Document:

EX-10.5

 Exhibit 10.5 

COLLATERAL TRUST AGREEMENT 

dated as of October 4, 2016 

among 
 SANDRIDGE ENERGY, INC.,

 as the Company, 
 the
Guarantors from time to time party hereto, 
 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee under the Indenture, 

the other Parity Lien Representatives from time to time party hereto 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as Collateral Trustee 

 Table of Contents 

 

							
	ARTICLE 1	 	DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	 	1	  
			
	Section 1.1	 	Defined Terms	  	 	1	  
	Section 1.2	 	Rules of Interpretation	  	 	7	  
			
	ARTICLE 2	 	THE TRUST ESTATE	  	 	8	  
			
	Section 2.1	 	Declaration of Trust	  	 	8	  
	Section 2.2	 	Collateral Shared Equally and Ratably	  	 	8	  
	Section 2.3	 	Similar Collateral and Agreements	  	 	9	  
			
	ARTICLE 3	 	OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE	  	 	9	  
			
	Section 3.1	 	Appointment and Undertaking of the Collateral Trustee	  	 	9	  
	Section 3.2	 	Release or Subordination of Liens	  	 	10	  
	Section 3.3	 	Enforcement of Liens	  	 	10	  
	Section 3.4	 	Application of Proceeds	  	 	10	  
	Section 3.5	 	Powers of the Collateral Trustee	  	 	11	  
	Section 3.6	 	Documents and Communications	  	 	11	  
	Section 3.7	 	For Sole and Exclusive Benefit of Holders of Parity Lien Obligations	  	 	11	  
	Section 3.8	 	Additional Parity Lien Debt	  	 	12	  
			
	ARTICLE 4	 	OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER GRANTORS	  	 	13	  
			
	Section 4.1	 	Release of Liens on Collateral	  	 	13	  
	Section 4.2	 	Delivery of Copies to Parity Lien Representatives	  	 	15	  
	Section 4.3	 	Collateral Trustee not Required to Serve, File or Record	  	 	15	  
	Section 4.4	 	Release of Liens in Respect of Notes	  	 	15	  
	Section 4.5	 	Release of Liens in Respect of any Series of Parity Lien Debt other than the Notes	  	 	15	  
			
	ARTICLE 5	 	IMMUNITIES OF THE COLLATERAL TRUSTEE	  	 	15	  
			
	Section 5.1	 	No Implied Duty	  	 	15	  
	Section 5.2	 	Appointment of Agents and Advisors	  	 	16	  
	Section 5.3	 	Other Agreements	  	 	16	  
	Section 5.4	 	Solicitation of Instructions	  	 	16	  
	Section 5.5	 	Limitation of Liability	  	 	16	  
	Section 5.6	 	Documents in Satisfactory Form	  	 	16	  
	Section 5.7	 	Entitled to Rely	  	 	16	  
	Section 5.8	 	Parity Lien Debt Default	  	 	17	  
	Section 5.9	 	Actions by Collateral Trustee	  	 	17	  
	Section 5.10	 	Security or Indemnity in favor of the Collateral Trustee	  	 	17	  
	Section 5.11	 	Rights of the Collateral Trustee	  	 	17	  
	Section 5.12	 	Limitations on Duty of Collateral Trustee in Respect of Collateral	  	 	17	  
	Section 5.13	 	Assumption of Rights, Not Assumption of Duties	  	 	18	  
	Section 5.14	 	No Liability for Clean Up of Hazardous Materials	  	 	18	  
	Section 5.15	 	Other Relationships with the Company or Guarantors	  	 	18	  
			
	ARTICLE 6	 	RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE	  	 	19	  
			
	Section 6.1	 	Resignation or Removal of Collateral Trustee	  	 	19	  

  
 i 

							
	Section 6.2	 	Appointment of Successor Collateral Trustee	  	 	19	  
	Section 6.3	 	Succession	  	 	20	  
	Section 6.4	 	Merger, Conversion or Consolidation of Collateral Trustee	  	 	20	  
	Section 6.5	 	Concerning the Collateral Trustee and the Parity Lien Representatives	  	 	20	  
			
