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WARRANT AGREEMENT
THIS WARRANT AGREEMENT (“Agreement”) dated as of September 3, 2020 is between Unit Corporation, a Delaware corporation, (“Company”), and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (the “Warrant Agent”).
WHEREAS, the Company filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”) to pursue a Chapter 11 Plan (as amended, supplemented and modified from time to time, the “Plan”), which Plan was approved by the Bankruptcy Court on August 6, 2020 and provides, among other things, that the Company shall issue to certain holders of Unit Corporation Interests (each as defined in the Plan) (“Interest Holders”) Warrants (the “Warrants”), entitling Interest Holders to purchase shares of the Company’s Common Stock, par value $0.01 per share (the “Common Stock”);
WHEREAS, the Company has engaged the Warrant Agent to act on behalf of the Company and the Warrant Agent is willing to so act, in connection with the issuance, registration, transfer, exchange and exercise of the Warrants; and
WHEREAS, the Company desires to provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants.
NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:
1.Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Agreement.
2.Warrants.
2.1.Issuance of Warrant. On a date determined by the Company following the Effective Date (as defined in the Plan), the Warrants shall be issued by the Company in the amounts and to the recipients specified in the Plan. Each Warrant entitles the registered holder, upon proper exercise during the Exercise Period (as defined in Section 3.2) and payment of the Exercise Price (as defined in Section 3.1), to receive from the Company, subject to the adjustments provided in Section 4 hereof, one share of Common Stock at the Exercise Price.
2.2.Form of Warrant. The Warrants shall be issued in the form of (i) one or more global warrant certificates (the “Global Warrant Certificates”) substantially in the form of Exhibit A-1 and/or (ii) solely in the circumstances described in the second paragraph of Section 5.6 hereof, in the form of book-entry registration on the books and records of the Warrant Agent (“Direct Registration Warrants”) reflected on statements issued by the Warrant Agent from time to time to the holders thereof reflecting such book entry position (the “Warrant Statements”). At the time of initial issuance of the Warrants, the Company shall cause to be issued to The Depository Trust Company or its nominee or any successor thereof (the “Depository”) a Global 

Warrant Certificate evidencing the Warrants. The Global Warrant Certificates and Warrant Statements may bear such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules and regulations of the Depository in the case of the Global Warrant Certificates, with any law or with any rules made pursuant thereto or with any rules of any securities exchange or as may be determined, consistently herewith and reasonably acceptable to the Warrant Agent, by (i) in the case of Global Warrant Certificates, the Appropriate Officers, as defined below, executing such Global Warrant Certificates, as evidenced by their execution of the Global Warrant Certificates and (ii) in the case of Warrant Statements, any Appropriate Officer.
2.3.Execution of Warrants. Global Warrant Certificates shall be signed by, or bear the facsimile signature of, the Chairman of the Board of Directors, Chief Executive Officer, President, General Counsel, Corporate Secretary, Chief Financial Officer, any Senior Vice President or any Vice President (or higher or equivalent officer) (“Appropriate Officer”) of the Company. In the event the person whose facsimile signature has been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.
2.4.Effect of Countersignature. Except with respect to Direct Registration Warrants, unless and until a Global Warrant Certificate is countersigned by the Warrant Agent pursuant to this Agreement, any Warrants represented thereby shall be invalid and of no effect and may not be exercised by the holder thereof.
2.5.Registration. The Warrant Agent shall maintain books (“Warrant Register”) in which it shall register any Global Warrant Certificates or Direct Registration Warrants and exchanges and transfers of outstanding Warrants in accordance with the procedures set forth in Section 5 hereof. Prior to due presentment for registration of transfer or exchange of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant is then registered in the Warrant Register (“registered holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on a Global Warrant Certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
3.Terms and Exercise of Warrants.
3.1.Exercise Price.  Promptly following the final resolution of all of the Disputed Unit Corp. GUC Claims and Disputed UPC GUC Claims (each as defined in the Plan, and collectively, the “Disputed Claims”) (such date, the “Claims Resolution Date”), the Company shall calculate the initial exercise price per share for the Warrants (the “Initial Exercise Price”) in accordance with the Plan using the following formula and taking into account any adjustments pursuant to Section 4 for events or transactions of the type described in Section 4 that occur between the Effective Date and the Claims Resolution Date :

