was the primary cause of any loss. 

(v)     Anything in this Agreement to the contrary notwithstanding, in no event shall the Warrant Agent be
liable for any special, incidental, punitive, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has been advised of the likelihood of such loss or damage.
Notwithstanding anything contained in this Agreement to the contrary, any liability of the Warrant Agent under this Agreement, whether in contract, or in tort, or otherwise, shall be limited in the aggregate to, and shall not exceed, an amount equal
to the fees and charges, but not including reimbursable expenses, paid by the Company to the Warrant Agent hereunder during the twelve (12) months immediately preceding the event for which recovery from the Warrant Agent is being sought. 

(vi)     All rights and obligations contained in this Section 8.3 shall survive the
termination of this Agreement and the resignation, replacement, incapacity or removal of the Warrant Agent. All fees and expenses incurred by the Warrant Agent prior to the resignation, replacement, incapacity or removal of the Warrant Agent shall
be paid by the Company in accordance with this Section 8.3 of this Agreement notwithstanding such resignation, replacement, incapacity or removal of the Warrant Agent. 

(vii)     The Warrant Agent shall not be under any liability for interest on any monies at any time
received by it pursuant to the provisions of this Agreement. 
 (viii)     In no event shall the Warrant
Agent be responsible or liable for any failure or delay in the performance of its obligations under this Agreement arising out of or caused by, directly or indirectly, forces beyond its reasonable 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 or hardware) services. 

  
 27 

 (ix)     In the event the Warrant Agent believes any
ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Warrant Agent hereunder, the Warrant Agent, may, in its sole discretion, refrain from taking any
action, and shall be fully protected and shall not be liable in any way to the Company or any Holder or other person or entity for refraining from taking such action, unless the Warrant Agent receives written instructions signed by the Company which
eliminates such ambiguity or uncertainty to the satisfaction of Warrant Agent. 
 (c)     Reliance on
Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action
hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by an Appropriate Officer of the Company and delivered to the
Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or suffered by it pursuant to the provisions of this Agreement. 

(d)     Indemnity. The Company agrees to indemnify, defend, protect and save the Warrant Agent and
hold it harmless from and against any and all losses, damages, claims, liabilities, penalties, judgments, settlements, actions, suits, proceedings, litigation, investigations, costs or expenses, including without limitation reasonable fees and
disbursements of counsel, that may be imposed on, incurred by, or asserted against such Person, at any time, and in any way relating to or arising out of or in connection with, directly or indirectly, the execution, delivery or performance of this
Agreement, the enforcement of any rights or remedies under or in connection with this Agreement, or as may arise by reason of any act, omission or error of such Person; provided, however, that no such Person shall be entitled to be so
indemnified, defended, protected, saved and kept harmless to the extent such loss was caused by its own gross negligence, bad faith or willful misconduct, each as determined by a final judgment of a court of competent jurisdiction. 

(e)     Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of
this Agreement or with respect to the validity or execution of any Warrant (except, in each case, its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement; nor
shall it be responsible to make any adjustments required under the provisions of Article V hereof or responsible for the manner, method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such
adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Class A Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any
Class A Common Stock will, when issued, be valid and fully paid and non-assessable. The Warrant Agent will not be under any duty or responsibility to ensure compliance with any applicable federal or state securities Laws in connection with the
issuance, transfer or exchange of Warrants. 

  
 28 

 (f)     The Warrant Agent may execute and exercise any of
the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys, agents or employees, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any
such attorneys, agents or employees or for any loss to the Company resulting from such neglect or misconduct, provided that the Warrant Agent acts without gross negligence, willful misconduct or bad faith (each as determined by a final
judgment of a court of competent jurisdiction) in connection with the selection of such attorneys, agents or employees. 

(g)     The Warrant Agent may consult at any time with legal counsel satisfactory to it (who may be legal
counsel for the Company) and the advice or opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by such parties in accordance with such advice or opinion. 

(h)     The Warrant Agent may buy, sell, or deal in any of the Warrants or other securities of the Company
freely as though it was not Warrant Agent under this Agreement. Nothing contained herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other Person. 

(i)     The Warrant Agent shall not be required to use or risk its own funds in the performance of any of
its obligations or duties or the exercise of any of its rights or powers, and shall not be required to take any action which, in the Warrant Agent’s sole and absolute judgment, could involve it in expense or liability unless furnished with
security and indemnity satisfactory to it. 
 (j)     The Warrant Agent may rely on and be fully
authorized and protected in acting or failing to act upon (a) any guaranty of signature by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable
“signature guarantee program” or insurance program in addition to, or in substitution for, the foregoing; or (b) any law, act, regulation or any interpretation of the same even though such law, act, or regulation may thereafter have
been altered, changed, amended or repealed. 
 ARTICLE IX 

MISCELLANEOUS PROVISIONS 

Section 9.1    Binding Effects; Benefits. This Agreement shall inure to the benefit of and shall be binding upon
the Company, the Warrant Agent and the Holders and their respective heirs, legal representatives, successors and assigns. Nothing in this Agreement, expressed or implied, is intended to or shall confer on any person other than the Company, the
Warrant Agent and the Holders, or their respective heirs, legal representatives, successors or assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

  
 29 

 Section 9.2    Notices. Any notice or other communication required or
which may be given hereunder shall be in writing and shall be sent by certified or regular mail (return receipt requested, postage prepaid), by private national courier service, by personal delivery or by facsimile transmission. Such notice or
communication shall be deemed given (i) if mailed, two (2) days after the date of mailing, (ii) if sent by national courier service, when sent, (iii) if delivered personally, when so delivered, or (iv) if sent by facsimile
transmission, when sent, in each case as follows: 
 if to the Warrant Agent, to: 

Computershare Trust Company, N.A. 

250 Royall Street 

Canton, MA 02021 

Attention: Client Services 

Facsimile: [●] 

if to the Company, to: 

Chaparral Energy, Inc. 

701 Cedar Lake Boulevard 

Oklahoma City, OK 73114 

Facsimile: (405) 425-3704 

Attention: K. Earl Reynolds 

with copies (which shall not constitute notice) to: 

Latham & Watkins LLP 

Attn: Ryan J. Maierson 

811 Main Street, Suite 3700 

Houston, TX 77002 

Fax: (713) 546-5401 

if to Registered Holders, at their addresses as they appear in the Warrant Register and, if different, at the addresses appearing in the
records of the transfer agent or registrar for the Class A Common Stock. 
 Section 9.3    Persons Having Rights
under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto
and the Holders, any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Agreement
shall be for the sole and exclusive benefit of the parties hereto, their successors and assigns and the Holders. 

Section 9.4    Examination of this Agreement. A copy of this Agreement, and the Warrant Register relating to such
Holder’s Warrants, shall be available at all reasonable times at an office designated for such purpose by the Warrant Agent, for examination by the Registered Holder of any Warrant. 

  
 30 

 Section 9.5    Counterparts. This Agreement may be executed in any
number of original or facsimile or electronic PDF counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

Section 9.6    Effect of Headings. The section headings herein are for convenience only and are not part of this
Agreement and shall not affect the interpretation hereof. 
 Section 9.7    Amendments. 

(a)     This agreement may not be amended except in writing signed by the Company and the Warrant Agent.

 (b)     The Company and the Warrant Agent may from time to time supplement or amend this Agreement or
the Warrants, as follows: 
 (i)     without the approval of any Holder in order to cure any ambiguity,
manifest error or other mistake in this Agreement or the Warrants, or to correct or supplement any provision contained herein or in the Warrants that may be defective or inconsistent with any other provision herein or in the Warrants, or to make any
other provisions in regard to matters or questions arising hereunder that the Company may deem necessary or desirable and that shall not adversely affect, alter or change the interests of the Holders in any material respect, or 

(ii)     with the prior written consent of Requisite Holders; provided, however, without
limitation to Section 9.7(b)(i) above, that the consent of each Holder adversely affected thereby shall be required for any amendment that (A) reduces the term of the Warrants (or otherwise modifies any provisions pursuant to which
the Warrants may be terminated or cancelled), (B) increases the Exercise Price and/or decreases the number of Warrant Exercise Shares (or, as applicable, the amount of such other securities and/or assets) deliverable upon exercise of the
Warrants, other than such increases and/or decreases that are made pursuant to Article V or (C) modifies the material anti-dilution provisions set forth in Article V or the provisions of this Section 9.7 or the
definition of Requisite Holders. 
 (c)     Notwithstanding anything to the contrary herein, upon the
delivery of a certificate from an Appropriate Officer which states that the proposed supplement or amendment is in compliance with the terms of this Section 9.7, the Warrant Agent shall execute such supplement or amendment;
provided that the Warrant Agent may, but shall not be obligated to, execute any amendment or supplement that affects Warrant Agent’s rights, duties, immunities, liabilities or obligations hereunder. Any amendment, modification or waiver
effected pursuant to and in accordance with the provisions of this Section 9.7 shall be binding upon all Holders and upon each future Holder, the Company and the Warrant Agent. In the event of any amendment, modification or waiver, the
Company shall give prompt notice thereof to all Registered Holders. Any failure of the Company to give such notice or any defect therein shall not, however, in any way impair or affect the validity of any such amendment. 

  
 31 

 Section 9.8    No Inconsistent Agreements; No Impairment. The Company
shall not, on or after the date hereof, enter into any agreement with respect to its securities which conflicts with the rights granted to the Holders in this Agreement or the Warrants. The Company represents and warrants to the Holders that the
rights granted hereunder do not in any way conflict with the rights granted to holders of the Company’s securities under any other agreements. The Company shall not, by amendment of its articles of incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but
will at all times in good faith assist in the carrying out of all the provisions of the Warrants and in the taking of all such action as may be necessary in order to preserve the exercise rights of the Holders against impairment. 

Section 9.9    Integration/Entire Agreement. This Agreement (including the exhibits hereto) and the fee schedule is
the final, complete and exclusive statement of the agreement and understanding of the Company, the Warrant Agent and the Holders in respect of the subject matter contained herein. There are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein, with respect to the Warrants. This Agreement and the Warrants supersede all prior agreements and understandings between the parties with respect to such subject matter. 

Section 9.10    Governing Law, Etc. This Agreement and each Warrant issued hereunder shall be deemed to be a
contract made under the Laws of the State of New York and for all purposes shall be governed by and construed in accordance with the Laws of such State. Each party hereto consents and submits to the exclusive jurisdiction of the courts of the State
of New York located in New York County and of the U.S. federal courts located in the Southern District of New York in connection with any action or proceeding brought against it that arises out of or in connection with, that is based upon, or
that relates to this Agreement or the transactions contemplated hereby. In connection with any such action or proceeding in any such court, each party hereto hereby waives personal service of any summons, complaint or other process and hereby agrees
that service thereof may be made in accordance with the procedures for giving notice set forth in Section 9.2 hereof. Each party hereto hereby waives any objection to jurisdiction or venue in any such court in any such action or
proceeding and agrees not to assert any defense based on forum non conveniens or lack of jurisdiction or venue in any such court in any such action or proceeding. 