	ARTICLE 7	 	MISCELLANEOUS PROVISIONS	  	 	21	  
			
	Section 7.1	 	Amendment	  	 	21	  
	Section 7.2	 	Voting	  	 	22	  
	Section 7.3	 	Further Assurances	  	 	23	  
	Section 7.4	 	Successors and Assigns	  	 	23	  
	Section 7.5	 	Delay and Waiver	  	 	23	  
	Section 7.6	 	Notices	  	 	24	  
	Section 7.7	 	Entire Agreement	  	 	24	  
	Section 7.8	 	Compensation; Expenses	  	 	24	  
	Section 7.9	 	Indemnity	  	 	25	  
	Section 7.10	 	Severability	  	 	26	  
	Section 7.11	 	Headings	  	 	26	  
	Section 7.12	 	Obligations Secured	  	 	26	  
	Section 7.13	 	Governing Law	  	 	26	  
	Section 7.14	 	Consent to Jurisdiction	  	 	26	  
	Section 7.15	 	Waiver of Jury Trial	  	 	27	  
	Section 7.16	 	Counterparts, Electronic Signatures	  	 	27	  
	Section 7.17	 	Effectiveness	  	 	27	  
	Section 7.18	 	Grantors and Additional Grantors	  	 	27	  
	Section 7.19	 	Insolvency	  	 	27	  
	Section 7.20	 	Rights and Immunities of Parity Lien Representatives	  	 	27	  
	Section 7.21	 	Intercreditor Agreement	  	 	28	  
	Section 7.22	 	Force Majeure	  	 	28	  
	Section 7.23	 	Representations and Warranties	  	 	28	  
			
	Exhibit A	 	Form of Additional Parity Lien Debt Certificate	  	 	A-1	  
	Exhibit B	 	Form of Collateral Trust Joinder — Additional Debt	  	 	B-1	  
	 Exhibit C
 Exhibit D
	 	 Form of Collateral Trust Joinder — Additional Grantor

Form of Collateral Trust Amendment - Trust Estate upon Springing Event
	  	 
  
	C-1
 D-1
	  
   

  
 ii 

 This Collateral Trust Agreement (as amended, supplemented, amended and restated or otherwise
modified form time to time in accordance with Sections 2.4 and 7.1 hereof, this “Agreement”) is dated as of October 4, 2016 and is by and among SandRidge Energy, Inc. (the “Company”), the
Guarantors from time to time party hereto, Wilmington Trust, National Association, as Trustee (as defined below), the other Parity Lien Representatives from time to time party hereto and Wilmington Trust, National Association, as Collateral Trustee
(in such capacity and together with its successors in such capacity, the “Collateral Trustee”). 
 RECITALS 

The Company issued 0.00% Convertible Senior Subordinated Notes due 2020 (the “Notes”) in an aggregate principal amount
of $281,780,873 pursuant to an Indenture dated as of October 4, 2016 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Indenture”) among the Company, the Guarantors
and Wilmington Trust, National Association, as trustee (in such capacity and together with its successors in such capacity, the “Trustee”). 

The Company and the Guarantors intend to secure their Obligations under the Indenture upon the occurrence of a Springing Event (as defined in
the Indenture), any future Parity Lien Debt and any other Parity Lien Obligations, with Liens on all present and future Collateral to the extent that such Liens have been provided for in the applicable Parity Lien Security Documents. 

This Agreement sets forth the terms on which each Parity Lien Secured Party (other than the Collateral Trustee) has appointed the Collateral
Trustee to act as the collateral trustee for the present and future holders of the Parity Lien Obligations to receive, hold, maintain, administer and distribute the Collateral at any time delivered to the Collateral Trustee or the subject of the
Parity Lien Security Documents, and to enforce the Parity Lien Security Documents and all interests, rights, powers and remedies of the Collateral Trustee with respect thereto or thereunder and the proceeds thereof. 

Capitalized terms used in this Agreement have the meanings assigned to them above or in Article 1 below. 

AGREEMENT 
 In
consideration of the premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS;
PRINCIPLES OF CONSTRUCTION 
 Section 1.1.    Defined Terms. Defined Terms. The following terms will have the
following meanings: 
 “Act of Parity Lien Debtholders” means, as to any matter at any time, a direction in writing
delivered to the Collateral Trustee by or with the written consent of the holders of Parity Lien Debt representing the Required Parity Lien Debtholders, which, upon request of the Collateral Trustee, shall be accompanied by indemnity or security
satisfactory to the Collateral Trustee for any losses, liabilities or expenses that may be incurred in connection with such direction. 

“Additional Parity Lien Debt” has the meaning set forth in Section 3.8(b). 

“Additional Parity Lien Debt Certificate” means a notice in substantially the form of Exhibit A. 

