Document:

Employment Agreement

 Exhibit 10.44 
 EXECUTION COPY 
 EMPLOYMENT AGREEMENT 
 This Agreement, dated as of May 16, 2008 (the “Effective Date”), is by and between NightHawk Radiology Holdings, Inc., a Delaware
corporation (“Employer”), and Mr. David Sankaran (“Executive”). 
 1. PERIOD OF EMPLOYMENT. Employer shall
employ Executive to render services to Employer in the position and with the duties and responsibilities described in Section 2 for the period (the “Period of Employment”) commencing on May 19, 2008 or such earlier
date as shall be agreed upon between Executive and Employer (the “Services Start Date”) and ending on the date upon which the Period of Employment is terminated in accordance with Section 4. 
 2. POSITION AND RESPONSIBILITIES. 
 (a)
Position. Executive accepts employment with Employer as Senior Vice President and Chief Financial Officer and shall perform all services appropriate to that position, as well as such other services as may be assigned by Employer’s Chief
Executive Officer (the “CEO”). Executive shall devote his best efforts and full-time attention to the performance of his duties. Executive acknowledges that it is understood that Executive will re-locate to Coeur d’Alene, Idaho
in a reasonable time frame as shall be agreed upon between Executive and Employer. 
 (b) Other Activity. During the Period of
Employment, and except upon the prior written consent of the CEO, Executive shall not (i) accept any other employment or (ii) engage in, manage, control, participate in, consult with, or render services for, directly or indirectly, any
other business, commercial, or professional activity (whether or not pursued for pecuniary advantage) that is competitive with Employer, creates a conflict of interest with Employer, or otherwise materially interferes with his duties to Employer or
the business of Employer or any Affiliate (as such businesses exist or are in development during the Period of Employment) (and shall immediately cease any such ongoing activity that becomes so competitive, begins to create such a conflict or begins
to materially interfere with his duties to Employer or the business of Employer or any Affiliate). An “Affiliate” shall mean any person or entity that directly or indirectly controls, is controlled by, or is under common control
with Employer. Executive may engage in civic and charitable activities that do not interfere with Executive’s employment under this Agreement and that do not conflict with Employer’s interests. 
 3. COMPENSATION AND BENEFITS. 
 (a) Salary. In
consideration of the services to be rendered under this Agreement, Employer shall pay Executive $325,000 per year (as it may be adjusted from time to time by the Compensation Committee of the Board, the “Base Salary”), payable in
regular installments in accordance with Employer’s general payroll policies for salaried employees, in effect from time to time. Within thirty (30) days of the beginning of each calendar year during the Period of Employment, the
Compensation Committee of the Board shall review Executive’s Base Salary for the purpose of making market and performance increases, shall make a determination of any such increase and give notice thereof to Executive. It is understood that any
such increase so determined may or may not apply retroactively to the beginning of such calendar year, which shall be determined by the Compensation Committee of the Board in its sole discretion. 
 (b) Bonus. In addition to the Base Salary, Executive shall, subject to such performance criteria as have been or shall be determined by the
Compensation Committee of the Board, be eligible to receive an annual bonus in an amount up to 100% of Executive’s Base Salary, or such additional amounts as shall be established from time to time by the Compensation Committee of the Board in
connection with its calendar-year market and performance assessments described in Section 3(a), less applicable 

 
withholding (the “Bonus”). Within thirty (30) days of the beginning of each calendar year during the Period of Employment (or such
other period of time as shall be reasonably established by the Compensation Committee of the Board), the Compensation Committee of the Board and Executive shall agree upon performance criteria upon which the Bonus shall be based. The Employer shall
pay the Bonus, if so earned by satisfaction of such criteria, on or after January 1 of the following calendar year, but in no event later than January 30th of such year (or such later date as shall be reasonably established by the Compensation Committee of the Board). 
 For purposes of clarification, Employer hereby acknowledges that for fiscal 2008, Executive shall be eligible to receive a Bonus which shall be based upon the performance criteria that have already been established by the Compensation
Committee prior to Executive’s Services Start Date. For 2008, Executive’s Bonus, if any, shall be calculated in accordance with Section 3(b) above and with the formulas adopted by the Compensation Committee applicable to
Employer’s other executive management. Executive’s 2008 Bonus, if any, shall then be pro rated based upon the number of days Executive is employed by Employer during 2008. 
 (c) Equity Grants. Employer will recommend at the first meeting of the Board of Directors of Employer (the “Board”) following the
Services Start Date that Employer grant Executive (i) 25,000 restricted stock units and (ii) an option to purchase 100,000 shares of the Employer’s Common Stock at a price per share equal to the fair market value per share of the
Common Stock on the effective date of grant (which shall be established in accordance with the Board’s policies) (collectively, the “Initial Grants”). The restricted stock units will vest over three (3) years, with
one-third of the restricted stock units vesting on each of the three anniversaries following the Services Start Date. One-third (33.34%) of the shares subject to the option shall vest on the one (1) year anniversary of the Services Start
Date (the “Anniversary Date”), and the remaining shares shall vest monthly over the next 24 months in equal monthly amounts subject to Executive’s continuing employment with Employer. 
 In addition, Employer will recommend at the first meeting of the Board following the Anniversary Date that Employer grant Executive an additional option to purchase
90,000 shares of the Employer’s Common Stock at a price per share equal to then fair market value per share of the Common Stock on the effective date of such grant (which shall be established in accordance with the Board’s policies) (such
grant, the “Anniversary Grant” and, together with the Initial Grants, the “Grants”). The Anniversary Grant shall vest monthly over the 24 months following the Anniversary Date such that the Anniversary Grant shall
be fully vested two (2) years following the Anniversary Date, subject to Executive’s continuing employment with Employer. 
 The Grants shall be
subject to the terms and conditions of Employer’s 2006 Equity Incentive Plan. Except as described herein, no right to any stock is earned or accrued until such time that vesting occurs, nor does the grant confer any right to continue vesting or
employment. 
 (d) Vacation and Holidays. Executive shall be entitled to not less than twenty (20) days of vacation per calendar
year (or such greater vacation benefits as may be provided for by Employer’s vacation policies applicable to its senior executives), pro rated for any partial year. Executive may accumulate and carry over from one calendar year to the next any
unused vacation time; provided, however, that, in accordance with Employer’s vacation policies, at no time will Executive be allowed to accumulate a balance of greater than twenty (20) days vacation. Upon termination of this Agreement for
any reason, Employer shall upon such termination pay Executive in full for any accrued but unused vacation. Executive also shall be entitled to such paid holidays as are established by Employer for all employees. 
  

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 (e) Benefits. As Executive becomes eligible, he shall have the right to participate in and to
receive benefits from all present and future benefit plans specified in Employer’s policies and generally made available to salaried employees and senior executives of Employer from time to time. The amount and extent of benefits to which
Executive is entitled shall be governed by the specific benefit plan, as amended. Executive also shall be entitled to any benefits or compensation tied to termination as described in Section 4. Employer reserves the ability, in its sole
discretion, to adjust benefits provided to Executive in connection with the adjustment of benefits to salaried employees. No statement concerning benefits or compensation to which Executive is entitled shall alter in any way the Period of Employment
or the termination thereof as provided in this Agreement. 
 (e) Expenses. Employer shall reimburse Executive, or otherwise advance
amounts, for reasonable travel and other business expenses incurred or to be incurred by Executive in the performance of his duties, subject to reasonable documentation thereof and in accordance with Employer’s expense reimbursement policies in
effect from time to time, but in no event more than thirty (30) days after Executive’s submission of such documentation in accord with such policies. 
 (f) Relocation Expenses. In connection with Executive’s relocation to the Coeur d’Alene, Idaho area and in accordance with Employer’s relocation policy, Employer will reimburse Executive in an
amount up to $20,000 for all reasonable moving, travel and temporary lodging expenses incurred by Executive within the three (3) month period following the Services Start Date. If, within twelve (12) months of the Services Start Date,
Executive resigns without Good Reason or is terminated with Cause, then Executive shall re-pay to Employer all amounts paid to Executive pursuant to this Section 3(f). 
 (g) Signing Bonus. Upon execution of this Agreement by both parties, Executive shall be eligible to receive a signing bonus equal to $50,000 (the
“Signing Bonus”). Employer shall pay Executive the Signing Bonus in one or more installments as shall be requested by Executive in Executive’s sole discretion. If, within twelve (12) months of the Services Start Date,
Executive resigns without Good Reason or is terminated with Cause, then Executive shall re-pay to Employer such portion of the Signing Bonus as shall have been paid to Executive prior to such resignation. 
 (h) Withholding. All compensation and comparable payments to be paid to Executive under this Agreement shall be less all applicable withholdings
required by applicable federal, state or local law, including, without limitation, payment of withholding taxes and unemployment compensation taxes in such state or states as shall be mutually determined by Executive and Employer in respect of
Executive’s compensation under this Agreement. 
 4. TERMINATION OF EMPLOYMENT. 
 (a) By Employer Without Cause. At any time, Employer may terminate the Period of Employment
without Cause (as defined below), effective as of the date specified in a written notice from Employer to Executive. Employer may dismiss Executive as provided in this Section 4 notwithstanding anything to the contrary contained in or
arising from any statements, policies, or practices of Employer relating to the employment, discipline, or termination of its employees. If the Period of Employment is terminated by Employer without Cause, Employer shall continue to pay Executive
(A) his Base Salary, payable in regular monthly installments as severance payments from the date of termination for a period of twelve (12) months thereafter (the “Severance Period”), and (B) on or after
January 1 of the following calendar year, but in no event later than January 30th of such year (or such later date as shall be reasonably
established by the Compensation Committee of the Board), such pro rata amount of the Bonus that Executive would have earned pursuant to the performance criteria established by the Compensation Committee of the Board of Directors had the Period of
Employment not been terminated by Employer without Cause, pro-rated to the date of termination based upon the actual number of days elapsed in the 

  

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calendar year in which such termination occurs (both such payments, the “Severance Payment”). Notwithstanding the foregoing, the Executive
shall only be entitled to the Severance Payment if, and only if, Executive (1) has executed and delivered to Employer the General Release in the form attached hereto as Exhibit A, (2) has not revoked or breached the provisions of
the General Release or breached the provisions of this Agreement or the Confidentiality and Non-Compete Agreement between Executive and Employer dated as of the date hereof (the “Non-Compete Agreement”), and (3) does not apply
for unemployment compensation chargeable to Employer during the Severance Period. Upon such termination, Executive shall not be entitled to any other salary, compensation or benefits after termination of the Period of Employment, except as
specifically provided for herein or in Employer’s employee benefit plans or as otherwise expressly required by applicable law (such as COBRA); provided, however, that Employer shall pay Executive’s COBRA health insurance premiums from the
date of termination through the date that is twelve (12) months after the date of termination. Notwithstanding anything to the contrary contained in this Section 4(a), in the event Executive breaches the provisions of this Agreement or the
Non-Compete Agreement, the severance amounts payable by Employer under this Section 4(a) shall not terminate unless and until more than fifteen (15) days have elapsed from and after the date written notice of such breach has been delivered
to Executive without such breach having been cured during such 15-day period, provided, however, Executive will be permitted to avail himself of the cure rights contained in this Section 4(a) one time only during the Period of Employment.

 (b) By Employer For Cause. At any time, and without prior notice (except as otherwise provided in the definition of Cause set forth
below), Employer may terminate the Period of Employment for Cause. Employer shall pay Executive all compensation then due and owing; thereafter, all of Employer’s obligations under this Agreement shall cease. Termination shall be for
“Cause” if Executive (i) breaches his duty of loyalty to Employer or any of its Affiliates or engages in any acts of dishonesty or fraud with respect to Employer or any of its Affiliates or any of their respective business
relations, (ii) commits a felony or any crime involving dishonesty, breach of trust, or physical or emotional harm to any person (or enters a plea of guilty or nolo contendere with respect thereto), (iii) breaches any material term
of this Agreement or any other agreement between Executive and Employer or any of its Affiliates and such breach (if capable of cure) is not cured within fifteen (15) days following written notice thereof from Employer, (iv) reports to
work under the influence of alcohol or illegal drugs, the use of illegal drugs (whether or not at the workplace) or other repeated conduct causing Employer or any of its Affiliates substantial public disgrace, disrepute or economic harm,
(v) substantial and repeated failure to perform the duties as reasonably directed by the CEO or (vi) gross negligence or willful misconduct with respect to the Employer or any of its Affiliates. 
 (c) By Executive for Good Reason. If Executive shall resign for Good Reason, Executive shall be entitled to the same rights, and be subject to the
same restrictions as provided in Section 4(a) upon termination by Employer without Cause. For purposes of this Section 4(c), “Good Reason” will mean Executive’s voluntary resignation within ninety
(90) days after the occurrence of any of the following without the express written consent of Executive (i) a reduction in Executive’s annualized Base Salary or (ii) without the express written consent of Executive, a material
diminution in Executive’s supervisory responsibilities, or (iii) any requirement that the Executive relocate to a work site that would increase the Executive’s one-way commute distance from Executive’s then principal residence by
more than fifty (50) miles, unless Executive accepts such relocation opportunity; provided, however, that Executive acknowledges and agrees that a requirement to relocate to the Coeur d’Alene, Idaho area from Executive’s current
residence shall not constitute Good Reason for purposes of this Agreement. In addition, Employer shall pay Executive’s COBRA health insurance premiums from the date of termination by Executive for Good Reason through the date that is twelve
(12) months after the date of termination by Executive for Good Reason. In the event that Executive terminates his employment for Good Reason, the Employer shall be entitled to deliver written notice to Executive within fifteen (15) days
following such termination demanding that the determination of the existence of Good Reason be 

  

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determined by arbitration in accordance with the procedures set forth in Section 9 hereof. If the arbitrator determines that Good Reason did not
exist, the termination shall be treated as a voluntary termination by Executive and the Employer shall have no obligations to pay or provide to Executive the compensation payments and other benefits to which he would have otherwise been entitled to
pursuant to a termination for Good Reason. If the arbitrator determines that Good Reason did exist, Executive shall be entitled to the same rights, and be subject to the same restrictions as provided in Section 4(a) upon termination by
Employer without Cause. 
 (d) Voluntary Termination by Executive. At any time, Executive may terminate the Period of Employment for
any or no reason by providing Employer at least thirty (30) days’ advance written notice. Employer shall have the option, in its complete discretion and upon payment of all compensation then due and owing through the last day of the notice
period, to make Executive’s termination effective at any time prior to the end of such thirty (30) day notice period and, thereafter, all of Employer’s obligations under this Agreement shall cease. 
 (e) Termination Upon Death or Permanent Disability. Executive’s employment with Employer shall also terminate upon Executive’s death or
permanent mental or physical disability or other incapacity (as determined by the Board in its good faith judgment). Upon any such termination, Employer shall pay Executive (or Executive’s estate or legal representative or guardian) all
compensation then due and owing; thereafter, all of Employer’s obligations under this Agreement shall cease. 
 (f) Acceleration.
If Executive’s employment terminates without Cause or for Good Reason, then the vesting schedule applicable to any stock options, restricted stock or other rights to acquire stock in Employer (including, but not limited to, the Grants) shall
automatically accelerate by twelve (12) months and all such stock options and other rights that would otherwise vest during such twelve (12) month period shall, on the date of such termination, become vested and/or immediately exercisable.
In the event that Executive is terminated by Employer (or its successor) within twelve (12) months of a Change in Control (as hereinafter defined), then any then-unvested stock options, restricted stock or other rights to acquire stock in
Employer (as they may be assumed by Employer’s successor) shall automatically and fully vest as of the date of such termination. For purposes of this Agreement, the term “Change of Control” means (i) a business combination
(such as a merger or consolidation) of Employer with any other corporation or other type of business entity (such as a limited liability company), other than (A) a business combination which would result in the voting securities of Employer
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the
voting securities of Employer or such controlling surviving entity outstanding immediately after such business combination, and (B) any bona fide equity financing; or (ii) the sale, lease, exchange or other transfer or disposition
by Employer of all or substantially all of Employer’s assets. 
 (g) Termination of Compensation. Except as otherwise expressly
provided herein, all of Executive’s rights to salary, bonuses, employee benefits and other compensation hereunder which would have accrued or become payable after the termination or expiration of the Period of Employment shall cease upon such
termination or expiration, other than those expressly required under applicable law (such as COBRA). 
 (h) Employer Right to Delay
Payment. Employer shall have the right to delay the payment of any severance amount payable hereunder (all of such amounts being “Delayed Severance Payments”) to the extent necessary or appropriate to comply with
Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”) (relating to payments made to certain “key employees” of certain publicly-traded companies) and in such event, Employer shall pay
the Delayed Severance Payments to the Executive on the first business day following the expiration of such six (6) month period described in Code Section 409A(a)(2)(B)(i). 
  

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 (i) Termination Obligations. 
 (i) Executive agrees that all property, including, without limitation, all equipment, Confidential Information (as defined in the
Non-Compete Agreement), documents, books, records, reports, notes, contracts, lists, computer disks (and other computer-generated files and data), and copies thereof, created on any medium and furnished to, obtained by, or prepared by Executive in
the course of or incident to his employment, belongs to Employer. Accordingly, Executive shall return such property to Employer promptly upon termination or expiration of the Period of Employment. 
 (ii) All employee and other benefits to which Executive is otherwise entitled shall cease upon the termination or expiration of the Period
of Employment, unless explicitly continued either under this Agreement or under any specific written policy or benefit plan of Employer. 
 (iii) Upon termination or expiration of the Period of Employment, Executive shall be deemed to have resigned from all offices and directorships then held with Employer or any Affiliate. 
 (iv) The representations and warranties contained in this Agreement and Executive’s obligations under this Section 4(i)
shall survive the termination or expiration of the Period of Employment and the termination of this Agreement. 
 (j) Cooperation. For
sixty (60) days following any termination or expiration of the Period of Employment and at Employer’s sole cost and expense, Executive shall cooperate in a reasonable manner with Employer in all matters relating to the winding up of
pending work on behalf of Employer and the orderly transfer of work to other employees of Employer. At all times following any termination or expiration of the Period of Employment, Executive shall also cooperate in the defense of any action brought
by any third party against Employer that relates in any way to Executive’s acts or omissions while employed by Employer; provided that Employer shall reimburse Executive for his reasonable out-of-pocket expenses after being provided with
reasonable documentation of such expenses. 
 (k) Golden Parachute Taxes. In the event that any of the benefits provided to Executive
by this Agreement (A) constitute “parachute payments” within the meaning of Section 280G of the Code, or any comparable successor provisions, and (B) but for this paragraph would be subject to the excise tax imposed by
Section 4999 of the Code, or any comparable successor provisions (the “Excise Tax”), then Executive’s benefits hereunder shall be either (1) provided to Executive in full, or (2) provided to Executive as to such
lesser extent which would result in no portion of such benefits being subject to the Excise Tax, whichever of the foregoing amounts (when taking into account applicable federal, state, local and foreign income and employment taxes, the Excise Tax,
and any other applicable taxes) results in the receipt by Executive of the greatest amount of benefits, on an after-tax basis, notwithstanding that all or some portion of such benefits may be subject to payment of an Excise Tax. Unless Employer and
Executive agree otherwise in writing, any determination required under this Section 4(j) shall be made in writing in good faith by a mutually determined and qualified third party (the “Professional Service Firm”). In the
event of a reduction of benefits hereunder, Executive shall be given the choice of which benefits to reduce. For purposes of making the calculations required by this Section 4(j), the Professional Service Firm may make reasonable
assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of the Code, and other applicable 

  

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legal authority. Employer and Executive shall furnish to the Professional Service Firm such information and documents as the Professional Service Firm may
reasonably request in order to make a determination under this Section 4(j). Employer shall bear all costs and expenses the Professional Service Firm may reasonably incur in connection with any calculations contemplated by this
Section 4(j)(i). 
 5. ARBITRATION. 
 (a) Arbitrable Claims. To the fullest extent permitted by law, disputes between Executive (and his attorneys, successors, and assigns) and Employer (and its Affiliates, shareholders, directors, officers, employees, agents,
successors, attorneys, and assigns) relating in any manner to the employment or termination of Executive, and all disputes arising under this Agreement (“Arbitrable Claims”) shall be resolved by arbitration. All persons and entities
specified in the preceding sentence (other than Employer and Executive) shall be considered third-party beneficiaries of the rights and obligations created by this Section on Arbitration. Arbitrable Claims shall include, without limitation,
contract (express or implied) and tort claims of all kinds, as well as all claims based on any federal, state, or local law, statute, or regulation, excepting only claims under applicable workers’ compensation law and unemployment insurance
claims. By way of example and not in limitation of the foregoing, Arbitrable Claims shall include (to the fullest extent permitted by law) any claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act,
the Americans with Disabilities Act, as well as any claims asserting wrongful termination, harassment, breach of contract, breach of the covenant of good faith and fair dealing, negligent or intentional infliction of emotional distress, negligent or
intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, defamation, invasion of privacy, and claims related to disability. 
 (b) Procedure. Arbitration of Arbitrable Claims shall be in accordance with the National Rules for the Resolution of Employment Disputes of the
American Arbitration Association, as amended (“AAA Employment Rules”), as augmented in this Agreement. Arbitration shall be initiated as provided by the AAA Employment Rules, although the written notice to the other party initiating
arbitration shall also include a statement of the claim(s) asserted and the facts upon which the claim(s) are based. Arbitration shall be final and binding upon the parties and shall be the exclusive remedy for all Arbitrable Claims. Either party
may bring an action in court to compel arbitration under this Agreement and to enforce an arbitration award. Otherwise, neither party shall initiate or prosecute any lawsuit or administrative action in any way related to any Arbitrable Claim.
Notwithstanding the foregoing, either party may, at its option, seek injunctive relief under the laws of the State of Idaho. All arbitration hearings under this Agreement shall be conducted in Kootenai County, Idaho. The decision of the arbitrator
shall be in writing and shall include a statement of the essential conclusions and findings upon which the decision is based. THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO TRIAL BY JURY IN REGARD TO ARBITRABLE CLAIMS, INCLUDING WITHOUT
LIMITATION ANY RIGHT TO TRIAL BY JURY AS TO THE MAKING, EXISTENCE, VALIDITY, OR ENFORCEABILITY OF THE AGREEMENT TO ARBITRATE. 
 (c)
Arbitrator Selection and Authority. All disputes involving Arbitrable Claims shall be decided by a single arbitrator. The arbitrator shall be selected by mutual agreement of the parties within thirty (30) days of the effective date of
the notice initiating the arbitration. If the parties cannot agree on an arbitrator, then the complaining party shall notify the AAA and request selection of an arbitrator in accordance with the AAA Employment Rules. The arbitrator shall have only
such authority to award equitable relief, damages, costs, and fees as a court would have for the particular claim(s) asserted. The fees of the arbitrator shall be paid equally by the parties. If the allocation of responsibility for payment of the
arbitrator’s fees would render the obligation to arbitrate unenforceable, the parties authorize the arbitrator to modify the allocation as necessary to preserve enforceability. The arbitrator shall have exclusive authority to resolve all
Arbitrable Claims, including, but not limited to, whether any particular claim is arbitrable and whether all or any part of this Agreement is void or unenforceable. 
  