Section 9.11    Termination. This Agreement will terminate on the earlier of (i) such date when all Warrants
have been exercised with respect to all shares subject thereto, or (ii) the expiration of the Exercise Period. The provisions of Section 8.3 and this Article IX shall survive such termination and the resignation, replacement
or removal of the Warrant Agent. 
 Section 9.12    Waiver of Trial by Jury. Each party hereto, including each
Holder by its receipt of a Warrant, hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or
relating to this Agreement and the transactions contemplated hereby. 

  
 32 

 Section 9.13    Remedies. The Company hereby agrees that, in the event
that the Company violates any provisions of the Warrants (including the obligation to deliver shares of Class A Common Stock upon the exercise thereof), the remedies at law available to the Holder of such Warrant may be inadequate. In such
event, the Requisite Holders and, other than in the event the Company fails to deliver Warrant Exercise Shares upon a Holder’s exercise of its Warrants (which shall not require the consent of the Requisite Holders), with the prior written
consent of the Requisite Holders, the Holder of such Warrants, shall have the right, in addition to all other rights and remedies any of them may have, to specific performance of the obligations and/or injunctive or other equitable relief to enforce
the obligations of the Company hereunder. 
 Section 9.14    Bank Accounts. All funds received by the Warrant
Agent under this Agreement that are to be distributed or applied by the Warrant Agent in the performance of services (the “Funds”) shall be held by the Warrant Agent as agent for the Company and deposited in one or more bank
accounts to be maintained by the Warrant Agent in its name as agent for the Company. Until paid pursuant to the terms of this Agreement, the Warrant Agent will hold the Funds through such accounts in: deposit accounts of commercial banks with
Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by
Bloomberg Finance L.P.). The Warrant Agent shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by the Warrant Agent in accordance with this paragraph, including any losses resulting from a
default by any bank, financial institution or other third party. The Warrant Agent may from time to time receive interest, dividends or other earnings in connection with such deposits. The Warrant Agent shall not be obligated to pay such interest,
dividends or earnings to the Company, any Holder or any other party. 
 Section 9.15    Severability. In the
event that any one or more of the provisions contained in this Agreement or in the Warrants, or the application thereof in any circumstances, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provisions
in every other respect and of the remaining provisions contained herein and therein shall not be affected or impaired thereby; provided, however, that if any such excluded provision shall adversely affect the rights, immunities, duties
or obligations of the Warrant Agent, the Warrant Agent shall be entitled to immediately resign. 
 Section 9.16   
Confidentiality. The Warrant Agent and the Company agree that the Warrant Register and personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation or carrying out of this Agreement, shall
remain confidential and shall not be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce and criminal
actions), or pursuant to the requirements of the SEC. 
 [Signature Page Follows] 

  
 33 

 IN WITNESS WHEREOF, this Agreement has been duly executed by the undersigned parties hereto as of
the date first above written. 
  

			
	CHAPARRAL ENERGY, INC.
		
	By:	 	 /s/ Joseph O. Evans        

	Name:	 	Joseph O. Evans        
	Title:	 	 Chief Financial Officer and

		 	 Executive Vice President

		 	 (Principal Financial Officer and

		 	 Principal Accounting Officer)

  
 [Signature Page to
Warrant Agreement] 

 
			
	Computershare Inc., as Warrant Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Warrant Agreement] 

 EXHIBIT A-1 

FACE OF GLOBAL WARRANT CERTIFICATE 

VOID AFTER 5:00 P.M., NEW YORK CITY TIME, ON JUNE 30, 2018 

This Global Warrant Certificate is held by The Depository Trust Company (the “Depositary”) or its nominee in custody for the benefit of the
beneficial owners hereof, and is not transferable to any person under any circumstances except that (i) this Global Warrant Certificate may be exchanged in whole but not in part pursuant to Section 6.1(g) of the Warrant Agreement
dated as of [                    ] by and between Chaparral Energy, Inc. and Computershare Inc. (the “Warrant Agent”),
(ii) this Global Warrant Certificate may be delivered to the Warrant Agent for cancellation pursuant to Section 6.1(h) of the Warrant Agreement and (iii) this Global Warrant Certificate may be transferred to a successor
Depositary with the prior written consent of the Company. 
 Unless this Global Warrant Certificate is presented by an authorized representative of the
Depositary to the Company or the Warrant Agent for registration of transfer, exchange or payment and any certificate issued is registered in the name of Cede & Co. or such other entity as is requested by an authorized representative of the
Depositary (and any payment hereon is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depositary), any transfer, pledge or other use hereof for value or otherwise by or to any person is
wrongful because the registered owner hereof, Cede & Co., has an interest herein. 
 Transfers of this Global Warrant Certificate shall be limited
to transfers in whole, but not in part, to nominees of the Depositary or to a successor thereof or such successor’s nominee. 
 No registration or
transfer of the securities issuable pursuant to the Warrant will be recorded on the books of the Company until such provisions have been complied with. 

 THE SECURITIES REPRESENTED BY THIS GLOBAL WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON EXERCISE OF
THE WARRANT) ARE SUBJECT TO ADDITIONAL AGREEMENTS SET FORTH IN THE WARRANT AGREEMENT DATED AS OF [●], BY AND BETWEEN THE COMPANY AND THE WARRANT AGENT (AS DEFINED THEREIN) (THE “WARRANT AGREEMENT”). 

THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO 

5:00 P.M., NEW YORK CITY TIME, ON JUNE 30, 2018 

WARRANT TO PURCHASE 

             SHARES OF CLASS A COMMON STOCK OF 

REORGANIZED CHAPARRAL ENERGY,
INC.* 

CUSIP # [●] 
 ISSUE DATE:
[●] 
 No. W-[●] 

This certifies that, for value received, Cede & Co. and its registered assigns (collectively, the “Registered
Holder”), is entitled to purchase from reorganized Chaparral Energy, Inc., a Delaware corporation (the “Company”), subject to the terms and conditions hereof, at any time before 5:00 P.M., New York City time, on
June 30, 2018, the number of fully paid and non-assessable shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”) of the Company set forth above at the Exercise Price (as defined in
the Warrant Agreement). The Exercise Price and the number and kind of shares purchasable hereunder are subject to adjustment from time to time as provided in Article V of the Warrant Agreement. The initial Exercise Price shall be $[●].

 This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent. 

 

	*	Exercisable for [●] shares of Class A Common Stock for all Warrants in the aggregate, subject to adjustment in accordance with Article V of the Warrant Agreement. 

 IN WITNESS WHEREOF, this Warrant has been duly executed by the Company as of the [●] day of [●].

  

			
	CHAPARRAL ENERGY, INC.

 
			
		
	By:	 	  

 
			
		
	Print Name:	 	  

 
			
		
	Title:	 	  

		
	Attest:	 	  

 [●], as Warrant Agent 
  

			
	By:	 	  

		 	Name:
		 	Title:

 Address of Registered Holder for Notices (until changed in accordance with this Warrant): 

Cede & Co. 
 55 Water Street 

New York, New York 10041 
 REFERENCE IS
HEREBY MADE TO THE FURTHER PROVISIONS OF THIS GLOBAL WARRANT CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 

 FORM OF REVERSE OF GLOBAL WARRANT CERTIFICATE 

The Warrant evidenced by this Global Warrant Certificate is a part of a duly authorized issue of Warrants to purchase
             shares of Class A Common Stock issued pursuant to the Warrant Agreement, a copy of which may be inspected at the office of the Warrant Agent designated for such
purpose. The Warrant Agreement hereby is incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant
Agent, the Company and the Registered Holders of the Warrants. All capitalized terms used on the face of this Warrant herein but not defined that are defined in the Warrant Agreement shall have the meanings assigned to them therein. 

The Company shall not be required to issue fractions of Class A Common Stock or any certificates that evidence fractional Class A
Common Stock. 
 No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act or state securities laws.

 This Warrant does not entitle the Registered Holder to any of the rights of a stockholder of the Company. 

The Company and Warrant Agent may deem and treat the Registered Holder hereof as the absolute owner of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise hereof (subject to Section 4.3(d)(z) of the Warrant Agreement) and for all other purposes (subject to
Section 4.1(ii) of the Warrant Agreement), and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

 EXHIBIT A-2 

THE SECURITIES REPRESENTED BY THIS WARRANT CERTIFICATE (INCLUDING THE SECURITIES ISSUABLE UPON EXERCISE OF THE WARRANT) ARE SUBJECT TO ADDITIONAL AGREEMENTS
SET FORTH IN THE WARRANT AGREEMENT DATED AS OF JUNE 30, 2018, BY AND BETWEEN THE COMPANY AND THE WARRANT AGENT (AS DEFINED THEREIN) (THE “WARRANT AGREEMENT”). 

 

							
	Certificate Number                 	 		 		  	Warrants                 
		 		 		  	CUSIP # [●]    

 This certifies that 
 is the
holder of 
 WARRANTS TO PURCHASE CLASS A COMMON STOCK OF 

REORGANIZED CHAPARRAL ENERGY, INC. 
 transferable
on the books of the Company by the holder hereof in person or by duly authorized attorney upon surrender of the certificate properly endorsed. Each Warrant entitles the holder and its registered assigns (collectively, the “Registered
Holder”) to purchase by exercise from reorganized Chaparral Energy, Inc., a Delaware corporation (the “Company”), subject to the terms and conditions hereof, at any time before 5:00 P.M., New York City time, on
June 30, 2018, one fully paid and non-assessable share of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”) of the Company at the Exercise Price (as defined in the Warrant Agreement). The
Exercise Price and the number and kind of shares purchasable hereunder are subject to adjustment from time to time as provided in Article V of the Warrant Agreement. The initial Exercise Price shall be $[●]. 

This certificate is not valid unless countersigned and registered by the Warrant Agent. 

WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers. 

 

							
		  		 	DATED
			
	  
 Authorized Officer
	  		 	
			
	Attest:	  		 	 COUNTERSIGNED AND
 REGISTERED

[WARRANT AGENT], AS WARRANT
 AGENT

 

							
	  
	  		 	By	 	  

							
	Secretary	  		 	          AUTHORIZED SIGNATURE

 FORM OF REVERSE OF WARRANT 

REORGANIZED CHAPARRAL ENERGY, INC. 
 The Warrants
evidenced by this Warrant Certificate are a part of a duly authorized issue of Warrants to purchase [●] shares of Class A Common Stock issued pursuant to the Warrant Agreement, as dated [●] between reorganized Chaparral Energy,
Inc., a Delaware corporation (the “Company”), and Computershare Inc., a Delaware corporation (the “Warrant Agent” and the agreement, the “Warrant Agreement”), a copy of which may be inspected at the
office of the Warrant Agent designated for such purpose. The Warrant Agreement is incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties
and immunities thereunder of the Warrant Agent, the Company and the Registered Holders of the Warrants. All capitalized terms used in this Warrant Certificate but not defined that are defined in the Warrant Agreement shall have the meanings assigned
to them therein. 
 The Company shall not be required to issue fractions of Class A Common Stock or any certificates that evidence fractional
Class A Common Stock. No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act or state securities laws. The Warrants represented by this Warrant Certificate do not entitle the Registered Holder to any of
the rights of a stockholder of the Company. The Company and Warrant Agent may deem and treat the Registered Holder hereof as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by
anyone) for the purpose of any exercise hereof and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 

 EXHIBIT B-1 

EXERCISE FORM FOR REGISTERED HOLDERS HOLDING WARRANT CERTIFICATES 

(To be executed upon exercise of Warrants) 

The undersigned Registered Holder of this Warrant Certificate, being the holder of Warrants of reorganized Chaparral Energy, Inc., issued
pursuant to that certain Warrant Agreement, as dated [●] (the “Warrant Agreement”), by and between reorganized Chaparral Energy, Inc., a Delaware corporation, and Computershare Inc., a Delaware corporation hereby irrevocably
elects to exercise the number of Warrants indicated below, for the purchase of the number of shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”) indicated below: 

 

	 	☐	herewith tenders payment for              of the Warrant Exercise Shares to the order of reorganized Chaparral Energy, Inc. in the amount of
$             in accordance with the terms of the Warrant Agreement; or 

  

	 	☐	herewith tenders              Warrants pursuant to the cashless exercise provisions of Section 4.3(b) of the Warrant Agreement. This
exercise and election shall ☐ be immediately effective. 