“Additional Secured Debt Designation” means the written agreement of the holders of any Series of Parity Lien Debt or
their Parity Lien Representative, as set forth in the indenture, credit agreement or other agreement governing such Series of Parity Lien Debt, for the benefit of each existing and future holder of Priority Lien Debt, the Priority Lien Collateral
Agent and each existing and future holder of Priority Liens: 
 (1)    that all Parity Lien Obligations will be and are
secured equally and ratably by all Parity Liens at any time granted by the Company or any Guarantor to secure any Obligations in respect of such Series of Parity Lien Debt, whether or not upon property otherwise constituting collateral for such
Series of Parity Lien Debt, and that all such Parity Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Parity Lien Obligations equally and ratably; 

 (2)    that the holders of Obligations in respect of such Series of Parity
Lien Debt are bound by the provisions of this Agreement and the Intercreditor Agreement, including the provisions relating to the ranking of Parity Liens and the order of application of proceeds from the enforcement of Parity Liens; and 

(3)    consenting to and directing the Collateral Trustee to perform its obligations under this Agreement, the
Intercreditor Agreement and the Parity Lien Security Documents. 
 “Affiliate” means, with respect to any specified
Person: (1) any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person; (2) any other Person that owns, directly or indirectly, 10% or more of the Voting Stock of such
specified Person (or any of such specified Person’s direct or indirect parent’s Voting Stock); or (3) any other Person 10% or more of the Voting Stock of which is beneficially owned or held directly or indirectly by such specified Person.
For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through ownership of voting securities, by
contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

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

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized by
law to close, or are in fact closed, in New York City or in the city where the corporate trust office of the Trustee specified in the Indenture is located. 

“Capital Stock” of any Person means any and all shares, units, interests, participations, rights in or other
equivalents (however designated) of such Person’s capital stock, other equity interests whether now outstanding or issued after the date hereof, partnership interests (whether general or limited), limited liability company interests, any other
interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, including any Preferred Stock, and any rights (other than debt securities or other
Indebtedness convertible into Capital Stock), warrants or options exchangeable for or convertible into such Capital Stock. 

“Collateral” means all properties and assets of the Company and the Guarantors now owned or at any time hereafter
acquired in which Liens have been granted, or purported to be granted, to the Collateral Trustee to secure any or all of the Parity Lien Obligations, and from and after the time the Collateral Trustee is required to release its Liens pursuant to
Section 3.2 upon any properties or assets, shall exclude such properties or assets; provided that if such Liens are required to be released as a result of the sale, transfer or other disposition of any properties or assets of
the Company or any Guarantor, such assets or properties will cease to be excluded from the Collateral if the Company or any Guarantor thereafter acquires or reacquires such assets or properties. 

“Collateral Trustee” has the meaning set forth in the preamble. 

“Collateral Trust Account” means that certain account established at Wilmington Trust, National Association by the
Company to hold $100.00 in trust for purpose of establishing the Trust Estate.
 “Collateral Trust Joinder” means
(i) with respect to the provisions of this Agreement relating to any Additional Parity Lien Debt, an agreement substantially in the form of Exhibit B, and (ii) with respect to the provisions of this Agreement relating to the addition
of additional Grantors, an agreement substantially in the form of Exhibit C. 
 “Company” has the
meaning set forth in the preamble. 
 “Credit Facility” means one or more debt facilities (including, without
limitation, the Priority Credit Agreement), commercial paper facilities or other debt instruments, indentures or agreements providing for revolving credit loans, term loans, receivables financings (including through the sale of receivables to the
lenders or to special purpose entities formed to borrow from the lenders against such receivables), letters of credit, capital markets financings and/or private placements 

  
 2 

 
involving bonds or other debt securities, or other debt obligations, in each case, as amended, restated, modified, renewed, refunded, restructured, supplemented, replaced or refinanced from time
to time in whole or in part from time to time, including without limitation any amendment increasing the amount of Indebtedness incurred or available to be borrowed thereunder, extending the maturity of any Indebtedness incurred thereunder or
contemplated thereby or deleting, adding or substituting one or more parties thereto (whether or not such added or substituted parties are banks or other institutional lenders). 

“Grantor” means each of and “Grantors” means, collectively, the Company and the Guarantors and
any other Person (if any) that at any time provides collateral security for any Parity Lien Obligations. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any
Indebtedness or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay, or to
maintain financial statement conditions or otherwise) or (ii) entered into for purposes of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect
thereof, in whole or in part; provided that the term “Guarantee” does not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning.

 “Guarantor” means each Subsidiary of the Company who has Guaranteed payment of any Parity Lien Obligations, and
their respective successors and assigns, in each case until their respective Guarantee of all Parity Lien Obligations is released in accordance with the terms of the applicable Parity Lien Documents. 