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	P =
	$714,593,750
		N

Where:
P    =    Initial Exercise Price; and
N   =    the total number of shares of Common Stock issued under the Plan to holders (“Former Noteholders”) of the Company’s 6.625% senior subordinated notes due 2021 on account of their Subordinated Notes Claims (as defined in the Plan), including any shares issued as a result of the final resolution of the Disputed Claims. 
The Initial Exercise Price shall be subject to adjustment pursuant to Section 4 from time to time following its determination (the Initial Exercise Price as so adjusted, if applicable, the “Exercise Price”). Promptly following its determination of the Initial Exercise Price, the Company will deliver written notice of its determination (the “Warrant Exercise Price Notice”) to the Warrant Agent, which determination shall be final and binding absent a manifest error. 
3.2.Duration of Warrants. Subject to Section 4.4.2, a Warrant may be exercised only during the period (“Exercise Period”) commencing on the date the Warrant Agent receives the Warrant Exercise Price Notice from the Company (the “Exercise Commencement Date”) and ending on the earliest of: (i) 5:00 p.m., New York City time, on September 3, 2027, (ii) the consummation of a Cash Sale (as defined below), and (iii) the consummation of a liquidation, dissolution or winding up of the Company (the earliest of the events described in clauses (i) through (iii) being referred to as the “Expiration Date”). Each Warrant that is not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date.
3.3.Exercise of Warrants.
3.3.1.Manner of Exercise; Payment. All or any whole number of Warrants may be exercised during the Exercise Period by the registered holder thereof during normal business hours on any day except Saturday, Sunday or any day which is a federal legal holiday in the United States (“Business Day”), by delivering (A) written notice of such election (“Warrant Exercise Notice”) to exercise the Warrants to the Company and the Warrant Agent at the addresses set forth in Section 8 hereof prior to the Expiration Date, which Warrant Exercise Notice shall be (i) substantially in the form set forth in Exhibit A-2 in the case of Warrants represented by a Global Warrant Certificate and (ii) substantially in the form set forth in Exhibit A-3 in the case of Direct Registration Warrants; and (B) if such Warrants are represented by a Global Warrant Certificate, by no later than 5:00 p.m., New York City time, on the second Business Day after a Warrant Exercise Notice is delivered, such Warrants to the Warrant Agent (by book-entry transfer through the facilities of the Depository). The documents referred to in clauses (A) and (B) of the immediately preceding sentence shall be accompanied by payment in full of the Exercise Price together with any applicable taxes and governmental charges for each Warrant being exercised as follows:
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(a)by bank wire transfer in immediately available funds to the order of the Warrant Agent; or
(b)on a cashless basis, by surrendering the Warrants to be exercised in exchange for a number of shares of Common Stock equal to the quotient obtained by dividing (i) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the Fair Market Value (as defined below) over the Exercise Price by (ii) the Fair Market Value (the “Cashless Exercise Ratio”); provided that if the foregoing calculation results in zero or a negative number, then no shares of Common Stock shall be issuable upon a cashless exercise.
“Fair Market Value” shall mean:
(i)if the Common Stock is traded on a securities exchange, the value shall be deemed to be an amount equal to the sum of 1/30th of the Volume Weighted Average Price (defined below) of the Common Stock for each of the thirty (30) consecutive trading days preceding the date on which the exercise form is submitted in connection with the exercise of the Warrant;
(ii)if the Common Stock is actively traded over-the-counter, the value shall be deemed to be the closing bid prior to the exercise form being submitted in connection with the exercise of the Warrant; or
(iii)if there is no active public market at the time the exercise form is submitted in connection with the exercise of the Warrant (as is reasonably determined in good faith by the Company’s Board of Directors (the “Board”)), the value shall be the fair market value thereof, as determined in good faith by the Board.
“Volume Weighted Average Price” per share of Common Stock on any trading day means the per share volume-weighted average price as displayed on Bloomberg page “VWAP” (or any successor or equivalent page thereto) in respect of the period from the scheduled open of trading until the scheduled close of trading on the primary trading session on such trading day and will be determined without regard to after-hours trading or any other trading outside of the regular trading session.
The company shall calculate and transmit to the Warrant Agent, and the Warrant Agent shall have no obligation under this Agreement to calculate, the Cashless Exercise Ratio. The number of shares of Common Stock to be issued pursuant to such exercise will be determined by the Company (with written notice thereof to the Warrant Agent) using the formula set forth in Section 3.3.1(b), the Warrant Agent shall have no duty or obligation to investigate or confirm whether the Company’s determination of the number of shares of Common Stock to be issued on such exercise, pursuant to this Section 3.3.1, is accurate or correct.
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All funds received by the Warrant Agent under this Agreement that are to be distributed or applied by the Warrant Agent in the performance of the services hereunder (the “Funds”) shall be held by the Warrant Agent for the benefit of the Company, as agent for the Company and deposited in one or more bank accounts to be maintained by the Warrant Agent for the benefit of the Company, in its name as agent for the Company. Until paid pursuant to the terms of this Agreement, the Warrant Agent will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). The Warrant Agent shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by the Warrant Agent in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. The Warrant Agent may from time to time receive interest, dividends or other earnings in connection with such deposits. The Warrant Agent shall not be obligated to pay such interest, dividends or earnings to the Company.
The Warrant Agent shall forward funds received for warrant exercises as promptly as practicable after receipt thereof and in any event not later than the fifth business day of the following month by bank wire transfer to an account designated by the Company.
3.3.2.Warrant Exercise Notice; Irrevocability. Any exercise of a Warrant pursuant to the terms of this Agreement shall be irrevocable and shall constitute a binding agreement between the Warrant holder and the Company, enforceable in accordance with its terms. Notwithstanding  the foregoing, if the exercise of a Warrant is to be made in connection with a Liquidity Event (as defined below), such exercise may, at the election of the Warrant holder, be conditioned upon consummation of such transaction or event in which case such exercise shall not be deemed effective until the consummation of such transaction or event. “Liquidity Event” shall mean the first to occur of any transaction or series of related transactions that results in (a) the sale or exchange of all or substantially all of the equity interests of the Company to one or more third parties (whether by merger, sale, recapitalization, consolidation, combination or otherwise) or (b) the sale, directly or indirectly, by the Company of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, to one or more third parties (such third party(ies) in the case of either (a) or (b) being the “Acquiror”). 
3.3.3.Cost Basis Information. In the event of a cash exercise, the Company hereby instructs the Warrant Agent to record the cost basis for newly issued shares as reasonably determined by the Company prior to processing. In the event of a cashless exercise, the Company shall provide the cost basis for shares issued pursuant to a cashless exercise at the time the Company provides the Cashless Exercise Ratio to the Warrant Agent pursuant to Section 3.3.1.
3.3.4.Issuance of Shares of Common Stock. As soon as practicable after the exercise of any Warrant and the clearance of the funds in payment of the Exercise Price (if any), the Company shall issue or cause to be issued to the registered holder of such Warrant the number of shares of Common Stock to which such holder is entitled, registered in such name or names as 
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may be directed by such holder (or, if such Common Stock is then issued in book-entry form only, registered on the books and records of the registrar and transfer agent therefor in such name or names as may be directed by such holder). Notwithstanding the foregoing, in no event will the Company be required to net cash settle the Warrant exercise. If fewer than all of the Warrants evidenced by a Global Warrant Certificate surrendered upon the exercise of Warrants are exercised at any time prior to the Expiration Date, the Warrant Agent shall cause a notation to be made to the records maintained by the Depository.
3.3.5.Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with this Agreement shall be validly issued, fully paid and nonassessable.
3.Date of Issuance. Each person in whose name any shares of Common Stock are issued upon exercise of a Warrant shall for all purposes be deemed to have become the holder of record of such shares on the date on which such Warrant was surrendered and payment of the Exercise Price was made, irrespective of the date of issuance of the shares of Common Stock in respect thereof, except that, if the date of such surrender and payment is a date when the share transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the share transfer books are open.
4.Adjustments.
4.1.Stock Dividends; Stock Split. If after the date hereof, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a stock split of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split up or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock.
4.2.Aggregation of Shares. If after the date hereof, the number of outstanding shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split, reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock.
4.3.Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is adjusted, as provided in Sections 4.1 and 4.2 above, the Exercise Price shall be adjusted (to the nearest cent) by multiplying such Exercise Price immediately prior to such adjustment by a fraction (i) the numerator of which shall be the number of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (ii) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter.
4.4.Adjustments for Liquidity Events.  
4.4.1.As a condition to the consummation of any Liquidity Event, proper provision shall be made so that, upon the basis and terms and in the manner provided in this Agreement, 
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the Warrant holders, upon the exercise of the Warrants any time after the consummation of such Liquidity Event (subject to the Expiration Date), shall be entitled to receive upon such exercise of a Warrant, in lieu of shares of Common Stock issuable upon such exercise immediately prior to such consummation, the type and amount of securities, cash or other property (the “Transaction Consideration”) to which such Warrant holder would have been entitled as a holder of Common Stock upon such consummation if such Warrant holder had exercised the rights represented by the Warrants held by such holder immediately prior to such consummation, subject to adjustments (subsequent to such consummation) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided, however, no Warrant holder shall be entitled to any payment pursuant to this Section 4.4.1 with respect to any portion of the Transaction Consideration that is contingent, deferred or escrowed unless and until such amounts are actually paid to the holders of Common Stock. Notwithstanding the preceding provisions of this Section 4.4.1 or anything in this Agreement to the contrary, in the event of a Cash Sale, the Company shall pay (or cause to be paid) to the Warrant holders, with respect to each unexercised Warrant outstanding immediately prior to the consummation of such Cash Sale (the “Cash Closing”), cash in the amount equal to (x) the number of shares of Common Stock underlying such Warrant immediately prior to the Cash Closing multiplied by (y) the excess, if any, of the cash consideration being paid in respect of each share of Common Stock in such Cash Sale minus the Exercise Price (such product, the “Warrant Spread”); provided, however, no Warrant holder shall be entitled to any payment pursuant to this Section 4.4.1 with respect to any portion of the Transaction Consideration that is contingent, deferred or escrowed unless and until such amounts are actually paid to the holders of Common Stock. Upon the occurrence of a Cash Closing, all unexercised Warrants outstanding immediately prior to the Cash Sale shall automatically be terminated and cancelled and the Company shall thereupon cease to have any further obligations or liability with respect to the Warrants except as to the requirement to pay the Warrant Spread (subject to the limitations described in the prior sentence). For the avoidance of doubt, the Warrant holders shall not be entitled to any payment or consideration with respect to any Cash Sale in which the Exercise Price is greater than the consideration payable with respect to each share of Common Stock. For purposes hereof, “Cash Sale” means a Liquidity Event in which holders of Common Stock immediately prior to consummation of such transaction (other than with respect to treasury shares and any shares held by purchasing parties) are entitled to receive consideration in respect of such Common Stock in such transaction consisting solely of cash. 
4.4.2.Notwithstanding Section 3.2 or anything in this Agreement to the contrary, in the case of a Liquidity Event for which the Liquidity Event Notification Date (as defined below) occurs before the Exercise Commencement Date, the Warrants shall become exercisable with respect to such Liquidity Event on such Liquidity Event Notification Date, and the Exercise Price applicable to the Warrants in connection with such Liquidity Event shall be determined pursuant to Section 3.1 based on the Disputed Claims that have been finally resolved as of such Liquidity Event Notification Date, after giving effect to the shares of Common Stock distributed or to be distributed to the Former Noteholders that had been resolved for the Disputed Claims. “Liquidity Event Notification Date” means the earlier to occur of (i) the first public announcement by the Company or any other person of a Liquidity Event or (ii) the Warrant Agent’s delivery of a Liquidity Event Notice (as defined below).
4.5.Notices of Changes in Warrant. 
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4.5.1.Upon every adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant, (i) the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based, and (ii) the Warrant Agent shall give written notice thereof to each Warrant holder, at the last address set forth for such holder in the Warrant Register. 
4.5.2.The Company shall give notice to the Warrant Agent of any Liquidity Event at least ten (10) days prior to the deadline for the Warrant Agent to provide notice of such Liquidity Event to the Warrant holders, which notice shall contain the information required to be set forth in a Liquidity Event Notice (as defined below), and the Warrant Agent shall provide written notice to each Warrant holder at least twenty-one (21) days prior to the effective date of such Liquidity Event (a “Liquidity Event Notice”). Any Liquidity Event Notice shall specify (y) the date or expected date on which such Liquidity Event is expected to become effective, and (z) summarize the material terms of such Liquidity Event, including, without limitation, conditions to which consummation of the Liquidity Event is subject and the consideration to be received by holders of the Company’s Common Stock. No Liquidity Event Notice shall, in any event, give rise to any obligation of the Company or any holders of Common Stock to consummate, or assist in the consummation of, such Liquidity Event. Any defect in a Liquidity Event Notice shall not affect the legality or validity of such event. The Warrant Agent shall have no obligation under any section of this Agreement to determine whether an adjustment event has occurred or to calculate any of the adjustments set forth herein. Any written notice required by this Section 4.5 may be made by electronic email.
4.6.No Fractional Warrants or Shares. No fractional Warrants will be issued hereunder. Additionally, notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number of shares of Common Stock to be issued to the Warrant holder.
4.7.No Change in Warrant Terms on Adjustment. Irrespective of any adjustments pursuant to this Section 4, Warrants theretofore or thereafter issued may continue to express the same prices and number of Common Stock issuable upon exercise as are stated in the similar Warrants issuable initially, or at some subsequent time, pursuant to this Agreement, and the Exercise Price and such number of Common Stock issuable upon exercise specified thereon shall be deemed to have been so adjusted.
4.8.Other Events. In case any event shall occur affecting the Company as to which none of the provisions of preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants, and (ii) effectuate the intent and purpose of the Warrants as set forth in the Plan, then, in each such case, the Company shall engage a firm of independent public accountants, an investment banking firm or appraisal firm of recognized national standing, which shall give its good faith recommendation to the Board as to whether or not any adjustment to the
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rights represented by the Warrants is necessary, and the Board shall, based on such recommendation and such other information that the Board deems relevant, determine whether an adjustment is necessary and, if so, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4 as a result of any issuances of securities in connection with (i) a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities, (ii) the issuance of any securities by the Company on or after the Effective Date (as defined in the Plan) pursuant to the Plan or upon the issuance of shares of Common Stock upon the exercise of such securities, (iii) the issuance of any shares of Common Stock pursuant to the exercise of the Warrants, (iv) the issuance of shares of Common Stock pursuant to any management stock option incentive or similar plan, (v) a dividend or distribution to holders of Common Stock of cash, property or securities (other than Common Stock) and/or (vi) any change in the par value of the Common Stock. 
5.Transfer and Exchange of Warrants.
5.1.Transfer and Exchange of Global Warrant Certificates or Beneficial Interests Therein. The transfer and exchange of Global Warrant Certificates or beneficial interests therein shall be effected through the Depository, in accordance with the terms of this Agreement and the procedures of the Depository.
5.2.[RESERVED].
5.3.Transfer and Exchange of Direct Registration Warrants. The transfer and exchange of Direct Registration Warrants shall be effected in accordance with the terms of this Agreement and the procedures of the Warrant Agent, and the Warrant Agent shall register the transfer or make the exchange as requested if (i) its customary requirements for such transactions are met and (ii) such transfer or exchange otherwise is not prohibited by this Agreement; provided, however, that the Warrant Agent has received a written instruction of transfer or exchange, as applicable, including a completed form of assignment substantially in the form attached as Exhibit B hereto duly signed by the registered holder thereof or by the duly appointed legal representative thereof or by his attorney, duly authorized in writing, such signature to be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Warrant Agent. Upon any such registration of transfer, a new Warrant Statement shall be issued to the transferee.
5.4.Restrictions on Transfer and Exchange of Direct Registration Warrants for a Beneficial Interest in a Global Warrant Certificate. A Direct Registration Warrant may not be exchanged for a beneficial interest in a Global Warrant Certificate except upon satisfaction of the requirements set forth below, and provided that any such Warrants exchanged shall not be subject to any vesting requirements or transfer restrictions under applicable securities laws. Upon receipt by the Warrant Agent of appropriate instruments of transfer with respect to a Direct Registration Warrant, in form satisfactory to the Warrant Agent, together with written instructions directing the Warrant Agent to make, or to direct the Depository to make, an endorsement on the Global Warrant Certificate to reflect an increase in the number of Warrants represented by the Global Warrant Certificate equal to the number of Warrants represented by such Direct Registration Warrant, and all other necessary information, then the Warrant Agent 
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shall cancel such Direct Registration Warrant on the Warrant Register and cause, or direct the Depository to cause, in accordance with the standing instructions and procedures existing between the Depository and the Warrant Agent, the number of Warrants represented by the Global Warrant Certificate to be increased accordingly, and shall cause such Warrants to be credited to the account of the transferee at the Depository designated pursuant to the foregoing instructions. If no Global Warrant Certificates are then outstanding, the Company shall issue and the Warrant Agent shall either manually or by facsimile countersign a new Global Warrant Certificate representing the appropriate number of Warrants.
5.5.Restrictions on Transfer and Exchange of Global Warrant Certificates. Notwithstanding any other provisions of this Agreement (other than the provision set forth in Section 5.6), a Global Warrant Certificate 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.
5.6.Cancellation of Global Warrant Certificates and Direct Registration Warrants. At such time as all beneficial interests in Global Warrant Certificates and Direct Registration Warrants have been exchanged for Common Stock in accordance herewith, redeemed, repurchased or cancelled, all Global Warrant Certificates shall be returned to, or cancelled and retained pursuant to applicable law by, the Company, upon written instructions from the Company reasonably satisfactory to the Warrant Agent.
The Global Warrant Certificates, and all beneficial interests therein, will be exchanged by the Company for Direct Registration Warrant if the Company delivers to the Warrant Agent notice from the Depository that it is unwilling or unable to continue to act as Depository or that it is no longer a clearing agency registered under the Securities Exchange Act of 1934, as amended, and, in either case, a successor Depository is not appointed by the Company within one hundred and twenty (120) days after the date of such notice from the Note Depository. Upon the occurrence of the event described in the preceding sentence, the Warrant Agent shall cancel the affected Global Warrant Certificates, and the Warrant Agent shall issue Direct Registration Warrants in such names as the Depository shall instruct the Warrant Agent and new Warrant Statements to any holder of beneficial interests in the Global Warrant Certificates so cancelled.
5.7.Obligations with Respect to Transfers and Exchanges of Warrants.
(a)To permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent is hereby authorized to countersign, in accordance with the provisions of this Section 5, Global Warrant Certificates, as required pursuant to the provisions of this Section 5.
(b)All Global Warrant Certificates or Direct Registration Warrants issued upon any registration of transfer or exchange shall be the valid obligations of the Company, entitled to the same benefits under this Agreement as the Global Warrant Certificates or Direct Registration Warrants surrendered upon such registration of transfer or exchange.
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(c)So long as the Depository, or its nominee, is the registered owner of a Global Warrant Certificate, the Depository or such nominee, as the case may be, will be considered the sole owner or registered holder represented by such Global Warrant Certificate for all purposes under this Agreement, including, without limitation, for the purposes of (i) giving notices with respect to such Warrants and (ii) registering transfers with respect to such Warrants. Neither the Company nor the Warrant Agent, in its capacity as registrar for such Warrants, will have any responsibility or liability for any aspect of the records relating to beneficial interests in a Global Warrant Certificate or for maintaining, supervising or reviewing any records relating to such beneficial interests. Notwithstanding the foregoing or anything else in this Agreement to the contrary, the Depository, as a registered holder of the Warrants represented by the Global Warrant Certificates, may appoint agents and otherwise authorize participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a registered holder of Warrants is entitled to give or take under this Agreement.
(d)A party requesting transfer of Warrants must provide any evidence of authority that may be reasonably required by the Warrant Agent, including but not limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association.
(e)The Warrant Agent shall not undertake the duties and obligations of a stock transfer agent under this Agreement, or otherwise, including, without limitation, the duty to receive, issue or transfer shares of the Common Stock.
5.8.Restrictions on Transfer. 
(a)Each Warrant holder, by its acceptance of any Warrant under this Agreement, acknowledges and agrees that the Warrants were issued, and the shares of Common Stock issuable upon exercise thereof shall be issued, pursuant to the exemption from the registration requirements of Section 5 of the Securities Act of 1933, as amended (the “Securities Act”) provided by Section 1145 of the Bankruptcy Code, and to the extent that a Warrant holder (or a holder of shares of Common Stock issuable on exercise of a Warrant) is an “underwriter” as defined in Section 1145(b)(1) of the Bankruptcy Code, such Warrant holder may not sell or transfer any Warrants or shares of Common Stock issuable upon exercise thereof in the absence of an effective registration statement under the Securities Act or an exemption from registration thereunder and that there is no established market for Warrants or the shares of Common Stock issuable upon exercise thereof and there may not be any public market for such securities in the future.
(b)Each Warrant holder, by its acceptance of any Warrant under this Agreement, acknowledges and agrees that the Warrants represented by a Global Warrant Certificate shall bear a restrictive legend that reads substantially as follows:
TRANSFERS OF THIS GLOBAL WARRANT CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE OR AS OTHERWISE PERMITTED 
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IN SECTION 5.5 OF THE WARRANT AGREEMENT, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL WARRANT CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 5 OF THE WARRANT AGREEMENT.
THIS WARRANT HAS BEEN, AND THE COMMON STOCK WHICH MAY BE PURCHASED PURSUANT TO THE EXERCISE OF THIS WARRANT (THE “COMMON STOCK,” AND TOGETHER WITH THIS WARRANT, THE “SECURITIES”) WILL BE, ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SECTION 1145 OF TITLE 11 OF THE UNITED STATES CODE (THE “BANKRUPTCY CODE”). THE SECURITIES MAY BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), PROVIDED THAT THE HOLDER IS NOT DEEMED TO BE AN UNDERWRITER AS SUCH TERM IS DEFINED IN SECTION 1145(b) OF THE BANKRUPTCY CODE. IF THE HOLDER IS DEEMED TO BE AN UNDERWRITER AS SUCH TERM IS DEFINED IN SECTION 1145(b) OF THE BANKRUPTCY CODE, THEN THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED UNLESS (1) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAW OR (2) SUCH DISPOSITION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE SECURITIES ACT AND OF ANY APPLICABLE STATE SECURITIES LAWS. THIS WARRANT MUST BE SURRENDERED TO THE COMPANY OR ITS WARRANT AGENT AS A CONDITION PRECEDENT TO THE SALE, PLEDGE OR OTHER TRANSFER OF ANY INTEREST IN ANY OF THE COMMON STOCK REPRESENTED BY THIS WARRANT.
THE SECURITIES REPRESENTED BY THIS WARRANT ARE SUBJECT TO CERTAIN RESTRICTIONS ON EXERCISE, TRANSFER, SALE, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR OTHER SIMILAR TRANSFER AS SET FORTH IN THE CERTIFICATE OF INCORPORATION OF THE COMPANY AND A WARRANT AGREEMENT AMONG THE COMPANY AND THE WARRANT AGENT, AS EACH MAY BE AMENDED FROM TIME TO TIME, COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY.
(c)Each Warrant holder, by its acceptance of any Warrant under this Agreement, acknowledges and agrees that the Warrants represented by book-entry registration on the books and records of the Warrant Agent shall bear a restrictive legend that reads substantially as follows:
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THIS WARRANT HAS BEEN, AND THE COMMON STOCK WHICH MAY BE PURCHASED PURSUANT TO THE EXERCISE OF THIS WARRANT (THE “COMMON STOCK,” AND TOGETHER WITH THIS WARRANT, THE “SECURITIES”) WILL BE, ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SECTION 1145 OF TITLE 11 OF THE UNITED STATES CODE (THE “BANKRUPTCY CODE”). THE SECURITIES MAY BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), PROVIDED THAT THE HOLDER IS NOT DEEMED TO BE AN UNDERWRITER AS SUCH TERM IS DEFINED IN SECTION 1145(b) OF THE BANKRUPTCY CODE. IF THE HOLDER IS DEEMED TO BE AN UNDERWRITER AS SUCH TERM IS DEFINED IN SECTION 1145(b) OF THE BANKRUPTCY CODE, THEN THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED UNLESS (1) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAW OR (2) SUCH DISPOSITION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE SECURITIES ACT AND OF ANY APPLICABLE STATE SECURITIES LAWS. THIS WARRANT MUST BE SURRENDERED TO THE COMPANY OR ITS WARRANT AGENT AS A CONDITION PRECEDENT TO THE SALE, PLEDGE OR OTHER TRANSFER OF ANY INTEREST IN ANY OF THE COMMON STOCK REPRESENTED BY THIS WARRANT.
THE SECURITIES REPRESENTED BY THIS WARRANT ARE SUBJECT TO CERTAIN RESTRICTIONS ON EXERCISE, TRANSFER, SALE, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR OTHER SIMILAR TRANSFER AS SET FORTH IN THE CERTIFICATE OF INCORPORATION OF THE COMPANY AND A WARRANT AGREEMENT AMONG THE COMPANY AND THE WARRANT AGENT, AS EACH MAY BE AMENDED FROM TIME TO TIME, COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY.
(d)Each Warrant holder and registered holder further acknowledges and agrees that the shares of Common Stock issuable upon exercise of the Warrant, whether certificated or issued on a Direct Registration Warrant, shall bear a legend substantially in the form of the second paragraph of the legend appearing above, and any other legends required by applicable federal and state securities laws, the certificate of incorporation of the Company or otherwise called for by this Agreement or any other agreement between the Company, on the one hand, and the Warrant holder and the registered holder, on the other hand.
5.9.Service Charges. No service charge shall be made for any exchange or registration of transfer of Warrants.
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5.10.Warrant Execution and Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, any Global Warrant Certificates required to be issued hereunder, and the Company, whenever required by the Warrant Agent, will supply the Warrant Agent with Global Warrant Certificates duly executed on behalf of the Company for such purpose.
6.Other Provisions Relating to Rights of Holders of Warrants.
6.1.No Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.
6.2.Lost, Stolen, Mutilated, or Destroyed Warrants. If a Global Warrant Certificate is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Global Warrant Certificate, include the surrender thereof), issue a new Global Warrant Certificate of like denomination, tenor, and date as the Global Warrant Certificate so lost, stolen, mutilated, or destroyed. Any such new Global Warrant Certificate shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone.
6.3.Reservation of Shares of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement.
7.Concerning the Warrant Agent and Other Matters.
7.1.Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock on the exercise of Warrants. The Company shall not, however, be required to pay any tax or governmental charge which may be payable in respect of any transfer involved in the transfer or delivery of a Global Warrant Certificate or the issuance of Common Stock in a name other than that of the holder of a Warrant. The Warrant Agent may refrain from registering any such transfer or delivery of a Global Warrant Certificate or the issuance or delivery of shares of Common Stock upon exercise of Warrants until any such tax or governmental charge shall have been paid (any such tax or governmental charge being payable by the holder of a Warrant at the time of surrender) or until it has been established to the Company’s and the Warrant Agent’s reasonable satisfaction that no such tax or governmental charge is due.
7.2.Resignation, Consolidation, or Merger of Warrant Agent.
7.2.1.Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office 
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of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations.
7.2.2.Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to (i) the predecessor Warrant Agent, (ii) the transfer agent for the shares of Common Stock and (iii) each registered holder of Warrants (by first class mail, postage prepaid) at such holder’s last address as shown on the register of the Warrant Agent, in each case, not later than the effective date of any such appointment.
7.2.3.Merger or Consolidation of Warrant Agent. Any corporation or other entity into which the Warrant Agent may be merged or with which it may be consolidated or any corporation or other entity resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act.
7.3.Fees and Expenses of Warrant Agent.
7.3.1.Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent hereunder and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. This Section 7.3.1 shall survive the expiration of the Warrants, the termination of this Agreement and the resignation, replacement or removal of the Warrant Agent.
7.3.2.Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed, acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement.
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7.4.Liability of Warrant Agent.
7.4.1.Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a statement signed by the Chief Executive Officer or Chairman of the Board of Directors of the Company and delivered to the Warrant Agent. The Warrant Agent and its agents and subcontractors shall not be liable and shall be indemnified by Company for any action taken, suffered or omitted to be taken by Warrant Agent in reliance upon any Company instructions. The Warrant Agent shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from Company. The last two sentences of this Section 7.4.1 shall survive the expiration of the Warrants, the termination of this Agreement and the resignation, replacement or removal of the Warrant Agent.
7.4.2.Indemnity. The Warrant Agent shall be liable hereunder only for its own gross negligence, willful misconduct or bad faith (each as determined by a final, non-appealable judgment of a court of competent jurisdiction). The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel fees, for any action taken, suffered or omitted to be taken by the Warrant Agent in the execution of this Agreement except as a result of the Warrant Agent’s gross negligence, willful misconduct, or bad faith (each as determined by a final, non-appealable judgment of a court of competent jurisdiction). The Warrant Agent may execute and exercise any of the rights and powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys, agents or employees, and the Warrant Agent shall not be answerable or accountable for any act, omission, default, neglect or misconduct of any such attorneys, agents or employees or for any loss to the Company resulting from any such act, omission, default, neglect or misconduct, absent gross negligence, willful misconduct or bad faith in the selection and continued employment thereof (each as determined by a final, non-appealable judgment of a court of competent jurisdiction). No provision of this Agreement shall require the Warrant Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise any of its rights or powers if it reasonably believes that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it. The Warrant Agent may at any time consult with legal counsel satisfactory to it, and the opinion or advice of such counsel shall be full and complete authorization and protection to the Warrant Agent and the Warrant Agent shall incur no liability as to any action taken, suffered or omitted to be taken by it in accordance with such opinion or advice. This Section 7.4.2 shall survive the expiration of the Warrants, the termination of this Agreement and the resignation, replacement or removal of the Warrant Agent.
7.4.3.Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant; nor shall it be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment; nor shall it by any act hereunder be deemed to make any 
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representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant or as to whether any shares of Common Stock will, when issued, be valid and fully paid and nonassessable. This Section 7.4.3 shall survive the expiration of the Warrants, the termination of this Agreement and the resignation, replacement or removal of the Warrant Agent.
7.4.4.Consequential Damages. Neither party to this Agreement shall be liable to the other party for any consequential, indirect, special or incidental damages under any provisions of this Agreement or for any consequential, indirect, punitive, special or incidental damages arising out of any act or failure to act hereunder even if that party has been advised of or has foreseen the possibility of such damages. This Section 7.4.4 shall survive the expiration of the Warrants, the termination of this Agreement and the resignation, replacement or removal of the Warrant Agent.
7.5.Acceptance of Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the express terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of shares of Common Stock through the exercise of Warrants.
7.6.Limitation of Liability. Notwithstanding anything contained herein to the contrary, the Warrant Agent’s aggregate liability during any term of this Agreement with respect to, arising from, or arising in connection with this Agreement, or from all services provided or omitted to be provided under this Agreement, whether in contract, or in tort, or otherwise, is limited to, and shall not exceed, the amounts paid hereunder by the Company to the Warrant Agent as fees and charges, but not including reimbursable expenses. This Section 7.6 shall survive the expiration of the Warrants, the termination of this Agreement and the resignation, replacement or removal of the Warrant Agent.
8.Miscellaneous Provisions.
8.1.Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns.
8.2.Notices. Any notice, statement or demand authorized by this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows:
c/o Unit Corporation
8200 South Unit Drive
Tulsa, Oklahoma 74132
Telephone: (918) 493-7700
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Fax: (918) 493-7711 
Attention: Mark E. Schell 
Any notice, statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:
American Stock Transfer & Trust Company, LLC
6201 15th Avenue
Brooklyn, New York 11219 
Attn: Corporate Actions
8.3.Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.
8.4.Persons Having Rights under this Agreement. Nothing in this Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Warrants.
8.5.Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times in the office of the Warrant Agent at the address set forth in Section 8.2, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it.
8.6.Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
8.7.Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect the interpretation thereof.
8.8.Amendments. This Agreement may be amended by the parties hereto without the consent of any registered holder for the purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other 
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provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment to increase the Exercise Price or shorten the Exercise Period, shall require the written consent or vote of the registered holders of a majority of the then outstanding Warrants. Notwithstanding the foregoing, the Company may not extend the duration of the Exercise Period pursuant to Section 3.2 or reduce the exercise price or make any amendment that is inconsistent with the Plan. In addition, as a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized officer of the Company that states that the proposed amendment is in compliance with the terms of this Section 8.8; provided, however, that the Warrant Agent may, but shall not be required to, execute any amendment that adversely affects the Warrant Agent’s own rights, duties or immunities hereunder.
8.9.Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable.
8.10.Confidentiality. The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other party, including inter alia, personal, non-public warrant holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement including the fees for services set forth in the attached schedule shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce and criminal actions).
8.11.Force Majeure. Notwithstanding anything to the contrary contained herein, the Warrant Agent will not be liable for any delays or failures in performance resulting from acts beyond its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war, or civil unrest.