 The undersigned requests that the Warrant Exercise Shares, or
the net number of shares of Class A Common Stock issuable upon exercise of the Warrants pursuant to the cashless exercise provisions of Section 4.3(b) of the Warrant Agreement, be issued in the name of the undersigned Holder or as
otherwise indicated below: 
  

			
	Name	 	  

	Address	 	  

		 	  

 If said number of Warrant Exercise Shares shall not be all the Warrant Exercise Shares issuable upon
exercise of the Warrant, the undersigned requests that a new Warrant Certificate representing the balance of such Warrant shall be issued in the name of the undersigned Holder or as otherwise indicated below and be delivered to the address indicated
below: 
  

			
	Name	 	  

	Address	 	  

		 	  

	Delivery Address (if different)
		 	  

		 	  

  

							
	 Dated:             ,
20    
	 		 	    HOLDER
		 		 	    [                               
             ]

							
		 		 	By	 	  

							
		 		 	Name:	 	
		 		 	Title:	 	

 EXHIBIT B-2 

EXERCISE FORM FOR REGISTERED HOLDERS HOLDING DIRECT REGISTERED WARRANTS 

(To be executed upon exercise of Warrants) 

The undersigned Holder, being the holder of Warrants of reorganized Chaparral Energy, Inc., issued pursuant to that certain Warrant Agreement,
as dated [●] (the “Warrant Agreement”), by and between reorganized Chaparral Energy, Inc., a Delaware corporation, and Computershare Inc., a Delaware corporation hereby irrevocably elects to exercise the number of Warrants
indicated below, for the purchase of the number of shares of Class A Common Stock, par value $0.01 per share (“Class A Common Stock”) indicated below: 

 

	 	☐	herewith tenders payment for             of the Warrant Exercise Shares to the order of reorganized Chaparral Energy, Inc. in the amount of
$            in accordance with the terms of the Warrant Agreement; or 

  

	 	☐	herewith tenders             Warrants pursuant to the cashless exercise provisions of Section 4.3(b) of the Warrant Agreement. This exercise and
election shall ☐ be immediately effective. 

 The undersigned requests that the Warrant Exercise Shares, or the net
number of shares of Class A Common Stock issuable upon exercise of the Warrants pursuant to the cashless exercise provisions of Section 4.3(b) of the Warrant Agreement, be issued in the name of the undersigned Holder or as otherwise
indicated below: 
  

			
	Name	 	  

	Address	 	  

		 	  

 If said number of Warrant Exercise Shares shall not be all the Warrant Exercise Shares issuable upon
exercise of the Warrant, the undersigned requests that a new Warrant representing the balance of such Warrant shall be issued in the name of the undersigned Holder or as otherwise indicated below and that a Warrant Statement reflecting such balance
be delivered to the address indicated below: 
  

			
	Name	 	  

	Address	 	  

	  
 Delivery Address (if different)

		 	  

		 	  

  

							
	 Dated:             ,
20    
	 		 	    HOLDER
		 		 	    [                               
             ]

							
				
		 		 	By	 	  

							
		 		 	Name:	 	
		 		 	Title:	 	

 EXHIBIT C 

FORM OF ASSIGNMENT 
 FOR
REGISTERED HOLDERS 
 HOLDING DIRECT REGISTRATION WARRANTS 

(To be executed only upon assignment of Warrants) 

For value received, the undersigned Holder of Warrants of reorganized Chaparral Energy, Inc., issued pursuant to that certain Warrant Agreement, as dated
[●] (the “Warrant Agreement”), by and between reorganized Chaparral Energy, Inc., a Delaware corporation, and Computershare Inc., a Delaware corporation, hereby sells, assigns and transfers unto the Assignee(s) named below the
number of Warrants listed opposite the respective name(s) of the Assignee(s) named below, and all other rights of the Holder under said Warrants, and does hereby irrevocably constitute and appoint
                                         
            attorney, to transfer said Warrants, as and to the extent set forth below, on the Warrant Register maintained for the purpose of registration thereof, with full power of
substitution in the premises: 
  

									
	 Name(s) of Assignee(s)
	 		  	Address of Assignee(s)	  		  	Number of Warrants
					
	                                   
 	 		  	                                   
 	  		  	                                   
 

  

							
	Dated:             , 20    	 		 	Signature:	 	  

				
		 		 	Name:	 	  

 Note: The above signature and name should correspond exactly with the name of the Holder of the Warrants as it appears on the
Warrant Register. 

 EXHIBIT D 

Chaparral Energy, Inc. 

U.S. Warrant Agent 

   A. FEES FOR SERVICES 
  

	
	 $ 3,500.00 Administration & Set-Up Fee

$ 2,500.00 Annual Facility Fee
 $ 25.00 Account Exercise Fee

$ 3.75 Issuance & Registration of Warrant Certificate/Position, each

By Appraisal Special Services (legal fees, etc.)
 Additional Out
of Pocket Expenses

  

	
	 Chaparral Energy, Inc. (“Company”) acknowledges and agrees that the fees of Computershare are confidential
information. As such, Company agrees not to disclose any such fees to any third party without Computershare’s prior written consent, save and except for disclosure (a) to Company professional advisors, held to strict confidence; and
(b) as required or otherwise compelled by law.

  

					
	   Submitted by	 		  	Accepted by
	   Computershare Trust Company, N.A.	 		  	Chaparral Energy, Inc.
	   By:	 		  	By:
	   Title:	 		  	Title:
	   Date:	 		  	Date:EX-10.4

 Exhibit 10.4 

STOCKHOLDERS AGREEMENT 

BY AND AMONG 
 CHAPARRAL
ENERGY, INC., 
 AND 

THE STOCKHOLDERS (AS DEFINED HEREIN) 

DATED AS OF MARCH 21, 2017 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I STOCKHOLDERS	  			
			
	 Section 1.1
	  	Stockholders	  	 	1	 
		
	ARTICLE II MANAGEMENT AND CONTROL OF BUSINESS	  			
			
	 Section 2.1
	  	Restrictions on Authority of the Board	  	 	2	 
	 Section 2.2
	  	Directors’ One-Time Transaction Bonus	  	 	4	 
	 Section 2.3
	  	Directors’ Non-exclusive Services	  	 	4	 
	 Section 2.4
	  	Reimbursement of Expenses	  	 	4	 
		
	ARTICLE III REPORTING; INFORMATION RIGHTS AND LISTING	  			
			
	Section 3.1	  	Reporting	  	 	4	 
	Section 3.2	  	Information Rights of Stockholders; Records Required by the DGCL; Right of Inspection	  	 	5	 
	Section 3.3	  	Information Rights of the Company	  	 	6	 
		
	ARTICLE IV PREEMPTIVE RIGHTS	  			
			
	 Section 4.1
	  	 Preemptive Rights
	  	 	7	 
	 Section 4.2
	  	 Registration Rights
	  	 	8	 
		
	ARTICLE V MISCELLANEOUS	  			
			
	Section 5.1	  	Complete Agreement	  	 	9	 
	Section 5.2	  	Drag-Along Rights; Tag-Along Rights; Other Actions	  	 	9	 
	Section 5.3	  	Governing Law	  	 	9	 
	Section 5.4	  	No Assignment	  	 	9	 
	Section 5.5	  	Binding Effect	  	 	9	 
	Section 5.6	  	Severability	  	 	9	 
	Section 5.7	  	No Partition	  	 	10	 
	Section 5.8	  	Additional Documents and Acts	  	 	10	 
	Section 5.9	  	No Employment Rights	  	 	10	 
	Section 5.10	  	Amendments; Termination of Equity Rights	  	 	10	 
	Section 5.11	  	No Waiver	  	 	10	 
	Section 5.12	  	Notices	  	 	10	 
	Section 5.13	  	Consent to Jurisdiction; WAIVER OF JURY TRIAL	  	 	11	 
	Section 5.14	  	No Third Party Beneficiary	  	 	12	 
	Section 5.15	  	Confidentiality	  	 	12	 
	Section 5.16	  	Business Opportunities	  	 	13	 
	Section 5.17	  	Cumulative Remedies; Specific Performance	  	 	14	 
	Section 5.18	  	Exhibits and Schedules	  	 	14	 
	Section 5.19	  	Interpretation	  	 	14	 

  
 - i - 

							
	 Section 5.20
	  	 Termination
	  	 	14	 

							
	  
 SCHEDULE A
	  	COMPETITORS	  			
			
	EXHIBIT A	  	DEFINITIONS	  			
			
	ANNEX I	  	CONFIDENTIALITY AGREEMENT	  			

  

  
 - ii - 

 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement (this “Agreement”) is made and entered into as of March 21, 2017 (the “Effective
Date”) by and among Chaparral Energy, Inc., a Delaware corporation (the “Company”), and the Stockholders (as defined herein). Capitalized terms used, but not otherwise defined, herein have the meanings set forth in
Exhibit A attached hereto and made a part hereof by reference. 
 RECITALS 

A.    This Agreement is being entered into in connection with the distribution of all of the shares of Class A common
stock and Class B common stock, par value $0.01 per share, of the Company (collectively, “Company Common Stock”) then outstanding on the Effective Date to the Stockholders pursuant to that certain First Amended Joint Plan of
Reorganization, dated March 7, 2017 and filed by the Company and certain other affiliated debtors (collectively, the “Debtors”) with the United States Bankruptcy Court for the District of Delaware, as the same may be amended,
modified or supplemented from time to time in accordance with the terms thereof (the “Plan”). 

B.    As of the date hereof, the Stockholders hold in the aggregate all of the Outstanding Company Common Stock. 

C.    The Plan provides that this Agreement shall be deemed to be valid, binding and enforceable in accordance with its
terms, and each Stockholder shall be deemed to be bound hereby, in each case without the need for execution of this Agreement by any party hereto other than the Company. 

The parties hereto desire to enter into this Agreement to establish certain arrangements with respect to Company Common Stock and other
related corporate matters of the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set
forth and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the Company and the Stockholders, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 STOCKHOLDERS

 Section 1.1    Stockholders. Except for the obligations contained in
Section 5.15, a Person shall cease to be a Stockholder for all purposes upon the disposition of all of such Person’s Company Common Stock. 
  

 ARTICLE II 

MANAGEMENT AND CONTROL OF BUSINESS 

Section 2.1    Restrictions on Authority of the Board. 