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 (d) Confidentiality. All proceedings and all documents prepared in connection with any Arbitrable
Claim shall be confidential and, unless otherwise required by law, the subject matter thereof shall not be disclosed to any person other than the parties to the proceedings, their counsel, witnesses and experts, the arbitrator, and, if involved, the
court and court staff. All documents filed with the arbitrator or with a court shall be filed under seal. The parties shall stipulate to all arbitration and court orders necessary to effectuate fully the provisions of this subsection concerning
confidentiality. 
 (e) Continuing Obligations. The rights and obligations of Executive and Employer set forth in this
Section 5 shall survive the termination of Executive’s employment and the expiration of this Agreement. 
 6. EXECUTIVE’S
REPRESENTATIONS. Executive hereby represents and warrants to Employer that (a) the execution, delivery and performance of this Agreement by Executive does not and shall not conflict with, breach, violate or cause a default under any
contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which he is bound, (b) Executive is not a party to or bound by any employment agreement or noncompete agreement or confidentiality agreement with any
other person or entity that would have the effect of preventing Executive from entering into this Agreement or performing his obligations described herein, and (c) upon the execution and delivery of this Agreement by Employer, this Agreement
shall be the valid and binding obligation of Executive, enforceable in accordance with its terms. 
 7. NOTICES. Any notice or other communication
under this Agreement must be in writing and shall be effective upon delivery by hand, or three (3) business days after deposit in the United States mail, postage prepaid, certified or registered, and addressed to Employer or to Executive at the
corresponding address below. Executive shall be obligated to notify Employer in writing of any change in his address. Notice of change of address shall be effective only when done in accordance with this Section. 
 Employer’s Notice Address: 
 NightHawk Radiology Holdings, Inc.

 250 Northwest Blvd., #202 
 Coeur d’Alene, ID 83814

 Attn: Vice President, General Counsel and Secretary 
 Telecopy:
(208) 664-2720 
 with a copy to (that does not constitute notice): 
 Wilson Sonsini Goodrich & Rosati, P.C. 
 701 Fifth Avenue 
 Suite 5100 
 Seattle, Washington, 98104 
 Attn: Mark J. Handfelt 
 Email: mhandfelt@wsgr.com 
 Fax: (206) 883-2699 
 Executive’s Notice Address: 
 The last residential address known by Employer. 
  

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 8. ACTION BY EMPLOYER. All actions required or permitted to be taken under this Agreement by Employer, including,
without limitation, exercise of discretion, consents, waivers, and amendments to this Agreement, shall be made and authorized only by the Board. 
 9.
INTEGRATION. This Agreement is intended to be the final, complete, and exclusive statement of the terms of Executive’s employment by Employer. This Agreement supersedes all other prior and contemporaneous agreements and statements,
whether written or oral, express or implied, pertaining in any manner to the employment of Executive, and it may not be contradicted by evidence of any prior or contemporaneous statements or agreements. To the extent that the practices, policies, or
procedures of Employer, now or in the future, apply to Executive and are inconsistent with the terms of this Agreement, the provisions of this Agreement shall control. 
 10. AMENDMENTS; WAIVERS. This Agreement may not be amended except by an instrument in writing, signed by each of the parties. No failure to exercise and no delay in exercising any right, remedy, or power under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, or power under this Agreement preclude any other or further exercise thereof, or the exercise of any other right, remedy, or power
provided herein or by law or in equity. 
 11. ASSIGNMENT; SUCCESSORS AND ASSIGNS. Executive agrees that he will not assign, sell, transfer, delegate,
or otherwise dispose of, whether voluntarily or involuntarily, or by operation of law, any rights or obligations under this Agreement. Any such purported assignment, transfer, or delegation shall be null and void. Nothing in this Agreement shall
prevent the consolidation of Employer with, or its merger into, any other entity, or the sale by Employer of all or substantially all of its assets, or the assignment by Employer of any rights or obligations under this Agreement. Subject to the
foregoing, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective heirs, legal representatives, successors, and permitted assigns, and shall not benefit any person or entity other than those
specifically enumerated in this Agreement 
 12. SEVERABILITY. If any provision of this Agreement, or its application to any person, place, or
circumstance, is held by an arbitrator or a court of competent jurisdiction to be invalid, unenforceable, or void, such provision shall be enforced to the greatest extent permitted by law, and the remainder of this Agreement and such provision as
applied to other persons, places, and circumstances shall remain in full force and effect. 
 13. GOVERNING LAW. This Agreement shall be governed by
and construed in accordance with the law of the State of Idaho. Subject to Section 5, the parties hereto irrevocably and unconditionally submit to the exclusive jurisdiction of any state or federal court sitting in Coeur d’Alene, Idaho
over any suit, action or proceeding brought pursuant to the terms of this Agreement. 
 14. INTERPRETATION. This Agreement shall be construed as a
whole, according to its fair meaning, and not in favor of or against any party. By way of example and not in limitation, this Agreement shall not be construed in favor of the party receiving a benefit nor against the party responsible for any
particular language in this Agreement. Captions are used for reference purposes only and should be ignored in the interpretation of the Agreement. 
  

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 15. CONFLICT WITH EMPLOYER POLICIES. In the event of any conflict between this Agreement and the policies and
procedures adopted by Employer from time to time during the Period of Employment, this Agreement shall control. 
 16. EMPLOYEE ACKNOWLEDGMENT.
Executive acknowledges that he has had the opportunity to consult legal counsel in regard to this Agreement, that he has read and understands this Agreement, that he is fully aware of its legal effect, and that he has entered into it freely and
voluntarily and based on his own judgment and not on any representations or promises other than those contained in this Agreement. 
 17. COUNTERPARTS;
FACSIMILE SIGNATURE. This Agreement may be executed in one or more counterparts and by facsimile signature, each of which shall constitute an original and all of which together shall constitute one and the same instrument. 
 [Signature Page Follows] 
  

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 The parties have duly executed this Agreement as of the date first written above. 
  

	
	EXECUTIVE
	
	/s/ David Sankaran
	Mr. David Sankaran

  

	
	NIGHTHAWK RADIOLOGY HOLDINGS, INC.
	
	/s/ Paul E. Berger, M.D.
	Paul Berger, M.D.
	Chief Executive Officer

 EMPLOYMENT AGREEMENT BETWEEN 
 NIGHTHAWK RADIOLOGY HOLDINGS, INC. & DAVID
SANKARAN 
 SIGNATURE PAGE 
  

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 EXHIBIT A 
 GENERAL RELEASE 
 I, David Sankaran, in consideration of and subject to the performance by NightHawk
Radiology Holdings, Inc., a Delaware corporation (the “Employer”), of its obligations under the Employment Agreement, dated as of May 16, 2008 (the “Agreement”), do hereby release and forever discharge as of
the date hereof the Employer and each of its affiliates and all present and former directors, officers, agents, representatives, employees, successors and assigns of the Employer and each of its affiliates and the Employer’s direct or indirect
owners (collectively, the “Released Parties”) to the extent provided below. 
  

	1.	I understand that any payments or benefits paid or granted to me under Section 4(a), Section 4(c) and Section 4(f) of the Agreement represent, in part, consideration
for signing this General Release and are not salary, wages or benefits to which I was already entitled. I understand and agree that I will not receive the payments and benefits specified in Section 4(a), Section 4(c) and Section 4(f)
of the Agreement unless I execute this General Release and do not revoke this General Release within the time period permitted hereafter or breach this General Release. Such payments and benefits will not be considered compensation for purposes of
any employee benefit plan, program, policy or arrangement maintained or hereafter established by the Employer or its affiliates. I also acknowledge and represent that I have received all payments and benefits that I am entitled to receive (as of the
date hereof) by virtue of any employment by the Employer. 

  

	2.	Except as provided in paragraphs 4 and 13 below and except for the provisions of my Employment Agreement which expressly survive the termination of my employment with the Employer,
I knowingly and voluntarily (for myself, my heirs, executors, administrators and assigns) release and forever discharge the Employer and the other Released Parties from any and all claims, suits, controversies, actions, causes of action,
cross-claims, counter-claims, demands, debts, compensatory damages, liquidated damages, punitive or exemplary damages, other damages, claims for costs and attorneys’ fees, or liabilities of any nature whatsoever in law and in equity, both past
and present (through the date this General Release becomes effective and enforceable) and whether known or unknown, suspected, or claimed against the Employer or any of the Released Parties which I, my spouse, or any of my heirs, executors,
administrators or assigns, may have, which arise out of or are connected with my employment with, or my separation or termination from, the Employer (including, but not limited to, any allegation, claim or violation, arising under: Title VII of the
Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (including, without limitation, the Older Workers Benefit Protection Act); the Equal Pay Act of 1963, as amended; the
Americans with Disabilities Act of 1990; the Family and Medical Leave Act of 1993; the Worker Adjustment Retraining and Notification Act; the Employee Retirement Income Security Act of 1974; any applicable Executive Order Programs; the Fair Labor
Standards Act; or their state or local counterparts; or under any other federal, state or local civil or human rights law; or any claim for wrongful discharge, breach of contract, infliction of emotional distress, defamation; or any claim for costs,
fees, or other expenses, including (without limitation) attorneys’ fees incurred in these matters) (all of the foregoing collectively referred to herein as the “Claims”). 

  

	3.	I represent that I have made no assignment or transfer of any right, claim, demand, cause of action, or other matter covered by paragraph 2 above. 

	4.	I agree that this General Release does not waive or release any rights or claims that I may have under the Age Discrimination in Employment Act of 1967 which arise after the date I
execute this General Release. I acknowledge and agree that my separation from employment with the Employer in compliance with the terms of the Agreement shall not serve as the basis for any claim or action (including, without limitation, any claim
under the Age Discrimination in Employment Act of 1967). 

  

	5.	In signing this General Release, I acknowledge and intend that it shall be effective as a bar to each and every one of the Claims hereinabove mentioned or implied. I expressly
consent that this General Release shall be given full force and effect according to each and all of its express terms and provisions, including, without limitation, those relating to unknown and unsuspected Claims (notwithstanding any state statute
that expressly limits the effectiveness of a general release of unknown, unsuspected and unanticipated Claims), if any, as well as those relating to any other Claims hereinabove mentioned or implied. I acknowledge and agree that this waiver is an
essential and material term of this General Release and that without such waiver the Employer would not have agreed to the terms of the Agreement. I further agree that in the event I should bring a Claim seeking damages against the Employer, or in
the event I should seek to recover against the Employer in any Claim brought by a governmental agency on my behalf, this General Release shall serve as a complete defense to such Claims. I further agree that I am not aware of any pending charge or
complaint of the type described in paragraph 2 as of the execution of this General Release. 

  

	6.	I represent that I am not aware of any claim by me other than the claims that are released by this Agreement. 

  

	7.	I agree that neither this General Release, nor the furnishing of the consideration for this General Release, shall be deemed or construed at any time to be an admission by the
Employer, any Released Party or myself of any improper or unlawful conduct. 

  

	8.	I agree that I will forfeit all rights under Section 4 of the Agreement if I challenge the validity of this General Release. I also agree that if I violate this General Release
by suing the Employer or the other Released Parties, I will return all payments and otherwise reimburse the Employer for all benefits (including accelerated stock options) received by me pursuant to the Agreement. 

  

	9.	I agree that this General Release is confidential and agree not to disclose any information regarding the terms of this General Release, except to my immediate family and any tax,
legal or other counsel I have consulted regarding the meaning or effect hereof or as required by law, and I will instruct each of the foregoing not to disclose the same to anyone. 

  

	10.	Any non-disclosure provision in this General Release does not prohibit or restrict me (or my attorney) from responding to any inquiry about this General Release or its underlying
facts and circumstances by the Securities and Exchange Commission (SEC), the National Association of Securities Dealers, Inc. (NASD), any other self-regulatory organization or governmental entity. 

  

	11.	I agree to reasonably cooperate with the Employer in any internal investigation or administrative, regulatory, or judicial proceeding. I understand and agree that my cooperation may
include, but not be limited to, making myself available to the Employer upon reasonable notice for interviews and factual investigations; appearing at the Employer’s request to give testimony without requiring service of a subpoena or other
legal process; volunteering to the Employer pertinent information; and turning over to the Employer all relevant documents which are or may come into my possession all at times and on schedules that are reasonably consistent with my other permitted
activities and commitments. I understand that in the event the Employer asks for my cooperation in accordance with this provision, the Employer will reimburse me solely for reasonable travel expenses, including, without limitation, lodging and
meals, upon my submission of receipts. 

	12.	I agree not to disparage the Employer, its past and present investors, officers, directors or employees or its affiliates and to keep all confidential and proprietary information
about the past or present business affairs of the Employer and its affiliates confidential unless a prior written release from the Employer is obtained. I further agree that as of the date hereof, I have returned to the Employer any and all
property, tangible or intangible, relating to its business, which I possessed or had control over at any time (including, but not limited to, Employer-provided credit cards, building or office access cards, keys, computer equipment, manuals, files,
documents, records, software, customer data base and other data) and that I have not and shall not retain any copies, compilations, extracts, excerpts, summaries or other notes of any such manuals, files, documents, records, software, customer data
base or other data. 

  

	13.	Notwithstanding anything in this General Release to the contrary, this General Release shall not relinquish, diminish, or in any way affect any rights or claims (i) arising out
of any breach by the Employer or by any Released Party of the Agreement after the date hereof and (ii) to indemnification for which I may be entitled to as a former officer or director of the Employer under their respective charter and/or
bylaws and/or other constituent documents so long as I am otherwise entitled to be indemnified as authorized thereunder. 

  

	14.	Whenever possible, each provision of this General Release shall be interpreted in, such manner as to be effective and valid under applicable law, but if any provision of this
General Release is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but
this General Release shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

 BY SIGNING THIS GENERAL RELEASE, I REPRESENT AND AGREE THAT: 
  

	 	(i)	I HAVE READ IT CAREFULLY; 

  

	 	(ii)	I UNDERSTAND ALL OF ITS TERMS AND KNOW THAT I AM GIVING UP IMPORTANT RIGHTS, INCLUDING BUT NOT LIMITED TO, RIGHTS UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED,
TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS AMENDED; THE EQUAL PAY ACT OF 1963, THE AMERICANS WITH DISABILITIES ACT OF 1990; AND THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED; 

  

	 	(iii)	I VOLUNTARILY CONSENT TO EVERYTHING IN IT; 

  

	 	(iv)	I HAVE BEEN ADVISED TO CONSULT WITH AN ATTORNEY BEFORE EXECUTING IT AND I HAVE DONE SO OR, AFTER CAREFUL READING AND CONSIDERATION I HAVE CHOSEN NOT TO DO SO OF MY OWN VOLITION;

  

	 	(v)	I HAVE HAD AT LEAST 21 DAYS FROM THE DATE OF MY RECEIPT OF THIS RELEASE SUBSTANTIALLY IN ITS FINAL FORM ON
                         ,
                     TO CONSIDER IT AND THE CHANGES MADE SINCE THE
                         ,
                     VERSION OF THIS RELEASE ARE NOT MATERIAL AND WILL NOT RESTART THE REQUIRED 21-DAY PERIOD; 

	 	(vi)	THE CHANGES TO THE AGREEMENT SINCE                     
    ,          EITHER ARE NOT MATERIAL OR WERE MADE AT MY REQUEST. 

  

	 	(vii)	I UNDERSTAND THAT I HAVE SEVEN DAYS AFTER THE EXECUTION OF THIS RELEASE TO REVOKE IT AND THAT THIS RELEASE SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE REVOCATION PERIOD HAS
EXPIRED; 

  

	 	(viii)	I HAVE SIGNED THIS GENERAL RELEASE KNOWINGLY AND VOLUNTARILY AND WITH THE ADVICE OF ANY COUNSEL RETAINED TO ADVISE ME WITH RESPECT TO IT; AND 

  

	 	(ix)	I AGREE THAT THE PROVISIONS OF THIS GENERAL RELEASE MAY NOT BE AMENDED, WAIVED, CHANGED OR MODIFIED EXCEPT BY AN INSTRUMENT IN WRITING SIGNED BY AN AUTHORIZED REPRESENTATIVE OF THE
EMPLOYER AND BY ME. 