[Signature Page Follows]

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

UNIT CORPORATION

By:     /s/ Mark E. Schell                                                      
            Mark E. Schell                                                      
Executive Vice President, Corporate Secretary 
and General Counsel 

AMERICAN STOCK TRANSFER & TRUST 
COMPANY, LLC 
as Warrant Agent

By:     /s/ Michael A. Nespoli                                                        
Name: Michael A. Nespoli                                            
Title: Executive Director                                    

[Signature Page to Warrant Agreement]

EXHIBIT A-1  
FORM OF FACE OF GLOBAL WARRANT CERTIFICATE
This Global Warrant Certificate is deposited with or on behalf of The Depository Trust Company (the “Depository”) or its nominee in custody for the benefit of the beneficial owners hereof, and is not transferable to any person under any circumstances except that (i) this Global Warrant Certificate may be delivered to the Warrant Agent for cancellation pursuant to Section 5.6 of the Warrant Agreement and (ii) this Global Warrant Certificate may be transferred pursuant to Section 5.5 of the Warrant Agreement and as set forth below.
TRANSFERS OF THIS GLOBAL WARRANT CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE OR AS OTHERWISE PERMITTED IN SECTION 5.5 OF THE WARRANT AGREEMENT, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL WARRANT CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 5 OF THE WARRANT AGREEMENT.
THIS WARRANT HAS BEEN, AND THE COMMON STOCK WHICH MAY BE PURCHASED PURSUANT TO THE EXERCISE OF THIS WARRANT (THE “COMMON STOCK,” AND TOGETHER WITH THIS WARRANT, THE “SECURITIES”) WILL BE, ISSUED PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SECTION 1145 OF TITLE 11 OF THE UNITED STATES CODE (THE “BANKRUPTCY CODE”). THE SECURITIES MAY BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), PROVIDED THAT THE HOLDER IS NOT DEEMED TO BE AN UNDERWRITER AS SUCH TERM IS DEFINED IN SECTION 1145(b) OF THE BANKRUPTCY CODE. IF THE HOLDER IS DEEMED TO BE AN UNDERWRITER AS SUCH TERM IS DEFINED IN SECTION 1145(b) OF THE BANKRUPTCY CODE, THEN THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED UNLESS (1) THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAW OR (2) SUCH DISPOSITION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE SECURITIES ACT AND OF ANY APPLICABLE STATE SECURITIES LAWS. THIS WARRANT MUST BE SURRENDERED TO THE COMPANY OR ITS WARRANT AGENT AS A CONDITION PRECEDENT TO THE SALE, PLEDGE OR OTHER TRANSFER OF ANY INTEREST IN ANY OF THE COMMON STOCK REPRESENTED BY THIS WARRANT.
THE SECURITIES REPRESENTED BY THIS WARRANT ARE SUBJECT TO CERTAIN RESTRICTIONS ON EXERCISE, TRANSFER, SALE, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR OTHER SIMILAR TRANSFER AS SET FORTH IN THE CERTIFICATE OF INCORPORATION OF THE COMPANY AND A WARRANT
A-1-1

AGREEMENT AMONG THE COMPANY AND THE WARRANT AGENT, AS EACH MAY BE AMENDED FROM TIME TO TIME, COPIES OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY.
No registration or transfer of the securities issuable pursuant to the exercise of the Warrant will be recorded on the books of the Company until such provisions have been complied with.
To the extent that any provision hereof conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control.
A-1-2

CUSIP No. 909218125  
ISIN No. US9092181257  
WARRANTS TO PURCHASE  
SHARES OF COMMON STOCK
UNIT CORPORATION  
GLOBAL WARRANT TO PURCHASE COMMON STOCK  
VOID AFTER THE DATES AND TIMES SET FORTH IN THE WARRANT AGREEMENT
This Global Warrant Certificate (“Warrant Certificate”) certifies that Cede & Co., or its registered assigns is the registered holder of [●] Warrants (the “Warrants”) of Unit Corporation, a Delaware corporation (the “Company”), to purchase shares (the “Shares”) of common stock, par value $0.01 per share (the “Common Stock”), of the Company. The Warrants may be exercised commencing upon the Exercise Commencement Date (as defined in the Warrant Agreement) and will expire on the earlier of (i) 5:00 p.m., New York City time, September 3, 2027, (ii) the consummation of a liquidation, dissolution or winding up of the Company, and (iii) the consummation of any Liquidity Event (the earliest of the events described in clauses (i) through (iii) being referred to as the “Expiration Date”), and each Warrant entitles the holder to purchase from the Company one fully paid and non-assessable Share (subject to adjustment pursuant to the Warrant Agreement (as defined on the reverse hereof)) at the Exercise Price (as determined pursuant to the Warrant Agreement), payable to the Company by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than 5:00 p.m., New York City time, on the business day immediately prior to the settlement date, which settlement date is three Business Days after a Warrant Exercise Notice is delivered (the “Settlement Date”). The initial Exercise Price shall be determined by the Company promptly after the final resolution of the Disputed Claims.
In lieu of paying the Exercise Price as set forth in the preceding paragraph, subject to the provisions of the Warrant Agreement, the Warrants shall entitle the holder thereof, at the election of such holder, to surrender the Warrants in exchange for a number of shares of Common Stock equal to the quotient obtained by dividing (i) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of the Fair Market Value (as defined in the Warrant Agreement) over the Exercise Price by (ii) the Fair Market Value; provided that if the foregoing calculation results in zero or a negative number, then no shares of Common Stock shall be issuable upon a cashless exercise.
The Exercise Price and the number of Shares purchasable upon exercise of the Warrants are subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement, which adjustments shall be reflected on the “Schedule of Increases or Decreases in Global Warrant Certificate” attached hereto.
A-1-3

To the extent that any provision hereof conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control.
Warrants may only be exercised during the Exercise Period.
After the Expiration Date, the Warrants will become wholly void and of no value.
No Rights as Stockholder. A Warrant does not entitle the registered holder thereof to any of the rights of a stockholder of the Company, including, without limitation, the right to receive dividends, or other distributions, to exercise any preemptive rights, to vote or to consent or to receive notice as stockholders in respect of the meetings of stockholders or the election of directors of the Company or any other matter.
REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS WARRANT CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE.
This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent.
IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by its duly authorized officer.