(a)    Notwithstanding anything to the contrary in this Agreement, none of the following actions may be taken by the
Company, directly or indirectly (and the Company shall cause its Subsidiaries to refrain from taking such actions) without a Stockholder Approval: 

(i)    any merger, consolidation, reorganization or equity recapitalization of the Company or its Subsidiaries (other than
mergers or consolidations of a wholly owned Subsidiary of the Company with another wholly owned Subsidiary of the Company or with the Company); 

(ii)    any sale, assignment or other transfer of all or substantially all of the assets or properties of the Company and
its Subsidiaries (in each case, on a consolidated basis) other than (x) sales, assignments and transfers between a wholly owned Subsidiary of the Company and the Company or another wholly owned Subsidiary of the Company or (y) a pledge of
assets of the Company and its Subsidiaries in accordance with the new reserve-based lending facility credit agreement to be entered into by the Debtors or any of their successors on the terms set forth in the Exit Facility Term Sheet attached as
Exhibit D to that certain Plan Support Agreement, dated December 15, 2016, by and among the Debtors and the Consenting Creditors (as such term is defined in the Plan); 

(iii)    any acquisition (including by merger, consolidation, or acquisition of stock or assets) of any entity, business
or material portion of the assets of any Person except for (x) acquisitions in the ordinary course of business consistent with past practice and (y) acquisitions for considerations not exceeding one hundred twenty-five million dollars
($125,000,000) in the aggregate; 
 (iv)    any increase in the number of authorized shares of Company Common Stock or
other capital stock of the Company or issuance of any preferred stock or other capital stock of the Company senior to Company Common Stock; 

(v)    any liquidation, dissolution or winding up or consenting to the entry of a decree or order appointing a trustee,
custodian, receiver, liquidator, assignee or similar official, in each case, of the Company or any material Subsidiary of the Company, or any action that would cause the foregoing, provided that, for the avoidance of doubt, no Stockholder
Approval shall be required to institute bankruptcy proceedings, consent to the filing of a bankruptcy proceeding against it, or file a petition seeking reorganization under the U.S. Bankruptcy Code or any similar applicable federal or state law;

 (vi)    any amendment, modification or waiver of the Charter Documents of the Company or any of the Company’s
material Subsidiaries other than (A) to correct any typographical or similar ministerial error, (B) to delete or add any provision required to be so deleted or added by any applicable law, (C) to cure any ambiguity or to correct or
supplement any provision which may be inconsistent with any provision herein, and (D) to make any immaterial amendment or modification that is deemed necessary or appropriate by the Board, in 

  
 - 2 - 

 
each case set forth in clauses (A) through (D) above, which does not adversely affect the rights or obligations of any Stockholder, in its capacity as a Stockholder; provided that any
such amendment that reasonably would be expected to disproportionately and adversely affect any Stockholder, in its capacity as a Stockholder, as compared to the other Stockholders, shall also require the prior written consent of each Stockholder so
affected; 
 (vii)    engagement in any material new line of business substantially unrelated to any business or
activity of the Company or any of its Subsidiaries currently conducted as of the date hereof, or any business or activity that is reasonably similar thereto or a reasonable extension, development or expansion thereof, or is complementary,
incidental, ancillary or related thereto; 
 (viii)    implementation of a new management Equity Incentive Plan or
similar arrangement which could result, when combined with all other Equity Incentive Plans, in the aggregate issuance of more than seven percent (7%) of the Outstanding Company Common Stock; 

(ix)    incurrence of any new indebtedness for borrowed money that would result in the aggregate principal amount of
indebtedness of the Company and its Subsidiaries taken as a whole exceeding six hundred fifty million dollars ($650,000,000); provided that such limitation shall not apply to capital leases, purchase money indebtedness, equipment financings,
letters of credit, bank guarantees, surety bonds and local lines of credit for working capital purposes, in each case incurred in the ordinary course of business; 

(x)    on or prior to December 15, 2018, any initial public offering of Company Common Stock or
other class of equity securities of the Company or the entry into any other transaction or permitting the occurrence of any other event (including any Transfer) that would result in or require the Company becoming subject to Section 13 of the
Exchange Act in connection with the Company Shares or any other class of equity securities of the Company (it being understood that, following December 15, 2018, the actions set forth in this clause (x) shall not require Stockholder
Approval pursuant to this Section 2.1(a)); provided that this Section 2.1(a)(x) shall not apply to actions required of the Company pursuant to the Registration Rights Agreement; and 

(xi)    entry into any agreement, commitment or arrangement to effect, or requiring the Company or any of its Subsidiaries
to effect, any of the foregoing. 
 (b)    Affiliate Transactions. Excluding transactions in accordance with
Section 4.1, including Section 4.1(e), the Company shall not, and shall cause each of its Subsidiaries not to, enter into, modify (including by waiver) or terminate any transaction or series of related transactions,
or agreement, with any holder of Company Common Stock that (together with its Affiliates) holds at least five percent (5%) of the then Outstanding Company Common Stock or with any Director or officer of the Company, or with any Affiliate of any of
the foregoing (any such transaction or series of related transactions or agreements, an “Affiliate Transaction”), unless (i) a majority of the Directors then serving on the Board who are not party to, or affiliated with such
holder, or Affiliate thereof, that is a party to, such Affiliate Transaction (such majority, a “Majority of Disinterested Directors”) reasonably determines that such Affiliate Transaction

  
 - 3 - 

 
is on terms that are at least as favorable to the Company and its Subsidiaries as could reasonably be obtained from an independent third party, (ii) such Affiliate Transaction is approved by
a Majority of Disinterested Directors, and (iii) if and to the extent that an Affiliate Transaction involves the aggregate payment to or by the Company and its Subsidiaries equal to or in excess of five million dollars ($5,000,000), in addition
to meeting the requirements in clauses (i) and (ii), either (x) the Company has obtained an opinion from a nationally recognized accounting or investment banking firm (to be selected and paid by the Company) that is independent, with no
direct or indirect financial interest in the Company or its Subsidiaries, or in the proposed Affiliate Transaction or any other party thereto, that the proposed Affiliate Transaction is fair to the Stockholders from a financial point of view or
(y) Stockholder Approval is obtained with respect to such Affiliate Transaction (disregarding, for such purposes, any holder of Company Common Stock, or Affiliate thereof, that is a party to such Affiliate Transaction, and the shares of Company
Common Stock held by such Persons). Notwithstanding the foregoing or anything to the contrary in this Agreement, except as required by applicable law, the Company’s performance of its obligations under the Backstop Commitment Agreement (as
defined in the Plan) or in connection with the consummation of the Rights Offering (as defined in the Plan), in each case in accordance with the Plan, shall not require any further consent or approval of the Board or the Stockholders. 

Section 2.2    Directors’
One-Time Transaction Bonus. If a Qualified IPO occurs prior to December 15, 2018, the Company shall pay each Director then serving on the Board upon its consummation a one-time transaction bonus of one hundred thousand dollars ($100,000). 

Section 2.3    Directors’
Non-exclusive Services. No Director shall be required to manage the Company as his or her sole and exclusive function and any Director or Stockholder may have other business interests and may engage in
other activities in addition to those relating to the Company. Notwithstanding the foregoing, Directors who are employees of the Company or its Subsidiaries shall be required to have such employment as their primary business function. 

Section 2.4    Reimbursement of Expenses. Each Director shall be entitled to
reimbursement from the Company of all expenses reasonably incurred and paid by such Director in connection with such Director’s services as a Director or otherwise incurred for the benefit of, or on behalf of, the Company. The Board may
establish, from time to time, policies relating to expense reimbursement (including, what expenses, such as retained counsel or other advisors, will be reimbursable), which policies shall treat and apply to each Director (other than any employee of
the Company serving as a Director) equally. 
 ARTICLE III 

REPORTING; INFORMATION RIGHTS AND LISTING 

Section 3.1    Reporting. The Company shall file reports required by
Section 13 or 15(d) of the Exchange Act as a voluntary filer from and after the date hereof at any time the Company is not obligated to file reports under Section 13 or 15(d) of the Exchange Act as a reporting company (whether pursuant to
its obligations under the Registration Rights Agreement or otherwise). 

  
 - 4 - 

 Section 3.2    Information Rights of
Stockholders; Records Required by the DGCL; Right of Inspection. 
 (a)    At any time that the Company is not
obligated to file reports under Section 13 or 15(d) of the Exchange Act and does not file reports required by Section 13 or 15(d) of the Exchange Act as a voluntary filer, each Stockholder, other than any Stockholder that is a Competitor,
shall have the right to receive the following information (which right the Company may satisfy by providing access to each Stockholder to a confidential website such as Intralinks and timely posting such information on such website (which website
shall have a system of email notification of new postings and may require confirmation by viewers of the site of the confidentiality obligations set forth in Section 5.15, a “Secure Site”)), and each
Stockholder may share and discuss such information (along with any other information provided to Stockholders pursuant to this Agreement and otherwise made available to Stockholders via the Secure Site) with its Affiliates, directors, officers,
partners, managers, stockholders, employees, investors and advisors as well as any bona fide prospective purchaser of Company Common Stock that (x) is not a Competitor and (y) has entered into, and delivered to the Company, a
confidentiality agreement substantially in the form set forth on Annex I attached hereto regarding the treatment of such information (and for the avoidance of doubt, at its election, the Company may share and discuss such information with any
prospective purchaser of Company Common Stock): 
 (i)    within ninety (90) days of the end of each fiscal year,
copies of all annual financial statements and similar information of the Company and its Subsidiaries as of the end of such fiscal year that would be required to be contained in a filing with the SEC on Form
10-K if the Company were required to file such forms, which financial statements shall (v) include a comparison to the prior fiscal year results; (w) be prepared in accordance with GAAP; (x) be
audited by a nationally recognized accounting firm approved by the Board and accompanied by a report and opinion thereon by such accounting firm prepared in accordance with generally accepted auditing standards that is not subject to any
qualification as to the scope of such audit or with respect to accounting principles followed by the Company or any of its Subsidiaries not in accordance with GAAP; (y) be accompanied by a management discussion and analysis of financial
condition and results of operations with respect to such financial statements (an “MD&A”); and (z) be certified by the chief financial officer of the Company. 

(ii)    for each of the first three (3) fiscal quarters of each fiscal year of the Company, copies of all quarterly
financial statements and similar information of the Company and its Subsidiaries as of the end of such fiscal quarter that would be required to be contained in a filing with the SEC on Form 10-Q if the Company
were required to file such forms, which financial statements shall (w) include year-to-date results and a comparison to the corresponding period in the prior fiscal
year; (x) be prepared in accordance with GAAP; (y) be accompanied by an MD&A; and (z) be delivered no later than forty-five (45) days following the end of such fiscal quarter. 

(iii)    all current reports that would be required to be filed with, and within the timing that would be required by, the
SEC on Form 8-K if the Company were required to file such reports. 

  
 - 5 - 

 (b)    The Company shall host, and each Stockholder, other than any
Stockholder that is a Competitor, that (together with its Affiliates) holds at least one-half of one percent (0.5%) of the Outstanding Company Common Stock, shall have access to, quarterly conference calls
with senior officers of the Company to discuss the status of the Company and its business and the business of its Subsidiaries (including updates to the budgets and projections of the Company and its Subsidiaries), which calls shall include a
reasonable and customary question and answer session. Quarterly calls shall be hosted as promptly as reasonably practicable but in any event no later than twenty (20) Business Days after furnishing the annual and quarterly reports. 