“Indebtedness” has the meaning assigned to such term in the Indenture or to such term or other similar term in any
applicable Parity Lien Document. 
 “Indemnified Liabilities” means any and all liabilities (including all
environmental liabilities), obligations, losses, damages, penalties, actions, judgments, suits, costs, taxes, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, performance, administration or
enforcement of this Agreement or any of the other Parity Lien Security Documents, including any of the foregoing relating to the use of proceeds of any Parity Lien Debt or the violation of, noncompliance with or liability under, any law (including
environmental laws) applicable to or enforceable against the Company, any Subsidiary of the Company or any Guarantor or any of the Collateral and all reasonable costs and expenses (including reasonable fees and expenses of legal counsel selected by
the Indemnitee) incurred by any Indemnitee in connection with any claim, action, investigation or proceeding in any respect relating to any of the foregoing, whether or not suit is brought. 

“Indemnitee” has the meaning set forth in Section 7.9(a). 

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

“Insolvency or Liquidation Proceeding” means: 

(1)    any case commenced by or against the Company or any Guarantor under Title 11, U.S. Code or any similar federal or
state law for the relief of debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company or any Guarantor, any receivership or assignment for the benefit of creditors
relating to the Company or any Guarantor or any similar case or proceeding relative to the Company or any Guarantor or its creditors, as such, in each case whether or not voluntary; 

(2)    any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the
Company or any Guarantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 

(3)    any other proceeding of any type or nature in which substantially all claims of creditors of the Company or any
Guarantor are determined and any payment or distribution is or may be made on account of such claims. 

  
 3 

 “Intercreditor Agreement” means that certain Intercreditor and
Subordination Agreement, dated as of October 4, 2016, among the Company, the Guarantors, the Collateral Trustee, on behalf of itself and the holders of the Notes and any other Parity Lien Obligations, the Priority Lien Collateral Agent, and the
other parties from time to time party thereto, as the same may be amended, restated, supplemented or otherwise modified or replaced from time to time. 

“Lien” has the meaning set forth in (a) the Priority Credit Agreement, or if applicable, any Priority Lien Document or
(b) if no Priority Lien Documents are in effect as of the date hereof, the Priority Credit Agreement, or if applicable, any Priority Lien Document as in effect immediately prior to the discharge of all Priority Lien Obligations. 

“Mortgage” has the meaning set forth in Section 3.8(d)(1). 

“Mortgaged Property” has the meaning set forth in Section 3.8(d)(1). 

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

“Note Documents” means the Indenture, the Notes, the Guarantees thereof, the Intercreditor Agreement and the Notes
Security Documents. 
 “Notes Security Agreement” means the Security Agreement, to be entered into after the
occurrence of the Springing Event, among the Company, the Guarantors party thereto and the Collateral Trustee, on behalf of itself and the holders of the Notes, as the same may be amended, supplemented or otherwise modified or replaced from time to
time. 
 “Notes Security Documents” means this Agreement, each Collateral Trust Joinder, the Notes Security
Agreement and all security agreements, pledge agreements, hypothecs, collateral assignments, Mortgages, deeds of trust, deeds to secure debt, collateral agency agreements, debentures, control agreements or other grants or transfers for security
executed and delivered by the Company or any Guarantor creating (or purporting to create) a Parity Lien upon Collateral in favor of the Collateral Trustee (including, without limitation, the financing statements under the Uniform Commercial Code of
the relevant state), in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and Section 7.1. 

“Obligations” means any principal (including reimbursement obligations with respect to letters of credit whether or
not drawn), interest (including, to the extent legally permitted, all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default rate, specified in the Parity Lien
Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding), premium (if any), fees, indemnifications, reimbursements, expenses and other liabilities payable under the documentation governing any
Indebtedness. 
 “Officers’ Certificate” means a certificate with respect to compliance with a condition or
covenant provided for in this Agreement, signed on behalf of the Company by two officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the
Company, including: 
 (a)    a statement that the Person making such certificate has read such covenant or condition;

 (b)    a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate are based; 
 (c)    a statement that, in the opinion of such Person, he or she
has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(d)    a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

  
 4 

 “Parity Lien” means a Lien granted by the Company or any Grantor in favor
of the Collateral Trustee pursuant to a Parity Lien Security Document, at any time, upon any property of the Company or such Grantor to secure Parity Lien Obligations. 