Dated:                                                        

UNIT CORPORATION

By:                                                                      
Name:           
Title:    

AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

By:                                                                      
Name:           
Title:     
A-1-4

FORM OF REVERSE OF GLOBAL WARRANT CERTIFICATE 
UNIT CORPORATION
The Warrants evidenced by this Warrant Certificate are a part of a duly authorized issue of Warrants to purchase shares of Common Stock issued pursuant to that certain Warrant Agreement, dated as of September 3, 2020 (the “Warrant Agreement”), duly executed and delivered by the Company and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company (collectively the “Warrant Agent”). The Warrant Agreement hereby is incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the registered holders or registered holder) of the Warrants. A copy of the Warrant Agreement may be inspected at the Warrant Agent’s office and is available upon written request addressed to the Company. All capitalized terms used on the face of this Warrant Certificate but not defined herein and are defined in the Warrant Agreement shall have the meanings assigned to them therein.
Warrants may be exercised to purchase Common Stock from the Company from the Exercise Commencement Date through the Expiration Date at the Exercise Price, subject to adjustment as described in the Warrant Agreement. Subject to the terms and conditions set forth herein and in the Warrant Agreement, the holder of the Warrants evidenced by this Warrant Certificate may exercise such Warrants by:
(i)providing written notice of such election (“Warrant Exercise Notice”) to exercise the Warrants to the Company and the Warrant Agent at the addresses set forth in the Warrant Agreement, by hand or by facsimile, no later than the Expiration Date, which Warrant Exercise Notice shall substantially be in the form of an election to purchase shares of Common Stock set forth herein, properly completed and executed by the holder; 
(ii)delivering no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date, the Warrants to the Warrant Agent (by book-entry transfer through the facilities of the Depository); and 
(iii)paying the Exercise Price, together with any applicable taxes and governmental charges.
In lieu of paying the Exercise Price as set forth in the preceding paragraph, subject to the provisions of the Warrant Agreement, the Warrants shall entitle the holder thereof, at the election of such holder, to surrender the Warrants in exchange for a number of shares of Common Stock equal to the quotient obtained by dividing (i) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of Fair Market Value (as defined in the Warrant Agreement) over the Exercise Price by (ii) the Fair Market Value; provided that if the foregoing calculation results in zero or a negative number, then no shares of Common Stock shall be issuable upon a cashless exercise.
In the event that upon any exercise of the Warrants evidenced hereby the number of shares of Common Stock actually purchased shall be less than the total number of shares of Common 
A-1-5

Stock purchasable upon exercise of the Warrants evidenced hereby, there shall be issued to the holder hereof, or such holder’s assignee, a new Warrant Certificate evidencing Warrants to purchase the shares of Common Stock not so purchased or appropriate adjustment shall be made in the “Schedule of Increases or Decreases in Global Warrant Certificate” annexed hereto. No adjustment shall be made for any cash dividends on any shares of Common Stock issuable upon exercise of Warrants. After the Expiration Date, unexercised Warrants shall become wholly void and of no value.
The Company shall not be required to issue fractional shares of Common Stock or any certificates that evidence fractional Shares.
No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act of 1933, as amended, or applicable state securities laws.
The Company and Warrant Agent may deem and treat the registered holder hereof as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise hereof and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary.
[Balance of page intentionally remains blank]
A-1-6

[TO BE ATTACHED TO GLOBAL WARRANT CERTIFICATE]  
SCHEDULE OF INCREASES OR DECREASES IN GLOBAL WARRANT CERTIFICATE
The following increases or decreases in this Global Warrant have been made:
																								
	Date	Amount of decrease in the number of Warrants represented by this Global Warrant	Amount of increase in the number of Warrants represented by this Global Warrant	Number of Warrants represented by this Global Warrant following such decrease or increase	Amount of decrease in the number of shares issuable upon exercise of the Warrants represented by this Global Warrant	Amount of increase in number of shares issuable upon exercise of the Warrants represented by this Global Warrant	Number of shares issuable upon exercise of the Warrants represented by this Global Warrant following such decrease or increase	Signature of authorized officer of the Warrant Agent
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]

A-1-7

EXHIBIT A-2  
FORM OF ELECTION TO EXERCISE WARRANT FOR 
WARRANT HOLDERS HOLDING WARRANTS 
THROUGH THE DEPOSITORY TRUST COMPANY  
TO BE COMPLETED BY DIRECT PARTICIPANT 
IN THE DEPOSITORY TRUST COMPANY  
UNIT CORPORATION  
Warrants to Purchase ___________ Shares of Common Stock  
(TO BE EXECUTED UPON EXERCISE OF THE WARRANT)
The undersigned hereby irrevocably elects to exercise the right, represented by Warrants to purchase shares of Common Stock of Unit Corporation (the “Company”) held for its benefit through the book-entry facilities of The Depository Trust Company (the “Depository”), to purchase ___________ newly issued shares of Common Stock of the Company at the initial exercise price of $[●] per share (the “Exercise Price”).
Please check below if this exercise is contingent upon a Liquidity Event in accordance with Section 3.3.2 of the Warrant Agreement.
☐ This exercise is being made in connection with a Liquidity Event; provided, that in the event that such transaction shall not be consummated, then this exercise shall be deemed revoked.  
The undersigned represents, warrants and promises that it has the full power and authority to exercise and deliver the Warrants exercised hereby. The undersigned represents, warrants and promises that it has delivered or will deliver in payment for such shares $___________ by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose or through a cashless exercise (as described below), no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date.
☐ Please check if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to exercise the Warrants by surrendering the Warrants in exchange for a number of shares of Common Stock equal to the quotient obtained by dividing (i) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the excess of Fair Market Value (as defined in the Warrant Agreement) over the Exercise Price by (ii) the Fair Market Value; provided that if the foregoing calculation results in zero or a negative number, then no shares of Common Stock shall be issuable upon a cashless exercise.
The undersigned requests that the shares of Common Stock purchased hereby be in registered form in the authorized denominations, registered in such names and delivered, all as specified in accordance with the instructions set forth below, provided that if the shares of Common Stock 
A-2-1

are evidenced by global securities, the shares of Common Stock shall be registered in the name of the Depository or its nominee, to the account of the participant specified herein.

Dated:                                                        
A-2-2

																																	
	NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU (THROUGH THE CLEARING SYSTEM) OF (1) THE WARRANT AGENT’S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS ON THE EXERCISE DATE AND (2) THE ADDRESS, PHONE NUMBER AND FACSIMILE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED.										
											
	NAME OF DIRECT PARTICIPANT IN THE DEPOSITORY:										
										(PLEASE PRINT)	
											
	ADDRESS:										
											
											
	CONTACT NAME:										
											
	ADDRESS:										
											
											
	TELEPHONE (INCLUDING INTERNATIONAL CODE):										
											
	FAX (INCLUDING INTERNATIONAL CODE):										
											
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):										
											
											
	ACCOUNT FROM WHICH WARRANTS ARE BEING DELIVERED:										
											
	DEPOSITORY ACCOUNT NO.:										
											
	WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THIS NOTIFICATION (OR AS OTHERWISE DIRECTED), MARKED TO THE ATTENTION OF “WARRANT EXERCISE”. WARRANT HOLDER DELIVERING WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT EXERCISE NOTICE:										
											
	NAME:										
				(PLEASE PRINT)							
											
	CONTACT NAME:										
											
	TELEPHONE (INCLUDING INTERNATIONAL CODE):										
											
	FAX (INCLUDING INTERNATIONAL CODE):										
											
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):										
											
											
	ACCOUNT TO WHICH THE SHARES OF COMMON STOCK ARE TO BE CREDITED:										
											
											
	DEPOSITORY ACCOUNT NO.:										
											

A-2-3

																																	
	NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU (THROUGH THE CLEARING SYSTEM) OF (1) THE WARRANT AGENT’S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS ON THE EXERCISE DATE AND (2) THE ADDRESS, PHONE NUMBER AND FACSIMILE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED.										
											
	FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE PERSON DELIVERING THIS WARRANT EXERCISE NOTICE:										
	NAME:										
				(PLEASE PRINT)							
											
	ADDRESS:										
											
											
	CONTACT NAME:										
											
	TELEPHONE (INCLUDING INTERNATIONAL CODE):										
											
	FAX (INCLUDING INTERNATIONAL CODE):										
											
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):										
											
											
	NUMBER OF SHARES OF COMMON STOCK FOR WHICH WARRANT IS BEING EXERCISED (ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE):										
											
											
	Signature:										
											
	Name:										
				(PLEASE PRINT)							
											
	Capacity in which Signing:										
											
	Signature Guaranteed:										
											
	BY:										
											
	Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.										

A-2-4

EXHIBIT A-3  
FORM OF ELECTION TO EXERCISE WARRANT FOR 
WARRANT HOLDERS HOLDING 
DIRECT REGISTRATION WARRANTS 
 TO BE COMPLETED BY REGISTERED HOLDER  
UNIT CORPORATION  
Warrants to Purchase ___________ Shares of Common Stock  
(TO BE EXECUTED UPON EXERCISE OF THE WARRANT)
The undersigned hereby irrevocably elects to exercise the right, represented by Warrants to purchase shares of Common Stock of Unit Corporation (the “Company”), to purchase ___________ newly issued shares of Common Stock of the Company at the initial Exercise Price of $[●] per share.
Please check below if this exercise is contingent upon a Liquidity Event in accordance with Section 3.3.2 of the Warrant Agreement.
☐ This exercise is being made in connection with a Liquidity Event; provided, that in the event that such transaction shall not be consummated, then this exercise shall be deemed revoked.  
The undersigned represents, warrants and promises that it has the full power and authority to exercise and deliver the Warrants exercised hereby. The undersigned represents, warrants and promises that it has delivered or will deliver in payment for such shares $___________ by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose or through a cashless exercise (as described below), no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date.
 ̈ Please check if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to exercise Warrants by surrendering the Warrants in exchange for a number of shares of Common Stock equal to the quotient obtained by dividing (i) the product of the number of shares of Common Stock underlying the Warrants, multiplied by the Fair Market Value less the Exercise Price by (ii) the Fair Market Value.
The undersigned requests that the shares of Common Stock purchased hereby be in registered form in the authorized denominations, registered in such names and delivered, all as specified in accordance with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares of Common Stock shall be registered in the name of the Depository or its nominee, to the account of the participant specified herein.
A-3-1

Dated:                                                         
A-3-2

																														
	NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU (THROUGH THE CLEARING SYSTEM) OF (1) THE WARRANT AGENT’S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS ON THE EXERCISE DATE AND (2) THE ADDRESS, PHONE NUMBER AND FACSIMILE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED.									
										
	NAME OF DIRECT PARTICIPANT IN THE DEPOSITORY:									
									(PLEASE PRINT)	
										
	ADDRESS:									
										
										
	CONTACT NAME:									
										
	ADDRESS:									
										
										
	TELEPHONE (INCLUDING INTERNATIONAL CODE):									
										
	FAX (INCLUDING INTERNATIONAL CODE):									
										
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):									
										
										
	ACCOUNT FROM WHICH WARRANTS ARE BEING DELIVERED:									
										
	DEPOSITORY ACCOUNT NO.:									
										
	WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THIS NOTIFICATION (OR AS OTHERWISE DIRECTED), MARKED TO THE ATTENTION OF “WARRANT EXERCISE”. WARRANT HOLDER DELIVERING WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT EXERCISE NOTICE:									
										
	NAME:									
				(PLEASE PRINT)						
										
	CONTACT NAME:									
										
	TELEPHONE (INCLUDING INTERNATIONAL CODE):									
										
	FAX (INCLUDING INTERNATIONAL CODE):									
										
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):									
										
										
	ACCOUNT TO WHICH THE SHARES OF COMMON STOCK ARE TO BE CREDITED:									
										
										
	DEPOSITORY ACCOUNT NO.:									
										

A-3-3

																														
	NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO THE EXPIRATION DATE. THE WARRANT AGENT SHALL NOTIFY YOU (THROUGH THE CLEARING SYSTEM) OF (1) THE WARRANT AGENT’S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS ON THE EXERCISE DATE AND (2) THE ADDRESS, PHONE NUMBER AND FACSIMILE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED.									
										
	FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE PERSON DELIVERING THIS WARRANT EXERCISE NOTICE:									
	NAME:									
				(PLEASE PRINT)						
										
	ADDRESS:									
										
										
	CONTACT NAME:									
										
	TELEPHONE (INCLUDING INTERNATIONAL CODE):									
										
	FAX (INCLUDING INTERNATIONAL CODE):									
										
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):									
										
										
	NUMBER OF SHARES OF COMMON STOCK FOR WHICH WARRANT IS BEING EXERCISED (ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE):									
										
										
	Signature:									
										
	Name:									
				(PLEASE PRINT)						
										
	Capacity in which Signing:									
										
	Signature Guaranteed:									
										
	BY:									
										
	Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.									

A-3-4

EXHIBIT B  
FORM OF ASSIGNMENT  
(TO BE EXECUTED BY THE REGISTERED HOLDER 
IF SUCH HOLDER DESIRES TO TRANSFER A WARRANT)
						
	FOR VALUE RECEIVED, the undersigned registered holder hereby sells, assigns and transfers unto	
		
		
	Name of Assignee	
		
		
	Address of Assignee	
		
	Warrants to purchase shares of Common Stock held by the undersigned, together with all right, title and interest therein, and does irrevocably constitute and appoint attorney, to transfer such Warrants on the books of the Warrant Agent, with full power of substitution.	
		
	Signature	
		
		
	Date	
		
		
	Social Security or Other Taxpayer Identification Number of Assignee	
		
		
	SIGNATURE GUARANTEED BY:	
		
		
		
	Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.	