(c)    During the term of the Company’s existence there shall be maintained in the Company’s principal office or
at the office of the Company’s agents and representatives all records required to be kept pursuant to the DGCL, including (whether or not so required) a current list of the names, addresses and shares of Company Common Stock held by each of the
Stockholders (including the dates on which each of the Stockholders became a Stockholder), copies of federal, state and local information or income tax returns for each of the Company’s tax years, copies of this Agreement and each of the
Company’s Charter Documents, including all amendments thereto and restatements thereof, and correct and complete books and records of account of the Company. Prior to any termination of the Company’s existence, the Company shall use all
reasonable efforts to ensure that, for a period of six (6) years after any such termination, such information, to the extent still in existence and available, may be obtained by a Stockholder’s request in writing to a legal advisor or
agent of the Company to be designated prior to any such termination, with the cost (as reasonably determined by such legal advisor or agent) of accessing and providing such information being borne by the requesting Stockholder. 

(d)    On written request stating the purpose, a Stockholder that (together with its Affiliates) holds at least one-half of one percent (0.5%) of the Outstanding Company Common Stock may make reasonable inquiries of management and examine, at any reasonable time during business hours, for any proper purpose reasonably related
to such Stockholder’s interest as a Stockholder of the Company, and at the Stockholder’s expense, records of the Company and its Subsidiaries; provided that the Company may limit access to certain information if the Board reasonably
deems such information to be competitively sensitive with respect to the Stockholder requesting such access or if granting such access could reasonably be expected in the loss or impairment of the Company to claim attorney client privilege, work
product doctrine, or a similar protective privilege or doctrine with respect to the information, or to violate applicable law (provided that the Company shall use its reasonable best efforts to allow for such access in a way that would not
have any of the foregoing effects). Upon written request by any Stockholder made to the Company, the Company shall provide or make available to such Stockholder without charge true copies of this Agreement, the Company’s Charter Documents, and
all amendments thereto and restatements thereof, which documents may be provided to such Stockholder by posting them on a Secure Site or on EDGAR. 

Section 3.3    Information Rights of the Company. The Company may from time to
time, but a Stockholder may be compelled to answer no more frequently than once per calendar quarter (unless, with respect to clause (a) hereof, required by applicable law), reasonably request of any or all Stockholders information
(a) needed by the Company to comply with applicable law and/or (b) regarding such Stockholder’s “accredited investor” status (within the meaning of Regulation D promulgated under the Securities Act). 

  
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 ARTICLE IV 

PREEMPTIVE RIGHTS 

Section 4.1    Preemptive Rights. Any issuance of New Securities by the Company or
any of its Subsidiaries, other than an issuance of Exempt Securities, shall be subject to the following provisions: 

(a)    Right to Purchase New Securities. Except as otherwise provided in this Section 4.1
(including Section 4.1(e) hereof), the Company hereby grants to each Stockholder that, together with its Affiliates, holds of record as of the Preemptive Offer Record Date (as defined below) at least
one-half of one percent (0.5%) of the Outstanding Company Common Stock (the “Qualified Stockholder”) the right to purchase its pro rata share of any and all issuances, sales or
distributions of New Securities proposed to be made by the Company or any of its Subsidiaries as set forth herein. 

(b)    Issuance Notice. The Company shall give each Person that on the date of an Issuance Notice is a Qualified
Stockholder written notice of the Company’s intention to issue or sell New Securities (which notice may be provided by posting the requisite information on a Secure Site and notifying (or causing notification to be delivered to) each of such
Qualified Stockholders of such posting in writing) (the “Issuance Notice”), describing the type and terms of the New Securities, the price at which such New Securities will be issued or sold and the general terms upon which the
Company proposes to issue or sell the New Securities, including the anticipated date of such issuance, sale or distribution, the general use of proceeds thereof, a description of both the business purpose of the offering of such New Securities and
the dilutive effects, if any, of such offering, and the record date for determining Qualified Stockholders and the pro rata share of each of them which, if not specified in the Issuance Notice, shall be the date of the Issuance Notice (the
“Preemptive Offer Record Date”). Each Qualified Stockholder shall have ten (10) Business Days from the date the Issuance Notice is sent to deliver notice (the “Response Notice”) of its intention to purchase all
or any portion of its pro rata share of the New Securities, based on the ratio of the shares of Company Common Stock held by such Qualified Stockholder on the Preemptive Offer Record Date to the number of shares of Company Common Stock held by all
of the holders of Company Common Stock on the Preemptive Offer Record Date, and stating therein the quantity of New Securities it intends to purchase (each Qualified Stockholder who delivers a Response Notice hereunder is a
“Purchaser” for purposes of this Section 4.1). Such Response Notice shall constitute the irrevocable agreement of such Purchaser to purchase the quantity of New Securities indicated in the Response Notice
at the price and upon the terms stated in the Issuance Notice; provided, however, that if the Company is proposing to issue, sell or distribute securities for consideration other than all cash, and subject to the limitations on the
rights set forth in this Section 4.1, the Company shall accept from such Purchaser either non-cash consideration that is reasonably comparable to the
non-cash consideration proposed by the Company or the cash value of such non-cash consideration, in each case as determined in good faith by the Board. Any purchase of
New Securities by a Purchaser pursuant to this Section 4.1 shall be consummated on or prior to the later of (x) the date on which all other Offered Securities described in the applicable Issuance Notice are issued,
sold or distributed and (y) the second (2nd) Business Day following delivery of the Response Notice by such Purchaser. 

  
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 (c)    Sale to Other Persons. The Company shall have sixty
(60) days from the date of the applicable Issuance Notice to consummate an issuance, sale or distribution of any New Securities which the Qualified Stockholders have not elected to purchase pursuant to Section 4.1(b) to other Persons at
a price and on terms and conditions not less favorable to the Company than those contained in the Issuance Notice. In the event that the sale of New Securities is not fully consummated within such sixty
(60)-day period, then the Company shall be obligated once again to offer the purchase rights set forth in this Section 4.1 before it may subsequently sell such New Securities
(provided that such sixty (60)-day period shall automatically toll, but not for longer than one-hundred and eighty (180) days to the extent regulatory
approval would be required for such Person to acquire such New Securities). 
 (d)    Exempt Securities.
Notwithstanding the foregoing provisions of this Section 4.1, Qualified Stockholders shall not have the right to participate in the issuance of any New Securities which are otherwise authorized to be issued in accordance
with this Agreement (i) if such New Securities were issued as consideration in any merger, consolidation or combination with or acquisition of securities or assets of another Person in exchange for New Securities, (ii) if made upon
conversion or exercise of any rights, convertible securities, options or warrants to purchase Company Common Stock or other capital stock of the Company, (iii) if made by any Subsidiary of the Company to the Company or any of its direct or
indirect wholly owned Subsidiaries, (iv) if made as securities which are the subject of a registration statement being filed under the Securities Act pursuant to a Qualified IPO, (v) if made to Directors, officers, employees or consultants
as compensation pursuant to any Equity Incentive Plans approved in accordance with Section 2.1, (vi) if such New Securities were issued in connection with the Backstop Commitment Agreement (as defined in the Plan),
or in connection with the consummation of the Rights Offering (as defined in the Plan) in accordance with the Plan or (vii) if such New Securities were issued pursuant to any pro rata stock split or stock dividend (the New Securities described
in the foregoing clauses (i) through (vii), “Exempt Securities”). 
 (e)    Accelerated Buyer
Transactions. Nothing in this Section 4.1 shall prevent the Company or its Subsidiaries from issuing or selling to any Person (the “Accelerated Buyer”) any New Securities without first complying with
the provisions of this Section 4.1; provided that in connection with such issuance or sale (i) the Company gives reasonably prompt notice to the Qualified Stockholders of such issuance (after such issuance has
occurred), which notice shall describe in reasonable detail the New Securities purchased by the Accelerated Buyer and the purchase price thereof and (ii) the Accelerated Buyer and the Company enable the Qualified Stockholders to effectively
exercise their respective rights under this Section 4.1 with respect to their purchase of their pro rata share of the New Securities issued to the Accelerated Buyer within fifteen (15) Business Days after receipt of
the notice by the Qualified Stockholder of such issuance to the Accelerated Buyer on the terms specified in this Section 4.1. The Preemptive Offer Record Date for such issuance shall be the date such New Securities are
issued to the Accelerated Buyer. 
 Section 4.2    Registration Rights. The
Stockholders shall have the registration rights set forth the Registration Rights Agreement. 

  
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 ARTICLE V 

MISCELLANEOUS 

Section 5.1    Complete Agreement. This Agreement and the other agreements
expressly referenced in this Agreement constitute the complete and exclusive statement of agreement among the Stockholders with respect to the subject matter hereof. This Agreement supersedes all prior written and oral statements by and among the
Stockholders or any of them, and except as otherwise specifically contemplated by this Agreement, no representation, statement, or condition or warranty not contained in this Agreement will be binding on the Stockholders or the Company or have any
force or effect whatsoever. 
 Section 5.2    Drag-Along Rights; Tag-Along Rights; Other Actions. 
 (a)    Each Stockholder
hereby acknowledges and agrees that it is subject to the drag-along provisions and tag-along provisions set forth in Section 1 and Section 2 of Article V, respectively, of the Third Amended and
Restated Certificate of Incorporation of the Company (and any successor provision thereto). 
 (b)    The Company by its
execution hereof acknowledges that it has actual notice of the terms of this Agreement, consents hereto and hereby covenants with each of the Stockholders that it will at all times during the term of this Agreement be governed by the terms and
provisions hereof in carrying out its business and affairs and, accordingly, shall give or cause to be given such notices, execute or cause to be executed such documents and do or cause to be done all such acts, matters and things as may from time
to time be necessary or required to carry out the terms and intent hereof. 

Section 5.3    Governing Law. This Agreement and the rights of the parties
hereunder will be governed by, interpreted, and enforced in accordance with the laws of the State of Delaware, without reference to conflicts of law principles. 

Section 5.4    No Assignment. No party hereto may assign any of its respective
rights or delegate any of its respective obligations under this Agreement, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 

Section 5.5    Binding Effect. Subject to the provisions of this Agreement
relating to transferability or assignment, this Agreement will be binding upon and inure to the benefit of the Company and each of the Stockholders, and their respective heirs, devisees, spouses, distributees, representatives, successors and
permitted assigns. 
 Section 5.6    Severability. If any provision of this
Agreement is held to be illegal, invalid, or unenforceable under any present or future laws applicable to the Company effective during the term of this Agreement, such provision will be fully severable; this Agreement will be construed and enforced
as if such illegal, invalid, or unenforceable provision had never comprised a part of this Agreement; and the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid, or
unenforceable provision or by its severance from this Agreement. 

  
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 Section 5.7    No Partition. The
parties acknowledge that the assets and properties of the Company are not and will not be suitable for partition. Thus, each Stockholder (on behalf of such Stockholder and their successors and assigns) hereby irrevocably waives any and all rights
that such Stockholder may have to maintain any action for partition of such assets and properties, if any. 