“Parity Lien Debt” means: 

(1)    the Notes and Guarantees thereof; and 

(2)    any other Indebtedness (other than intercompany indebtedness owing to the Company or its Subsidiaries) of the
Company or any Guarantor that is secured equally and ratably with the Notes by a Parity Lien that was permitted to be incurred and so secured under each applicable Secured Debt Document; provided that in the case of any Indebtedness referred
to in clause (2) of this definition, that: 
 (a)    on or before the date on which such Indebtedness is
incurred by the Company or any Guarantor, such Indebtedness is designated by the Company, in an Additional Parity Lien Debt Certificate executed and delivered in accordance with Section 3.8(b), as “Parity Lien Debt” for the
purposes of the Indenture and this Agreement; provided, further, that no such Indebtedness may be designated as both Parity Lien Debt and Priority Lien Debt; 

(b)    such Indebtedness is governed by an indenture, credit agreement or other agreement that includes an Additional
Secured Debt Designation and, in each case, the Parity Lien Representative of such Parity Lien Debt shall have executed a joinder to the Intercreditor Agreement in the form provided therein; and 

(c)    all other requirements set forth in Section 3.8 have been complied with. 

“Parity Lien Debt Default” means any “Event of Default” as defined in the Indenture, or any similar event or
condition set forth in any other Parity Lien Document that causes, or permits holders of the applicable Series of Parity Lien Debt outstanding thereunder (with or without the giving of notice or lapse of time, or both, and whether or not notice has
been given or time has lapsed) to cause, the Parity Lien Debt outstanding thereunder to become immediately due and payable. 

“Parity Lien Documents” means, collectively, the Note Documents and any additional indenture, supplemental indenture,
credit agreement or other agreement governing each other Series of Parity Lien Debt and the Parity Lien Security Documents. 

“Parity Lien Obligations” means Parity Lien Debt and all other Obligations in respect thereof. 

“Parity Lien Representative” means: 

(1)    in the case of the Notes, the Trustee; or 

(2)    in the case of any other Series of Parity Lien Debt, the trustee, agent or representative of the holders of such
Series of Parity Lien Debt who (A) is appointed to act for the holders of such Series of Parity Lien Debt (for purposes related to the administration of the Parity Lien Security Documents) pursuant to the indenture, credit agreement or other
agreement governing such Series of Parity Lien Debt, together with its successors in such capacity, and (B) has become a party to this Agreement by executing a Collateral Trust Joinder. 

“Parity Lien Secured Parties” has the meaning assigned to the term “Subordinated Secured Parties” in the
Intercreditor Agreement. 
 “Parity Lien Security Documents” means this Agreement, each Collateral Trust Joinder,
the Indenture (insofar as the same grants a Lien on the Collateral), the Notes Security Documents, and all other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control
agreements or other grants or transfers for security executed and delivered by the Company or any Guarantor creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Trustee, for the benefit of any of the Parity Lien
Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and Section 7.1. 

  
 5 

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

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

“Priority Credit Agreement” has the meaning set forth in the Intercreditor Agreement. 

“Priority Credit Agreement Agent” means, at any time, the Person serving at such time as the “Agent” or
“Administrative Agent” under the Priority Credit Agreement or any other representative then most recently designated in accordance with the applicable provisions of the Priority Credit Agreement, together with its successors in such
capacity. 
 “Priority Lien” has the meaning assigned to such term in the Intercreditor Agreement. 

“Priority Lien Collateral Agent” means Royal Bank of Canada, as agent under the Priority Credit Agreement and any
successor thereof in such capacity under the Priority Credit Agreement, or if the Priority Credit Agreement ceases to exist, the collateral agent or other representative of lenders or holders of Priority Lien Obligations designated pursuant to the
terms of the Priority Lien Documents pursuant to which such Priority Lien Obligations were issued and the Intercreditor Agreement. 

“Priority Lien Debt” has the meaning assigned to such term in the Intercreditor Agreement. 

“Priority Lien Documents” has the meaning assigned to such term in the Intercreditor Agreement. 

“Priority Lien Obligations” has the meaning assigned to such term in the Intercreditor Agreement. 

“Priority Lien Representative” means (1) the Priority Credit Agreement Agent or (2) in the case of any other Series of
Priority Lien Debt, the Trustee, agent or representative of the holders of such Series of Priority Lien Debt who maintains the transfer register for such Series of Priority Lien Debt and is appointed as a representative of the Priority Lien Debt
(for purposes related to the administration of the Security Documents) pursuant to the Priority Credit Agreement or other agreement governing such Series of Priority Lien Debt. 

“Reaffirmation Agreement” means an agreement reaffirming the security interests granted to the Collateral Trustee in
substantially the form attached as Exhibit 1 to Exhibit A of this Agreement 
 “Required Parity Lien
Debtholders” means, at any time, the holders of a majority in aggregate principal amount of all Parity Lien Debt then outstanding, calculated in accordance with the provisions of Section 7.2. For purposes of this
definition, Parity Lien Debt registered in the name of, or beneficially owned by, the Company or any Affiliate of the Company will be deemed not to be outstanding. 