B-1Document

REGISTRATION RIGHTS AGREEMENT   
by and among   
UNIT CORPORATION  
and   
the Holders party hereto      

Dated as of September 9, 2020

REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (this “Agreement”) is made and entered into as of September 9, 2020, by and among Unit Corporation, a Delaware corporation (the “Company”), the investors signatory hereto (collectively, the “Initial Holders”), any Permitted Transferee (as defined below) who hereafter becomes a party to this Agreement as contemplated in Section 7(b) hereof (each such party who holds Registrable Securities, a “Holder” and, collectively, the “Holders”) and each RBL Lender (as defined in the Plan) signatory hereto (each, an “RBL Holder” and collectively, the “RBL Holders”)) receiving shares of common stock of the Company (the “Common Stock”) pursuant to the Plan (as defined below) in connection with the Equity Exit Fee (as defined in the Plan). 
On May 22, 2020, the Company and certain of its Affiliates (collectively with the Company, the “Debtors”) filed voluntary petitions with the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”) initiating cases under chapter 11 of the Bankruptcy Code (collectively, the “Chapter 11 Cases”).  On June 9, 2020, the Debtors filed with the Bankruptcy Court a Proposed Joint Chapter 11 Plan of Reorganization of the Debtors. On June 19, 2020, the Debtors filed with the Bankruptcy Court a First Revised Proposed Joint Chapter 11 Plan of Reorganization (as may be further amended, supplemented or otherwise modified, the “Plan”). 
Pursuant to the Plan, and in connection with the Company’s emergence from the Chapter 11 Cases as set forth in the Plan (the date of such emergence, the “Emergence Date”), (i) holders of the Company’s existing 6.625% senior subordinated notes due 2021 (the “Subordinated Notes”) exchanged their claims against the Company in respect of such Subordinated Notes for, among other consideration, shares of Common Stock, (ii) each holder of the Company’s common stock prior to the Chapter 11 Cases exchanged such Common Stock for Warrants to purchase an aggregate of 12.5% of the Common Stock and (iii) the RBL Holders received shares of Common stock in respect of the Equity Exit Fee.
This Agreement is made for the benefit of the Holders.  In connection with the Plan, the Company has agreed to provide the registration rights set forth in this Agreement.
The parties hereby agree as follows:
Section 1.Definitions.  
As used in this Agreement, the following capitalized terms shall have the following meanings:
 “Affiliate” means, with respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with, such other Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), when used with respect to any Person, means the possession, directly or indirectly, of the power to cause the direction of management and/or policies of such Person, whether through the ownership of voting securities by contract or otherwise.
1

“Agreement” has the meaning set forth in the preamble hereof. 
“Approved Underwriter” has the meaning set forth in Section 2(g) hereof. 
“Bankruptcy Court” has the meaning set forth in the preamble hereof. 
“beneficial ownership” and terms of similar import shall be as defined under and determined pursuant to Rule 13d-3 (or any successor rule then in effect) promulgated under the Exchange Act, except that in calculating the beneficial ownership of any Holder, such Holder shall be deemed to have beneficial ownership of all securities that such Holder has the right to acquire, whether such right is currently exercisable or is exercisable upon the occurrence of a subsequent event or the passage of time.
“Business Day” means any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions located in New York, New York are authorized or required by law to be closed.  If the time to perform any action hereunder falls on a day that is not a Business Day, such time will be extended to the next Business Day.
“Chapter 11 Cases” has the meaning set forth in the preamble hereof. 
“Closing Price” means the closing price of a share of Common Stock as reported on the principal national securities exchange on which the shares of Common Stock are listed or admitted for trading or, if no such closing price on such date is reported, the average of the closing bid and asked prices on such date, as so reported; or (ii) if not then listed or admitted to trading on any securities exchange but it is designated as a national market system security by the National Association of Securities Dealers, Inc., the last trading price of a share of Common Stock on such date; or (iii) if the Common Stock is not so designated, the average of the reported closing bid and asked prices of a share of Common Stock on such date as shown by the National Market System of the National Association of Securities Dealers, Inc. Automated Quotations System and reported by any member firm of the New York Stock Exchange selected by the Company; or (iv) if not so reported and shown by the National Market System of the National Association of Securities Dealers, Inc. Automated Quotations System, the average of the reported closing bid and asked prices of a share of Common Stock on such date in the over-the-counter market or comparable system as shown by a system of automated dissemination of quotations of securities prices then in common use comparable to the National Association of Securities Dealers, Inc. Automated Quotations System.
“Commission” means the Securities and Exchange Commission.
“Common Stock” has the meaning set forth in the preamble hereof. 
“Company” has the meaning set forth in the preamble hereof. 
“Company Underwriter” has the meaning set forth in Section 3(a) hereof. 
“controlling person” has the meaning set forth in Section 6(a) hereof. 
“Debtors” has the meaning set forth in the preamble hereof. 
2

“Demand Registration” has the meaning set forth in Section 2(a)(i) hereof. 
“Effective Date” has the meaning set forth in Section 2(h) hereof.
“Emergence Date” has the meaning set forth in the preamble hereof. 
“Exchange Act” means the Securities Exchange Act of 1934, as amended.
“FINRA” means the Financial Industry Regulatory Authority, Inc.
“Holder” has the meaning set forth in the preamble hereof. 
“Incidental Registration” has the meaning set forth in Section 3(a) hereof. 
“Indemnified Holder” has the meaning set forth in Section 6(a) hereof.
“Initial Holders” has the meaning set forth in the preamble hereof. 
“Initiating Holders” has the meaning set forth in Section 2(a)(i) hereof. 
“Permitted Transferee” means any transferee of Registrable Securities from a Holder in a transaction not involving a public offering to whom rights under this Agreement are assigned in accordance with Section 7(b) hereof.
“Person” means an individual, partnership, corporation, limited liability company, trust or unincorporated organization, or a government or agency or political subdivision thereof.
“Plan” has the meaning set forth in the preamble hereof. 
“Prospectus” means the prospectus included in a Registration Statement, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus.
“RBL Holder” has the meaning set forth in the preamble hereof. 
“Registrable Securities” means, with respect to any Holder, (i) any shares of Common Stock and Warrants owned by such Holder or any of its Affiliates immediately following the consummation of the Plan, (ii) any shares of Common Stock issuable upon exercise or conversion of the Warrants owned by such Holder or any of its Affiliates immediately following the consummation of the Plan and (iii) any shares of Common Stock or Warrants (and any shares of Common Stock issuable thereunder) acquired by such Holder or any of its Affiliates after the date hereof.  Registrable Securities include any shares of capital stock, warrants or other securities of the Company issued as a dividend or other distribution with respect to or in exchange for or in replacement of Registrable Securities.  As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when:  (a) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred or otherwise 

3

disposed of in accordance with such Registration Statement; (b) such securities shall have ceased to be outstanding; (c) such securities have been disposed of pursuant to Rule 144 promulgated under the Securities Act (or any successor provision); or (d) with respect to any Holder, such Holder and its Affiliates beneficially own less than 5% of the outstanding Common Stock. Common Stock received by the RBL Holders signatory hereto in connection with the Equity Exit Fee shall be “Registrable Securities” for purposes of the piggy-back and incidental registration rights provided to holders of Registrable Securities pursuant to Section 2(c) and Section 3 hereof.
“Registration Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities Act for a public offering and sale of Registrable Securities (other than a registration statement on Form S-4 or Form S-8 (or any successor or substantially similar form), or in connection with (i) an employee stock option, stock purchase or compensation plan or securities issued or issuable pursuant to any such plan or (ii) a dividend reinvestment plan).
“Required Percentage of Registrable Securities” has the meaning set forth in Section 2(a)(iv) hereof.
“Restricted Period” means, with respect to an underwritten offering, the period from the earlier of (i) the date of the pricing of such offering or (ii) the filing of a preliminary Prospectus or Prospectus supplement immediately prior to the commencement of marketing efforts by the Approved Underwriter until (and including) the date that is 90 calendar days following the date of the final Prospectus or Prospectus supplement, as applicable, for such offering. 
“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule.
“Securities Act” means the Securities Act of 1933, as amended.
“Shelf Registration Statement” has the meaning set forth in Section 2(a)(ii) hereof.
“Shelf Registration” has the meaning set forth in Section 2(a)(ii) hereof.
“Shelf Takedown” has the meaning set forth in Section 2(a)(ii) hereof.
 “Specified Period” means with regard to the period after the effective date of a Registration Statement for an offering of Common Stock, 180 days.
“Suspension Notice” has the meaning set forth in Section 4(b)(ii) hereof. 
“Valid Business Reason” has the meaning set forth in Section 2(b) hereof. 
“Warrants” means the Company’s warrants governed by the Warrant Agreements dated as of the date hereof between the Company and American Stock Transfer & Trust 
4

Company, LLC, a New York limited liability trust company, as warrant agent, each as may be amended, supplemented or otherwise modified from time to time.
Section 2.Demand Registration.
(a)Request for Demand Registration
(i)At any time and from time to time, any of the Initial Holders (the “Initiating Holders”) may make a written request to the Company to register, and the Company shall register, under the Securities Act (other than pursuant to a Registration Statement on Form S-4 or S-8, or with respect to shares issued in an acquisition or any debt securities), in accordance with the terms of this Agreement (a “Demand Registration”), the number of Registrable Securities stated in such request; provided, however, that the Company shall not be obligated to effect (i) more than five (5) such Demand Registrations, (ii) a Demand Registration if the Initiating Holders propose to sell Registrable Securities in such Demand Registration at an anticipated aggregate offering price (calculated based upon the Market Price of the Registrable Securities on the date on which the Company receives the written request for such Demand Registration) to the public of less than $10,000,000 unless such Demand Registration includes all of the then-outstanding Registrable Securities or is a Shelf Registration (as defined below) or (iii) any such Demand Registration within the Specified Period (or such shorter period as the Company may determine in its sole discretion) after the effective date of any other Registration Statement of the Company (other than a Registration Statement on Form S-4 or S-8, or with respect to shares issued in an acquisition or any debt securities).  
(ii)The Initiating Holders shall have the right in any Demand Registration to request registration under the Securities Act of all or any portion of their Registrable Securities for an offering on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto (a “Shelf Registration”).  After the effectiveness of any Registration Statement relating to a Shelf Registration (a “Shelf Registration Statement”), the Initiating Holder may request in writing that the Company file one or more prospectus supplements or post-effective amendments to a Shelf Registration Statement to effect an offering of Registrable Securities registered under such Shelf Registration Statement (a “Shelf Takedown”). 
(iii)Each request for a Demand Registration or Shelf Takedown by the Initiating Holders shall state the type and amount of the Registrable Securities proposed to be offered and the intended method of disposition thereof.
(iv)Notwithstanding anything in this Agreement to the contrary, unless (x) a determination shall have been made in accordance with the Plan that the Company shall continue to be a reporting issuer under the Exchange Act, (y) the Company shall have registered for sale under an effective registration statement shares of Common Stock or (z) after January 1, 2020, the Company shall have filed a registration statement for its Common Stock under the Exchange Act and such registration statement shall have become effective, no demand rights may be exercised under this Section 2(a) except with the consent of the holders of the Required Percentage of Registrable Securities.
5