Section 5.8    Additional Documents and Acts. Each party hereto agrees to execute
and deliver such additional documents and instruments and to perform such additional acts as may be reasonably necessary or appropriate to effectuate, carry out, and perform all of the terms, provisions, and conditions of this Agreement and the
transactions contemplated hereby. 
 Section 5.9    No Employment Rights.
Nothing in this Agreement shall confer upon any Person any right to be employed or to continue employment by the Company or any of its Affiliates, or interfere in any manner with any right of the Company or any of its Affiliates to terminate such
employment at any time. 
 Section 5.10    Amendments; Termination of Equity
Rights. 
 (a)    All amendments to this Agreement will be in writing and subject to receipt of Stockholder
Approval and approval by any other Stockholders whose approval is required pursuant to Section 5.10(b). 

(b)    Any amendment or other modification that would adversely affect any Stockholder’s rights set forth in
Section 3.2 (Information Rights of Stockholders; Records Required by Applicable Law; Right of Inspection) shall require the written consent of each such Stockholder adversely affected; provided, however, that
any amendment to Section 3.2 that only provides for a reasonable extension of time for the delivery of the financial statements or the other information to be delivered pursuant thereto shall only require a Stockholder
Approval. If any amendment or other modification would adversely affect the rights and obligations of any Stockholder in a manner disproportionate relative to any other Stockholder or would subject a Stockholder to any obligation or liability not
shared by each of the other Stockholders, then such amendment or other modification shall not be effective without the written consent of such Stockholder. 

Section 5.11    No Waiver. No delay, failure or waiver by any party to exercise
any right or remedy under this Agreement, and no partial or single exercise of any such right or remedy, will operate to limit, preclude, cancel, waive or otherwise affect such right or remedy, nor will any single or partial exercise of such right
or remedy limit, preclude, impair or waive any further exercise of such right or remedy or the exercise of any other right or remedy. 

Section 5.12    Notices. Except as otherwise provided elsewhere in this Agreement
regarding notices by electronic mail or other electronic means to Stockholders and the Board and regarding proxies, all notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be
delivered (a) by personal delivery, (b) by a nationally recognized overnight courier service, (c) by telefacsimile or electronic mail, using equipment that provides written confirmation of delivery, or (d) by deposit in the U.S.
Mail, postage prepaid, registered or certified mail, return receipt requested, to the 

  
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Company at its principal executive office and to any Stockholder at the address then shown as the current address of such Stockholder specified on the Stockholder Registry. Any such notice shall
be deemed to have been given on the date so delivered, if delivered personally, by overnight courier service or by electronic mail; or if by telefacsimile, on the first (1st) calendar day following the transmission of such facsimile; or if mailed,
four (4) calendar days after mailing. Any party may, at any time by giving five (5) calendar days’ prior written notice to the Company, specify a different address (physical or electronic) or telefacsimile number for notice purposes
by sending notice thereof in the foregoing manner. Any notice required to be given by the Company to Stockholders, including pursuant to Section 228(e) of the DGCL, may be given by posting to a Secure Site or on EDGAR (with email notification of
such posting), and shall be deemed to be delivered on the date such posting is made. 

Section 5.13    Consent to Jurisdiction; WAIVER OF JURY TRIAL. 

(a)    Consent to Jurisdiction. The Company and each Stockholder (i) irrevocably submits to the exclusive
jurisdiction of any state court in the State of Delaware, and the United States District Court for the District of Delaware (and the appropriate appellate courts), for the purposes of any suit, action or other proceeding arising out of this
Agreement and (ii) agrees to commence any such action, suit or proceeding either in the United States District Court for the District of Delaware or if such suit, action or other proceeding may not be brought in such court for jurisdictional
reasons, in any state court in the State of Delaware. Notwithstanding the foregoing, any party hereto may commence an action, suit or proceeding with any governmental body anywhere in the world for the sole purpose of seeking recognition and
enforcement of a judgment of any court referred to in the first sentence of this Section 5.13(a). The Company and each Stockholder further (x) agrees that service of any process, summons, notice or document by U.S. registered mail to
such party’s respective address set forth on the Stockholder Registry (or in the case of the Company, at the Company’s principal office) shall be effective service of process for any action, suit or proceeding in Delaware with respect to
any matters to which it has submitted to jurisdiction in this Section 5.13(a) and (y) irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement in
(A) any state court in the State of Delaware, or (B) the United States District Court for the District of Delaware, 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. 
 (b)    WAIVER OF
JURY TRIAL. THE COMPANY AND EACH STOCKHOLDER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, INVOLVING OR OTHERWISE IN RESPECT OF
THIS AGREEMENT OR SUCH STOCKHOLDER’S OWNERSHIP OF COMPANY COMMON STOCK. THE COMPANY AND EACH STOCKHOLDER (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE COMPANY OR ANY STOCKHOLDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT THE COMPANY OR SUCH STOCKHOLDER WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT THE COMPANY AND EACH STOCKHOLDER HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.13(B). 

  
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 Section 5.14    No Third Party
Beneficiary. Except as expressly provided in Section 5.5, this Agreement is made solely and specifically among and for the benefit of the parties hereto (including each Stockholder), and their respective successors
and permitted assigns, and no other Person will have any rights, interest, or claims hereunder or be entitled to any benefits under or on account of this Agreement as a third party beneficiary or otherwise. 

Section 5.15    Confidentiality. 

(a)    The terms of this Agreement, the identity of any Person with whom the Company may be holding
discussions with respect to any investment, acquisition, disposition or other transaction, any information disclosed to or received by any Stockholder pursuant to Section 3.2 or Annex I and all other business,
financial or other information relating directly to the conduct of the business and affairs of the Company or its Subsidiaries or the relative or absolute rights or interests of any of the Stockholders (collectively, the “Confidential
Information”) that has not been publicly disclosed by the Company is confidential and proprietary information of the Company, the disclosure of which may cause irreparable harm to the Company and the Stockholders. Accordingly, each
Stockholder represents that it has not and agrees that it will not and will direct its stockholders, partners, directors, officers, agents, representatives, attorneys, accountants, advisors, employees, and Affiliates (collectively, its
“Representatives”) not to, disclose to any Person any Confidential Information or confirm any statement made by third Persons regarding Confidential Information until the Company has publicly disclosed the Confidential Information;
provided, however, that any Stockholder (or its Affiliates) may disclose such Confidential Information: (i) to the extent required by law (it being specifically understood and agreed that anything required to be set forth in a
registration statement or any other document required to be filed pursuant to law will be deemed required by law, so long as the requirement to file such registration statement does not arise primarily in connection with a Transfer of securities of
the Company), regulation, the listing standards of any national securities exchange or required or requested by any governmental authority having applicable jurisdiction, (ii) to the extent that the Confidential Information is publicly known or
subsequently becomes publicly known other than through a breach of this Section 5.15(a) by such Stockholder, (iii) to the extent that the Confidential Information is already in possession of, or is subsequently received by, a Stockholder
from a third party not known by the Stockholder to be subject to an obligation of confidentiality owed to the Company, or (iv) to a prospective Transferee that (x) is not known by such Stockholder to be a Competitor and
(y) has entered into reasonable confidentiality arrangements enforceable by the Company as described in Section 3.2(a), subject to the terms and conditions of such arrangements. Notwithstanding the foregoing, each Stockholder
may disclose Confidential Information to its Representatives (i) who need to know such information for the sole purpose of advising such Stockholder and (ii) who are informed by such Stockholder of the confidential nature of such
information; provided that each Stockholder will be responsible for any violation of this Section 5.15 by any of its Representatives as if they were parties hereto. 

(b)    Each Stockholder hereby consents in advance to any motion for any protective order brought by the Company or any
other Stockholder represented as being intended by the 

  
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movant to implement the purposes of this Section 5.15; provided that, if a Stockholder receives a request to disclose any Confidential Information under the terms
of a valid and effective order issued by a court or governmental agency and the order was not sought by or on behalf of or consented to by such Stockholder, then such Stockholder may disclose the Confidential Information to the extent required if
the Stockholder as promptly as practicable (i) notifies the Company of the existence, terms and circumstances of the order, (ii) consults in good faith with the Company on the advisability of taking legally available steps to resist or to
narrow the order and cooperates with the reasonable requests of the Company, at the Company’s sole cost and expense, in connection with the foregoing, and (iii) if disclosure of the Confidential Information is required, exercises its
commercially reasonable efforts to obtain a protective order or other reliable assurance that confidential treatment will be accorded to the portion of the disclosed Confidential Information that the Company designates. The cost (including
attorneys’ fees and expenses) of obtaining a protective order covering Confidential Information designated by the Company will be borne by the Company. 

(c)    The covenants contained in this Section 5.15 will survive the Transfer of Company Common
Stock of any Stockholder and the termination of this Agreement; provided, however, that this Section 5.15 will cease to be of any force and effect on the second (2nd) anniversary of the termination of this
Agreement. 
 Section 5.16    Business Opportunities. To the fullest extent
permitted by Section 122(17) of the DGCL (or any successor provision) and except as may be otherwise expressly agreed in writing by the Company and any applicable member of the Ad Hoc Group (each, an “Investor” and together the
“Investors”), the Company, on behalf of itself and its Subsidiaries, renounces and waives any interest or expectancy of the Company and its Subsidiaries in, or in being offered an opportunity to participate in, directly or
indirectly, any potential transactions, matters or business opportunities (including, without limitation, any business activities or lines of business that are the same as or similar to those pursued by, or competitive with, the Company or any of
its Subsidiaries or any dealings with customers or clients of the Company or any of its Subsidiaries) that are from time to time presented to any of the Investors or any of their respective Representatives even if the transaction, matter or
opportunity is one that the Company or its Subsidiaries might reasonably be deemed to have pursued or had the ability or desire to pursue if granted the opportunity to do so and no such person shall be liable to the Company or any of its
Subsidiaries or its Affiliates for breach of any fiduciary or other duty, as a director or officer or otherwise, by reason of the fact that such person pursues, acquires or participates in such business opportunity, directs such business opportunity
to another person or fails to present such business opportunity, or information regarding such business opportunity, to the Company or its Subsidiaries. Without limiting the foregoing renunciation, the Company acknowledges that certain members of
the Ad Hoc Group are in the business of making investments in, and have investments in, other businesses similar to and that may compete with the Company’s businesses (“Competing Businesses”), and agrees that each such
applicable member of the Ad Hoc Group shall have the right to make additional investments in or have relationships with other Competing Businesses independent of its investment in the Company. Any person purchasing or otherwise acquiring any
interest in any shares of capital stock of the Company shall be deemed to have notice of and consented to the provisions of this Section 5.16. Neither the alteration, amendment or repeal of this
Section 5.16, nor the adoption of any provision of this Agreement inconsistent with this Section 5.16, nor, to the fullest extent permitted by the laws of the State of Delaware,

  
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any modification of law, shall eliminate or reduce the effect of this Section 5.16 in respect of any business opportunity first identified or any other matter occurring,
or any cause of action, suit or claim that, but for this Section 5.16, would accrue or arise, prior to such alteration, amendment, repeal, adoption or modification. If any provision or provisions of this
Section 5.16 shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (a) the validity, legality and enforceability of such provisions in any other circumstance
and of the remaining provisions of this Section 5.16 (including, without limitation, each portion of any paragraph of this Section 5.16 containing any such provision held to be invalid, illegal or
unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this Section 5.16
(including, without limitation, each such portion of any paragraph of this Section 5.16 containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Company to protect
its Representatives from personal liability in respect of their good faith service to or for the benefit of the Company to the fullest extent permitted by law. This Section 5.16 shall not limit any protections or defenses
available to, or indemnification or advancement rights of, any director or officer of the Company under this Agreement, the Charter Documents of the Company or applicable law. 