“Responsible Officer” means, when used with respect to the Collateral Trustee, any officer within the corporate trust
department of the Collateral Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Collateral Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Agreement. 
 “Secured Debt” means Priority Lien Debt and Parity Lien
Debt. 
 “Secured Debt Document” means the Priority Lien Documents and the Parity Lien Documents. 

  
 6 

 “Series of Parity Lien Debt” means, severally, the Notes and each other
issue or series of Parity Lien Debt for which a single transfer register is maintained. 
 “Series of Priority Lien
Debt” means, severally, the Indebtedness outstanding under the Priority Credit Agreement and any other Credit Facility that constitutes Priority Lien Debt. 

“Springing Event” shall have the meaning set forth in the Indenture. 

“Subsidiary” of a Person means: 

(1)    any corporation more than 50% of the outstanding voting power of the Voting Stock of which is owned or controlled,
directly or indirectly, by such Person or by one or more other Subsidiaries of such Person, or by such Person and one or more other Subsidiaries thereof, or 

(2)    any limited partnership of which such Person or any Subsidiary of such Person is a general partner, or 

(3)    any other Person in which such Person, or one or more other Subsidiaries of such Person, or such Person and one or
more other Subsidiaries, directly or indirectly, has more than 50% of the outstanding Capital Stock or has the power, by contract or otherwise, to direct or cause the direction of the policies, management and affairs thereof. 

“Title Datedown Product” has the meaning set forth in Section 3.8(d)(3). 

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

“Trust Estate” has the meaning set forth in Section 2.1. 

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other
applicable jurisdiction. 
 “Voting Stock” of a Person means Capital Stock of such Person of the class or classes
pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such Person (irrespective of whether or not at the time Capital Stock of
any other class or classes shall have or might have voting power by reason of the happening of any contingency). 
 Section
1.2.    Rules of Interpretation. 
 (a)    All capitalized terms used in this Agreement and
not otherwise defined herein have the meanings assigned to them in the Indenture. 
 (b)    Unless otherwise indicated,
any reference to any agreement or instrument will be deemed to include a reference to that agreement or instrument as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time or replaced in
accordance with the terms of this Agreement. 
 (c)    The use in this Agreement or any of the other Parity Lien
Security Documents of the word “include” or “including,” when following any general statement, term or matter, will not be construed to limit such statement, term or matter to the specific items or matters set forth immediately
following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but will be deemed to
refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The word “will” shall be construed to have the same meaning and effect as the word “shall.” 

(d)    References to “Sections,” “clauses,” “recitals” and the “preamble” will be
to Sections, clauses, recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References to “Articles” will be to Articles of this Agreement unless otherwise specifically provided. References to
“Exhibits” will be to Exhibits to this Agreement unless otherwise specifically provided. 

  
 7 

 (e)    Notwithstanding anything to the contrary in this Agreement, any
references contained herein to any section, clause, paragraph, definition or other provision of the Indenture (including any definition contained therein) shall be deemed to be a reference to such section, clause, paragraph, definition or other
provision of the Indenture as in effect on the date of this Agreement; provided that any reference to any such section, clause, paragraph or other provision shall refer to such section, clause, paragraph or other provision of the Indenture
(including any definition contained therein) as amended or modified from time to time if such amendment or modification has been made in accordance with the Indenture. Unless otherwise set forth herein, references to principal amount shall include,
without duplication, any reimbursement obligations with respect to a letter of credit and the face amount of any outstanding letter of credit (whether or not such amount is, at the time of determination, drawn or available to be drawn). 

This Agreement and the other Parity Lien Security Documents will be construed without regard to the identity of the party who drafted it and
as though the parties participated equally in drafting it. Consequently, each of the parties acknowledges and agrees that any rule of construction that a document is to be construed against the drafting party will not be applicable either to this
Agreement or the other Parity Lien Security Documents. 
 ARTICLE 2 

THE TRUST ESTATE 

Section 2.1.    Declaration of Trust. 

To establish the trust relationship and in consideration of the premises and the mutual agreements set forth herein, each of the Grantors
hereby confirms the grant of Liens in favor of the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to hold, in trust under this Agreement for the benefit of all current and future Parity Lien Secured Parties, all of such
Grantor’s right, title and interest in, to and under the Collateral Trust Account and all cash and non-cash proceeds thereof (collectively, the “Trust Estate”). 

The Collateral Trustee and its successors and assigns under this Agreement will hold the Trust Estate in trust for the benefit solely and
exclusively of all current and future Parity Lien Secured Parties as security for the payment of all present and future Parity Lien Obligations. 