“Required Percentage of Registrable Securities” means, at any relevant time, 51% of the Common Stock actually outstanding and comprising Registrable Securities held by Holders.
(b)Deferral.  If the board of directors of the Company, in its good faith judgment, reasonably determines that any registration of Registrable Securities under this Section 2 should not be made or continued because it would materially interfere with any material or potentially material financing, acquisition, corporate reorganization or merger or other transaction involving the Company, including negotiations related thereto, or require the Company to disclose any material nonpublic information which would reasonably be likely to be detrimental to the Company or otherwise make it undesirable for the Company to complete a Demand Registration at that time (a “Valid Business Reason”), (x) the Company may postpone filing a Registration Statement (but not the preparation of the Registration Statement) relating to a Demand Registration until such Valid Business Reason no longer exists, but in no event for more than sixty (60) days after the date when the Demand Registration was requested or, if later, after the occurrence of the Valid Business Reason and (y) in case a Registration Statement has been filed relating to a Demand Registration, the Company may postpone amending or supplementing such Registration Statement until such Valid Business Reason no longer exists.  The Company shall give written notice to all Initial Holders of its determination to postpone filing, amending or supplementing a Registration Statement and of the fact that the Valid Business Reason for such postponement no longer exists, in each case, promptly after the occurrence thereof (which notice shall notify each Holder only of the occurrence of such an event or the fact that it no longer exists and shall provide no additional information regarding such event to the extent such information would constitute material nonpublic information). Notwithstanding anything to the contrary contained herein, the Company may not postpone a filing, amendment or supplement under Section 2(a) due to a Valid Business reason for more than ninety (90) days in the aggregate in any twelve month period.
(c)Incidental or “Piggy-Back” Rights with Respect to a Demand Registration.  Any Initial Holder which has not requested a registration under Section 2(a) hereof and any RBL Holder may, pursuant to this Section 2(c), offer its Registrable Securities under any Demand Registration and any Initial Holder whose Registrable Securities are included in a Shelf Registration Statement may include its Registrable Securities in a Shelf Takedown.  The Company may also offer its Common Stock under any Demand Registration, subject to the priority provision described below.  The Company shall (i) as promptly as practicable, but in any event within twenty (20) days after receiving a request for a Demand Registration, give written notice thereof to all of the eligible Initial Holders (other than the Initiating Holders) and all RBL Holders, which notice shall specify the type and number of Registrable Securities subject to the request for Demand Registration or Shelf Takedown, the names of the Initiating Holders and the intended method of disposition of such Registrable Securities, and (ii) subject to Section 2(f) hereof, include in the Registration Statement filed pursuant to the Demand Registration or Shelf Takedown all of the Registrable Securities held by such Initial Holders and RBL Holders from whom the Company has received a written request for inclusion therein within five (5) days of the date on which the Company sent the written notice referred to in clause (i) above.  Each such request by such Initial Holders or any RBL Holder shall specify the type and number of Registrable Securities proposed to be registered.  
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The failure of any Initial Holder or RBL Holder to respond within such period referred to in clause (ii) above shall be deemed to be a waiver of such Initial Holder’s or such RBL Holder’s rights, as applicable, under this Section 2(c) with respect to such Demand Registration or Shelf Takedown.  Any Initial Holder and any RBL Holder may waive its rights under this Section 2(c) by giving written notice to the Company.
(d)Effective Demand Registration.  Subject to Section 2(a) and Section 2(b), the Company shall use commercially reasonable efforts to file a Registration Statement relating to the Demand Registration and to cause such Registration Statement to become effective as promptly as practicable but in no event with respect to such filing later than ninety (90) days after it receives a request under Section 2(a) hereof (subject to postponement or blackout pursuant to a Valid Business Reason) and to remain continuously effective (subject to postponement or blackout pursuant to a Valid Business Reason), and not subject to any stop order, injunction or similar order or requirement of the Commission for the lesser of (i) the period during which all Registrable Securities registered in the Demand Registration are sold or (ii) two hundred seventy (270) days (or in the case of a Shelf Registration Statement, three (3) years); provided, however, that in the event of any stop order, injunction or other similar order or requirement of the Commission relating to any Shelf Registration Statement, if any Registrable Securities covered by such Shelf Registration Statement remain unsold, the period during which such Shelf Registration Statement shall be required to remain effective will be extended by the number of days during which such stop order, injunction or similar order or requirement is in effect; provided further, however, that if any Shelf Registration Statement was initially declared effective on Form S-3 and, prior to the date determined pursuant to this Section 2(d) the Company becomes ineligible to use Form S-3, the period during which such Shelf Registration Statement shall be required to remain effective will be extended by the number of days during which the Company did not have an effective Registration Statement covering such unsold Registrable Securities initially registered on such Shelf Registration Statement.  The Company shall file any prospectus supplement or amendment to a Shelf Registration Statement to effect any requested Shelf Takedown as promptly as practicable and, in the case of a post-effective amendment, use its commercially reasonable effects to cause the Shelf Registration Statement to become effective as promptly as practicable.
(e)Expenses.  Except as provided in Section 2(a)(iv) and 2(h) hereof, the Company shall pay all registration expenses contemplated by Section 5 hereof in connection with a Demand Registration (and, if applicable, any related Shelf Takedown), whether or not such Demand Registration becomes effective.
(f)Underwriting Procedures. If the Initiating Holders so elect, the Company shall use commercially reasonable efforts to cause the offering made pursuant to such Demand Registration or any Shelf Takedown pursuant to this Section 2 to be in the form of a firm commitment underwritten offering; provided, however, that the Company shall not be obligated to effect more than five (5) such underwritten offerings.  The managing underwriter or underwriters selected for such offering shall be the Approved Underwriter selected in accordance with Section 2(g) hereof.  In connection with any Demand Registration or Shelf Takedown under this Section 2 involving an underwritten offering, none of the Registrable Securities held by any Initial Holder making a request for inclusion of such Registrable Securities pursuant to Section 2(a) or 2(c) hereof shall be included in such underwritten offering unless such Initial 
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Holder (i) accepts the terms of the offering as agreed upon by the Company, the Initiating Holders and the Approved Underwriter (including, without limitation, offering price, underwriting commissions or discounts and lockup agreement terms), and then only in such quantity as set forth below and (ii) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 
If the Approved Underwriter advises the Company that the aggregate amount of such Registrable Securities requested to be included in such offering is sufficiently large to have a material adverse effect on the distribution or sales price of the Registrable Securities in such offering, then the Company shall include in such Demand Registration or Shelf Takedown, to the extent of the amount that the Approved Underwriter believes may be sold in an orderly manner at a price that is acceptable to the Initiating Holders without causing such material adverse effect, all of the Registrable Securities of the Initiating Holders requested to be registered pursuant to such Demand Registration or Shelf Takedown; if the Approved Underwriter determines that additional securities may be included in such offering after including all of the Registrable Securities of the Initiating Holders requested to be included in such Demand Registration or Shelf Takedown, then the offering may include additional securities in the following order of priority (i) first, such number of Registrable Securities of the Initial Holders (other than the Initiating Holders) and RBL Holders participating in the offering under Section 2(c) hereof, which Registrable Securities shall be allocated pro rata among such Initial Holders and RBL Holders participating in the offering, based on the number of Registrable Securities held by each such Initial Holder and RBL Holder, (ii) second, to the extent any additional securities may be included in such offering after giving effect to clause (i), any other securities of the Company requested by holders thereof to be included in such registration or Shelf Takedown, pro rata among such other holders based on the number of securities held by each such holder, and (iii) third, to the extent any additional securities may be included in such offering after giving effect to clauses (i) and (ii), securities offered by the Company for its own account.  
(g)Selection of Underwriters.  If any Demand Registration or Shelf Takedown of Registrable Securities is in the form of an underwritten offering, the Initiating Holders holding a majority of the Registrable Securities requested to be included in such underwritten offering shall select and obtain one or more investment banking firms of national reputation to act as the managing underwriter or underwriters of the offering; provided, however, that such firm or firms shall, in any case, also be approved by the Company, such approval not to be unreasonably delayed or withheld.  An investment banking firm or firms selected pursuant to this Section 2(g) shall be referred to as the “Approved Underwriter” herein.
(h)Withdrawal. The Initiating Holders may, at any time prior to the date on which a Registration Statement relating to such registration is filed (the “Effective Date”), revoke their request for the Company to effect the registration of all or part of such Initiating Holder’s or Initiating Holders’ Registrable Securities by providing a written notice to the Company. If, pursuant to the preceding sentence, the entire request for a Demand Registration is revoked, then, at the option of the Initiating Holder or Initiating Holders who revoke such request, either (i) such Initiating Holder or Initiating Holders shall reimburse the Company for all of its reasonable and documented out-of-pocket expenses incurred in the preparation, filing and processing of the Registration Statement, which out-of-pocket expenses, 
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for the avoidance of doubt, shall not include overhead expenses and which requested registration shall not count as one of the permitted requests for a Demand Registration hereunder or (ii) the requested registration that has been revoked will be deemed to have been effected for purposes of this Section 2.
Section 3.Incidental or “Piggy-Back” Registration
(a)Request for Incidental or “Piggy-Back” Registration. At any time after the Emergence Date, if the Company proposes to file a Registration Statement with respect to an offering of Common Stock by the Company for its own account (other than a Registration Statement on Form S-4 or S-8, or with respect to shares issued in an acquisition or any debt securities or a registration statement on Form S-1 or Form S-3 covering solely an employee benefit or dividend reinvestment plan) or for the account of any stockholder of the Company other than Initial Holders pursuant to Section 2 hereof, then the Company shall give written notice of such proposed filing to each of the Initial Holders and RBL Holders at least ten (10) days before the anticipated filing date, which notice shall describe the proposed registration and distribution and offer such Initial Holders and RBL Holders the opportunity to register the number of Registrable Securities that each such Initial Holder and RBL Holder may request (an “Incidental Registration”).  The Company shall use commercially reasonable efforts to cause the managing underwriter or underwriters in the case of a proposed underwritten offering (the “Company Underwriter”) to permit each Initial Holder or RBL Holder who has requested in writing to participate in the Incidental Registration pursuant to this Section 3(a) to include the number of such Initial Holder’s and RBL Holder’s Registrable Securities indicated by such Initial Holder or RBL Holder in such offering on the same terms and conditions as the Common Stock of the Company or the account of such other stockholder, as the case may be, included therein.  Any withdrawal of the Registration Statement by the Company for any reason shall constitute and effect an automatic withdrawal of any Incidental Registration related thereto.  In connection with any Incidental Registration under this Section 3(a) involving an underwritten offering, the Company shall not be required to include any Registrable Securities in such underwritten offering unless the Initial Holders or RBL Holders thereof accept the terms of the underwritten offering as agreed upon between the Company, such other stockholders, if any, and the Company Underwriter (including, without limitation, offering price, underwriting commissions or discounts and lock-up agreement terms), and then only in such quantity as set forth below.  If the Company Underwriter determines that the aggregate amount of the securities requested to be included in such offering is sufficiently large to have a material adverse effect on the distribution or sales price of the securities in such offering, then the Company shall include in such Incidental Registration, to the extent of the amount that the Company Underwriter believes may be sold in an orderly manner at a price that is acceptable to the Company without causing such material adverse effect, all of the securities to be offered for the account of the Company, and if the Company Underwriter determines that additional securities may be included in such offering after including all of the securities to be offered for the account of the Company in a Company initiated Incidental Registration or an initiating stockholder in a stockholder initiated Incidental Registration, then the offering may include additional securities in the following order of priority, (i) first, any Registrable Securities to be included in such Incidental Registration, pro rata among the Initial Holders and RBL Holders based on the number of Registrable Securities held by each such Initial Holder and RBL Holder, and (ii) second, to the extent any additional securities may be included in such offering after giving effect to clause (i), all of the securities to 
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be offered for any other stockholders with comparable contractual registration rights, pro rata based on the number of securities held by each such other stockholder.  For purposes of clarity and the avoidance of doubt, in the event of a Company initiated Incidental Registration, the Company shall at all times have the right (but not the obligation) to include all of its securities before any other stockholder, including any Initial Holder or RBL Holder, may include any of its securities.  The Company shall have the right to terminate or withdraw any Incidental Registration prior to effectiveness, whether or not any Initial Holder or RBL Holder has elected to include Registrable Securities in such Incidental Registration. 
(b)Expenses.  The Company shall bear all registration expenses contemplated by Section 5 hereof in connection with any Incidental Registration pursuant to this Section 3, whether or not such Incidental Registration becomes effective.
Section 4.Registration Procedures.
(a)In connection with any Registration Statement, any Shelf Takedown and any Prospectus required by this Agreement to permit the sale or resale of Registrable Securities, the Company shall:
(i)use commercially reasonable efforts to keep such Registration Statement continuously effective during the period required by this Agreement and provide all requisite financial statements for such period; upon the occurrence of any event that would cause any such Registration Statement or the Prospectus related thereto therein (A) to contain a material misstatement or omission or (B) not to be effective and usable for resale of Registrable Securities during the period required by this Agreement, the Company shall as promptly as reasonably practicable file an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, if Commission review is required, shall use commercially reasonable efforts to cause such amendment to be declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter;
(ii)use commercially reasonable efforts to prepare and file with the Commission such amendments and post-effective amendments, including any prospectus supplement or post-effective amendments to the Registration Statement as may be necessary to keep the Registration Statement effective for the time period required by this Agreement or to effect a Shelf Takedown requested pursuant to Section 2; cause the Prospectus to be supplemented by any required prospectus supplement, including any prospectus supplement requested in connection with a Shelf Takedown under Section 2, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with any applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during the period required by this Agreement in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement, post-effective amendment or supplement to the Prospectus;
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(iii)advise each Holder and RBL Holder whose Registrable Securities have been included in a Registration Statement, (A) when the Prospectus or any prospectus supplement or post-effective amendment has been filed, and, with respect to such Registration Statement or any post-effective amendment thereto, when the same has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Registrable Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the happening of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to make the statements therein not misleading.  If at any time the Commission shall issue any stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Registrable Securities under state securities or blue sky laws, the Company shall use commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest possible time;
(iv)furnish without charge, upon request, to each selling Holder and RBL Holder named in a Registration Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of the Registration Statement or any Prospectus included therein or any amendments or supplements to any such Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Registration Statement to the extent not then available via the Commission’s EDGAR system, but only to the extent they expressly relate to any offering to be effected thereunder), which documents will be subject to the review and comment of such Holders and RBL Holders and underwriter(s) in connection with such sale, if any, for a period of at least three (3) Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement to any such Registration Statement or Prospectus (including all such documents incorporated by reference, but only to the extent they expressly relate to any offering to be effected thereunder) to which a Holder of Registrable Securities covered by such Registration Statement or the underwriter(s), if any, shall reasonably object in writing within three (3) Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period).  The objection of a Holder, RBL Holder or underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission.  Notwithstanding the foregoing, the Company shall not be required to take, or refrain from taking, any actions under this clause (iv) that are not, in the reasonable opinion of counsel for the Company, in compliance with applicable law;
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(v)promptly prior to the filing of any document that is to be incorporated by reference into a Registration Statement or Prospectus (but only to the extent such incorporated document expressly relates to any offering to be effected thereunder) in connection with such registration or sale, if any, provide copies of such document to each selling Holder and RBL Holder named in the Registration Statement in connection with such registration or sale, if any, and to the underwriter(s), if any, make the Company’s representatives available for discussion of such document and other customary due diligence matters subject to execution and delivery of customary confidentiality agreements, and include such information in such document prior to the filing thereof as such selling Holders, RBL Holders or underwriter(s), if any, reasonably may request to correct any material misstatement or omission contained therein or omitted therefrom or in order to comply with the applicable requirements of the Securities Act or the rules and regulations promulgated thereunder;
(vi)make available at reasonable times for inspection by the selling Holders and RBL Holders, the underwriter(s), if any, participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by such selling Holders and RBL Holders or any of the underwriter(s), all financial and other records, pertinent corporate documents and properties of the Company and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Holder, RBL Holder, underwriter, attorney or accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the underwriter(s), if any; provided that any Holder, RBL Holder, underwriter or representative of any Holder, RBL Holder or underwriter requesting or receiving such information shall agree to be bound by reasonable confidentiality agreements and procedures with respect thereto;
(vii)promptly incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders, RBL Holders and underwriter(s), if any, may reasonably request to have included therein to correct any material misstatement or omission contained therein or omitted therefrom or in order to comply with the applicable requirements of the Securities Act or the rules and regulations promulgated thereunder, including, without limitation, information relating to the “Plan of Distribution” of the Registrable Securities, information with respect to the number of Registrable Securities being sold to such underwriter(s), the purchase price being paid therefor and any other terms of the offering of the Registrable Securities to be sold in such offering; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after the Company is notified of the matters to be incorporated in such prospectus supplement or post-effective amendment;
(viii)upon request, furnish to each selling Holder and RBL Holder and each of the underwriter(s), if any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules (without all documents incorporated by reference therein or exhibits thereto, unless requested);
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(ix)upon request, deliver to each selling Holder and RBL Holder and each of the underwriter(s), if any, without charge, as many copies of the Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; provided, that if no Registration Statement is effective or no Prospectus is usable, the Company shall deliver to each selling Holder and RBL Holder a notice to that effect in response to such request; the Company hereby consents to the use (in accordance with law and this Agreement) of the Prospectus and any amendment or supplement thereto by each of the selling Holders and RBL Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Registrable Securities covered by the Prospectus or any amendment or supplement thereto;
(x)upon the request of such Holder, use commercially reasonable efforts to enter into such agreements (including an underwriting agreement containing customary terms), and make such representations and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Registrable Securities pursuant to a Registration Statement contemplated by this Agreement, all to such extent as may be customarily and reasonably requested by any Holder of Registrable Securities or underwriter in connection with any sale or resale pursuant to a Registration Statement contemplated by this Agreement; and whether or not an underwriting agreement is entered into and whether or not the registration is an underwritten registration, the Company shall use commercially reasonable efforts to:
(A)Upon the request of any Holder, furnish to each underwriter, if any, in such substance and scope as they may reasonably request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the effectiveness of the Registration Statement:
(1)an opinion and 10b-5 letter in customary form of counsel for the Company, covering the matters customarily covered in opinions and 10b-5 letters requested in similar underwritten offerings and such other matters as such parties may reasonably request; and
(2)obtain a customary comfort letter, dated the date of effectiveness of the Registration Statement, from the Company’s independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten offerings;
(B)deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with clause (A) above and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company;
(xi)prior to any public offering of Registrable Securities, cooperate with the selling Holders, the RBL Holders, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Registrable Securities 
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under the state securities or blue sky laws of such jurisdictions within the United States of America as the selling Holders or underwriter(s), if any, may reasonably request and do such other acts or things reasonably necessary or advisable to permit the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement in a manner that is in compliance with the applicable laws of such jurisdiction, provided that the Company will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph (xi), (B) conform its capitalization or the composition of its assets at the time to the securities or blue sky laws of any such jurisdiction, (C) subject itself to taxation in any such jurisdiction or (D) consent to general service of process in any such jurisdiction; 
(xii)if any fact or event contemplated by Section 4(a)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Registrable Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein not misleading;
(xiii)cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and regulations of FINRA; and
(xiv)otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Securities Act (which need not be audited) for the twelve-month period commencing after the effective date of the Registration Statement.
(b)Restrictions on Holders.  
(i)Subject to the provisions of this Section 4(b), following the effectiveness of a Registration Statement, the Company may direct the Holders and RBL Holders, in accordance with Section 4(b)(ii), to suspend sales of Registrable Securities pursuant to such Registration Statement and the use of any Prospectus or preliminary Prospectus contained therein for such times as the Company reasonably may determine are necessary and advisable (but in no event, for more than an aggregate of ninety (90) days in any consecutive twelve-month period commencing on the date hereof or more than sixty (60) days in any consecutive ninety (90)-day period, except as a result of a review of any post-effective amendment by the Commission prior to declaring any post-effective amendment to the Registration Statement effective, provided that the Company has used its commercially reasonable efforts to cause such post-effective amendment to be declared effective), if any of the following events shall occur:  (1) the majority of the Company’s board of directors shall have determined in good faith that (a) the offer or sale of any Registrable Securities would materially impede, delay or interfere with any proposed financing, offer or sale of securities, acquisition, merger, consolidation, 
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business combination, disposition, tender offer, corporate reorganization or other significant transaction involving the Company, (b) upon the advice of counsel, the sale of Registrable Securities pursuant to such Registration Statement would require disclosure of nonpublic material information not otherwise required to be disclosed under applicable laws and (c) (i) the Company has a bona fide business purpose for preserving the confidentiality of such transaction, (ii) disclosure would have a material adverse effect on the Company or the Company’s ability to consummate such transaction or (iii) the proposed transaction renders the Company unable to comply with Commission requirements, in each case under circumstances that would make it impractical or inadvisable to cause the Registration Statement to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis, as applicable, or (2) the majority of the Company’s board of directors shall have determined in good faith that it is required by law, rule or regulation or Commission-published release or interpretation to supplement the Registration Statement or file a post-effective amendment to the Registration Statement in order to incorporate information into the Registration Statement, including for the purpose of (a) including in the Registration Statement any prospectus required under Section 10(a)(3) of the Securities Act, (b) reflecting in the Prospectus any facts or events arising after the effective date of the Registration Statement (or of the most recent post-effective amendment) that, individually or in the aggregate, represents a fundamental change in the information set forth therein, or (c) including in the Prospectus any material information with respect to the plan of distribution not disclosed in the Registration Statement or any material change to such information.  Upon the occurrence of any such suspension, the Company shall use commercially reasonable efforts to cause the Registration Statement to become effective or to promptly amend or supplement the Registration Statement on a post-effective basis or to take such action as is necessary to make resumed use of the Registration Statement compatible with the Company’s best interests, as applicable, so as to permit the Holders to resume sales of Registrable Securities as soon as possible.
(ii)Each Holder and RBL Holder agrees that, upon receipt of the notice referred to in Section 4(a)(iii)(C), any notice from the Company of the existence of any fact of the kind described in Section 4(a)(iii)(D) hereof or a notice from the Company of any of the events set forth in Section 4(b)(i) (in each case, a “Suspension Notice”), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement until (A) such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 4(a)(xii) hereof, or (B) it is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus.  Each Holder and RBL Holder receiving a Suspension Notice hereby agrees that it will either (1) destroy any Prospectuses, other than permanent file copies, then in such Holder’s or RBL Holder’s possession that have been replaced by the Company with more recently dated Prospectuses, or (2) deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s or RBL Holder’s possession, of the Prospectus covering such Registrable Securities that was current at the time of receipt of such notice.  In the event the Company shall give any such notice, the time period regarding the effectiveness of such Shelf Registration Statement set forth in Section 2 hereof shall be extended by the number of days during 
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the period from and including the date of the giving of such notice pursuant to Section 4(a)(iii)(D) hereof to and including the date when each selling Holder covered by such Shelf Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by Section 4(a)(xiii) hereof or shall have been advised in writing that the use of the Prospectus may be resumed.
(c)Section 4(a)(7), Rule 144 and Rule 144A; Other Exemptions.  With a view to making available to the Holders of Registrable Securities the benefits of Rule 144 and Rule 144A promulgated under the Securities Act and other rules and regulations of the Commission that may at any time permit a Holder of Registrable Securities to sell securities of the Company without registration, until such time as when no Registrable Securities remain outstanding, the Company covenants that it will (i) if it is subject to the reporting requirement of Section 13 or 15(d) of the Exchange Act, file in a timely manner all reports and other documents required, if any, to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted thereunder, or (ii) if it is not subject to the reporting requirement of Section 13 or 15(d) of the Exchange Act, make available information necessary to comply with Section 4(a)(7) of the Securities Act and Rule 144 and Rule 144A, if available with respect to resales of the Registrable Securities under the Securities Act, at all times, all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (x) Section 4(a)(7) of the Securities Act and Rule 144 and Rule 144A promulgated under the Securities Act (if available with respect to resales of the Registrable Securities), as such rules may be amended from time to time, or (y) any other rules or regulations now existing or hereafter adopted by the Commission.  Upon the reasonable request of any Holder of Registrable Securities, the Company will deliver to such Holder a written statement as to whether it has complied with such information requirements, and, if not, the specific reasons for non-compliance.
Section 5.Registration Expenses.
(a)Except as provided in Section 2(h) hereof, all expenses incident to the Company’s performance of or compliance with this Agreement will be borne by the Company regardless of whether a Registration Statement becomes effective, including, without limitation:  (i) all registration and filing fees and expenses (including filings made by any Holder, broker, dealer or underwriter with FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and expenses of compliance with federal securities and state securities or blue sky laws; (iii) all fees and disbursements of counsel for the Company; and (iv) all fees and disbursements of independent certified public accountants of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance). For the avoidance of doubt, each Holder and RBL Holder shall pay any underwriting or brokerage fees and commissions associated with securities sold by such Holder. 
The Company will, in any event, bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company. 
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(b)In connection with a Registration Statement required by this Agreement, the Company will reimburse the Holders of Registrable Securities being registered pursuant to the Registration Statement for the reasonable and documented fees and disbursements of a single counsel (chosen by the Holders) for Holders and RBL Holders of Registrable Securities.
Section 6.Indemnification.
(a)The Company agrees to indemnify and hold harmless (i) each Holder and each RBL Holder, (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder or RBL Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers, directors, partners, investment managers, managers, stockholders, employees, representatives and agents of any Holder or RBL Holder or any controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as incurred, reimbursement of all reasonable out-of-pocket costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened, including the reasonable fees and expenses of counsel to any Indemnified Holder), directly or indirectly caused by, related to, based upon, arising out of or in connection with any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement or Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by an untrue statement or omission or alleged untrue statement or omission that is based upon information relating to any of the Holders furnished in writing to the Company by or on behalf of any of the Holders expressly for use therein or out of sales of Registrable Securities made during a suspension period after notice is given pursuant to Section 4(b) hereof.  This indemnity agreement shall be in addition to any liability that the Company may otherwise have.
In case any action or proceeding (including any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Company, such Indemnified Holder (or the Indemnified Holder controlled by such controlling person) shall promptly notify the Company in writing; provided, however, that the failure to give such notice shall not relieve the Company of its obligations pursuant to this Agreement except to the extent that it had been materially prejudiced by such failure (through forfeiture of substantive rights).  The Company may assume the defense of such action or proceeding at its own expense, with counsel reasonably satisfactory to such Indemnified Holder, unless such assumption would be inappropriate due to actual or potential differing or conflicting interests between the Company and the Indemnified Holder.  In any such proceeding so assumed by the Company, any Indemnified Holder shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Holder unless (i) the Company and the Indemnified Holder shall have mutually agreed to the retention of such counsel, (ii) representation of both parties by the same counsel would be inappropriate due to actual or 