  

					
			
	DATE:                     	 		 	________________________________Form of Senior Notes Indenture

  
 Exhibit 4.1 
 CHESAPEAKE ENERGY CORPORATION, 
 as Issuer, 
 THE SUBSIDIARY GUARANTORS, 
 as Guarantors, 
 AND 
 THE BANK OF NEW YORK TRUST COMPANY, N.A., 
 as Trustee 
  
  
 INDENTURE 
 DATED AS OF MAY [    ], 2008 
  
  
 [    ]% SENIOR NOTES DUE 2018 
  
  
  
  

 CROSS-REFERENCE TABLE 
  

					
	 TIA SECTION
	  	INDENTURE
SECTION
	310	  	(a)(1)	  	7.10
		  	(a)(2)	  	7.10
		  	(a)(3)	  	N.A.
		  	(a)(4)	  	N.A.
		  	(a)(5)	  	7.08
		  	(b)	  	7.08; 7.10
		  	(c)	  	N.A.
	311	  	(a)	  	7.11
		  	(b)	  	7.11
		  	(c)	  	N.A.
	312	  	(a)	  	2.05
		  	(b)	  	11.03
		  	(c)	  	11.03
	313	  	(a)	  	7.06
		  	(b)(1)	  	N.A.
		  	(b)(2)	  	7.06
		  	(c)	  	7.06; 11.02
		  	(d)	  	7.06
	314	  	(a)	  	4.02; 4.03; 11.02
		  	(b)	  	N.A.
		  	(c)(1)	  	11.04
		  	(c)(2)	  	11.04
		  	(c)(3)	  	N.A.
		  	(d)	  	N.A.
		  	(e)	  	11.05
		  	(f)	  	N.A.
	315	  	(a)	  	7.01(b)
		  	(b)	  	7.05; 11.02
		  	(c)	  	7.01(a)
		  	(d)	  	7.01(c)
		  	(e)	  	6.11
	316	  	(a)(last sentence)	  	2.09
		  	(a)(1)(A)	  	6.05
		  	(a)(1)(B)	  	6.02; 6.04; 9.02
		  	(a)(2)	  	N.A.
		  	(b)	  	6.07
		  	(c)	  	N.A.
	317	  	(a)(1)	  	6.08
		  	(a)(2)	  	6.09
		  	(b)	  	2.04
	318	  	(a)	  	11.01
	318	  	(c)	  	11.01

  
 N.A. means Not Applicable 
 NOTE: This Cross-Reference table shall not, for any purpose, be deemed part of this Indenture. 
  

 ii 

 TABLE OF CONTENTS 
  

			
	 	  	Pages
	 ARTICLE ONE
  
 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	
		
	 SECTION 1.01.  Definitions.
	  	1
	 SECTION 1.02.  Other Definitions.
	  	9
	 SECTION 1.03.  Incorporation by Reference of Trust Indenture Act
	  	10
	 SECTION 1.04.  Rules of Construction.
	  	10
		
	ARTICLE TWO	  	
		
	THE SECURITIES	  	
		
	 SECTION 2.01.  Form and Dating
	  	11
	 SECTION 2.02.  Execution and Authentication
	  	11
	 SECTION 2.03.  Registrar and Paying Agent
	  	11
	 SECTION 2.04.  Paying Agent To Hold Money in Trust
	  	12
	 SECTION 2.05.  Holder Lists
	  	12
	 SECTION 2.06.  Transfer and Exchange
	  	12
	 SECTION 2.07.  Replacement Securities
	  	12
	 SECTION 2.08.  Outstanding Securities
	  	12
	 SECTION 2.09.  Temporary Securities
	  	13
	 SECTION 2.10.  Cancelation
	  	13
	 SECTION 2.11.  Defaulted Interest
	  	13
	 SECTION 2.12.  CUSIP Numbers
	  	13
	 SECTION 2.13.  Issuance of Additional Securities
	  	13
		
	ARTICLE THREE	  	
		
	REDEMPTION	  	
		
	 SECTION 3.01.  Notice to Trustee
	  	14
	 SECTION 3.02.  Selection of Securities to Be Redeemed
	  	14
	 SECTION 3.03.  Notice of Redemption
	  	14
	 SECTION 3.04.  Effect of Notice of Redemption
	  	15
	 SECTION 3.05.  Deposit of Redemption Price
	  	15
	 SECTION 3.06.  Securities Redeemed in Part
	  	15
	 SECTION 3.07.  Optional Redemption at Make-Whole Price
	  	15
		
	ARTICLE FOUR	  	
		
	COVENANTS	  	
		
	 SECTION 4.01.  Payment of Securities
	  	15
	 SECTION 4.02.  SEC Reports
	  	16
	 SECTION 4.03.  Compliance Certificates
	  	16
	 SECTION 4.04.  Maintenance of Office or Agency
	  	16

  

 iii 

			
	 SECTION 4.05.  Corporate Existence
	  	17
	 SECTION 4.06.  Waiver of Stay, Extension or Usury Laws
	  	17
	 SECTION 4.07.  Payment of Taxes and Other Claims
	  	17
	 SECTION 4.08.  Maintenance of Properties and Insurance
	  	17
	 SECTION 4.09.  Limitation on Liens Securing Indebtedness
	  	18
	 SECTION 4.10.  Limitation on Sale/Leaseback Transactions
	  	18
		
	ARTICLE FIVE	  	
		
	SUCCESSOR CORPORATION	  	
		
	 SECTION 5.01.  When Company May Merge, etc
	  	19
	 SECTION 5.02.  Successor Corporation Substituted
	  	20
		
	ARTICLE SIX	  	
		
	DEFAULTS AND REMEDIES	  	
		
	 SECTION 6.01.  Events of Default
	  	20
	 SECTION 6.02.  Acceleration
	  	21
	 SECTION 6.03.  Other Remedies
	  	22
	 SECTION 6.04.  Waiver of Past Defaults
	  	22
	 SECTION 6.05.  Control by Majority
	  	22
	 SECTION 6.06.  Limitation on Remedies
	  	22
	 SECTION 6.07.  Rights of Holders to Receive Payment
	  	23
	 SECTION 6.08.  Collection Suit by Trustee
	  	23
	 SECTION 6.09.  Trustee May File Proofs of Claim
	  	23
	 SECTION 6.10.  Priorities
	  	23
	 SECTION 6.11.  Undertaking for Costs
	  	23
		
	ARTICLE SEVEN	  	
		
	TRUSTEE	  	
		
	 SECTION 7.01.  Duties of Trustee
	  	24
	 SECTION 7.02.  Rights of Trustee
	  	24
	 SECTION 7.03.  Individual Rights of Trustee
	  	25
	 SECTION 7.04.  Trustee’s Disclaimer
	  	25
	 SECTION 7.05.  Notice of Defaults
	  	26
	 SECTION 7.06.  Reports by Trustee to Holders
	  	26
	 SECTION 7.07.  Compensation and Indemnity
	  	26
	 SECTION 7.08.  Replacement of Trustee
	  	27
	 SECTION 7.09.  Successor Trustee by Merger, etc
	  	27
	 SECTION 7.10.  Eligibility; Disqualification
	  	27
	 SECTION 7.11.  Preferential Collection of Claims Against Company
	  	27
		
	ARTICLE EIGHT	  	
		
	DISCHARGE OF INDENTURE	  	
		
	 SECTION 8.01.  Option to Effect Legal Defeasance or Covenant Defeasance.
	  	28
	 SECTION 8.02.  Legal Defeasance and Discharge
	  	28
	 SECTION 8.03.  Covenant Defeasance
	  	28

  

 iv 

			
	 SECTION 8.04.  Conditions to Legal or Covenant Defeasance
	  	28
	 SECTION 8.05.  Deposited Money and U.S. Government Securities to be Held in Trust; Other Miscellaneous Provisions
	  	29
	 SECTION 8.06.  Repayment to Company
	  	30
	 SECTION 8.07.  Reinstatement
	  	30
		
	ARTICLE NINE	  	
		
	AMENDMENTS, SUPPLEMENTS AND WAIVERS	  	
		
	 SECTION 9.01.  Without Consent of Holders.
	  	30
	 SECTION 9.02.  With Consent of Holders
	  	31
	 SECTION 9.03.  Compliance with Trust Indenture Act
	  	32
	 SECTION 9.04.  Revocation and Effect of Consents
	  	32
	 SECTION 9.05.  Notation on or Exchange of Senior Notes
	  	33
	 SECTION 9.06.  Trustee Protected
	  	33
		
	ARTICLE TEN	  	
		
	GUARANTEES	  	
		
	 SECTION 10.01.  Unconditional Guarantee
	  	33
	 SECTION 10.02.  Subsidiary Guarantors May Consolidate, etc., on Certain Terms
	  	34
	 SECTION 10.03.  Addition of Subsidiary Guarantors
	  	34
	 SECTION 10.04.  Release of a Subsidiary Guarantor
	  	34
	 SECTION 10.05.  Limitation of Subsidiary Guarantor’s Liability
	  	35
	 SECTION 10.06.  Contribution
	  	35
	 SECTION 10.07.  [Intentionally Omitted.]
	  	35
	 SECTION 10.08.  Severability
	  	35
		
	ARTICLE ELEVEN	  	
		
	MISCELLANEOUS	  	
		
	 SECTION 11.01.  Trust Indenture Act Controls
	  	35
	 SECTION 11.02.  Notices
	  	35
	 SECTION 11.03.  Communication by Holders with Other Holders
	  	36
	 SECTION 11.04.  Certificate and Opinion as to Conditions Precedent
	  	36
	 SECTION 11.05.  Statements Required in Certificate or Opinion
	  	37
	 SECTION 11.06.  Rules by Trustee and Agents
	  	37
	 SECTION 11.07.  Legal Holidays
	  	37
	 SECTION 11.08.  Governing Law
	  	37
	 SECTION 11.09.  No Adverse Interpretation of Other Agreements
	  	37
	 SECTION 11.10.  No Recourse Against Others
	  	37
	 SECTION 11.11.  Successors
	  	37
	 SECTION 11.12.  Duplicate Originals
	  	37
	 SECTION 11.13.  Severability
	  	38
		
	 SIGNATURES
	  	66
		
	 APPENDIX
	  	A-1

  

 v 

			
	 EXHIBIT 1 TO THE APPENDIX - FORM OF SECURITY
	  	B-1

  
 NOTE: This Table of Contents shall not, for any purpose, be deemed to be a part of this Indenture. 
  

 vi 

 INDENTURE, dated as of May [    ], 2008, among CHESAPEAKE ENERGY CORPORATION, an
Oklahoma corporation (the “Company”), the SUBSIDIARY GUARANTORS listed as signatories hereto and THE BANK OF NEW YORK TRUST COMPANY, N.A., a national banking association, as Trustee. 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Company’s
[    ]% Senior Notes due 2018: 
 ARTICLE ONE 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 SECTION 1.01. Definitions.

 “Additional Securities” means [    ]% Senior Notes due 2018 issued from time to time after the Issue Date
under the terms of this Indenture (other than pursuant to Section 2.06, 2.07, 2.09 or 3.06 of this Indenture). 
 “Adjusted
Consolidated Net Tangible Assets” or “ACNTA” means (without duplication), as of the date of determination, (a) the sum of (i) discounted future net revenue from proved oil and gas reserves of the Company and its Subsidiaries
calculated in accordance with SEC guidelines before any state or federal income taxes, as estimated by petroleum engineers (which may include the Company’s internal engineers) in a reserve report prepared as of the end of the Company’s
most recently completed fiscal year, as increased by, as of the date of determination, the discounted future net revenue of (A) estimated proved oil and gas reserves of the Company and its Subsidiaries attributable to any acquisition
consummated since the date of such year-end reserve report, and (B) estimated proved oil and gas reserves of the Company and its Subsidiaries attributable to extensions, discoveries and other additions and upward revisions of estimates of
proved oil and gas reserves due to exploration, development or exploitation, production or other activities conducted or otherwise occurring since the date of such year-end reserve report, which, in the case of sub-clauses (A) and (B), would,
in accordance with standard industry practice, result in such increases as calculated in accordance with SEC guidelines (utilizing the prices utilized in such year-end reserve report), and decreased by, as of the date of determination, the
discounted future net revenue of (C) estimated proved oil and gas reserves of the Company and its Subsidiaries produced or disposed of since the date of such year-end reserve report and (D) reductions in the estimated oil and gas reserves
of the Company and its Subsidiaries since the date of such year-end reserve report attributable to downward revisions of estimates of proved oil and gas reserves due to exploration, development or exploitation, production or other activities
conducted or otherwise occurring since the date of such year-end reserve report which, in the case of sub-clauses (C) and (D), would, in accordance with standard industry practice, result in such decreases as calculated in accordance with SEC
guidelines (utilizing the prices utilized in such year-end reserve report); provided that, in the case of each of the determinations made pursuant to clauses (A) through (D), such increases and decreases shall be as estimated by the
Company’s engineers, (ii) the capitalized costs that are attributable to oil and gas properties of the Company and its Subsidiaries to which no proved oil and gas reserves are attributable, based on the Company’s books and records as
of a date no earlier than the date of the Company’s latest annual or quarterly financial statements, (iii) the Net Working Capital on a date no earlier than the date of the Company’s latest annual or quarterly financial statements and
(iv) the greater of (I) the net book value on a date no earlier than the date of the Company’s latest annual or quarterly financial statements and (II) the appraised value, as estimated by independent appraisers, of other
tangible assets (including Investments in unconsolidated Subsidiaries) of the Company and its Subsidiaries, as of a date no earlier than the date of the Company’s latest audited financial statements, minus (b) the sum of (i) minority
interests, (ii) any gas balancing liabilities of the Company and its Subsidiaries reflected as a long-term liability in the Company’s latest annual or quarterly financial statements, (iii) the discounted future net revenue, calculated
in accordance with SEC guidelines (utilizing the prices utilized in the Company’s year-end reserve report), attributable to reserves which are required to be delivered to third parties to fully satisfy the obligations of the Company and its
Subsidiaries with respect to Volumetric Production Payments on the schedules specified with respect thereto, (iv) the discounted future net revenue, calculated in accordance with SEC guidelines, attributable to reserves subject to Dollar-

  

 1 

 
Denominated Production Payments which, based on the estimates of production included in determining the discounted future net revenue specified in
(a) (i) above (utilizing the same prices utilized in the Company’s year-end reserve report), would be necessary to fully satisfy the payment obligations of the Company and its Subsidiaries with respect to Dollar-Denominated Production
Payments on the schedules specified with respect thereto and (v) the discounted future net revenue, calculated in accordance with SEC guidelines (utilizing the same prices utilized in the Company’s year-end reserve report), attributable to
reserves subject to participation interests, overriding royalty interests or other interests of third parties, pursuant to participation, partnership, vendor financing or other agreements then in effect, or which otherwise are required to be
delivered to third parties. If the Company changes its method of accounting from the full cost method to the successful efforts method or a similar method of accounting, Adjusted Consolidated Net Tangible Assets will continue to be calculated as if
the Company were still using the full cost method of accounting. 
 “Adjusted Net Assets of a Subsidiary Guarantor” at any date
shall mean the lesser of (i) the amount by which the fair value of the property of such Subsidiary Guarantor exceeds the total amount of liabilities, including, without limitation, contingent liabilities (after giving effect to all other fixed and
contingent liabilities incurred or assumed on such date), but excluding liabilities under the Guarantee of such Subsidiary Guarantor at such date and (ii) the amount by which the present fair saleable value of the assets of such Subsidiary Guarantor
at such date exceeds the amount that will be required to pay the probable liability of such Subsidiary Guarantor on its debts (after giving effect to all other fixed and contingent liabilities incurred or assumed on such date and after giving effect
to any collection from any Subsidiary of such Subsidiary Guarantor in respect of the obligations of such Subsidiary under the Guarantee), excluding debt in respect of the Guarantee, as they become absolute and matured. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person directly or indirectly, whether
through the ownership of Voting Stock, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agent” means any Registrar, Paying Agent or co-registrar. 
 “Attributable Indebtedness” means, with respect to any particular lease under which any Person is at the time liable and at any date as of which the amount thereof is to be determined, the present value of
the total net amount of rent required to be paid by such Person under the lease during the primary term thereof, without giving effect to any renewals at the option of the lessee, discounted from the respective due dates thereof to such date at the
rate of interest per annum implicit in the terms of the lease. As used in the preceding sentence, the “net amount of rent” under any lease for any such period shall mean the sum of rental and other payments required to be paid with respect
to such period by the lessee thereunder excluding any amounts required to be paid by such lessee on account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges. In the case of any lease which is terminable by
the lessee upon payment of a penalty, such net amount of rent shall also include the amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated.

 “Average Life” means, as of the date of determination, with respect to any Indebtedness, the quotient obtained by dividing
(i) the product of (x) the number of years from such date to the date of each successive scheduled principal payment of such Indebtedness multiplied by (y) the amount of such principal payment by (ii) the sum of all such
principal payments. 
 “Board of Directors” means, with respect to any Person, the Board of Directors of such Person or any
committee of the Board of Directors of such Person duly authorized to act on behalf of the Board of Directors of such Person. 
 “Board
Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors or the managing partner(s) of such Person and to
be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” means any day on
which the New York Stock Exchange, Inc. is open for trading and which is not a Legal Holiday. 
 “Capital Stock” means, with
respect to any Person, any and all shares, interests, participations or other equivalents (however designated) of corporate stock or partnership or limited liability company interests and any and all warrants, options and rights with respect thereto
(whether or not currently exercisable), including each class of common stock and preferred stock of such Person. 
  

 2 

 “Capitalized Lease Obligations” of any Person means the obligations of such Person to pay rent
or other amounts under a lease of property, real or personal, that is required to be capitalized for financial reporting purposes in accordance with GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in
accordance with GAAP. 
 “Company” means the party named as such above, until a successor replaces such Person in accordance with
the terms of this Indenture, and thereafter means such successor. 
 “Credit Facilities” means one or more debt facilities
(including, without limitation, the Company’s existing credit facility) or commercial paper facilities, in each case with banks, investment banks, insurance companies, mutual funds and/or other institutional lenders providing for revolving
credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from (or sell receivables to) such lenders against such receivables) or letters of credit, in
each case, as amended, extended, restated, renewed, refunded, replaced or refinanced (in each case with Credit Facilities), supplemented or otherwise modified (in whole or in part and without limitation as to amount, terms, conditions, covenants and
other provisions) from time to time. 
 “Currency Hedge Obligations” means, at any time as to the Company and its Subsidiaries, the
obligations of any such Person at such time that were incurred in the ordinary course of business pursuant to any foreign currency exchange agreement, option or futures contract or other similar agreement or arrangement designed to protect against
or manage such Person’s or any of its Subsidiaries’ exposure to fluctuations in foreign currency exchange rates. 
 “Default” means any event which is, or after notice or passage of time would be, an Event of Default. 
 “De Minimis
Guaranteed Amount” means a principal amount of Indebtedness that does not exceed $5,000,000. 
 “Disqualified Stock” means any
Capital Stock of the Company or any Subsidiary of the Company which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event or with the passage of time, matures
or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the Maturity Date or which is exchangeable or convertible into debt
securities of the Company or any Subsidiary of the Company, except to the extent that such exchange or conversion rights cannot be exercised prior to the Maturity Date. 
 “Dollar-Denominated Production Payments” means production payment obligations recorded as liabilities in accordance with GAAP, together with all undertakings and obligations in connection therewith.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder.

 “Existing Notes” means the Company’s outstanding (a) 7.5% Senior Notes due 2013, (b) 7.625% Senior Notes due
2013, (c) 7.5% Senior Notes due 2014, (d) 7.00% Senior Notes due 2014, (e) 7.75% Senior Notes due 2015, (f) 6.375% Senior Notes due 2015, (g) 6.875% Senior Notes due 2016, (h) 6.625% Senior Notes due 2016,
(i) 6.25% Euro-denominated Senior Notes due 2017, (j) 6.5% Senior Notes due 2017, (k) 6.25% Senior Notes due 2018, (l) 6.875% Senior Notes due 2020, (m) 2.75% Contingent Convertible Senior Notes due 2035, (n) 2.500%
Contingent Convertible Senior Notes due 2037 and (o) [ ]% Contingent Convertible Senior Notes due 2038. 
 “GAAP” means
generally accepted accounting principles as in effect in the United States of America as of the Issue Date. 
  

 3 

 “Guarantee” means, individually and collectively, the guarantees given by the Subsidiary
Guarantors pursuant to Article Ten hereof. 
 “Holder” means a Person in whose name a Security is registered on the
Registrar’s books. 
 “Indebtedness” means, without duplication, with respect to any Person, (a) all obligations of such
Person (i) in respect of borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), (ii) evidenced by bonds, notes, debentures or similar instruments,
(iii) representing the balance deferred and unpaid of the purchase price of any property or services (other than accounts payable or other obligations arising in the ordinary course of business), (iv) evidenced by bankers’ acceptances
or similar instruments issued or accepted by banks, (v) for the payment of money relating to a Capitalized Lease Obligation, or (vi) evidenced by a letter of credit or a reimbursement obligation of such Person with respect to any letter of
credit; (b) all net obligations of such Person under Interest Rate Hedging Agreements, Oil and Gas Hedging Contracts and Currency Hedge Obligations, except to the extent such net obligations are taken into account in the determination of future
net revenues from proved oil and gas reserves for purposes of the calculation of Adjusted Consolidated Net Tangible Assets; (c) all liabilities of others of the kind described in the preceding clauses (a) or (b) that such Person has
guaranteed or that are otherwise its legal liability (including, with respect to any Production Payment, any warranties or guaranties of production or payment by such Person with respect to such Production Payment but excluding other contractual
obligations of such Person with respect to such Production Payment); (d) Indebtedness (as otherwise defined in this definition) of another Person secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such
Person, the amount of such obligations being deemed to be the lesser of (1) the full amount of such obligations so secured, and (2) the fair market value of such asset, as determined in good faith by the Board of Directors of such Person,
which determination shall be evidenced by a Board Resolution, (e) with respect to such Person, the liquidation preference or any mandatory redemption payment obligations in respect of Disqualified Stock; (f) the aggregate preference in
respect of amounts payable on the issued and outstanding shares of Preferred Stock of any of such Person’s Subsidiaries in the event of any voluntary or involuntary liquidation, dissolution or winding up (excluding any such preference
attributable to such shares of Preferred Stock that are owned by such Person or any of its Subsidiaries; provided, that if such Person is the Company, such exclusion shall be for such preference attributable to such shares of Preferred Stock
that are owned by the Company or any of its Subsidiaries); and (g) any and all deferrals, renewals, extensions, refinancings and refundings (whether direct or indirect) of, or amendments, modifications or supplements to, any liability of the
kind described in any of the preceding clauses (a), (b), (c), (d), (e), (f) or this clause (g), whether or not between or among the same parties. Subject to clause (c) of the preceding sentence, neither Dollar-Denominated Production
Payments nor Volumetric Production Payments shall be deemed to be Indebtedness. 
 “Indenture” means this Indenture, as amended or
supplemented from time to time in accordance with the terms hereof. 
 “Interest Rate Hedging Agreements” means, with respect to
the Company and its Subsidiaries, the obligations of such Persons under (i) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements and (ii) other agreements or arrangements designed to protect any
such Person or any of its Subsidiaries against fluctuations in interest rates. 
 “Investment” of any Person means (i) all
investments by such Person in any other Person in the form of loans, advances or capital contributions, (ii) all guarantees of Indebtedness or other obligations of any other Person by such Person, (iii) all purchases (or other acquisitions
for consideration) by such Person of assets, Indebtedness, Capital Stock or other securities of any other Person and (iv) all other items that would be classified as investments (including, without limitation, purchases of assets outside the
ordinary course of business) or advances on a balance sheet of such Person prepared in accordance with GAAP. 
 “Issue Date” means
May [    ], 2008. 
  