Section 5.17    Cumulative Remedies; Specific Performance. 

(a)    The rights and remedies of any party hereto as set forth in this Agreement are not exclusive and are in addition to
any other rights and remedies now or hereafter provided by law or at equity. 
 (b)    The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that, in addition to any other rights and remedies at law or in equity existing in its favor, any party hereto shall be entitled to
seek specific performance and/or other injunctive relief from any court of law or equity of competent jurisdiction (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement. 

Section 5.18    Exhibits and Schedules. All Exhibits and Schedules attached hereto
are hereby incorporated by reference into, and made a part of, this Agreement. 

Section 5.19    Interpretation. The titles and section headings set forth in this
Agreement are for convenience only and shall not be considered as part of agreement of the parties hereto. When the context requires, the plural shall include the singular and the singular the plural, and any gender shall include all other genders
or neuter. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.” No provision of this Agreement shall be interpreted or construed against any party
because such party or its counsel was the drafter thereof. Any reference to the DGCL or other statutes or laws will include all amendments, modifications, or replacements of the specific sections and provisions concerned. Numbered or lettered
articles, sections, and subsections herein contained refer to articles, sections, and subsections of this Agreement unless otherwise expressly stated. 

Section 5.20    Termination. This Agreement will be automatically effective as of
the Effective Date and will continue in effect thereafter until the earlier to occur of (a) its termination 

  
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by the unanimous written consent of all Stockholders of the Company, (b) the dissolution, liquidation or winding up of the Company and (c) the occurrence of a Public Listing. This
Article V shall survive any termination of this Agreement. 

  
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 SCHEDULE A 

COMPETITORS 
 None 

  
 Schedule A – Page 1

 EXHIBIT A 

DEFINITIONS 
 As used in
this Agreement, the following terms will have the following meanings, and all section references shall be to sections in this Agreement unless otherwise provided: 

“Accelerated Buyer” has the meaning set forth in Section 4.1(e). 

“Ad Hoc Group” means that certain former ad hoc committee defined as the “Ad Hoc Committee” in the Plan Support
Agreement, dated as of December 15, 2016 (as amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof). 

“Affiliate(s)” means with respect to any Person, (i) any other Person that directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by”
and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership
of voting securities, by agreement or otherwise); provided, however, that neither the Company nor any of its controlled Affiliates shall be deemed an Affiliate of any of the Stockholders (and vice versa), (ii) if such Person is an
investment fund, an Affiliate shall include any other investment fund the primary investment advisor to which, or an Affiliate of such primary investment advisor, is the primary investment advisor to such Person and (iii) if such Person is a
natural Person, any Family Member of such natural Person. 
 “Affiliate Transaction” has the meaning set forth in
Section 2.1(b). 
 “Agreement” has the meaning set forth in the preamble. 

“Backstop Commitment Agreement” has the meaning set forth in the Plan. 

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

“Business Day” means any day other than a Saturday, Sunday or date on which commercial banks in New York, New York are
authorized by law to close for business. 
 “Charter Documents” means, with respect to the Company, the articles of
incorporation and bylaws of the Company, as the same may be amended, supplemented, modified or restated from time to time, and with respect to any other Person, the articles of incorporation, bylaws, certificate of incorporation, certificate of
formation, operating agreement, partnership agreement or any other similar incorporating or formation documents of such Person, as the same may be amended, supplemented, modified or restated from time to time. 

“Company” has the meaning set forth in the preamble. 

“Company Common Stock” has the meaning set forth in the recitals. 

  
 Exhibit A – Page 1

 “Competing Businesses” has the meaning set forth in
Section 5.16. 
 “Competitor” means any of the Persons set forth on Schedule A attached
hereto and any of their controlled Affiliates, which schedule may be modified by the Board in good faith from time to time. 

“Confidential Information” has the meaning set forth in Section 5.15(a). 

“Debtors” has the meaning set forth in the recitals. 

“Derivative Securities” means direct or indirect options, rights, warrants or securities convertible into or exercisable or
exchangeable for, any Company Common Stock or any other capital stock of the Company. 
 “DGCL” means the Delaware General
Corporation Law, as the same may be amended from time to time. All references herein to sections of the DGCL shall include any corresponding provisions of succeeding law. 

“Director” means any member of the Board (other than any Person (if any) effecting observer rights on the Board). 

“EDGAR” means the Electronic Data Gathering, Analysis and Retrieval System of the SEC. 

“Effective Date” has the meaning set forth in the preamble. 

“Equity Incentive Plans” means any equity incentive plans for officers, employees or Directors of the Company. 

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

“Exempt Securities” has the meaning set forth in Section 4.1(d). 

“Family Member” means, with respect to any natural Person, such Person’s spouse and descendants (whether or not adopted)
and any trust, family limited partnership or limited liability company that is and remains solely for the benefit of such Person’s spouse and/or descendants. 

“GAAP” means the generally accepted accounting principles as in effect from time to time in the U.S. 

“Investor(s)” has the meaning set forth in Section 5.16. 

“IPO” means the first public offering of the Company pursuant to an effective Registration Statement under the Securities Act
(other than on Forms S-4, S-8 or successors to such forms), covering the offer and sale of capital stock of the Company. 

“Issuance Notice” has the meaning set forth in Section 4.1(b). 

  
 Exhibit A – Page 2

 “Listing” means an OTC listing or a Public Listing. 

“Majority of Disinterested Directors” has the meaning set forth in Section 2.1(b). 

“MD&A” has the meaning set forth in Section 3.2(a)(i). 

“New Securities” means Company Common Stock and other capital stock and rights, convertible securities, options or warrants
to purchase Company Common Stock or other capital stock issued subsequent to the Effective Date, whether or not authorized as of the Effective Date. 

“Outstanding Company Common Stock” means, as of any given time, the then issued and outstanding Company Common Stock,
excluding (unless calculated on a fully diluted basis) any Derivative Securities and any unvested or restricted Company Common Stock issued pursuant to an Equity Incentive Plan. 

“OTC Listing” means the registration of Company Common Stock under the Exchange Act and qualification for quotation on the
OTC Bulletin Board (or other available over the counter market). 
 “Person” means an individual, partnership, limited
liability company, corporation, joint venture, trust, business trust, association, or similar entity, whether domestic or foreign, and the heirs, executors, legal representatives, successors and assigns of such entity where the context requires.

 “Plan” has the meaning set forth in the recitals. 

“Preemptive Offer Record Date” has the meaning set forth in Section 4.1(b). 

“Public Listing” means the listing of Company Common Stock on a U.S. national securities exchange registered with the SEC
(whether in connection with an initial public offering of Company Common Stock or otherwise). 
 “Purchaser” has the
meaning set forth in Section 4.1(b). 
 “Qualified IPO” means a bona fide, marketed underwritten IPO after
which closing such capital is quoted on the NASDAQ National Market or listed or quoted on the New York Stock Exchange or other national securities exchange acceptable to the Board and meeting one of the following two criteria: (i) the aggregate
cash proceeds (net of underwriting discounts, commissions and offering expenses) of such offering to the Company exceed seventy five million dollars ($75 million), or (ii) at least twenty percent (20%) of the Outstanding Company Common Stock
(calculated on a fully diluted basis, and for purposes of such calculation treating Company Common Stock issued in the IPO as Outstanding Company Common Stock) shall have been issued or sold to the public in connection with such IPO. 

“Qualified Stockholder” has the meaning set forth in Section 4.1(a). 

“Registration Rights Agreement” means that certain registration rights agreement, dated as of March 21, 2017, by and
among the Company and the investors party thereto. 

  
 Exhibit A – Page 3

 “Registration Statement” means any registration statement of the Company under
the Securities Act which permits the public offering of any of the Registrable Securities (as defined in the Registration Rights Agreement), including the prospectus, amendments and supplements to such registration statement, including
post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

“Representatives” has the meaning set forth in Section 5.15(a). 

“Response Notice” has the meaning set forth in Section 4.1(b). 

“Rights Offering” has the meaning set forth in the Plan. 

“SEC” means the Securities and Exchange Commission and any governmental body or agency succeeding to the functions thereof.

 “Secure Site” has the meaning set forth in Section 3.2(a). 

“Securities Act” means the Securities Act of 1933, as amended. 

“Stockholder” means each Person (other than the Company) who shall be a party to or bound by this Agreement, so long as such
Person shall “beneficially own” (as such term is defined in Rule 13d-3 of the Exchange Act) any Company Common Stock. 

“Stockholder Approval” means the affirmative vote or written consent of the holders of at least two-thirds of the Outstanding Company Common Stock (subject to any adjustments or limitations on voting as set forth in the Charter Documents). 

“Stockholder Registry” means a register of the Company indicating: (i) with respect to each issuance of Company Common
Stock or other capital stock of the Company, the date of such issuance, the number of shares issued and the Stockholder to whom such shares were issued and (ii) with respect to each transfer of Company Common Stock or other capital stock of the
Company, the date of such Transfer, the number of shares Transferred and the identity of each of the transferor and the transferee(s) thereof. 

“Subsidiary” means any Person the majority of the equity of which, directly, or indirectly through one or more other Persons,
(a) the Company has the right to acquire or (b) is owned or controlled by the Company. As used in this definition, “control,” including, its correlative meanings, “controlled by” and “under common control
with,” means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of equity, by contract or otherwise). For the avoidance of doubt, Subsidiary shall include any
Person that is included in the Company’s consolidated group for purposes of preparing the Company’s consolidated financial statements in accordance with GAAP. 

“Transfer” means the sale, sale of any option or contract to purchase, purchase of any option or contract to sell, grant of
any option, right or warrant to purchase, assignment, loan, offer, transfer, exchange or other disposition of any shares of Company Common Stock, whether or not for value, and whether voluntarily, by operation of law or otherwise, and includes
foreclosure. 

  
 Exhibit A – Page 4

 “United States” means any federal department, division, agency, bureau, office,
branch, court, commission, or other governmental instrumentality of the U.S. or any authority acting on its behalf. 

“U.S.” means the United States of America. 