17

potential differing or conflicting interests between them or (iii) the Company does not assume the defense of such action or proceeding.  The Company shall not, in connection with any such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which firm shall be designated by the Holders.  The Company shall be liable for any settlement of any such action or proceeding effected with the Company’s prior written consent, which consent shall not be withheld unreasonably, and the Company agrees to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or reasonable out-of-pocket expense by reason of any settlement of any action effected with the written consent of the Company.  The Company shall not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or termination (i) includes an unconditional release of each Indemnified Holder from all liability arising out of such action, claim, litigation or proceeding and (ii) does not include a statement as to an admission of fault, culpability or a failure to act, by or on behalf of the Indemnified Holder.
(b)Each Holder and each RBL Holder of Registrable Securities agrees, severally and not jointly, to indemnify and hold harmless the Company and the directors and officers of the Company who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) the Company, and the respective officers, directors, partners, employees, representatives and agents of each such Person, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses to the same extent as the foregoing indemnity from the Company to each of the Indemnified Holders, but only with respect to claims and actions based on information relating to such Holder or RBL Holder furnished in writing by or on behalf of such Holder or RBL Holder expressly for use in a Registration Statement.  In case any action or proceeding shall be brought against the Company or its directors or officers or any such controlling Person or its respective officers, directors, partners, employees, representatives and agents in respect of which indemnity may be sought against a Holder or RBL Holder of Registrable Securities, such Holder or RBL Holder shall have the rights and duties given the Company, and the Company, its directors and officers, such controlling person and its respective officers, directors, partners, employees, representatives and agents shall have the rights and duties given to each Holder or RBL Holder by the preceding paragraph.
(c)If the indemnification provided for in this Section 6 is unavailable to an indemnified party under Section 6(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative fault of the Company, on the one hand, and the Holders and RBL Holders, on the other hand, in connection with the statements or omissions that resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant 
18

equitable considerations.  The relative fault of the Company, on the one hand, and of the Holders and RBL Holders, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Holders and RBL Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.  The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim.
The Company and each Holder and RBL Holder of Registrable Securities agree that it would not be just and equitable if contribution pursuant to this Section 6(c) were determined by pro rata allocation (even if the Holders and RBL Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph.  The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.  Notwithstanding the provisions of this Section 6, the total amount to be indemnified or contributed by a Holder or RBL Holder pursuant to this Section 6(b) and (c), respectively, shall be limited to the net proceeds (after deducting underwriters’ discounts and commissions) received by such Holder or RBL Holder in the offering to which such Registration Statement or prospectus relates.  No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.  The Holders’ and RBL Holders’ obligations to contribute pursuant to this Section 6(c) are several in proportion to the respective number of Registrable Securities held by each of the Holders and RBL Holders hereunder and not joint.
Section 7.Miscellaneous.
(a)Remedies.  The Company hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.
(b)Assignment; No Third Party Beneficiaries; Additional Parties.  This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part.  This Agreement and the rights, duties and obligations of the Holders hereunder may be freely assigned or delegated by such Holder in conjunction with and to the extent of any transfer of Registrable Securities by any such Holder to a Permitted Transferee, provided that (i) written notice of such transfer and such assignment or delegation shall have been given to the Company promptly following such transfer and such assignment or delegation and (ii) such Permitted Transferee shall have executed and delivered to the Company a joinder to become a party to this Agreement.  This Agreement is not 
19

intended to confer any rights or benefits on any persons that are not party hereto, including a Permitted Transferee, other than as expressly set forth in Section 6.  
(c)No Inconsistent Agreements.  The Company will not on or after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof, nor will it grant any registration rights that are superior to the rights granted to the Holders and RBL Holders hereby. For the avoidance of doubt, the Company shall not enter into any agreement that would require it to register securities in any circumstance in which demand registration rights are not exercisable as a result of Section 2(a)(iv) of this Agreement and the Company represents and warrants that there are no registration rights in effect as of the date of this Agreement other than those granted pursuant to this Agreement.
(d)Amendments and Waivers.  The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless (i) the Company has obtained the written consent of Holders of a majority of the outstanding Registrable Securities (excluding any Registrable Securities held by the Company or its subsidiaries) and (ii) the Company has provided its consent to such amendment, modification, supplement, waiver, consent or departure; provided, however, that, with respect to any matter that directly or indirectly affects the rights of any Initial Holder hereunder, the Company shall obtain the written consent of each such Initial Holder with respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective.
(e)Notices.  All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, e-mail or air courier guaranteeing overnight delivery:
(i)if to a Holder, at the address set forth on the signature page hereto; and
(ii)if to the Company:
			
	Unit Corporation

	8200 South Unit Drive, Tulsa, OK 74132

	Attention: Mark E. Schell
Telephone: (918) 493-7700
Email: mark.schell@unitcorp.com

	

with a copy to (which shall not constitute notice):
Vinson & Elkins L.L.P.
1001 Fannin Street, Suite 2500 
Attention:  Michael S. Telle
Email: mtelle@velaw.com
20

All such 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 answered back, if telexed; when receipt acknowledged, if telecopied or sent by e-mail; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery.
(f)Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including Permitted Transferees of Registrable Securities to whom rights under this Agreement have been assigned pursuant to Section 7(b); provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder or an RBL Holder unless and to the extent such successor or assign is a Permitted Transferee of such Holder.
(g)Counterparts.  This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
(h)Headings.  The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.
(i)Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws principles.
(j)Severability.  In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby.
(k)Entire Agreement.  This Agreement is intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.  There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Registrable Securities.  This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter.
(l)Use of Free Writing Prospectus. No Holder or RBL Holder shall use a free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or on behalf of the relevant Holder or RBL Holder or used or referred to by such Holder or RBL Holder in connection with the offering of Registrable Securities pursuant to the Registration Statement without the prior written consent of the Company, which shall not be unreasonably withheld.

21

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
UNIT CORPORATION

By:   /s/ Mark E. Schell______________________ 
Mark E. Schell 
Executive Vice President, Corporate Secretary 
and General Counsel 

[Signature Page to Registration Rights Agreement]

The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written:   
			
	ARVEST BANK

	
	By: /s/ Matt Condry                                  

	Name: S. Matt Condry 
Title: V.P. Comm. Banking
Address: 502 S. Main St.
               Tulsa, OK
Fax: 918-631-1003
	

			
	BANK OF AMERICA, N.A.