 4 

 “Lien” means, with respect to any Person, any mortgage, pledge, lien, encumbrance, easement,
restriction, covenant, right-of-way, charge or adverse claim affecting title or resulting in an encumbrance against real or personal property of such Person, or a security interest of any kind (including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option, right of first refusal or other similar agreement to sell, in each case securing obligations of such Person and any filing of or agreement to give any financing statement under the Uniform
Commercial Code (or equivalent statute or statutes) of any jurisdiction). 
 “Make-Whole Amount” with respect to a Security means
an amount equal to the excess, if any, of (i) the present value of the remaining interest, premium and principal payments due on such Security (excluding any portion of such payments of interest accrued as of the redemption date) as if such
Security were redeemed on the Maturity Date, computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (ii) the outstanding principal amount of such Security. As used herein, “Treasury Rate” is defined as
the yield to maturity (calculated on a semi-annual bond equivalent basis) at the time of the computation of United States Treasury securities with a constant maturity (as compiled by and published in the most recent Federal Reserve Statistical
Release H.15 (519), which has become publicly available at least two Business Days prior to the date of the redemption notice or, if such Statistical Release is no longer published, any publicly available source of similar market data) most nearly
equal to the then remaining maturity of the Securities assuming redemption of the Securities on the Maturity Date; provided, however, that if the Make-Whole Average Life of such Security is not equal to the constant maturity of the
United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury
securities for which such yields are given, except that if the Make-Whole Average Life of such Securities is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one
year shall be used. As used herein, “Make-Whole Average Life” means the number of years (calculated to the nearest one-twelfth) between the date of redemption and the Maturity Date. 
 “Make-Whole Price” means the sum of the outstanding principal amount of the Securities to be redeemed plus the Make-Whole Amount of such
Securities. 
 “Maturity Date” means December 15, 2018. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof. 
 “Net Available Proceeds” means, with respect to any Sale/Leaseback Transaction of any Person, cash proceeds received (including any cash
proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, and excluding any other consideration until such time as such consideration is converted into cash)
therefrom, in each case net of all legal, title and recording tax expenses, commissions and other fees and expenses incurred, and all federal, state or local taxes required to be accrued as a liability as a consequence of such Sale/Leaseback
Transaction, and in each case net of all Indebtedness which is secured by such assets, in accordance with the terms of any Lien upon or with respect to such assets, or which must, by its terms or in order to obtain a necessary consent to such
Sale/Leaseback Transaction or by applicable law, be repaid out of the proceeds from such Sale/Leaseback Transaction and which is actually so repaid. 
 “Net Working Capital” means (i) all current assets of the Company and its Subsidiaries, minus (ii) all current liabilities of the Company and its Subsidiaries, except current liabilities included
in Indebtedness. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the President, any Vice President, the
Chief Financial Officer or the Treasurer of such Person. 
 “Officers’ Certificate” means, with respect to any Person, a
certificate signed by two Officers or by an Officer and either the Secretary, or an Assistant Secretary or Assistant Treasurer of such Person. One of the Officers signing an Officers’ Certificate given pursuant to
Section 4.03(a) shall be the principal executive, financial or accounting officer of the Person delivering such certificate. 
  

 5 

 “Oil and Gas Business” means the business of the exploration for, and exploitation,
development, production, processing (but not refining), marketing, storage and transportation of, hydrocarbons, and other related energy and natural resource businesses (including oil and gas services businesses related to the foregoing).

 “Oil and Gas Hedging Contracts” means any oil and gas purchase or hedging agreement, and other agreement or arrangement, in each
case, that is designed to provide protection against price fluctuations of oil, gas or other commodities. 
 “Opinion of Counsel”
means a written opinion from legal counsel. The counsel may be an employee of or counsel to the Company (or any Subsidiary Guarantor, if applicable). 
 “Permitted Company Refinancing Indebtedness” means Indebtedness of the Company, the net proceeds of which are used to renew, extend, refinance, refund or repurchase outstanding Indebtedness of the Company,
provided that (i) if the Indebtedness (including the Securities) being renewed, extended, refinanced, refunded or repurchased is pari passu with or subordinated in right of payment to the Securities, then such Indebtedness is pari passu
or subordinated in right of payment to, as the case may be, the Securities at least to the same extent as the Indebtedness being renewed, extended, refinanced, refunded or repurchased, (ii) such Indebtedness is scheduled to mature no earlier
than the Indebtedness being renewed, extended, refinanced, refunded or repurchased, and (iii) such Indebtedness has an Average Life at the time such Indebtedness is incurred that is equal to or greater than the Average Life of the Indebtedness
being renewed, extended, refinanced, refunded or repurchased; provided, further, that such Indebtedness (to the extent that such Indebtedness constitutes Permitted Company Refinancing Indebtedness) is in an aggregate principal amount
(or, if such Indebtedness is issued at a price less than the principal amount thereof, the aggregate amount of gross proceeds therefrom is) not in excess of the aggregate principal amount then outstanding of the Indebtedness being renewed, extended,
refinanced, refunded or repurchased (or if the Indebtedness being renewed, extended, refinanced, refunded or repurchased was issued at a price less than the principal amount thereof, then not in excess of the amount of liability in respect thereof
determined in accordance with GAAP). 
 “Permitted Financial Investments” means the following kinds of instruments if, in the case
of instruments referred to in clauses (i)-(iv) below, on the date of purchase or other acquisition of any such instrument by the Company or any Subsidiary, the remaining term to maturity is not more than one year; (i) readily marketable
obligations issued or unconditionally guaranteed as to principal of and interest thereon by the United States of America or by any agency or authority controlled or supervised by and acting as an instrumentality of the United States of America;
(ii) repurchase obligations for instruments of the type described in clause (i) for which delivery of the instrument is made against payment; (iii) obligations (including, but not limited to, demand or time deposits, bankers’
acceptances and certificates of deposit) issued by a depositary institution or trust company incorporated or doing business under the laws of the United States of America, any state thereof or the District of Columbia or a branch or subsidiary of
any such depositary institution or trust company operating outside the United States, provided, that such depositary institution or trust company has, at the time of the Company’s or such Subsidiary’s investment therein or
contractual commitment providing for such investment, capital surplus or undivided profits (as of the date of such institution’s most recently published financial statements) in excess of $500,000,000; (iv) commercial paper issued by any
corporation, if such commercial paper has, at the time of the Company’s or any Subsidiary’s investment therein or contractual commitment providing for such investment, credit ratings of A-1 (or higher) by S&P and P-1 (or higher) by
Moody’s; and (v) money market mutual or similar funds having assets in excess of $500,000,000. 
 “Permitted Liens” means
(i) Liens existing on the Issue Date; (ii) Liens securing Indebtedness under Credit Facilities; (iii) Liens now or hereafter securing any Interest Rate Hedging Agreements so long as the related Indebtedness (a) constitutes the
Existing Notes or the Securities (or any Permitted Company Refinancing Indebtedness in respect thereof) or (b) is, or is permitted to be under this 

  

 6 

 
Indenture, secured by a Lien on the same property securing such interest rate hedging obligations; (iv) Liens securing Permitted Company Refinancing
Indebtedness or Permitted Subsidiary Refinancing Indebtedness; provided, that such Liens extend to or cover only the property or assets currently securing the Indebtedness being refinanced and that the Indebtedness being refinanced was not
incurred under the Credit Facilities; (v) Liens for taxes, assessments and governmental charges not yet delinquent or being contested in good faith and for which adequate reserves have been established to the extent required by GAAP;
(vi) mechanics’, worker’s, materialmen’s, operators’ or similar Liens arising in the ordinary course of business; (vii) Liens in connection with worker’s compensation, unemployment insurance or other social
security, old age pension or public liability obligations; (viii) Liens, deposits or pledges to secure the performance of bids, tenders, contracts (other than contracts for the payment of money), leases, public or statutory obligations, surety,
stay, appeal, indemnity, performance or other similar bonds, or other similar obligations arising in the ordinary course of business; (ix) survey exceptions, encumbrances, easements or reservations of, or rights of others for, rights of way,
zoning or other restrictions as to the use of real properties, and minor defects in title which, in the case of any of the foregoing, were not incurred or created to secure the payment of borrowed money or the deferred purchase price of property or
services, and in the aggregate do not materially adversely affect the value of such properties or materially impair use for the purposes of which such properties are held by the Company or any Subsidiaries; (x) Liens on, or related to,
properties to secure all or part of the costs incurred in the ordinary course of business of exploration, drilling, development or operation thereof; (xi) Liens on pipeline or pipeline facilities which arise out of operation of law;
(xii) judgment and attachment Liens not giving rise to an Event of Default or Liens created by or existing from any litigation or legal proceeding that are currently being contested in good faith by appropriate proceedings and for which
adequate reserves have been made; (xiii) (a) Liens upon any property of any Person existing at the time of acquisition thereof by the Company or a Subsidiary, (b) Liens upon any property of a Person existing at the time such Person is
merged or consolidated with the Company or any Subsidiary or existing at the time of the sale or transfer of any such property of such Person to the Company or any Subsidiary, or (c) Liens upon any property of a Person existing at the time such
Person becomes a Subsidiary; provided, that in each case such Lien has not been created in contemplation of such sale, merger, consolidation, transfer or acquisition, and provided, further, that in each such case no such Lien
shall extend to or cover any property of the Company or any Subsidiary other than the property being acquired and improvements thereon; (xiv) Liens on deposits to secure public or statutory obligations or in lieu of surety or appeal bonds
entered into in the ordinary course of business; (xv) Liens in favor of collecting or payor banks having a right of setoff, revocation, refund or chargeback with respect to money or instruments of the Company or any Subsidiary on deposit with
or in possession of such bank; (xvi) purchase money security interests granted in connection with the acquisition of assets in the ordinary course of business and consistent with past practices, provided, that (A) such Liens attach
only to the property so acquired with the purchase money indebtedness secured thereby and (B) such Liens secure only Indebtedness that is not in excess of 100% of the purchase price of such assets; (xvii) Liens reserved in oil and gas
mineral leases for bonus or rental payments and for compliance with the terms of such leases; (xviii) Liens arising under partnership agreements, oil and gas leases, farm-out agreements, division orders, contracts for the sale, purchase,
exchange, transportation or processing (but not refining) of oil, gas or other hydrocarbons, unitization and pooling declarations and agreements, development agreements, operating agreements, area of mutual interest agreements, and other similar
agreements which are customary in the Oil and Gas Business; (xix) Liens securing obligations of the Company or any of its Subsidiaries under Currency Hedge Obligations or Oil and Gas Hedging Contracts; (xx) Liens to secure
Dollar-Denominated Production Payments and Volumetric Production Payments; and (xxi) Liens securing other Indebtedness in an aggregate principal amount which, together with all other Indebtedness outstanding on the date of such incurrence and
secured by Liens pursuant to this clause (xxi), does not exceed 15% of Adjusted Consolidated Tangible Net Assets. 
 “Permitted
Subsidiary Refinancing Indebtedness” means Indebtedness of any Subsidiary, the net proceeds of which are used to renew, extend, refinance, refund or repurchase outstanding Indebtedness of such Subsidiary, provided that (i) if the
Indebtedness (including the Guarantees) being renewed, extended, refinanced, refunded or repurchased is pari passu with or subordinated in right of payment to the Guarantees, then such Indebtedness is pari passu with or subordinated in right of
payment to, as the case may be, the Guarantees at least to the same extent as the Indebtedness being renewed, extended, refinanced, refunded or repurchased, (ii) such Indebtedness is scheduled to mature no earlier than 

  

 7 

 
the Indebtedness being renewed, extended, refinanced, refunded or repurchased, and (iii) such Indebtedness has an Average Life at the time such
Indebtedness is incurred that is equal to or greater than the Average Life of the Indebtedness being renewed, extended, refinanced, refunded or repurchased; provided, further, that such Indebtedness (to the extent that such
Indebtedness constitutes Permitted Subsidiary Refinancing Indebtedness) is in an aggregate principal amount (or, if such Indebtedness is issued at a price less than the principal amount thereof, the aggregate amount of gross proceeds therefrom is)
not in excess of the aggregate principal amount then outstanding of the Indebtedness being renewed, extended, refinanced, refunded or repurchased (or if the Indebtedness being renewed, extended, refinanced, refunded or repurchased was issued at a
price less than the principal amount thereof, then not in excess of the amount of liability in respect thereof determined in accordance with GAAP). 
 “Person” means any individual, corporation, partnership, joint venture, trust, estate, unincorporated organization or government or any agency or political subdivision thereof. 
 “Preferred Stock,” as applied to the Capital Stock of any corporation, means Capital Stock of any class or classes (however designated), which
is preferred as to the payment of dividends, or upon any voluntary or involuntary liquidation or dissolution of such corporation, over shares of Capital Stock of any other class of such corporation. 
 “Production Payments” means, collectively, Dollar-Denominated Production Payments and Volumetric Production Payments. 
 “pro forma” means, with respect to any calculation made or required to be made pursuant to the terms of this Indenture, a calculation in
accordance with Article Eleven of Regulation S-X under the Securities Act. 
 “S&P” refers to Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor to the rating agency business thereof. 
 “Sale/Leaseback Transaction” means with respect to the Company or any of its Subsidiaries, any arrangement with any Person providing for the leasing by the Company or any of its Subsidiaries of any principal property, acquired or
placed into service more than 180 days prior to such arrangement, whereby such property has been or is to be sold or transferred by the Company or any of its Subsidiaries to such Person. 
 “SEC” means the Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 “Senior Indebtedness” means any Indebtedness of the Company or a Subsidiary Guarantor (whether outstanding on the Issue Date or thereafter incurred), unless such Indebtedness is contractually subordinate or
junior in right of payment of principal, premium and interest to the Securities or the Guarantees, respectively. 
 “Significant
Subsidiary” means any subsidiary that would constitute a “significant subsidiary” within the meaning of Article 1 of Regulation S-X promulgated under the Exchange Act. 
 “Subsidiary” means any subsidiary of the Company. A “subsidiary” of any Person means (i) a corporation a majority of whose
Voting Stock is at the time, directly or indirectly, owned by such Person, by one or more subsidiaries of such Person or by such Person and one or more subsidiaries of such 

  

 8 

 
Person, (ii) a partnership in which such Person or a subsidiary of such Person is, at the date of determination, a general or limited partner of such
partnership, but only if such Person or its subsidiary is entitled to receive more than 50 percent of the assets of such partnership upon its dissolution, or (iii) any other Person (other than a corporation or partnership) in which such Person,
directly or indirectly, at the date of determination thereof, has (x) at least a majority ownership interest or (y) the power to elect or direct the election of a majority of the directors or other governing body of such Person.

 “Subsidiary Guarantor” means (i) each of the Subsidiaries that executes this Indenture as a subsidiary guarantor on the
Issue Date; and (ii) each of the other Subsidiaries that becomes a guarantor of the Securities in compliance with the provisions of Article Ten of this Indenture. 
 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of this Indenture, except as provided in Section 9.03. 
 “Trust Officer” means any officer or assistant officer within the corporate trust department of the Trustee assigned by the Trustee to
administer its corporate trust matters and who shall have direct responsibility for the administration of this Indenture. 
 “Trustee” means the party named as such above until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor. 
 “U.S. Government Securities” means securities that are (i) direct obligations of the United States of America for the payment of which its
full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America, which, in either case under clauses (i) or (ii) are not callable or redeemable at the option of the issuer thereof. 
 “U.S. Legal Tender” means such coin or currency of the United States as at the time of payment shall be legal tender for the payment of public
and private debts. 
 “Volumetric Production Payments” mean production payment obligations recorded as deferred revenue in
accordance with GAAP, together with all undertakings and obligations in connection therewith. 
 “Voting Stock” means, with respect
to any Person, securities of any class or classes of Capital Stock in such Person entitling the holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of contingency) to vote in the election of
members of the Board of Directors or other governing body of such Person. 
 SECTION 1.02. Other Definitions. 
 Other terms used in this Indenture are defined in the Appendix or in the Section indicated below: 
  

			
	 Term
	  	Defined in Section
	 “Appendix”
	  	2.01
	 “Bankruptcy Law”
	  	6.01
	 “Covenant Defeasance”
	  	8.03
	 “Custodian”
	  	6.01
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “Funding Guarantor”
	  	10.06
	 “incur”
	  	4.09
	 “Legal Defeasance”
	  	8.02

  

 9 

			
	 “Legal Holiday”
	  	11.07
	 “Net Proceeds Offer”
	  	4.10
	 “Net Proceeds Offer Triggering Event”
	  	4.10
	 “Net Proceeds Payment Date”
	  	4.10
	 “Offer Notice”
	  	4.10
	 “Paying Agent”
	  	2.03
	 “Payment Default”
	  	6.01
	 “Registrar”
	  	2.03

 SECTION 1.03. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms, if used in this Indenture, have the following meanings: 
 “Commission” means the SEC. 
 “indenture securities” means the Securities and the Guarantees. 
 “indenture security holder” means a Holder.

 “indenture to be qualified” means this Indenture. 
 “indenture trustee” or “institutional trustee” means the Trustee. 
 “obligor”
on the indenture securities means the Company, the Subsidiary Guarantors and any other obligor on the Securities or the Guarantees. 
 All
other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings assigned to them therein. 
 SECTION 1.04. Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and words in the plural include the singular; 
 (5) any gender used in this Indenture shall be deemed to include the neuter, masculine or feminine genders; 
 (6)
provisions apply to successive events and transactions; and 
 (7) “herein,” “hereof” and other words of
similar import refer to this Indenture as a whole and not to any particular Article, Section or other Subdivision. 
  

 10 

 ARTICLE TWO 
 THE SECURITIES 
 SECTION 2.01. Form and Dating. Provisions relating to the Securities are set forth
in the Appendix attached hereto (the “Appendix”) which is hereby incorporated in and expressly made part of this Indenture. The Securities and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit 1
to the Appendix which is hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the Company is subject, if any, or
usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company and to the Trustee). Each Security shall be dated the date of its authentication. The terms of the Securities set forth in the
Appendix and Exhibit 1 are part of the terms of this Indenture. 
 SECTION 2.02. Execution and Authentication. Two Officers
shall sign the Securities for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Security no longer holds
that office at the time the Trustee authenticates the Security, the Security shall be valid nevertheless. 
 A Security shall not be valid
until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 On the Issue Date, the Trustee shall authenticate and deliver $[            ] of Securities
and, at any time and from time to time thereafter, the Trustee shall authenticate and deliver Securities for original issue in an aggregate principal amount specified in such order, in each case upon a written order of the Company signed by two
Officers or by an Officer and either an Assistant Treasurer or an Assistant Secretary of the Company. Such order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be
authenticated. 
 The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Securities. Unless
limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights with respect to the Company as any Registrar, Paying Agent or agent for service of notices and demands. 
 SECTION
2.03. Registrar and Paying Agent. The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities may be
presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term
“Paying Agent” includes any additional paying agent. 
 The Company shall enter into an appropriate agency agreement with any
Registrar, Paying Agent or co-registrar not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of
the name and address of any such agent and shall furnish the Trustee with an executed counterpart of any such agency agreement. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to
appropriate compensation therefor pursuant to Section 7.07. The Company or any wholly owned Subsidiary incorporated or organized within the United States of America may act as Paying Agent, Registrar, co-registrar or transfer agent. 