  
 Exhibit A – Page 5

 ANNEX I 

FORM OF 

CONFIDENTIALITY AGREEMENT 

Chaparral Energy, Inc. 
 701 Cedar
Lake Boulevard 
 Oklahoma City, OK 73114 

[INSERT DATE] 
 [INSERT NAME OF POTENTIAL
TRANSFEREE] 
 [INSERT ADDRESS OF POTENTIAL TRANSFEREE] 

Ladies and Gentlemen: 
 In connection with the
consideration by [INSERT NAME OF POTENTIAL TRANSFEREE] (“you” or “your”) of a potential investment in the Common Stock, par value $0.01 per share, of Chaparral Energy, Inc., a Delaware corporation (the
“Company” and together with you, collectively, the “Parties” and each individually, a “Party”), or other securities of the Company (the “Transaction”), certain affiliates or
stockholders of the Company, the Company or their respective representatives have furnished or may furnish you and your Representatives (as hereinafter defined) with non-public information regarding the
Company, including, without limitation, information concerning the Company’s financial and operational performance, properties, prospects, activities and plans. You recognize and acknowledge that such information furnished or to be furnished to
you and/or your Representatives in the future (whether oral or written) is proprietary to the Company and may include trade secrets or other highly confidential non-public business information the disclosure
of which could harm the Company. In consideration for, and as a condition of, such non-public information being furnished to you (and your agents, representatives, attorneys, accountants, advisors, directors,
officers, employees and affiliates, collectively, your “Representatives”), you agree to treat any and all information concerning the Company or any of its subsidiaries that has been or is to be furnished to you or your
Representatives (regardless of the manner in which it is furnished, including, without limitation, in written or electronic format or orally, gathered by visual inspection or otherwise) by or on behalf of the Company or any of its affiliates or
stockholders, together with any documents you create that contain or are based upon any such information, in whole or in part (collectively, “Company Information”), in accordance with the provisions of this letter agreement (this
“Agreement”). 
 The term “Company Information” does not include information that you can demonstrate:
(i) is obtained by you or your Representatives from a third party, who, after reasonable inquiry, is not known by you to be bound by any duty of confidentiality to or confidential agreement with the Company or any other Person (as defined
below) with respect to Company Information or is otherwise prohibited from transmitting the information to you by a contractual, legal, fiduciary or other obligation to the Company or any other Person; (ii) is or becomes part of the public
domain (other than through a breach of this Agreement by you or any 

  
 Annex I – Page 1

 
of your Representatives); (iii) is independently ascertained or developed by or for you or your Representatives or any third party without use of or reference to Company Information; or
(iv) is approved for public release by written authorization of the Company. For purposes of this Agreement, the term “Person” shall be broadly interpreted to include, without limitation, any individual, partnership, limited
liability company, corporation, joint venture, trust, business trust, association or similar entity, whether domestic or foreign, and the heirs, executors, legal representatives, successors and assigns of such entity where the context requires. 

1.    You hereby agree that you and your Representatives will, except to the extent required by applicable law or legal
process, (a) keep the Company Information strictly confidential, (b) not disclose any of the Company Information in any manner whatsoever without the prior written consent of the Company and (c) not use the Company Information for any
purpose other than considering and negotiating the Transaction; provided, however, that you may disclose any of such information to your Representatives (i) who need to know such information for the sole purpose of advising you
and (ii) who are informed by you of the confidential nature of such information; provided, further, that you will (x) be responsible for any violation of this Agreement by any of your Representatives as if they were parties
hereto and (y) provide the Company with the names of any your Representatives that receives Company Information. You agree to promptly notify the Company in writing of any unauthorized use or disclosure of the Company Information and such
notice shall include a detailed description of the circumstances of the disclosure and the Persons involved. 
 2.    In
the event that you or any of your Representatives are required by applicable law or legal process to disclose any of the Company Information, you will promptly notify (except where such notice would be legally prohibited) the Company in writing so
that the Company may seek a protective order or other appropriate remedy and (except to the extent legally prohibited) will reasonably cooperate with the Company (at the Company’s expense) to limit the disclosure to the greatest extent possible
consistent with such applicable law or legal process, including, without limitation, in appropriate circumstances, seeking reliable assurances that confidential or “attorneys eyes only” treatment shall be accorded the Company Information.
Any such Company Information that is (x) not required to be disclosed or (y) accorded confidential treatment shall continue to be Company Information to which this Agreement shall continue to apply. You acknowledge and agree that, for
purposes of this Agreement, there shall be no “applicable law” requiring you to disclose any Company Information solely by virtue of the fact that, absent such disclosure, you would be prohibited from purchasing, selling, or engaging in
derivative transactions with respect to, any securities of the Company or otherwise proposing or making an offer to do any of the foregoing. 

3.    All Company Information shall remain the property of the Company. Neither you nor any of your Representatives shall
by virtue of disclosure to you or any of your Representatives, or your or any of your Representative’s use, of any Company Information acquire any rights with respect thereto, all of which rights (including, without limitation, all intellectual
property rights) shall remain exclusively with the Company. 
 4.    If you determine that you do not wish to proceed
with a Transaction, you will promptly advise the Company of that decision. As soon as possible upon the Company’s written request, you and your Representatives shall destroy (or at the Company’s option (in its sole

  
 Annex I – Page 2

 
discretion) return to the Company) all Company Information that has been disclosed to you or any of your Representatives, except for any such Company Information stored on electronic backup media
to the extent that such information cannot be expunged without unreasonable effort. Upon returning or destroying such Company Information, you shall provide written notice to the Company certifying compliance with the foregoing sentence.
Notwithstanding the provisions of this paragraph, you acknowledge and agree that this Agreement will continue to apply to any returned, held, retained or destroyed Company Information on the terms set forth herein. 

5.    You acknowledge and agree that all Company Information is furnished on an “AS IS” basis, without warranty
of any kind. THE COMPANY AND ITS AFFILIATES EXPRESSLY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, REGARDING THE COMPANY INFORMATION, INCLUDING, WITHOUT LIMITATION, ANY REPRESENTATION OR WARRANTY OF MERCHANTABILITY,
TITLE, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE. 
 6.    You
acknowledge that an award of money damages would be inadequate for any breach of this Agreement by you or any of your Representatives and would cause the Company irreparable harm. Therefore, you hereby agree that, in the event of any breach or
threatened breach of this Agreement by you or any of your Representatives, the Company will be entitled to seek equitable relief, including, without limitation, injunctive relief and specific performance, as remedies for any such breach or
threatened breach without the requirement of posting a bond or other security. Such remedies will not be the exclusive remedies for any breach of this Agreement, but will be in addition to all other remedies available at law or in equity to the
Company. 
 7.    This Agreement or any provision hereof may not be amended, modified or waived by course of dealing,
usage in trade, conduct or any exchanges of communication, including, without limitation, e-mail or any other electronic or digital means, other than by amendment, in writing duly executed with the handwritten
signatures of an authorized signatory of each of the Parties. The rights and remedies of the Parties are cumulative, and not alternative. Neither the failure nor any delay by any Party in exercising any right, power, or privilege under this
Agreement will operate as a waiver of such right, power, or privilege, and no single or partial exercise of any such right, power, or privilege will preclude any other or further exercise of such right, power, or privilege or the exercise of any
other right, power, or privilege. To the maximum extent permitted by applicable law, (a) no claim or right arising out of this Agreement can be discharged by one Party, in whole or in part, by a waiver or renunciation of the claim or right
unless in writing signed by the other Party; (b) no waiver that may be given by a Party will be applicable except in the specific instance for which it is given; and (c) no notice to or demand on one Party will be deemed to be a waiver of
any obligation of such Party or of the right of the Party giving such notice or demand to take further action without notice or demand as provided in this Agreement. 

8.    This Agreement constitutes the complete agreement between the Parties concerning the subject matter hereof and
supersedes and cancels any and all prior communications and agreements between the Parties with respect thereto. This Agreement 

  
 Annex I – Page 3

 
relates only to the subject matter hereof and shall not be construed as an agreement to agree to enter into the Transaction or any transaction by either Party. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect. If any of the covenants or provisions of this Agreement are determined to be
unenforceable by reason of its extent, duration, scope or otherwise, then the Parties contemplate that the court making such determination shall reduce such extent, duration, scope or other provision and enforce them in their reduced form for all
purposes contemplated by this Agreement. 
 9.    Neither Party may assign any rights or delegate any duties under this
Agreement without the prior written consent of the other Party, which consent shall be at the other Party’s sole discretion. Any such attempted assignment or delegation without the other Party’s prior written consent will be null and void
ab initio. This Agreement will be binding upon the Parties and their respective authorized successors and assigns. 

10.    You acknowledge and agree that no contract or agreement providing for any Transaction shall be deemed to exist
between you and the Company or any of its affiliates or stockholders unless and until a final definitive agreement has been executed and delivered, and each Party hereby waives, in advance, any claims (including, without limitation, breach of
contract) in connection with any Transaction unless and until a final definitive agreement has been executed and delivered with respect thereto. The Parties also agree that unless and until a final definitive agreement regarding a Transaction has
been executed and delivered, neither Party will be under any legal obligation of any kind whatsoever with respect to such a Transaction by virtue of this Agreement, except for the matters specifically agreed to herein. You acknowledge and agree that
the Company and its affiliates and stockholders reserve the right, in their sole discretion, to reject any and all proposals made by you or any of your Representatives with regard to the Transaction, and to terminate discussions and negotiations
with you at any time. 
 11.    This Agreement shall be deemed to have been made and executed in the State of Delaware,
and any dispute arising hereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. You and the Company (i) irrevocably submit to the exclusive jurisdiction
of any state court in the State of Delaware and the United States District Court for the District of Delaware (and the appropriate appellate courts) for the purposes of any suit, action or other proceeding arising out of this Agreement and
(ii) agree to commence any such action, suit or proceeding either in the United States District Court for the District of Delaware or if such suit, action or other proceeding may not be brought in such court for jurisdictional reasons, in any
state court in the State of Delaware. 
 12.    EACH OF THE COMPANY AND YOU HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT OR YOU MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, INVOLVING OR OTHERWISE IN RESPECT OF THIS AGREEMENT. 

  
 Annex I – Page 4

 13.    Any notice hereunder shall be made in writing by overnight courier,
personal delivery, facsimile or email (if telephonically confirmed), in each case to: 
 If to the Company: 

Chaparral Energy, Inc. 
 701 Cedar Lake Boulevard 

Oklahoma City, OK 73114 
 Attention: General Counsel 

Facsimile: (405) 425-8449 

If to you: 

[INSERT ADDRESS OF POTENTIAL TRANSFEREE] 
  

			
	Attention:	 	  

	Facsimile:	 	  

	Telephone:	 	  

	Email:	 	  

 14.    This Agreement shall expire on the earlier of (i) the date of the last to
occur of (x) a definitive agreement relating to the Transaction is entered into by you and either the Company or any of its affiliates or stockholders and (y) you have become a party to the Stockholders Agreement, dated as of [●], as
amended from time to time, by and among the Company and the stockholders of the Company and (ii) the twenty-four (24) month anniversary of the date hereof. 

15.    This Agreement may be executed in two (2) or more counterparts, each of which will be deemed to be an original
and all of which taken together will be deemed to constitute this Agreement when a duly authorized representative of each Party has signed a counterpart. The Parties may sign and deliver this Agreement by facsimile or electronic (that is, .PDF)
transmission. Each Party agrees that the delivery of this Agreement by facsimile or electronic transmission will have the same force and effect as delivery of original signatures. 

  
 Annex I – Page 5

 Please confirm your agreement with the foregoing by signing and returning one copy of this
Agreement to the undersigned, whereupon this letter agreement shall become a binding agreement between you and the Company. 
  

			
	Very truly yours,
	CHAPARRAL ENERGY, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Accepted and agreed as of the date first written above: 

 

			
	[INSERT NAME OF POTENTIAL TRANSFEREE]
		
	By:	 	  

		 	Name:
		 	Title:

  
 Annex I – Page 6

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