	
	By: /s/ Edna Aguilar Mitchell                   

	Name: Edna Aguilar Mitchell 
Title: Senior Vice President
Address: 901 Main Street, 64th Floor 
               Dallas, TX 75202
Fax: 214-290-9498

			
	BBVA USA

	
	By: /s/ William H. Douning                     

	Name: William H. Douning 
Title: Senior Vice President
Address: 8080 N. Central Expr., 3rd Floor 
                Dallas, TX 75206
Fax: 205-524-8262

			
	BOKF, NA DBA BANK OF OKLAHOMA

	
	By: /s/ Matt Chase                                   

	Name: Matt Chase 
Title: Senior Vice President
Address: 101 East 2nd St.
                BOK Tower 8th Floor
                Tulsa, OK 74103
Fax: 918-588-6880

[Signature Page to Registration Rights Agreement]

			
	BMO HARRIS FINANCING, INC.

	
	By: /s/ Emily Steckel                               

	Name: Emily Steckel 
Title: Vice President
Address: 115 S. LaSalle St.
               Chicago, IL 60603
Fax: 312-293-4066

			
	COMERICA BANK

	
	By: /s/ P. David Jones                             

	Name: P. David Jones 
Title: Vice President
Address: P.O. Box 650282 (MC6510)
                Dallas, TX 75265-0282
Fax: 214-828-5992

			
	CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH

	
	By: /s/ Kyle Lane                                                        

	Name: Kyle Lane 
Title: Senior Director, Special Loans
Address: 25 King St W, CCN – 16th Floor
                Toronto ON M5L 1A2 CANADA
Fax: 416-214-8749

			
	THE TORONTO-DOMINION BANK, NEW YORK BRANCH

	
	By: /s/ Brian MacFarlane                        

	Name: Brian MacFarlane 
Title: Authorized Signatory
Address: 222 Bay St., 15th Floor
               Toronto, ON M5K 1A2
Fax: 416-983-0003

[Signature Page to Registration Rights Agreement]

			
	TRUIST BANK
	
	By: /s/ Ryan K. Michael                          

	Name: Ryan K. Michael 
Title: Senior Vice President
Address: 11875 Lawrence St, Suite 650
                Denver, CO 80202
Fax:

			
	IBERIABANK, a division of First Horizon Bank

	
	By: /s/ W. Bryan Chapman                      

	Name: W. Bryan Chapman 
Title: Market President-Energy Lending
Address: 11 Greenway Plaza, Suite 2700
                Houston, TX 77046
Fax: 713-965-0276

[Signature Page to Registration Rights Agreement]

The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written:

						
	NAPIER PARK GLOBAL CAPITAL (US) LP,
on behalf of each of the managed funds
and accounts listed below as Holders
	
		
	By: /s/ Scott Lorinsky                               
	
	Name: Scott Lorinsky 
Title: Managing Director

Napier Park Global Capital managed funds/accounts:
D-STAR Ltd.
Napier Park Credit Strategies BPI Master Fund LP
Napier Park Jayco Opportunistic Credit Fund Ltd.
New Mexico Napier Park Fund LLC
Prelude Opportunity Fund, LP
Napier Park Select Master Fund LP
Napier Park-TX Opportunistic Credit Fund LP
Napier Park Credit Opportunities Fund LLC
Wanaka Fund Ltd

Address for Notices:
Napier Park Global Capital
280 Park Avenue, 3rd Floor
New York, NY 10017
Attn: Joseph Riggi
Email: joseph.riggi@napierparkglobal.com

with a copy to: legal@napierparkglobal.com
	
	NEWTYN MANAGEMENT, LLC	
		
	By: /s/ Noah G. Levy                              
	
	Name: Noah G. Levy 
Title: Managing Member
Address: 60 East 42nd Street, 9th Floor
               New York, NY 10165
Fax: 214-446-2461
	

[Signature Page to Registration Rights Agreement]

			
	RBC GLOBAL ASSET MANAGEMENT INC. 
	
	By: /s/ Frank Gambino                             

	Name: Frank Gambino 
Title: VP and SPM
Address: 150 Wellington St W
                Toronto ON

	NEW YORK LIFE INSURANCE COMPANY

	
	By: /s/ Alex Baumberger                         

	Name: Alex Baumberger 
Title: Corporate Vice President
Address: 51 Madison Avenue Rm. 203
                New York, NY 10010

	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION

By: NYL Investors LLC, its Investment Manager

	
	By: /s/ Alex Baumberger                         

	Name: Alex Baumberger 
Title: Senior Director
Address: 51 Madison Avenue Rm. 203
                New York, NY 10010

	HOTCHKIS AND WILEY HIGH YIELD FUND

By: Hotchkis and Wiley Capital Management, LLC, (H&W) as investment manager

	
	By: /s/ Anna Marie Lopez                       

	Name: Anna Marie Lopez 
Title: Chief Operating Officer of H&W
Address: 601 South Figueroa Street, 39th Floor
                Los Angeles, CA 90017
Fax: 213-430-1001

[Signature Page to Registration Rights Agreement]

			
	SAN DIEGO COUNTY EMPLOYEES RETIREMENT ASSOCIATION

By: Hotchkis and Wiley Capital Management, LLC, (H&W) as investment manager

	
	By: /s/ Anna Marie Lopez                       

	Name: Anna Marie Lopez 
Title: Chief Operating Officer of H&W
Address: 601 South Figueroa Street, 39th Floor
                Los Angeles, CA 90017
Fax: 213-430-1001

	SAN BARBARA COUNTY EMPLOYEES RETIREMENT ASSOCIATION

By: Hotchkis and Wiley Capital Management, LLC, (H&W) as investment manager

	
	By: /s/ Anna Marie Lopez                       

	Name: Anna Marie Lopez 
Title: Chief Operating Officer of H&W
Address: 601 South Figueroa Street, 39th Floor
                Los Angeles, CA 90017
Fax: 213-430-1001

	NATIONAL ELEVATOR INDUSTRY PENSION PLAN

By: Hotchkis and Wiley Capital Management, LLC, (H&W) as investment manager

	
	By: /s/ Anna Marie Lopez                       

	Name: Anna Marie Lopez 
Title: Chief Operating Officer of H&W
Address: 601 South Figueroa Street, 39th Floor
                Los Angeles, CA 90017
Fax: 213-430-1001

[Signature Page to Registration Rights Agreement]

			
	TEXAS COUNTY AND DISTRICT RETIREMENT SYSTEM

By: Hotchkis and Wiley Capital Management, LLC, (H&W) as investment manager

	
	By: /s/ Anna Marie Lopez                       

	Name: Anna Marie Lopez 
Title: Chief Operating Officer of H&W
Address: 601 South Figueroa Street, 39th Floor
                Los Angeles, CA 90017
Fax: 213-430-1001

	GOVERNMENT OF GUAM RETIREMENT FUND

By: Hotchkis and Wiley Capital Management, LLC, (H&W) as investment manager

	
	By: /s/ Anna Marie Lopez                       

	Name: Anna Marie Lopez 
Title: Chief Operating Officer of H&W
Address: 601 South Figueroa Street, 39th Floor
                Los Angeles, CA 90017
Fax: 213-430-1001

	MUNICIPAL POLICE EMPLOYEES’ RETIREMENT SYSTEM

By: Hotchkis and Wiley Capital Management, LLC, (H&W) as investment manager

	
	By: /s/ Anna Marie Lopez                       

	Name: Anna Marie Lopez 
Title: Chief Operating Officer of H&W
Address: 601 South Figueroa Street, 39th Floor
                Los Angeles, CA 90017
Fax: 213-430-1001

[Signature Page to Registration Rights Agreement]

			
	HIGH YIELD BOND FUND

By: Hotchkis and Wiley Capital Management, LLC, (H&W) as investment manager

	
	By: /s/ Anna Marie Lopez                       

	Name: Anna Marie Lopez 
Title: Chief Operating Officer of H&W
Address: 601 South Figueroa Street, 39th Floor
                Los Angeles, CA 90017
Fax: 213-430-1001

[Signature Page to Registration Rights Agreement]

			
	Fort Washington Investment Advisors, Inc. as investment advisor to the following:
Teachers’ Retirement System of the State of KY (Account #FW70044)
Ohio Public Employees Retirement System (Account #FW6100)
Fort Washington High Yield Investors LLC (Account #FW45100)
Fort Washington High Yield Investors II LLC (Account #FW45101)
Touchstone High Yield Fund (Account #WS001-10)
Commissioners of the Land Office of the State of Oklahoma (Account #FW46900)
Western & Southern Financial Group, Inc. (Account #940000038)
Securian Asset Management, Inc. (Account #FW46400)
Regence BluShield (Account #FW46400)
Kentucky Teacher’s Retirement Insurance Trust Fund (Account #FW70050)
Laborers’ District Council and Contractors’ Pension Fund of Ohio (Account #FW45430)
Regence BlueCross BlueShield of Oregon (Account #FW46710)
Regence BlueCross BlueShield of Utah (Account #FW46720)
Regence BlueShield of Idaho, Inc. (Account #FW46730)

	
	By: /s/ Brendan M. White                       

	Name: Brendan M. White 
Title: Sr. Vice President & Co-Chief 
           Investment Officer
Address: 303 Broadway, Suite 1200,
                Cincinnati, OH 45202

	By: /s/ Garrick T. Bauer                          

	Name: Garrick T. Bauer 
Title: Vice President & Portfolio Manager
Address: 303 Broadway, Suite 1200,
                Cincinnati, OH 45202
Fax: (513) 361-7689

[Signature Page to Registration Rights Agreement]

			
	PRESCOTT GROUP ALL ASSET INCOME FUND, L.L.C.
	
	By: /s/ Phil Frohlich                                 

	Name: Phil Frohlich 
Title: Manager
Address: 1924 South Utica Ave
                Suite #1120
                Tulsa, OK 74104
Fax: (918) 494-9826

 
			
	PRESCOTT GROUP AGGRESSIVE SMALL 
CAP MASTER FUND, G.P.
	
	By: /s/ Phil Frohlich                                 

	Name: Phil Frohlich 
Title: Manager
Address: 1924 South Utica Ave
                Suite #1120
                Tulsa, OK 74104
Fax: (918) 494-9826

	INVESTORS HERITAGE LIFE INSURANCE COMPANY

By: Guggenheim Partners Investment Management, LLC, as Sub-Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

[Signature Page to Registration Rights Agreement]

			
	CHEVRON MASTER PENSION TRUST

By: Guggenheim Partners Investment Management, LLC as Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	GUGGENHEIM ENERGY & INCOME FUND

By: Guggenheim Partners Investment Management, LLC as Sub-Adviser

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	GUGGENHEIM CREDIT ALLOCATION FUND

By: Guggenheim Partners Investment Management, LLC, as Sub-Adviser

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	GUGGENHEIM FUNDS TRUST – GUGGENHEIM HIGH YIELD FUND

By: Security Investors, LLC as Investment Adviser

	
	By: /s/ Amy J. Lee                                   

	Name: Amy J. Lee 
Title: Senior Vice President and Secretary
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

[Signature Page to Registration Rights Agreement]

			
	GUGGENHEIM HIGH-YIELD FUND, LLC

By: Guggenheim Partners Investment Management, LLC as Investment Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	GUGGENHEIM FUNDS TRUST – GUGGENHEIM FLOATING RATE STRATEGIES FUND

By: Guggenheim Partners Investment Management, LLC as Investment Adviser

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	GUGGENHEIM LOAN MASTER FUND, LTD.

By: Guggenheim Partners Investment Management, LLC as Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	HCA INC. MASTER RETIREMENT TRUST

By: Guggenheim Partners Investment Management, LLC as Investment Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

[Signature Page to Registration Rights Agreement]

			
	INDUSTRIENS PENSIONFORSIKRING A/S

By: Guggenheim Partners Investment Management, LLC as Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	STICHTING PGGM DEPOSITARY ACTING IN ITS CAPACITY AS DEPOSITARY OF PGGM HIGH YIELD FUND

By: Guggenheim Partners Investment Management, LLC as Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	SONOMA COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION

By: Guggenheim Partners Investment Management, LLC as Investment Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	GUGGENHEIM VARIABLE FUNDS TRUST – SERIES P (HIGH YIELD SERIES)

By: Security Investors, LLC as Management Company

	
	By: /s/ Amy J. Lee                                   

	Name: Amy J. Lee 
Title: Senior Vice President and Secretary
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

[Signature Page to Registration Rights Agreement]

			
	WILTON REINSURANCE BERMUDA LIMITED

By: Guggenheim Partners Investment Management, LLC, as Advisor

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	BRAEBURN CAPITAL, INC.

By: Guggenheim Partners Investment Management, LLC, as Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	BAYVK R2 GUGGENHEIM HY

By: Guggenheim Partners Investment Management, LLC, as Asset Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	GF FORSIKRING A/S

By: Guggenheim Partners Investment Management, LLC, as Investment Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

[Signature Page to Registration Rights Agreement]

			
	ENDURANCE SPECIALTY INSURANCE LTD.

By: Guggenheim Partners Investment Management, LLC, as Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	FIDELITY LIFE ASSOCIATION, A LEGAL RESERVE LIFE INSURANCE COMPANY

By: Guggenheim Partners Investment Management, LLC, as Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	GUGGENHEIM STRATEGIC OPPORTUNITIES FUND

By: Guggenheim Partners Investment Management, LLC, as Investment Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	MIDLAND NATIONAL LIFE INSURANCE COMPANY

By: Guggenheim Partners Investment Management, LLC, as Investment Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

[Signature Page to Registration Rights Agreement]

			
	NORTH AMERICAN COMPANY FOR LIFE AND HEALTH INSURANCE

By: Guggenheim Partners Investment Management, LLC, as Investment Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	MULTI MANAGER ACCESS II

By: Guggenheim Partners Investment Management, LLC, as Investment Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	VAUDOISE GENERALE UMBRELLA FUND – GLOBAL ASSETS

By: Guggenheim Partners Investment Management, LLC, as Investment Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

	VAUDOISE VIE UMBRELLA FUND – GLOBAL ASSETS

By: Guggenheim Partners Investment Management, LLC, as Investment Manager

	
	By: /s/ Kevin M. Robinson                      

	Name: Kevin M. Robinson 
Title: Attorney-in-Fact
Address: 330 Madison Avenue, 11th Floor
                New York, NY 10017

[Signature Page to Registration Rights Agreement]

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