 

 11 

 The Company initially appoints the Trustee as Registrar and Paying Agent in connection with the
Securities. 
 SECTION 2.04. Paying Agent to Hold Money in Trust. Prior to 11:00 a.m., New York time, on each due date of
principal and interest on any Security, the Company shall deposit with the Paying Agent a sum of money sufficient to make such payments when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing
that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities and shall notify the Trustee of any default by the Company in making
any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to
the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent shall have no further liability for the money delivered to the Trustee. 
 SECTION 2.05. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of
the names and addresses of Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee may request in
writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 
 SECTION
2.06. Transfer and Exchange. The Securities shall be issued in registered form and shall be transferable only upon the surrender of a Security for registration of transfer. When a Security is presented to the Registrar or a co-registrar with
a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of this Indenture and Section 8-401(a) of the Uniform Commercial Code are met. When Securities are presented to the Registrar or a
co-registrar with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. 
 SECTION 2.07. Replacement Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that the
Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security if the requirements of Section 8-405 of the Uniform Commercial Code are met and the Holder satisfies any
other reasonable requirements of the Trustee. Such Holder shall furnish an indemnity bond sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any
loss which any of them may suffer if a Security is replaced. The Company and the Trustee may charge the Holder for their expenses in replacing a Security. 
 Every replacement Security is an additional obligation of the Company. 
 SECTION 2.08. Outstanding
Securities. Securities outstanding at any time are all Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancelation and those described in this Section as not outstanding. A Security does not
cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 
 If a Security is replaced pursuant to
Section 2.07, it ceases to be outstanding unless the Trustee and the Company receive proof satisfactory to them that the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or the Maturity Date money sufficient to pay
all principal and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Securities (or portions thereof) cease to be outstanding and
interest on them ceases to accrue. 
  

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 SECTION 2.09. Temporary Securities. Until definitive Securities are ready for delivery, the
Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities.
Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Securities and deliver them in exchange for temporary Securities. 
 SECTION 2.10. Cancelation. The Company at any time may deliver Securities to the Trustee for cancelation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange or payment. The Trustee and no one else shall cancel and dispose of (subject to the record retention requirements of the Exchange Act) all Securities surrendered for registration of transfer, exchange, payment or
cancelation in its customary manner and upon request shall deliver a certificate of such disposal to the Company unless the Company directs the Trustee to deliver canceled Securities to the Company. Any Securities purchased by the Company may, to
the extent permitted by law, be reissued or resold or may, at its option, be surrendered to the Trustee for cancelation. The Company may not issue new Securities to replace Securities it has delivered to the Trustee for cancelation. 
 SECTION 2.11. Defaulted Interest. If the Company defaults in a payment of interest on the Securities, the Company shall pay defaulted interest
(plus interest on such defaulted interest to the extent lawful) at the rate borne by the Securities in any lawful manner. The Company may pay the defaulted interest to the persons who are Holders on a subsequent special record date. The Company
shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail to each Holder a notice that states the special record date, the payment date and the amount of
defaulted interest to be paid. 
 SECTION 2.12. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP”
numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not
be affected by any defect in or omission of such numbers. The Company shall notify the Trustee of any change in the CUSIP numbers. 
 SECTION
2.13. Issuance of Additional Securities. The Company shall be entitled to issue Additional Securities under this Indenture which shall have identical terms as the Securities issued on the Issue Date, other than with respect to the date of
issuance and issue price. The Securities issued on the Issue Date and any Additional Securities shall be treated as a single class for all purposes under this Indenture. 
 With respect to any Additional Securities, the Company shall set forth in a resolution of the Board of Directors and an Officers’ Certificate, a copy of each which shall be delivered to the Trustee, the following
information: 
 (1) the aggregate principal amount of such Additional Securities to be authenticated and delivered pursuant to
this Indenture; and 
 (2) the issue price, the issue date and the CUSIP number of such Additional Securities;
provided, however, that no Additional Securities may be issued at a price that would cause such Additional Securities to have “original issue discount” within the meaning of Section 1273 of the Code. 
 Additional Securities may be issued with the same CUSIP number as the Securities issued on the Issue Date if, and only if, the Company shall have
provided the Trustee with an opinion of nationally recognized counsel, reasonably satisfactory to the Trustee, to the effect that such Additional Securities will be fungible with the Securities issued on the Issue Date for all United States federal
income tax purposes. 
  

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 ARTICLE THREE 
 REDEMPTION 
 SECTION 3.01. Notice to Trustee. If the Company elects to redeem Securities pursuant to
the make-whole redemption provisions of Section 3.07 and Paragraph 5 of the Securities, it shall furnish to the Trustee and the Registrar, at least 45 days but not more than 60 days before the redemption date (unless the Trustee consents to a
shorter period in writing), an Officers’ Certificate setting forth the redemption date, the principal amount of Securities to be redeemed and the redemption price, including the detail of the calculation of the Make-Whole Price. 
 SECTION 3.02. Selection of Securities to Be Redeemed. If less than all of the Securities are to be redeemed at any time, the Trustee shall select
the Securities to be redeemed pro rata, by lot or, if the Securities are listed on any securities exchange, by any other method that the Trustee considers fair and appropriate and that complies with the requirements of such exchange;
provided, however, that no Securities with a principal amount of $1,000 or less will be redeemed in part. The Trustee shall make the selection from outstanding Securities not previously called for redemption not less than 30 nor more
than 60 days prior to the redemption date. Securities and portions of them it selects shall be in amounts of $1,000 or whole multiples of $1,000. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of
Securities called for redemption. The Trustee shall notify the Company promptly of the Securities or portions of Securities selected for redemption. 
 SECTION 3.03. Notice of Redemption. (a) At least 30 days but not more than 60 days before a redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder of Securities
to be redeemed at such Holder’s registered address. 
 The notice shall identify the Securities to be redeemed and shall state:

 (1) the redemption date; 
 (2) the redemption price; 
 (3) the aggregate principal amount of Securities being redeemed;

 (4) the name and address of the Paying Agent; 
 (5) that Securities called for redemption must be surrendered to the Paying Agent at the address specified in such notice to collect the
redemption price; 
 (6) that, unless the Company defaults in the payment of the redemption price or accrued interest,
interest on Securities called for redemption ceases to accrue on and after the redemption date and the only remaining right of the Holders is to receive payment of the redemption prices in respect of the Securities upon surrender to the Paying Agent
of the Securities; 
 (7) if any Security is being redeemed in part, the portion of the principal amount of such Security to
be redeemed and that, after the redemption date, upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion will be issued in the name of the Holder thereof upon cancelation of the Security or
Securities being redeemed; and 
 (8) the CUSIP number of the Securities. 
 (b) At the Company’s request, the Trustee shall give the notice of redemption required in Section 3.03(a) in the Company’s name and at the
Company’s expense; provided, however, that the 

  

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Company shall deliver to the Trustee, at least 45 days prior to the redemption date (unless the Trustee consents to a shorter notice period in writing), an
Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in Section 3.03(a). 
 SECTION 3.04. Effect of Notice of Redemption. Once notice of redemption is mailed in accordance with Section 3.03, Securities called for redemption become due and payable on the redemption date at the
redemption price. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price, plus accrued and unpaid interest to the redemption date (subject to the right of Holders of record on the relevant record date to receive
interest due on the related interest payment date). Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 
 SECTION 3.05. Deposit of Redemption Price. Prior to 11:00 a.m., New York time, on the redemption date, the Company shall deposit with the
Paying Agent (or if the Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust) funds available on the redemption date sufficient to pay the redemption price of, and accrued and unpaid interest on, the Securities to be
redeemed on that date. The Paying Agent shall promptly return to the Company any money so deposited which is not required for that purpose upon the written request of the Company, except with respect to monies owed as obligations to the Trustee
pursuant to Article Seven. 
 If any Security called for redemption shall not be so paid upon redemption because of the failure of the Company
to comply with the preceding paragraph, interest will continue to be payable on the unpaid principal and premium, if any, including from the redemption date until such principal and premium, if any, is paid, and, to the extent lawful, on any
interest not paid on such unpaid principal, in each case at the rate provided in the Securities and in Section 4.01 hereof. 
 SECTION
3.06. Securities Redeemed in Part. Upon surrender of a Security that is to be redeemed in part, the Company shall issue and the Trustee shall authenticate for the Holder, at the expense of the Company, a new Security equal in aggregate amount
to the unredeemed portion of the Security surrendered. 
 SECTION 3.07. Optional Redemption at Make-Whole Price. At any time prior to
the Maturity Date, the Company may, at its option, redeem all or any portion of the Securities at the Make-Whole Price plus accrued and unpaid interest on the Securities so redeemed to the date of redemption. 
 Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 ARTICLE FOUR 
 COVENANTS 
 SECTION 4.01. Payment of Securities. The Company shall pay the principal of, premium, if any, and interest on, the Securities on the dates and in
the manner provided in the Securities and this Indenture. Principal, premium and interest shall be considered paid on the date due if the Trustee or Paying Agent holds on that date money deposited by the Company designated for and sufficient to pay
all principal, premium and interest then due. 
 The Company shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal, and premium, if any, at the rate borne by the Securities to the extent lawful; and it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
  

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 SECTION 4.02. SEC Reports. (a) The Company, within 15 days after it files the same with the
SEC, shall deliver to Holders copies of the annual reports and the information, documents and other reports (or copies of any such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that the Company is required to
file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. Notwithstanding that the Company may not be required to remain subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company shall file
with the SEC and provide Holders with such annual reports and such information, documents and other reports specified in Sections 13 and 15(d) of the Exchange Act. The Company and each Subsidiary Guarantor shall also comply with the provisions of
TIA Section 314(a). 
 (b) The Company may request the Trustee on behalf of the Company at the Company’s expense to mail the
foregoing to Holders. In such case, the Company shall provide the Trustee with a sufficient number of copies of all reports and other documents and information that the Trustee may be required to deliver to Holders under this Section. 
 SECTION 4.03. Compliance Certificates. (a) The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year of the
Company, an Officers’ Certificate in a form reasonably acceptable to the Trustee, stating that a review of the activities of the Company and the Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether each of the Company and the Subsidiary Guarantors has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate,
that, to the best of such Officers’ knowledge, each of the Company and the Subsidiary Guarantors has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or
observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which such Officers may have knowledge and what action the Company is
taking or proposes to take with respect thereto) and that to the best of such Officers’ knowledge, after reasonable inquiry, no event has occurred and remains in existence by reason of which payments on account of the principal of, premium, if
any, or interest, if any, on the Securities are prohibited or, if such event has occurred, a description of the event and what action the Company and the Subsidiary Guarantors are taking or propose to take with respect thereto. Such Officers’
Certificate shall comply with TIA Section 314(a)(4). The Company hereby represents that, as of the Issue Date, its fiscal year ends December 31, and hereby covenants that it shall notify the Trustee at least 30 days in advance of any
change in its fiscal year. 
 (b) So long as not contrary to the then current recommendations of the American Institute of Certified Public
Accountants, the year-end financial statements delivered pursuant to Section 4.02 shall be accompanied by a written statement of the Company’s independent public accountants (which shall be a firm of established national reputation) that
in making the examination necessary for certification of such financial statements nothing has come to their attention that would lead them to believe that the Company has violated any provisions of Section 4.07 of this Indenture (to the extent
such provision relates to accounting matters) or, if any such violation has occurred, specifying the nature and period of existence thereof. Where such financial statements are not accompanied by such a written statement, the Company shall furnish
the Trustee with an Officers’ Certificate stating that any such written statement would be contrary to the then current recommendations of the American Institute of Certified Public Accountants. 
 (c) The Company and the Subsidiary Guarantors will, so long as any of the Securities are outstanding, deliver to the Trustee forthwith upon any Officer
becoming aware of any Default or Event of Default or default in the performance of any covenant, agreement or condition contained in this Indenture, an Officers’ Certificate specifying such Default or Event of Default and what action the
Company or any Subsidiary Guarantor proposes to take with respect thereto. 
 SECTION 4.04. Maintenance of Office or Agency. The
Company will maintain in the Borough of Manhattan, The City of New York, an office or agency where Securities may be surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the
Company in respect of the Securities and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or 

  

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agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 11.02 or at the corporate trust office of the Trustee. 
 Subject to Section 2.03, the Company may also from time to time designate one or more other offices or agencies where the Securities may be presented
or surrendered for any or all such purposes and may from time to time rescind such designations; provided, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the
Borough of Manhattan, The City of New York, for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 SECTION 4.05. Corporate Existence. Except as permitted by Article Five hereof, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its corporate existence and the corporate, partnership or other existence of each Subsidiary and all rights (charter and statutory) and franchises of the Company and the Subsidiaries; provided, that the
Company shall not be required to preserve the corporate existence of any Subsidiary, or any such right or franchise, if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company
and that the loss thereof is not disadvantageous in any material respect to the Holders. 
 SECTION 4.06. Waiver of Stay, Extension or
Usury Laws. The Company and each Subsidiary Guarantor covenants (to the extent that each may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension, or usury law or other law which would prohibit or forgive the Company or any Subsidiary Guarantor from paying all or any portion of the principal of, premium, if any, or interest on the Securities as contemplated herein, wherever enacted,
now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) each of the Company and the Subsidiary Guarantors hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 SECTION 4.07. Payment of Taxes and Other Claims. The Company shall pay or discharge or cause to be paid or discharged, before the
same shall become delinquent, (a) all taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary and (b) all lawful claims for
labor, materials and supplies which, if unpaid, might by law become a Lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such
tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings. 
 SECTION 4.08. Maintenance of Properties and Insurance. (a) The Company shall cause all properties used or held for use in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition,
repair and working order (ordinary wear and tear excepted) and supplied with all necessary equipment and shall cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the
Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall prevent the Company from discontinuing the operation or
maintenance of any such property, or disposing of it, if such discontinuance or disposal is, in the judgment of the Company, desirable in the conduct of its business and not disadvantageous in any material respect to the Holders. 
 (b) The Company shall provide or cause to be provided, for itself and each of its Subsidiaries, insurance (including appropriate self-insurance) against
loss or damage of the kinds that, in the reasonable, good faith opinion of the Company, are adequate and appropriate for the conduct of the business of the Company and such Subsidiaries in a prudent manner, with reputable insurers or with the

  

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government of the United States or an agency or instrumentality thereof, in such amounts, with such deductibles, and by such methods as shall be customary,
in the reasonable, good faith opinion of the Company, for corporations similarly situated in the industry. 
 SECTION 4.09. Limitation on
Liens Securing Indebtedness. The Company will not, and will not permit any Subsidiary to, create, incur or assume any Indebtedness secured by any Liens (other than Permitted Liens) upon any of the properties of the Company or any Subsidiary,
unless the Securities or the Guarantee of such Subsidiary is equally and ratably secured; provided, that if such Indebtedness is expressly subordinated to the Securities or such Guarantee, the Lien securing such Indebtedness will be subordinated and
junior to the Lien securing the Securities or such Guarantee. 
 SECTION 4.10. Limitation on Sale/Leaseback Transactions. (a) The
Company will not, and will not permit any of its Subsidiaries to, enter into any Sale/Leaseback Transaction with any Person (other than the Company or any other Subsidiary) unless (i) the Company or such Subsidiary, as the case may be, would be
entitled to incur secured Indebtedness in a principal amount equal to the Attributable Indebtedness with respect to such Sale/Leaseback Transaction in accordance with Section 4.09 or (ii) the Company or such Subsidiary receives proceeds
from such Sale/Leaseback Transaction at least equal to the fair market value thereof (as determined in good faith by the Company’s Board of Directors, whose determination in good faith, evidenced by a resolution of such Board shall be
conclusive) and such proceeds are applied in accordance with paragraphs (b) to (g) hereof. 
 (b) The Company may apply Net
Available Proceeds from such Sale/Leaseback Transaction, within 365 days after receipt of Net Available Proceeds from the Sale/Leaseback Transaction, to: (i) the repayment of Indebtedness of the Company or a Subsidiary under Credit Facilities
or other Senior Indebtedness, including any mandatory redemption or repurchase or make-whole redemption of the Existing Notes or the Securities; (ii) make an Investment in assets used in the Oil and Gas Business; or (iii) develop by
drilling the Company’s oil and gas reserves. 
 (c) If, upon completion of the 365-day period referred to above, any portion of the Net
Available Proceeds shall not have been applied by the Company as described in clauses (i), (ii) or (iii) of the immediately preceding paragraph and such remaining Net Available Proceeds, together with any remaining net cash proceeds from
any prior Sale/Leaseback Transaction (such aggregate constituting “Excess Proceeds”), exceed $40,000,000, then the Company will be obligated to make an offer (the “Net Proceeds Offer”) to purchase the Securities and any other
Senior Indebtedness in respect of which such an offer to purchase is required to be made concurrently with the Net Proceeds Offer having an aggregate principal amount equal to the Excess Proceeds (such purchase to be made on a pro rata basis if the
amount available for such repurchase is less than the principal amount of the Securities and other Senior Indebtedness tendered in such Net Proceeds Offer) at a purchase price of 100% of the principal amount thereof plus accrued and unpaid interest
on the Securities and other Senior Indebtedness so repurchased to the date of repurchase. Upon the completion of the Net Proceeds Offer, the amount of Excess Proceeds will be reset to zero. 
 (d) Within 15 days after the Company becomes obligated to make a Net Proceeds Offer (a “Net Proceeds Offer Triggering Event”), the Company
(with notice to the Trustee and the Paying Agent), or the Trustee at the Company’s request and expense, will mail or cause to be mailed to all Holders on the date of the Net Proceeds Offer Triggering Event a notice prepared by the Company (the
“Offer Notice”) of the occurrence of such Net Proceeds Offer Triggering Event and of the Holders’ rights arising as a result thereof. The Offer Notice will contain all instructions and materials necessary to enable Holders to tender
their Securities to the Company. The Offer Notice, which shall govern the terms of the Net Proceeds Offer, shall state: (1) that the Net Proceeds Offer is being made pursuant to this Section 4.10; (2) the purchase price and the Net
Proceeds Payment Date; (3) that any Security not tendered will continue to accrue interest at the stated rate; (4) that any Security accepted for payment pursuant to the Net Proceeds Offer shall cease to accrue interest on the Net Proceeds
Payment Date; (5) that Holders electing to have a Security purchased pursuant to any Net Proceeds Offer will be required to surrender the Security, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the
Security completed, to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the 

  

 18 

 
notice prior to termination of the Net Proceeds Offer; (6) that Holders will be entitled to withdraw their election if the Company, depositary or Paying
Agent, as the case may be, receives, not later than the expiration of the Net Proceeds Offer, or such longer period as may be required by law, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal
amount of the Security the Holder delivered for purchase and a statement that such Holder is withdrawing its election to have the Security purchased; and (7) that Holders whose Securities are purchased only in part will be issued Securities
equal in principal amount to the unpurchased portion of the Securities surrendered. The Net Proceeds Offer shall be deemed to have commenced upon the mailing of the Offer Notice and shall terminate 20 Business Days after its commencement, unless a
longer offering period is required by law. 
 (e) Promptly after the termination of the Net Proceeds Offer (the “Net Proceeds Payment
Date”), the Company shall, to the extent permitted by applicable law, (i) accept for payment Securities or portions thereof tendered pursuant to the Offer Notice, (ii) if the Company appoints a depositary or Paying Agent, deposit with
such depositary or Paying Agent money sufficient to pay the purchase price of all Securities or portions thereof so tendered and (iii) deliver to the Trustee Securities so accepted together with an Officers’ Certificate stating the
Securities or portions thereof tendered to the Company. The depositary, the Company or the Paying Agent, as the case may be, shall promptly mail or deliver to the Holders of Securities so accepted payment in an amount equal to the purchase price
(representing those funds received pursuant to clause (ii) of this Section 4.10(c)), and the Trustee shall promptly authenticate and mail or deliver to each such Holder a new Security equal in principal amount to any unpurchased portion of
the Security surrendered; provided that each such new Security will be in a principal amount of $1,000 or an integral multiple thereof. The Company will publicly announce the results of the Net Proceeds Offer on or as soon as practicable
after the Net Proceeds Payment Date. For purposes of this Section 4.10, the Trustee shall act as the Paying Agent. 
 (f) The Company
will comply with Section 14 of the Exchange Act and the provisions of Regulation 14E and any other tender offer rules under the Exchange Act and any other federal and state securities laws, rules and regulations which may then be applicable to
any Net Proceeds Offer. 
 (g) During the period between any Sale/Leaseback Transaction and the application of the Net Available Proceeds
therefrom in accordance with this covenant, all Net Available Proceeds shall be maintained in a segregated account and shall be invested in Permitted Financial Investments. 
 ARTICLE FIVE 
 SUCCESSOR CORPORATION 
 SECTION 5.01. When Company May Merge, etc. The Company shall not consolidate with or merge with or into any Person or sell, convey, lease,
transfer or otherwise dispose of all or substantially all of its assets to any Person, unless: 
 (1) the Company survives
such merger or the Person formed by such consolidation or into which the Company is merged or that acquires by sale, conveyance, transfer or other disposition, or which leases, all or substantially all of the assets of the Company is a corporation,
limited liability company or limited partnership organized and existing under the laws of the United States of America, any state thereof or the District of Columbia, or Canada or any province thereof (a “Successor”), and expressly
assumes, by supplemental indenture, the due and punctual payment of the principal of, premium, if any, and interest on, all the Securities and the performance of every other covenant and obligation of the Company under this Indenture
provided, that unless the Successor is a corporation, a corporate co-issuer of the Securities shall be added hereto by the execution and delivery of a supplemental indenture by such co-issuer; and 
 (2) immediately before and after giving effect to such transaction no Default or Event of Default exists. 
  