Notwithstanding the foregoing, if at any time: 

(1)    all Liens securing the Parity Lien Obligations have been released as provided in Section 4.1; 

(2)    the Collateral Trustee holds no other property in trust as part of the Trust Estate; 

(3)    no monetary obligation (other than indemnification and other contingent obligations not then due and payable and
letters of credit that have been cash collateralized at the lower of (A) 105% of the aggregate undrawn amount and (B) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Parity Lien
Documents) is outstanding and payable under this Agreement to the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity); and 

(4)    the Company delivers to the Collateral Trustee an Officers’ Certificate stating that all Parity Liens of the
Collateral Trustee have been released in compliance with all applicable provisions of the Parity Lien Documents and that the Grantors are not required by any Parity Lien Document to grant any Parity Lien upon any property, then the Trust Estate
arising hereunder will terminate, except that all provisions set forth in Sections 7.8 and 7.9 that are enforceable by the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative
capacity) will remain enforceable in accordance with their terms. 
 The parties further declare and covenant that the Trust Estate will be
held and distributed by the Collateral Trustee subject to the further agreements herein. 
 Section
2.2.    Collateral Shared Equally and Ratably. The parties to this Agreement agree that the payment and satisfaction of all of the Parity Lien Obligations will be secured equally and ratably by the Parity Lien established
in favor of the Collateral Trustee for the benefit of the Parity Lien Secured Parties, notwithstanding the time of incurrence of any Parity Lien Obligations or time or method of creation or perfection of any Parity Liens securing such Parity Lien
Obligations. 

  
 8 

 Section 2.3.    Similar Collateral and Agreements. The parties to this
Agreement agree that it is their intention that the Parity Liens be identical. In furtherance of the foregoing, the parties hereto agree that the Parity Lien Security Documents (other than the Notes Security Documents) shall be in all material
respects the same forms of documents as the respective Notes Security Documents creating Liens on the Collateral. 
 Section
2.4.    Amendment of Trust Estate upon Springing Event. The parties to this Agreement agree that upon the occurrence of the Springing Event, the Collateral Trustee shall enter into an amendment to this Agreement in
substantially the form of Exhibit D among the Collateral Trustee, the Company, the Trustee and the Guarantors to amend the Trust Estate described in Section 2.1 of this Agreement. Furthermore, the parties to this Agreement agree that the Collateral
Trustee shall enter into any other amendments that are necessary to reflect the occurrence of the Springing Event in accordance with the terms of the Indenture and the Notes Security Documents.  

ARTICLE 3 

OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE 

Section 3.1.    Appointment and Undertaking of the Collateral Trustee. 

(a)    Each Parity Lien Secured Party (other than the Collateral Trustee) acting through its respective Parity Lien
Representative hereby appoints the Collateral Trustee to serve as collateral trustee hereunder on the terms and conditions set forth herein. Subject to, and in accordance with, this Agreement, the Collateral Trustee will, as collateral trustee, for
the benefit solely and exclusively of the present and future Parity Lien Secured Parties: 

(1)    accept, enter into, hold, maintain, administer and enforce all Parity Lien Security Documents,
including all Collateral subject thereto, and all Liens created thereunder, perform its obligations hereunder and under the Parity Lien Security Documents and protect, exercise and enforce the interests, rights, powers and remedies granted or
available to it under, pursuant to or in connection with the Parity Lien Security Documents; 

(2)    take all lawful and commercially reasonable actions permitted under the Parity Lien Security
Documents that it may deem necessary or advisable to protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers and remedies; 

(3)    deliver and receive notices pursuant to this Agreement and the Parity Lien Security Documents; 

(4)    sell, assign, collect, assemble, foreclose on, institute legal proceedings with respect to, or
otherwise exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under the Parity Lien Security Documents and its other
interests, rights, powers and remedies; 
 (5)    remit as provided in Section 3.4 all cash
proceeds received by the Collateral Trustee from the collection, foreclosure or enforcement of its interest in the Collateral under the Parity Lien Security Documents or any of its other interests, rights, powers or remedies; 

(6)    execute and deliver amendments to the Parity Lien Security Documents as from time to time authorized
pursuant to Sections 2.4 and 7.1 accompanied by an Officers’ Certificate to the effect that the amendment was permitted under Section 2.4 or 7.1, as applicable; 

(7)    release or subordinate any Lien granted to it by any Parity Lien Security Document upon any
Collateral if and as required by Section 3.2; and 
 (8)    enter into on the date hereof
and perform its obligations and protect, exercise and enforce its interest, rights, powers and remedies under the Intercreditor Agreement. 