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 In connection with any consolidation, merger, sale, conveyance, lease, transfer or other disposition
contemplated by this Section 5.01, the Company shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed
transaction and such supplemental indenture comply with this Indenture. 
 SECTION 5.02. Successor Corporation Substituted. Upon any
consolidation, merger, lease, conveyance or transfer in accordance with Section 5.01, the Trustee shall be notified by the Company and the Successor, and the Successor formed by such consolidation or into which the Company is merged or to which
such lease, conveyance or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such Successor had been named as the Company herein and
thereafter (except in the case of a lease) the predecessor corporation will be relieved of all further obligations and covenants under this Indenture and the Securities. 
 ARTICLE SIX 
 DEFAULTS AND REMEDIES 
 SECTION 6.01. Events of Default. An “Event of Default” occurs upon: 
 (1) default by the Company or any Subsidiary Guarantor in the payment of principal of, or premium, if any, on the Securities when due and
payable at maturity, upon repurchase pursuant to Section 4.10, upon acceleration or otherwise; 
 (2) default by the
Company or any Subsidiary Guarantor in the payment of any installment of interest on the Securities when due and payable and continuance of such default for 30 days; 
 (3) default by the Company or any Subsidiary Guarantor in the deposit of any make-whole redemption payment, when and as due and payable
pursuant to Article Three; 
 (4) default on any other Indebtedness of the Company, any Subsidiary Guarantor or any other
Subsidiary if either (A) such default results in the acceleration of the maturity of any such Indebtedness having a principal amount of $50,000,000 or more individually or, taken together with the principal amount of any other such Indebtedness
the maturity of which has been so accelerated, in the aggregate, or (B) such default results from the failure to pay when due principal of, premium, if any, or interest on, any such Indebtedness, after giving effect to any applicable grace
period (a “Payment Default”), having a principal amount of $50,000,000 or more individually or, taken together with the principal amount of any other Indebtedness under which there has been a Payment Default, in the aggregate;
provided that if any such default is cured or waived or any such acceleration is rescinded, or such Indebtedness is repaid, within a period of 30 days from the continuation of such default beyond any applicable grace period or the
occurrence of such acceleration, as the case may be, such Event of Default and any consequent acceleration of the Securities shall be rescinded, so long as any such rescission does not conflict with any judgment or decree or applicable provision of
law; 
 (5) default in the performance, or breach of, the covenant set forth in Article Five, or in the performance, or breach
of, any other covenant or agreement of the Company or any Subsidiary Guarantor in this Indenture and failure to remedy such default within a period of 45 days after written notice thereof from the Trustee or Holders of 25% of the principal amount of
the outstanding Securities; provided, however, that the Company shall have 90 days after the receipt of such notice to remedy, or receive a waiver for, any failure to comply with its obligations under Section 4.02 so long as the
Company is attempting to cure such failure as promptly as reasonably practicable; 
  

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 (6) the entry by a court of one or more judgments or orders for the payment of money
against the Company or any Significant Subsidiary in an aggregate amount in excess of $50,000,000 (net of applicable insurance coverage by a third party insurer which is acknowledged in writing by such insurer) that has not been vacated, discharged,
satisfied or stayed pending appeal within 60 days from the entry thereof; 
 (7) a Guarantee by a Subsidiary Guarantor shall
cease to be in full force and effect (other than a release of a Guarantee in accordance with Section 10.04) or any Subsidiary Guarantor shall deny or disaffirm its obligations with respect thereto; 
 (8) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 
 (A) commences a voluntary case or proceeding, 
 (B) consents to the entry of an order for relief against it in an involuntary case or proceeding, 
 (C) consents to the appointment of a Custodian of it or for all or substantially all of its property, 
 (D) makes a general assignment for the benefit of its creditors, or 
 (E) admits in writing that it generally is unable to pay its debts as the same become due; or 
 (9) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief (with respect to the petition commencing such case) against the Company or any Significant Subsidiary in an involuntary
case or proceeding, 
 (B) appoints a Custodian of the Company or any Significant Subsidiary or for all or substantially all
of its property, or 
 (C) orders the liquidation of the Company or any Significant Subsidiary, and the order or decree
remains unstayed and in effect for 60 days. 
 The term “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state
law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 
 SECTION 6.02. Acceleration. If an Event of Default (other than an Event of Default specified in clauses (8) or (9)) under Section 6.01 occurs and is continuing, then and in every such case the
Trustee or the Holders of not less than 25% of the principal amount of the outstanding Securities may declare the unpaid principal of and premium, if any, or the Net Proceeds Offer purchase price if the Event of Default includes failure to pay the
Net Proceeds Offer purchase price, and accrued and unpaid interest on, all the Securities then outstanding to be due and payable, by a notice in writing to the Company (and to the Trustee, if given by Holders), and upon any such declaration such
principal, premium, if any, and accrued and unpaid interest shall become immediately due and payable, notwithstanding anything contained in this Indenture or the Securities to the contrary. If an Event of Default specified in clauses 8 or 9 above
occurs, all unpaid principal of, and premium, if any, and accrued and unpaid interest on, the Securities then outstanding will become due and payable, without any declaration or other act on the part of the Trustee or any Holder. 
  

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 The Holders of a majority of the principal amount of the outstanding Securities, by written notice to the
Company, the Subsidiary Guarantors and the Trustee, may rescind and annul a declaration of acceleration and its consequences if (1) the Company or any Subsidiary Guarantor has paid or deposited with such Trustee a sum sufficient to pay
(A) all overdue installments of interest on all the Securities, (B) the principal of, and premium, if any, on any Securities that have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates
prescribed therefor in the Securities, (C) to the extent that payment of such interest is lawful, interest on the defaulted interest at the rate or rates prescribed therefor in the Securities, and (D) all money paid or advanced by the
Trustee thereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; (2) all Events of Default, other than the non-payment of the principal of any Securities that have become due
solely by such declaration of acceleration, have been cured or waived as provided in this Indenture; and (3) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction. No such rescission will affect any
subsequent Event of Default or impair any right consequent thereon. 
 SECTION 6.03. Other Remedies. If an Event of Default occurs and
is continuing, the Trustee may, but is not obligated to, pursue, in its own name and as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the payment of principal or interest on the Securities or to
enforce the performance of any provision of the Securities or this Indenture. If an Event of Default specified under clauses (8) or (9) of Section 6.01 occurs with respect to the Company at a time when the Company is the Paying Agent,
the Trustee shall automatically assume the duties of Paying Agent. 
 The Trustee may maintain a proceeding even if it does not possess any of
the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or
acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 
 SECTION 6.04.
Waiver of Past Defaults. Subject to Sections 6.07 and 9.02, the Holders of at least a majority of the principal amount of the outstanding Securities by notice to the Trustee may waive an existing Default or Event of Default and its
consequences, except a Default or Event of Default in payment of principal or interest on the Securities, including any make-whole redemption payments or Net Proceeds Offer payments. 
 SECTION 6.05. Control by Majority. The Holders of a majority in principal amount of the Securities will have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on such Trustee, provided that (1) such direction is not in conflict with any rule of law or with this Indenture and
(2) the Trustee may take any other action deemed proper by such Trustee that is not inconsistent with such direction. 
 SECTION 6.06.
Limitation on Remedies. No Holder of any of the Securities will have any right to institute any proceeding, judicial or otherwise, to appoint a receiver or trustee or to pursue any remedy under this Indenture, unless: 
 (1) such Holder has previously given notice to the Trustee of a continuing Event of Default, 
 (2) the Holders of not less than 25% of the principal amount of the outstanding Securities have made written request to such Trustee to
institute proceedings in respect of such Event of Default in its own name as Trustee under this Indenture, 
 (3) such Holder
or Holders have offered to such Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request, 
  

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 (4) such Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any proceeding, and 
 (5) no direction inconsistent with such written request has been
given to such Trustee during such 60-day period by the Holders of a majority of the principal amount of the outstanding Securities. 
 A
Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over other Holders. 
 SECTION 6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the Holder of any Securities will have the right, which is absolute and unconditional, to receive payment of the principal of
and interest on such Securities on the stated maturity therefor and to institute suit for the enforcement of any such payment, and such right may not be impaired without the consent of such Holder. 
 SECTION 6.08. Collection Suit by Trustee. If an Event of Default in payment of principal, premium, if any, or interest specified in
Section 6.01(1), (2) or (3) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or any Subsidiary Guarantor for the whole amount of principal, premium, if
any, and interest remaining unpaid with respect to the Securities, and interest on overdue principal and premium, if any, and, to the extent lawful, interest on overdue interest, and such further amounts as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation and expenses of the Trustee, its agents and counsel. 
 SECTION 6.09.
Trustee May File Proofs of Claim. (a) The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings
relative to the Company, the Subsidiary Guarantors, their creditors or their property and may collect and receive any money or securities or other property payable or deliverable on any such claims and to distribute the same. 
 (b) Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 SECTION 6.10. Priorities. If the Trustee collects any money pursuant to this Article Six, it shall pay out the money in the following order:

 First: to the Trustee for amounts due under Section 7.07; 
 Second: to Holders for amounts due and unpaid on the Securities for principal and interest, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 
 Third: to
the Company. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the
Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of 

  

 23 

 
the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section 6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding Securities. 
 ARTICLE SEVEN 

TRUSTEE 
 SECTION 7.01. Duties of Trustee.
(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such rights and powers vested in it by this Indenture and use the same degree of care and skill in such exercise as a prudent person would exercise or use
under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default:

 (1) The Trustee need perform only those duties that are specifically set forth (or incorporated by reference) in this
Indenture and no others. 
 (2) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of certificates or opinions specifically required
by any provision hereof to be furnished to it, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except
that: 
 (1) This paragraph (c) does not limit the effect of paragraph (b) of this Section. 
 (2) The Trustee shall not be liable for any error of judgment made in good faith by an officer of the Trustee, unless it is proved that
the Trustee was negligent in ascertaining the pertinent facts. 
 (3) The Trustee shall not be liable with respect to action
it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05, and the Trustee shall be entitled from time to time to request such a direction. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section.

 (e) The Trustee shall be under no obligation and may refuse to perform any duty or exercise any right, duty or power hereunder unless it
receives indemnity reasonably satisfactory to it against any loss, liability or expense. No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in
trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  

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 SECTION 7.02. Rights of Trustee. Subject to Section 7.01: 
 (a) The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting upon any document believed by it to be genuine
and to have been signed or presented by the proper person. The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney, to the extent reasonably required by such inquiry or investigation at the expense of the Company and shall
incur no liability of any kind by reason of such inquiry or investigation. 
 (b) Before the Trustee acts or refrains from acting, it may
require an Officers’ Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such certificate or opinion. 
 (c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or
powers. 
 (e) The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and reliance thereon. 
 (f) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of
the likelihood of such loss or damage and regardless of the form of action. 
 (g) The Trustee shall not be deemed to have notice of any
Default or Event of Default unless a Trust Officer has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references
the Securities and this Indenture. 
 (h) The rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
 (i) The Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such
time to take specified actions pursuant to this Indenture. 
 SECTION 7.03. Individual Rights of Trustee. The Trustee in its
individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its Subsidiaries or Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like
rights. However, the Trustee must comply with Sections 7.10 and 7.11. 
 SECTION 7.04. Trustee’s Disclaimer. The Trustee makes no
representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities or any prospectus, offering or solicitation documents, and it shall not be
responsible for any statement in the Securities other than its certificate of authentication. 
  

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 SECTION 7.05. Notice of Defaults. If a Default occurs and is continuing and if it is known to the
Trustee, the Trustee shall mail to each Holder pursuant to Section 11.02 a notice of the Default within 90 days after it occurs. Except in the case of a Default in any payment on any Security, the Trustee may withhold the notice if and so
long as the board of directors, executive committee or a trust committee of officers in good faith determines that withholding the notice is in the interests of Holders. 
 SECTION 7.06. Reports by Trustee to Holders. Within 60 days after each April 1, beginning with the April 1 following the date of this Indenture, the Trustee shall mail to each Holder a brief
report dated as of such April 1 that complies with TIA Section 313(a), but only if such report is required in any year under TIA Section 313(a). The Trustee also shall comply with TIA Sections 313(b) and 313(c). A copy of each report
at the time of its mailing to Holders shall be filed with the SEC and each stock exchange on which the Securities are listed. The Company shall notify the Trustee in writing when the Securities become listed on any national securities exchange or of
any delisting thereof. 
 SECTION 7.07. Compensation and Indemnity. The Company and the Subsidiary Guarantors jointly and severally
agree to pay the Trustee from time to time reasonable compensation for its services (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Company and the Subsidiary
Guarantors jointly and severally agree to reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred by it. Such expenses shall include when applicable the reasonable compensation and expenses
of the Trustee’s agents and counsel. 
 The Trustee shall not be under any obligation to institute any suit, or take any remedial action
under this Indenture, or to enter any appearance or in any way defend any suit in which it may be a defendant, or to take any steps in the execution of the trusts created hereby or thereby or in the enforcement of any rights and powers under this
Indenture, until it shall be indemnified to its satisfaction against any and all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provisions of this Indenture, including compensation for
services, costs, expenses, outlays, counsel fees and other disbursements, and against all liability (including fees and expenses incurred by the Trustee pursuant to the penultimate paragraph of Section 7.08) not due to its negligence or willful
misconduct. The Company and the Subsidiary Guarantors jointly and severally agree to indemnify the Trustee against any loss, liability, claim, damage or expenses incurred by it arising out of or in connection with the acceptance and administration
of the trust and its duties hereunder as Trustee, Registrar and/or Paying Agent, including the costs and expenses of enforcing this Indenture against the Company (including with respect to this Section 7.07) and of defending itself against any
claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify the Company and the Subsidiary Guarantors of any claim of which a Trust Officer has received written notice for
which it may seek indemnity; however, unless the position of the Company is prejudiced by such failure, the failure of the Trustee to promptly notify the Company shall not limit its right to indemnification. The Company shall defend each such claim
and the Trustee shall cooperate in the defense. The Trustee may retain separate counsel and the Company shall reimburse the Trustee for the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its
consent. 
 Neither the Company nor the Subsidiary Guarantors shall be obligated to reimburse any expense or indemnify against any loss or
liability incurred by the Trustee through the Trustee’s own negligence or willful misconduct. To secure the payment obligations of the Company and the Subsidiary Guarantors in this Section, the Trustee shall have a claim prior to that of the
Holders of the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities. The Trustee’s right to receive payment of any amounts due under this
Section 7.07 shall not be subordinate to any other liability or Indebtedness of the Company or any Subsidiary Guarantor. 
 When the
Trustee incurs expenses or renders services after the occurrence of any Event of Default specified in Sections 6.01(8) or (9), the expenses and the compensation for the services are intended to constitute expenses of administration under any
Bankruptcy Law. 
  

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 The benefits of this section shall survive termination of this Indenture and resignation or removal of
the Trustee. 
 SECTION 7.08. Replacement of Trustee. The Trustee may resign by so notifying the Company and the Subsidiary
Guarantors. The Holders of a majority in principal amount of the Securities may remove the Trustee by so notifying the Trustee, in writing. The Company may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10; 
 (2) the Trustee is adjudged a bankrupt or an insolvent; 
 (3) a receiver or other public officer takes charge of the Trustee or its property; or 
 (4) the Trustee becomes incapable of acting as Trustee hereunder. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company and the Subsidiary Guarantors.
Immediately after that and upon payment of its charges hereunder, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07, the resignation or removal of
the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder. 
 If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the
Holders of a majority in principal amount of the Securities may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 7.10, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee. Any successor Trustee shall comply with TIA Section 310(a)(5). 
 SECTION 7.09. Successor Trustee
by Merger, etc. If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust assets to, another corporation or national association, the successor corporation or national association without
any further act shall be the successor Trustee; provided that such corporation or national association shall be otherwise eligible and qualified under this Article and shall notify the Company of its successor hereunder. 
 SECTION 7.10. Eligibility; Disqualification. This Indenture shall always have a Trustee which satisfies the requirements of TIA
Section 310(a)(1). The Trustee shall always have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall also comply with TIA Section 310(b).

 SECTION 7.11. Preferential Collection of Claims Against Company. The Trustee shall comply with TIA Section 311(a), excluding
any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 
  

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 ARTICLE EIGHT 
 DISCHARGE OF INDENTURE 
 SECTION 8.01. Option to Effect Legal Defeasance or Covenant Defeasance.

 The Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time,
with respect to the Securities, elect to exercise its rights pursuant to either Section 8.02 or 8.03 with respect to all outstanding Securities upon compliance with the conditions set forth below in this Article Eight. 
 SECTION 8.02. Legal Defeasance and Discharge. Upon the Company’s exercise under Section 8.01 of the option applicable to this
Section 8.02, the Company shall be deemed to have been discharged from its obligations with respect to all outstanding Securities on the date all conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this
purpose, such Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Securities, which shall thereafter be deemed to be “outstanding” only for the purposes
of Section 8.05 and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Securities and this Indenture (and the Trustee, on demand of and at the expense of
the Company, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Securities to receive solely from
the trust fund described in Section 8.04, and as more fully set forth in such Section, payments in respect of the principal of, premium, if any, and interest on such Securities when such payments are due, (b) the Company’s obligations
with respect to such Securities under Sections 2.03, 2.04, 2.06, 2.07, 2.09 and 4.04, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith (including, but not
limited to, Section 7.07) and (d) this Article Eight. Subject to compliance with this Article Eight, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03
with respect to the Securities. 
 SECTION 8.03. Covenant Defeasance. Upon the Company’s exercise under Section 8.01 of the
option applicable to this Section 8.03, the Company shall be released from its obligations under the covenants contained in the second sentence of Section 4.02, Sections 4.03, 4.07, 4.08, 4.09 and 4.10 and Article Five with respect to the
outstanding Securities on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Securities shall thereafter be deemed not “outstanding” for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such
Securities shall not be deemed outstanding for accounting purposes). For this purpose, such Covenant Defeasance means that, with respect to the outstanding Securities, the Company may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01(5), but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. In
addition, upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, Sections 6.01(4) through 6.01(9) shall not constitute Events of Default. 
 SECTION 8.04. Conditions to Legal or Covenant Defeasance. The following shall be the conditions to application of either Section 8.02 or
Section 8.03 to the outstanding Securities: 
 (a) The Company shall irrevocably have deposited or cause to be deposited with the Trustee
(or another trustee satisfying the requirements of Section 7.10 who shall agree to comply with the provisions of this Article Eight applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged
as security for, and dedicated solely to, the benefit of the Holders of such Securities, (a) cash in U.S. Legal Tender in an amount, or (b) U.S. Government Securities which 

  

 28 

 
through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due
date of any payment, cash in U.S. Legal Tender in an amount, or (c) a combination thereof, in such amounts, as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge the principal of, premium, if any, and interest on the outstanding Securities on the
Maturity Date or on the applicable redemption date, as the case may be, of such principal or installment of principal, premium, if any, or interest and in accordance with the terms of this Indenture and of such Securities; provided that the
Trustee shall have been irrevocably instructed to apply such money or the proceeds of such U.S. Government Securities to said payments with respect to the Securities. 
 (b) In the case of an election under Section 8.02, the Company shall have delivered to the Trustee an Opinion of Counsel confirming that (i) the Company has received from, or there has been published by, the
Internal Revenue Service a ruling or (ii) since the date hereof, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of the
outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such Legal Defeasance had not occurred; 
 (c) In the case of an election under Section 8.03, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the outstanding Securities will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (d) No Default or Event of Default with respect to the Securities shall have occurred and be continuing on the date of such deposit or, insofar as Subsection 6.01(8) or 6.01(9) is concerned, at any time in the
period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period); 
 (e) Such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a
party or by which the Company is bound; 
 (f) In the case of any election under Section 8.02 or 8.03, the Company shall have delivered
to the Trustee an Officers’ Certificate stating that the deposit made by the Company pursuant to its election under Section 8.02 or 8.03 was not made by the Company with the intent of preferring the Holders over other creditors of the
Company or with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 
 (g) The Company shall
have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to either the Legal Defeasance under Section 8.02 or the Covenant Defeasance under
Section 8.03 (as the case may be) have been complied with as contemplated by this Section 8.04. 
 SECTION 8.05. Deposited Money
and U.S. Government Securities to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.06, all money and U.S. Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of the outstanding Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or a Subsidiary Guarantor, if any, acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums
due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
  

 29 

 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the cash or U.S. Government Securities deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of
the outstanding Securities. 
 Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon the Company’s request any money or U.S. Government Securities held by it as provided in Section 8.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a)), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or
Covenant Defeasance. 
 SECTION 8.06. Repayment to Company. Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the principal of, premium, if any, or interest on any Security which is not subject to the last paragraph of Section 8.05 and has remained unclaimed for two years after such principal, and premium, if
any, or interest has become due and payable shall be paid to the Company on its request (unless an abandoned property law designates another Person) or (if then held by the Company) shall be discharged from such trust; and the Holder of such
Securities shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal
(national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the
Company. 
 SECTION 8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. Legal Tender or U.S. Government
Securities in accordance with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining, or otherwise prohibiting such application, then the Company’s
obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee or Paying Agent is permitted to apply all such money in
accordance with Section 8.02 or 8.03, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Security following the reinstatement of its obligations, the Company shall
be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent. In the event the Company’s obligations under this Indenture and the Securities are revived and reinstated
pursuant to this Section 8.07, then the obligations of each Subsidiary Guarantor under its Guarantee and this Indenture that were released pursuant to Section 10.04 as a result of the Company’s exercise of its rights under this
Article Eight shall be revived and reinstated as though such release had not occurred. 
 ARTICLE NINE 
 AMENDMENTS, SUPPLEMENTS AND WAIVERS 
 SECTION
9.01. Without Consent of Holders. 
 The Company, the Subsidiary Guarantors and the Trustee may amend or supplement this Indenture or the
Securities without notice to or consent of any Holder: 
 (1) to cure any ambiguity, omission, defect or inconsistency;

 (2) to comply with Section 5.01 or 10.02; 
  

 30 

 (3) to reflect the addition or release of any Subsidiary Guarantor, as provided for by
this Indenture; 
 (4) to comply with any requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the TIA; or 
 (5) to make any change that would provide any additional benefit or rights to the Holders or
that does not adversely affect the rights of any Holder in any material respect. 
 Upon the request of the Company and the Subsidiary
Guarantors, accompanied by a Board Resolution of the Company and of each Subsidiary Guarantor authorizing the execution of any such supplemental indenture, and upon receipt by the Trustee of the documents described in Section 9.06, the Trustee
shall join with the Company and the Subsidiary Guarantors in the execution of any supplemental indenture authorized or permitted by the terms of this Indenture and make any further appropriate agreements and stipulations that may be therein
contained. After an amendment or waiver under this Section becomes effective, the Company shall mail to the Holders of each Security affected thereby a notice briefly describing the amendment or waiver. Any failure of the Company to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 SECTION
9.02. With Consent of Holders. Except as provided below in this Section 9.02, the Company, the Subsidiary Guarantors and the Trustee may amend this Indenture or the Securities with the written consent (including consents obtained in
connection with a tender offer or exchange offer for Securities or a solicitation of consents in respect of Securities, provided that in each case such offer or solicitation is made to all Holders of then outstanding Securities on equal terms) of
the Holders of at least a majority of the principal amount of the outstanding Securities. 
 For purposes of this Indenture, the consent of
the Holder of a Global Security shall be deemed to include any consent delivered by any member of, or participant in, the Depository or such other depository institution hereinafter appointed by the Company by electronic means in accordance with the
Automated Tender Offer Procedures system or other customary procedures of, and pursuant to authorization by, such entity. 
 Upon the request
of the Company and the Subsidiary Guarantors, accompanied by a Board Resolution of the Company and each Subsidiary Guarantor authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the
consent of the Holders as aforesaid, and upon receipt by the Trustee of the Opinion of Counsel described in Section 9.06, the Trustee shall join with the Company and the Subsidiary Guarantors in the execution of such supplemental indenture.

 It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed amendment or
waiver, but it shall be sufficient if such consent approves the substance thereof. 
 The Holders of a majority of the principal amount of
the outstanding Securities may waive compliance in a particular instance by the Company or the Subsidiary Guarantors with any provision of this Indenture or the Securities (including waivers obtained in connection with a tender offer or exchange
offer for Securities or a solicitation of consents in respect of Securities, provided that in each case such offer or solicitation is made to all Holders of the then outstanding Securities on equal terms). However, without the consent of each
Holder affected, an amendment or waiver under this Section may not: 
  

 31 

 (1) reduce the percentage of principal amount of Securities whose Holders must consent to
an amendment, supplement or waiver of any provision of this Indenture or the Securities; 
 (2) reduce the rate or change the
time for payment of interest, including default interest, on the Securities; 
 (3) reduce the principal amount of any
Security or change the Maturity Date of the Securities; 
 (4) reduce the redemption price, including premium, if any, payable
upon the redemption of any Security or change the time at which any Security may be redeemed; 
 (5) reduce the repurchase
price payable upon the repurchase of any Security in connection with a Net Proceeds Offer, or change the time at which any Security may or shall be repurchased thereunder; 
 (6) waive a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Securities; 
 (7) make any Security payable in money other than that stated in the Security; 
 (8) impair the right to institute suit for the enforcement of principal of, premium, if any, or principal on any Security pursuant to
Sections 6.07 or 6.08, except as limited by Section 6.06; or 
 (9) make any change in Section 6.04 or
Section 6.07 or in this sentence of this Section 9.02. 
 The right of any Holder to participate in any consent required or sought
pursuant to any provision of this Indenture (and the obligation of the Company to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of any Securities
with respect to which such consent is required or sought as of a date identified by the Trustee in a notice furnished to Holders in accordance with the terms of this Indenture. 
 SECTION 9.03. Compliance with Trust Indenture Act. Every amendment to or supplement of this Indenture or the Securities shall comply with the TIA
as then in effect. 
 SECTION 9.04. Revocation and Effect of Consents. A consent to an amendment, supplement or waiver by a Holder of
a Security shall bind the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, until an
amendment, supplement or waiver becomes effective, any such Holder or subsequent Holder may revoke the consent as to its Security or portion of a Security. For such revocation to be effective, the Trustee must receive the notice of revocation before
the date the amendment, supplement or waiver becomes effective. 
 The Company may, but shall not be obligated to, fix a record date for the
purpose of determining the Holders entitled to consent to any amendment or waiver. If the Company elects to fix a record date for such purpose, the record date shall be fixed at (i) the later of 30 days prior to the first solicitation of such
consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation pursuant to Section 2.05, or (ii) such other date as the Company shall designate. If a record date is fixed, then notwithstanding
the provisions of the immediately preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to consent to such amendment or waiver or to revoke any consent
previously given, whether or not such Persons continue to be Holders after such record date. No consent shall be valid or 

  

 32 

 
effective for more than 90 days after such record date unless consent from the Holders of the principal amount of Securities required hereunder for such
amendment or waiver to be effective also shall have been given and not revoked within such 90-day period. 
 After an amendment, supplement
or waiver becomes effective, it shall bind every Holder unless it makes a change described in any of clauses (1) through (9) of Section 9.02. In that case the amendment, supplement or waiver shall bind each Holder of a Security who
has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security. 
 SECTION 9.05. Notation on or Exchange of Senior Notes. If an amendment, supplement or waiver changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee. The
Trustee may place an appropriate notation on the Security about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall
authenticate a new Security that reflects the changed terms. 
 SECTION 9.06. Trustee Protected. The Trustee shall sign any amendment
or supplement or waiver authorized pursuant to this Article if the amendment or supplement or waiver does not adversely affect the rights of the Trustee. If it does adversely affect the rights of the Trustee, the Trustee may but need not sign it. In
signing such amendment or supplement or waiver the Trustee shall be provided with, and (subject to Article Seven) shall be fully protected in relying upon, an Opinion of Counsel stating that such amendment or supplement or waiver is authorized or
permitted by and complies with this Indenture. The Company may not sign an amendment or supplement until the Boards of Directors of the Company and the Subsidiary Guarantors approve it. 
 ARTICLE TEN 
 GUARANTEES 
 SECTION 10.01. Unconditional Guarantee. Each Subsidiary Guarantor hereby, jointly and severally, fully and unconditionally guarantees, as
principal obligor and not only as surety (such guarantee to be referred to herein as the “Guarantee”), to each Holder and to the Trustee the due and punctual payment of the principal of, premium, if any, and interest on the Securities and
all other amounts due and payable under this Indenture and the Securities by the Company whether at maturity, by acceleration, redemption, repurchase or otherwise, including, without limitation, interest on the overdue principal of, premium, if any,
and interest on the Securities, to the extent lawful, all in accordance with the terms hereof and thereof; subject, however, to the limitations set forth in Section 10.05. 
 Failing payment when due of any amount so guaranteed for whatever reason, the Subsidiary Guarantors will be jointly and severally obligated to pay the
same immediately. Each Subsidiary Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Securities or this Indenture, the absence of any action to enforce the
same, any waiver or consent by any Holder of the Securities with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute
a legal or equitable discharge or defense of a guarantor. Each Subsidiary Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require
a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Guarantee will not be discharged except by complete performance of the obligations contained in the Securities, this Indenture and in this
Guarantee. If any Holder or the Trustee is required by any court or otherwise to return to the Company, any Subsidiary Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Company or any Subsidiary
Guarantor, any amount paid by the Company or any Subsidiary Guarantor to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Subsidiary Guarantor agrees it shall not be
entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment 

  

 33 

 
in full of all obligations guaranteed hereby. Each Subsidiary Guarantor further agrees that, as between each Subsidiary Guarantor, on the one hand, and the
Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article Six, such obligations (whether or not due and payable) shall forthwith become due
and payable by each Subsidiary Guarantor for the purpose of this Guarantee. 
 SECTION 10.02. Subsidiary Guarantors May Consolidate, etc.,
on Certain Terms. (a) Subject to paragraph (b) of this Section 10.02, no Subsidiary Guarantor may consolidate or merge with or into (whether or not such Subsidiary Guarantor is the surviving Person) another Person unless
(i) the Person formed by or surviving any such consolidation or merger (if other than such Subsidiary Guarantor) assumes all the obligations of such Subsidiary Guarantor under this Indenture and the Securities pursuant to a supplemental
indenture, in a form reasonably satisfactory to the Trustee and (ii) immediately after such transaction, no Default or Event of Default exists. In connection with any consolidation or merger contemplated by this Section 10.02, the Company
shall deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture comply with this
Indenture. This Section 10.02(a) will not prohibit a merger between Subsidiary Guarantors or a merger between the Company and a Subsidiary Guarantor. 
 (b) In the event of a sale or other disposition of all or substantially all of the assets of any Subsidiary Guarantor or a sale or other disposition of all of the Capital Stock of such Subsidiary Guarantor, in any
case by way of merger, consolidation or otherwise, then such Subsidiary Guarantor (in the event of a sale or other disposition, by way of such a merger, consolidation or otherwise, of all of the Capital Stock of such Subsidiary Guarantor) or the
Person acquiring the assets (in the event of a sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor) will be released and relieved of any obligations under its Guarantees. 
 SECTION 10.03. Addition of Subsidiary Guarantors. (a) The Company agrees to cause each domestic Subsidiary that shall become a Subsidiary
after the Issue Date and that guarantees any other Indebtedness of the Company or a Subsidiary Guarantor in excess of a De Minimis Guaranteed Amount to execute and deliver a supplemental indenture pursuant to which such Subsidiary shall guarantee
the payment of the Securities pursuant to the terms hereof within 180 days after the later of (i) the date that Subsidiary becomes a domestic Subsidiary and (ii) the date that Subsidiary guarantees such other Indebtedness; provided
that no guarantee shall be required if the Subsidiary merges into the Company or an existing Subsidiary Guarantor and the surviving entity remains a Subsidiary Guarantor. 
 (b) Any Person that was not a Subsidiary Guarantor on the Issue Date may become a Subsidiary Guarantor by executing and delivering to the Trustee (i) a supplemental indenture in form and substance satisfactory to
the Trustee, which subjects such Person to the provisions (including the representations and warranties) of this Indenture as a Subsidiary Guarantor and (ii) an Opinion of Counsel and Officers’ Certificate to the effect that such
supplemental indenture has been duly authorized and executed by such Person and constitutes the legal, valid and binding obligation of such Person (subject to such customary exceptions concerning creditors’ rights and equitable principles as
may be acceptable to the Trustee in its discretion and provided that no opinion need be rendered concerning the enforceability of the Guarantee). 
 SECTION 10.04. Release of a Subsidiary Guarantor. Upon (i) the sale or disposition of a Subsidiary Guarantor (or all or substantially all of its assets) or (ii) the cessation by a Subsidiary Guarantor to guarantee any other
Indebtedness of the Company or any other Subsidiary Guarantor other than a De Minimis Guaranteed Amount, in each case which is otherwise in compliance with the terms of this Indenture, including but not limited to the provisions of
Section 10.02, such Subsidiary Guarantor shall be deemed released from all of its Guarantee and related obligations in this Indenture without any further action by the Trustee, the Company or such Subsidiary Guarantor. Subject to
Section 8.07, upon the Company’s election, in compliance with the conditions set forth in Article Eight hereof, to exercise its 

  

 34 

 
rights pursuant to either Section 8.02 or 8.03 with respect to all outstanding Securities, each Subsidiary Guarantor shall be deemed released from all
of its Guarantee and related obligations in this Indenture without any further action by the Trustee, the Company or any Subsidiary Guarantor. The Trustee shall deliver an appropriate instrument evidencing such release upon receipt of a request by
the Company accompanied by an Officers’ Certificate and, in the case of the release of a Subsidiary Guarantor pursuant to clause (i) of the first sentence of this Section 10.04, an Opinion of Counsel certifying that such sale or other
disposition was made by the Company in accordance with the provisions of this Indenture. Any Subsidiary Guarantor not so released remains liable for the full amount of principal of and interest on the Securities as provided in this Article Ten.

 SECTION 10.05. Limitation of Subsidiary Guarantor’s Liability. Each Subsidiary Guarantor, and by its acceptance hereof each
Holder, hereby confirms that it is the intention of all such parties that the guarantee by such Subsidiary Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of any federal, state or foreign law. To
effectuate the foregoing intention, the Holders and each Subsidiary Guarantor hereby irrevocably agree that the obligations of each Subsidiary Guarantor under the Guarantee shall be limited to the maximum amount as will, after giving effect to all
other contingent and fixed liabilities of such Subsidiary Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor
under its Guarantee or pursuant to Section 10.06, result in the obligations of such Subsidiary Guarantor under the Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal, state or foreign law. This
Section 10.05 is for the benefit of the creditors of each Subsidiary Guarantor, and, for purposes of applicable fraudulent transfer and fraudulent conveyance law, any Indebtedness of a Subsidiary Guarantor pursuant to Credit Facilities shall be
deemed to have been incurred prior to the incurrence by such Subsidiary Guarantor of its liability under the Guarantee. 
 SECTION 10.06.
Contribution. In order to provide for just and equitable contribution among the Subsidiary Guarantors, the Subsidiary Guarantors agree, inter se, that in the event any payment or distribution is made by any Subsidiary Guarantor (a
“Funding Guarantor”) under the Guarantee, such Funding Guarantor shall be entitled to a contribution from each other Subsidiary Guarantor in a pro rata amount based on the Adjusted Net Assets of each Subsidiary Guarantor (including the
Funding Guarantor) for all payments, damages and expenses incurred by the Funding Guarantor in discharging the Company’s obligations with respect to the Securities or any other Subsidiary Guarantor’s obligations with respect to the
Guarantee. 
 SECTION 10.07. [Intentionally Omitted.] 
 SECTION 10.08. Severability. In case any provision of this Guarantee shall be invalid, illegal or unenforceable, that portion of such provision that is not invalid, illegal or unenforceable shall remain in
effect, and the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 ARTICLE ELEVEN 
 MISCELLANEOUS 
 SECTION 11.01. Trust Indenture Act Controls. Whether prior to or following the qualification of this Indenture under the TIA, if any provision of this Indenture limits, qualifies, or conflicts with the duties imposed by operation of
TIA Section 318(c) upon an indenture qualified under the TIA, the imposed duties shall control under this Indenture. 
 SECTION 11.02.
Notices. Any notice or communication shall be sufficiently given if in writing and delivered in person or mailed by certified or registered mail (return receipt requested), facsimile, telecopier or overnight air courier guaranteeing next day
delivery, addressed as follows: 
 If to the Company or any Subsidiary Guarantor: 
 Chesapeake Energy Corporation 
 6100 North
Western Avenue 
 Oklahoma City, Oklahoma 73118 
 Attention: Treasurer 
 Fax:    (405) 879-9572 
  

 35 

 If to the Trustee: 
 The Bank of New York Trust Company, N.A. 
 2 N. LaSalle Street 
 Suite 1020 
 Chicago, IL 60602 

Attention: Corporate Trust Administration 
 Fax:    (312) 827-8542 
 The Company or any Subsidiary Guarantor or the Trustee by notice to the other may
designate additional or different addresses for subsequent notices or communications. 
 All notices and communications shall be deemed to
have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if faxed or telecopied; and the next Business Day after timely
delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication mailed to a Holder
shall be mailed by first-class mail to the address for such Holder appearing on the registration books of the Registrar and shall be sufficiently given to such Holder if so mailed within the time prescribed. Failure to mail a notice or communication
to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed in
the manner provided above, it is duly given, whether or not the addressee receives it. If the Company or any Subsidiary Guarantor mails notice or communications to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any
event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Security (or its designee), pursuant to the customary procedures
of such Depositary, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. 
 SECTION 11.03. Communication by Holders with Other Holders. Holders may communicate pursuant to TIA Section 312(b) with other Holders with respect to their rights under this Indenture or the Securities.
The Company, the Subsidiary Guarantors, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 
 SECTION 11.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Company or any Subsidiary Guarantor to the Trustee to take any action under this Indenture, the Company or such Subsidiary
Guarantor, as the case may be, shall furnish to the Trustee: 
 (1) an Officers’ Certificate (which shall include the
statements set forth in Section 11.05) stating that, in the opinion of the signers, the conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
  

 36 

 (2) an Opinion of Counsel stating that, in the opinion of such counsel, such conditions
precedent have been complied with. 
 SECTION 11.05. Statements Required in Certificate or Opinion. Each certificate or opinion with
respect to compliance with a condition or covenant provided for in this Indenture shall include: 
 (1) a statement that each
person making such certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such person, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and

 (4) a statement as to whether or not, in the opinion of each such person, such covenant or condition has been complied
with. 
 SECTION 11.06. Rules by Trustee and Agents. The Trustee may make reasonable rules for actions taken by, or meetings or
consents of, Holders. The Registrar or Paying Agent may make reasonable rules for its functions. 
 SECTION 11.07. Legal Holidays. A
“Legal Holiday” is a Saturday, a Sunday, or a day on which banks and trust companies in the City of New York are not required by law or executive order to be open. If a payment date is a Legal Holiday at a place of payment, payment may be
made at the place on the next succeeding day that is not a Legal Holiday, without additional interest. 
 SECTION 11.08. Governing
Law. THIS INDENTURE AND THE SECURITIES AND THE GUARANTEES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS TO THE EXTENT THAT THE
APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY, EXCEPT TO THE EXTENT THAT THE LAWS OF THE STATE OF NEW YORK WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION REGARDING THE VALIDITY OF THE SECURITIES.

 SECTION 11.09. No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret another indenture, loan
or debt agreement of the Company, any Subsidiary Guarantor or any other Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 SECTION 11.10. No Recourse Against Others. All liability described in Paragraph 22 of the Securities of any director, officer, employee or
stockholder, as such, of the Company, the Subsidiary Guarantors or the Trustee is waived and released. 
 SECTION 11.11. Successors.
All agreements of the Company and the Subsidiary Guarantors in this Indenture, the Securities and the Guarantees shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successor. 
 SECTION 11.12. Duplicate Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of
them together represent the same instrument. 
  

 37 

 SECTION 11.13. Severability. In case any provision in this Indenture or in the Securities shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby, and a Holder shall have no claim therefor against any party hereto. 
  

 38 

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

					
	CHESAPEAKE ENERGY CORPORATION
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	SUBSIDIARY GUARANTORS:
	
	ARKANSAS MIDSTREAM GAS SERVICES CORP.
	CHESAPEAKE ENERGY LOUISIANA CORPORATION
	CHESAPEAKE ENERGY MARKETING, INC.
	CHESAPEAKE OPERATING, INC.
	DIAMOND Y ENTERPRISE, INCORPORATED
	GENE D. YOST & SON, INC.
	BLUESTEM GAS SERVICES, L.L.C.
	CARMEN ACQUISITION, L.L.C.
	CHESAPEAKE APPALACHIA, L.L.C.
	CHESAPEAKE LAND COMPANY, L.L.C.
	CHESAPEAKE EXPLORATION, L.L.C.
	CHESAPEAKE ROYALTY, L.L.C.
	CHK HOLDINGS, L.L.C.
	GOTHIC PRODUCTION, L.L.C.
	HODGES TRUCKING COMPANY, L.L.C.
	MC MINERAL COMPANY, L.L.C.
	MIDCON COMPRESSION, L.L.C.
	TEXAS MIDSTREAM GAS SERVICES, L.L.C.
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	NOMAC DRILLING, L.L.C.
			
		 	By	 	 Chesapeake Operating, Inc.,
 its Sole
Manager

			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	HAWG HAULING & DISPOSAL, LLC
			
		 	By	 	 Diamond Y Enterprise, Incorporated,
 its Sole
Member

			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	CHESAPEAKE LOUISIANA, L.P.
			
		 	By	 	 Chesapeake Operating, Inc.,
 its General
Partner

			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

					
	THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	Authorized Signatory

 APPENDIX 
 PROVISIONS RELATING TO SECURITIES 
  

	1.	Definitions 

 1.1 Definitions 
 For the purposes of this Appendix the following terms shall have the meanings indicated below: 
 “Depository” means The Depository Trust Company, its nominees and their respective successors. 
 “Securities” means (1) $[            ] aggregate principal amount of
[            ]% Senior Notes due 2018 issued on the Issue Date and (2) Additional Securities, if any, issued in one or more transactions. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depository), or any successor Person thereto and shall initially be the Trustee. 
 1.2 Other Definitions 
  

			
	 Term
	  	Defined in Section:
	 “Agent Members”
	  	2.1(b)
	 “Global Security”
	  	2.1(a)

  

	2.	The Securities. 

 2.1 (a) Form and Dating.
Securities shall be issued initially in the form of one or more permanent global Securities in definitive, fully registered form without interest coupons with the global securities legend set forth in Exhibit 1 hereto (each, a “Global
Security”), which shall be deposited on behalf of the purchasers of the Securities represented thereby with the Trustee, at its principal corporate trust office, as Securities Custodian, and registered in the name of the Depository or a nominee
of the Depository, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of
the Trustee and the Depository or its nominee as hereinafter provided. 
 (b) Book-Entry Provisions. This Section 2.1(b) shall
apply only to a Global Security deposited with or on behalf of the Depository. 
 The Company shall execute and the Trustee shall, in
accordance with this Section 2.1(b), authenticate and deliver initially one or more Global Securities that (a) shall be registered in the name of the Depository for such Global Security or Global Securities or the nominee of such
Depository and (b) shall be delivered by the Trustee to such Depository or pursuant to such Depository’s instructions or held by the Trustee as Securities Custodian. 
 Members of, or participants in, the Depository (“Agent Members”) shall have no rights under this Indenture with respect to any Global Security
held on their behalf by the Depository or by the Trustee as Securities Custodian or under such Global Security, and the Company, the Trustee and any agent of the Company or the Trustee shall be entitled to treat the Depository as the absolute owner
of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices of such Depository governing the exercise of the rights of a holder of a beneficial interest in any Global
Security. 
  

 A-1 

 (c) Certificated Securities. Except as provided in this Section 2.1 or Section 2.3 or
2.4, owners of beneficial interests in Global Securities shall not be entitled to receive physical delivery of certificated Securities. 
 2.2 Authentication. The Trustee shall authenticate and deliver: (1) on the Issue Date, an aggregate principal amount of $[            ]
[            ]% Senior Notes due 2018 and (2) from time to time after the Issue Date, any Additional Securities for original issue in an aggregate principal amount specified in the
written order of the Company pursuant to Section 2.02 of the Indenture. Such order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated. 
 2.3 Transfer and Exchange. 
 (a)
Transfer and Exchange of Global Securities. (i) The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depository, in accordance with this Indenture and the procedures of the
Depository therefor. A transferor of a beneficial interest in a Global Security shall deliver to the Registrar a written order given in accordance with the Depository’s procedures containing information regarding the participant account of the
Depository to be credited with a beneficial interest in the Global Security. The Registrar shall, in accordance with such instructions instruct the Depository to credit to the account of the Person specified in such instructions a beneficial
interest in the Global Security and to debit the account of the Person making the transfer the beneficial interest in the Global Security being transferred. 
 (ii) Notwithstanding any other provisions of this Appendix (other than the provisions set forth in Section 2.4), a Global Security may not be transferred as a whole except by the Depository to a nominee of
the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. 
 (b) Cancellation or Adjustment of Global Security. At such time as all beneficial interests in a Global Security have either been exchanged for
certificated Securities, redeemed, purchased or canceled, such Global Security shall be returned to the Depository for cancelation or retained and canceled by the Trustee. At any time prior to such cancelation, if any beneficial interest in a Global
Security is exchanged for certificated Securities, redeemed, purchased or canceled, the principal amount of Securities represented by such Global Security shall be reduced and an adjustment shall be made on the books and records of the Trustee (if
it is then the Securities Custodian for such Global Security) with respect to such Global Security, by the Trustee or the Securities Custodian, to reflect such reduction. 
 (c) Obligations with Respect to Transfers and Exchanges of Securities. 
 (i) To permit
registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate certificated Securities and Global Securities at the Registrar’s or co-registrar’s request. 
 (ii) No service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or transfer pursuant to Section 3.06 of
the Indenture). 
 (iii) The Registrar or co-registrar shall not be required to register the transfer of or exchange of any
Security for a period beginning 15 Business Days before the mailing of a notice of an offer to repurchase or redeem Securities or 15 Business Days before an interest payment date. 
  

 A-2 

 (iv) Prior to the due presentation for registration of transfer of any Security, the
Company, the Trustee, the Paying Agent, the Registrar or any co-registrar may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest
on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by notice to the contrary. 
 (v) All Securities issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be
entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange. 
 (d) No Obligation of
the Trustee. 
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security,
Agent Member or other Person with respect to the accuracy of the records of the Depository or its nominee or of any Agent Member, with respect to any ownership interest in the Securities or with respect to the delivery to any Agent Member,
beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Securities. All notices and communications to be given to the Holders and all
payments to be made to Holders under the Securities shall be given or made only to or upon the order of the registered Holders (which shall be the Depository or its nominee in the case of a Global Security). The rights of beneficial owners in any
Global Security shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depository with respect
to its Agent Member and any beneficial owners. 
 (ii) The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Agent Members or beneficial owners
in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements hereof. 
 2.4 Certificated Securities. 
 (a) A Global Security deposited with the Depository or with the Trustee as Securities Custodian pursuant to Section 2.1 shall be transferred to the
beneficial owners thereof in the form of certificated Securities in an aggregate principal amount equal to the principal amount of such Global Security, in exchange for such Global Security, only if such transfer complies with Section 2.3 and
(i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a “clearing agency” registered under the Exchange Act and a
successor depositary is not appointed by the Company within 90 days of such notice or (ii) an event of default has occurred and is continuing or (iii) the Company, in its sole discretion, notifies the Trustee in writing that it elects
to cause the issuance of certificated Securities under this Indenture. 
 (b) Any Global Security that is transferable to the beneficial
owners thereof pursuant to this Section shall be surrendered by the Depository to the Trustee located at its principal corporate trust office in the Borough of Manhattan, The City of New York, to be so transferred, in whole or from time to time in
part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Security, an equal aggregate principal amount of certificated Securities of authorized denominations. Any portion of a Global
Security transferred pursuant to this Section shall be executed, authenticated and delivered only in denominations of $1,000 principal amount and any integral multiple thereof and registered in such names as the Depository shall direct. 

 

 A-3 

 (c) Subject to the provisions of Section 2.4(b), the registered Holder of a Global Security shall be
entitled to grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities.

 (d) In the event of the occurrence of any of the events specified in Section 2.4(a), the Company shall promptly make available to the
Trustee a reasonable supply of certificated Securities in definitive, fully registered form without interest coupons. 
  

 A-4 

 EXHIBIT 1 
 to 
 APPENDIX 
 [FACE OF SECURITY] 
 [Global Securities Legend] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON
THE REVERSE HEREOF. 
  

 B-1 

			
	No.	 	CUSIP NO.
	$	 	ISIN NO.

 [            ]% Senior Notes due 2018

 Chesapeake Energy Corporation, an Oklahoma corporation, promises to pay to CEDE & CO., or registered assigns, the principal sum
of
                                        
Dollars on December 15, 2018. 
 Interest Payment Dates: May 15 and December 15 (commencing December 15, 20081) 
 Record Dates: June 1 and December 1 

Additional provisions of this Security are set forth on the other side of this Security. 
 Dated:                      
  

					
	CHESAPEAKE ENERGY CORPORATION,
			
		 	by	 	  

		 	Name:	 	
		 	Title:	 	
			
		 	by	 	  

		 	Name:	 	
		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF 
 AUTHENTICATION 
  

					
	 THE BANK OF NEW YORK TRUST COMPANY, N.A.,
AS TRUSTEE, CERTIFIES THAT
THIS IS ONE OF THE
SECURITIES
REFERRED TO IN THE INDENTURE.

			
		 	by	 	  

		 		 	Authorized Signatory

  
  

	1	Or such later date as is appropriate in the case of Additional Securities. 

  

 B-2 

 [REVERSE SIDE OF SECURITY] 
 [            ]% Senior Note due 2018 
  

	1.	Interest 

 Chesapeake Energy Corporation, an
Oklahoma corporation (such corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum
shown above. The Company will pay interest semiannually on June 15 and December 15 of each year, commencing December 15, 20081.
Interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from May [            ], 20082. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  

	2.	Method of Payment 

 The Company will pay interest on
the Securities (except defaulted interest) to the Persons who are registered holders of Securities at the close of business on the June 1 or December 1 next preceding the interest payment date even if Securities are canceled after the
record date and on or before the interest payment date. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company will pay principal and interest in money of the United States that at the time of payment is legal
tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium and interest) will be made by wire transfer of immediately available funds to the accounts specified
by The Depository Trust Company. The Company will make all payments in respect of a certificated Security (including principal, premium and interest) by mailing a check to the registered address of each Holder thereof; provided,
however, that payments on a certificated Security will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the
Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	Paying Agent and Registrar 

 Initially, The Bank of
New York Trust Company, N.A., a national banking association (the “Trustee”), will act as Paying Agent and Registrar. The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any of
its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 
  

	4.	Indenture 

 The Company issued the Securities under
an Indenture dated as of May [            ], 2008 (“Indenture”), among the Company, the Subsidiary Guarantors and the Trustee. The terms of the Securities include those stated in
the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). Terms defined in the Indenture and
not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all such terms, and Holders are referred to the Indenture and the Act for a statement of those terms. 
  

	1	Or such later date as is appropriate in the case of Additional Securities. 

	2	Or such later date as is appropriate in the case of Additional Securities. 

  

 B-3 

 The Company shall be entitled to issue Additional Securities pursuant to Section 2.13 of the
Indenture. The Securities issued on the Issue Date and any Additional Securities will be treated as a single class for all purposes under the Indenture. 
  

	5.	Make-Whole Price Redemption 

 At any time prior to
the Maturity Date, the Company may, at its option, redeem all or any portion of the Securities at the “Make-Whole Price” (as defined in the Indenture) plus accrued and unpaid interest on the Securities so redeemed to the date of
redemption. Any redemption pursuant to this paragraph 5 shall be made, to the extent applicable, pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 
  

	6.	Notice of Redemption 

 Notice of redemption will be
mailed to the Holder’s registered address at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed. If less than all Securities are to be redeemed, the Trustee shall select pro rata, by
lot or, if the Securities are listed on any securities exchange, by any other method that the Trustee considers fair and appropriate and that complies with the requirements of such exchange, the Securities to be redeemed in multiples of $1,000;
provided, however, that no Securities with a principal amount of $1,000 or less will be redeemed in part. Securities in denominations larger than $1,000 may be redeemed in part. On and after the redemption date, interest ceases to
accrue on Securities or portions of them called for redemption (unless the Company shall default in the payment of the redemption price or accrued interest). 
  

	7.	Net Proceeds Offer 

 In the event of certain
Sale/Leaseback Transactions, the Company may be required to make a Net Proceeds Offer to purchase all or any portion of each Holder’s Securities, at 100% of the principal amount thereof, plus accrued and unpaid interest to the Net Proceeds
Payment Date. 
  

	8.	Restrictive Covenants 

 The Indenture imposes
certain limitations on, among other things, the ability of the Company to merge or consolidate with any other Person or sell and lease back certain of its properties or assets and the ability of the Company or the Subsidiaries to incur encumbrances
against certain property, all subject to certain limitations described in the Indenture. 
  

	9.	Ranking and Guarantees 

 The Securities are general
senior unsecured obligations of the Company. The Company’s obligation to pay principal, premium, if any, and interest with respect to the Securities is unconditionally guaranteed on a senior basis, jointly and severally, by the Subsidiary
Guarantors pursuant to Article Ten of the Indenture. Certain limitations to the obligations of the Subsidiary Guarantors are set forth in further detail in the Indenture. 
  

	10.	Denominations; Transfer; Exchange 

 The Securities
are in registered form without coupons in denominations of $1,000 principal amount and whole multiples of $1,000. A Holder may transfer or exchange Securities in accordance with the Indenture. The Registrar may require a Holder, among other things,
to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Securities selected for redemption (except, in
the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or any Securities for a period of 15 Business Days before the mailing of a notice of an offer to repurchase or redeem Securities or 15 Business
Days before an interest payment date. 
  

 B-4 

	11.	Persons Deemed Owners 

 The registered Holder of
this Security may be treated as the owner of it for all purposes. 
  

	12.	Unclaimed Money 

 If money for the payment of
principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the
money must look only to the Company and not to the Trustee for payment. 
  

	13.	Discharge and Defeasance 

 Subject to certain
conditions, the Company at any time shall be entitled to terminate some or all of its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government Securities for the payment of principal and
interest on the Securities to redemption or maturity, as the case may be. 
  

	14.	Amendment, Supplement, Waiver 

 Subject to certain
exceptions, the Indenture or the Securities may be amended or supplemented with the consent of the Holders of at least a majority of the outstanding principal amount of the Securities, and any past default or noncompliance with any provision may be
waived with the consent of the Holders of a majority in principal amount of the Securities. Without the consent of any Holder, the Company may amend or supplement the Indenture or the Securities to, among other things, cure any ambiguity, defect or
inconsistency or to make any change that does not adversely affect the rights of any Holder in any material respect. 
  

	15.	Successor Corporation 

 When a successor corporation
assumes all the obligations of its predecessor under the Securities and the Indenture, the predecessor corporation will be released from those obligations. 
  

	16.	Defaults and Remedies 

 An Event of Default
generally is: default by the Company or any Subsidiary Guarantor for 30 days in payment of interest on the Securities; default by the Company or any Subsidiary Guarantor in payment of principal of, or premium, if any, on the Securities; default by
the Company or any Subsidiary Guarantor in the deposit of any optional redemption or repurchase payment when due and payable; defaults resulting in acceleration prior to maturity of certain other Indebtedness or resulting from payment defaults under
certain other Indebtedness; failure by the Company or any Subsidiary Guarantor for 45 days after notice to comply with any of its other agreements in the Indenture; certain final judgments against the Company or Subsidiaries; a failure of any
Guarantee of a Subsidiary Guarantor to be in full force and effect or denial by any Subsidiary Guarantor of its obligations with respect thereto; and certain events of bankruptcy or insolvency. Subject to certain limitations in the Indenture, if an
Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities may declare all the Securities to be due and payable immediately, except that in the case of an Event of
Default arising from certain events of bankruptcy, insolvency or reorganization, all outstanding Securities shall become due and payable immediately without further action or notice. Holders may not enforce the Indenture or the Securities except as
provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in principal amount of the Securities may direct the Trustee in
its exercise of any trust or power. The Company must furnish an annual compliance certificate to the Trustee. 
  

 B-5 

	17.	Trustee Dealings with Company and Subsidiary Guarantors 

 The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company, the Subsidiary Guarantors or their respective Subsidiaries or Affiliates with
the same rights it would have if it were not Trustee. 
  

	18.	No Recourse Against Others 

 A director, officer,
employee or stockholder, as such, of the Company, any Subsidiary Guarantor or the Trustee shall not have any liability for any obligations of the Company, any Subsidiary Guarantor or the Trustee under the Securities or the Indenture or for any claim
based on, in respect of or by reason of, such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Security. 

 

	19.	Authentication 

 This Security shall not be valid
until the Trustee or an authenticating agent signs the certificate of authentication on the other side of this Security. 
  

	20.	Abbreviations 

 Customary abbreviations may be used
in the name of a Holder or an assignee, such as: TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=Custodian), and U/G/M/A (=Uniform Gifts to
Minors Act). 
  

	21.	CUSIP Numbers 

 Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Company will cause CUSIP numbers to be printed on the Securities as a convenience to Holders of the Securities. No representation is made as to the accuracy of such
numbers as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon. 
  

	22.	Governing Law 

 THIS SECURITY SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY, EXCEPT
TO THE EXTENT THAT THE LAWS OF THE STATE OF NEW YORK WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION REGARDING THE VALIDITY OF THE SECURITIES. 
  

 B-6 

 The Company will furnish to any Holder upon written request and without charge to the Security holder a
copy of the Indenture. Requests may be made to: 
 Chesapeake Energy Corporation 
 6100 North Western Avenue 
 Oklahoma City, OK
73118 
 Attention: Treasurer 
  

 B-7 

  
 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer this Security to 
  
  
  
 (Print or type assignee’s name, address and zip code) 
  
  
  
 (Insert assignee’s social security or tax I.D.
No.) 
 and irrevocably appoint
                                         agent to
transfer this Security on the books of the Company. The agent may substitute another to act for him. 
  
  
  
  

							
	Dated:	 	  
	 	Your Signature:	 	  

  

			
	  
	 	
	Sign exactly as your name appears on the other side of this Security.

 Signature Guarantee: 
  

	
	  

	Signature must be guaranteed

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 B-8 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The following increases or decreases in this Global Security have been made: 
  

									
	 Date of
Exchange
	  	Amount of decrease in Principal
amount of this Global Security	  	Amount of increase in Principal
amount of this Global Security	  	Principal amount of this Global
Security following such
decrease or increase	  	Signature of authorized officer of
Trustee or Securities Custodian

  
  

 B-9 

 OPTION OF HOLDER TO ELECT PURCHASE 
 If you want to elect to have this Security purchased by the Company pursuant to Section 4.10 of the Indenture, check the box: 
  ̈ 
 If you
want to elect to have only part of this Security purchased by the Company pursuant to Section 4.10 of the Indenture, state the amount in principal amount: $            

  

							
	Dated:	 	  
	 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name appears on the
 other side
of this Security.)

  

	
	Signature Guarantee:
	
	  

	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the
requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

 B-10

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