  
 9 

 (b)    Each party to this Agreement acknowledges and consents to the
undertaking of the Collateral Trustee set forth in Section 3.1(a) and agrees to each of the other provisions of this Agreement applicable to the Collateral Trustee. 

(c)    Notwithstanding anything to the contrary contained in this Agreement (except for the last sentence of Section 3.3),
the Collateral Trustee will not commence any exercise of remedies or any foreclosure actions or otherwise take any action or proceeding against any of the Collateral unless and until it shall have been directed by written notice of an Act of Parity
Lien Debtholders and then only in accordance with the provisions of this Agreement and the Intercreditor Agreement. 

(d)    Notwithstanding anything to the contrary contained in this Agreement, neither the Company nor any of its Affiliates
may serve as Collateral Trustee. 
 Section 3.2.    Release or Subordination of Liens. The Collateral Trustee
will not release or subordinate any Lien of the Collateral Trustee or consent to the release or subordination of any Lien of the Collateral Trustee, except: 

(a)    as directed by an Act of Parity Lien Debtholders accompanied by an Officers’ Certificate to the effect that
the release or subordination was permitted by each applicable Parity Lien Document and otherwise setting forth the requirements of Section 4.1(b)(1) and 4.1(b)(2); 

(b)    as required by Article 4; 

(c)    to release or subordinate Liens on Collateral to the extent permitted by each applicable Parity Lien Document;
provided that the Collateral Trustee receives an Officers’ Certificate confirming the foregoing; 

(d)    as ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent
jurisdiction; or 
 (e)    for the subordination of the Trust Estate and the Parity Liens to the extent required by the
Intercreditor Agreement; provided that the Collateral Trustee receives an Officers’ Certificate confirming the foregoing. 

Section 3.3.    Enforcement of Liens. If the Collateral Trustee at any time receives written notice from a Parity
Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents,
the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee may await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor
Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien
Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien
Debtholders. Prior to the occurrence of a Springing Event, the Collateral Trustee shall be entitled to foreclose on the Collateral Account and the Trust Estate at the direction of the Trustee, notwithstanding the fact that the Parity Lien
Security Documents may not yet have been executed. 
 Section 3.4.    Application of Proceeds. 

(a)    Subject to the terms of the Intercreditor Agreement, the Collateral Trustee will apply the proceeds of any
collection, sale, foreclosure or other realization upon, or exercise of any right or remedy with respect to, any Collateral and the proceeds of any title insurance or other insurance policy required under any Parity Lien Document or otherwise
covering the Collateral, and any condemnation proceeds with respect to the Collateral, in the following order of application: 

FIRST, to the payment of all amounts payable under this Agreement on account of the Collateral Trustee’s and/or the
Trustee’s fees and any costs, expenses, reasonable legal fees or other liabilities of any kind incurred by the Collateral Trustee or any co-trustee or agent of the Collateral Trustee in connection with any Parity Lien Document (including, but
not limited to, indemnification obligations); 

  
 10 

 SECOND, to the respective Parity Lien Representatives equally and ratably for
application to the payment of all outstanding Parity Lien Debt and any other Parity Lien Obligations that are then due and payable in such order as may be provided in the Parity Lien Documents in an amount sufficient to pay in full in cash all
outstanding Parity Lien Debt and all other Parity Lien Obligations that are then due and payable (including, to the extent legally permitted, all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the
rate, including any applicable post-default rate, specified in the Parity Lien Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding but excluding contingent indemnity obligations for which no claim
has been made), and including the discharge or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable
Parity Lien Document) of all outstanding letters of credit, if any, constituting Parity Lien Debt; and 
 THIRD, any surplus
remaining after the payment in full in cash of the amounts described in the preceding clauses will be paid to the Company or the applicable Guarantor, as the case may be, and as directed in writing by the Company, its successors or assigns, or as a
court of competent jurisdiction may direct. 
 (b)    This Section 3.4 is intended for the benefit of, and
will be enforceable as a third party beneficiary by, each present and future holder of Parity Lien Obligations, each present and future Parity Lien Representative and the Collateral Trustee as holder of Parity Liens. The Parity Lien Representative
of each future Series of Parity Lien Debt will be required to deliver to the Collateral Trustee a Collateral Trust Joinder and an Additional Secured Debt Designation as provided in Section 3.8 at the time of incurrence of such Series
of Parity Lien Debt. 
 (c)    In connection with the application of proceeds pursuant to Section 3.4(a),
except as otherwise directed by an Act of Parity Lien Debtholders, the Collateral Trustee may (but shall not be obligated to) sell any non-cash proceeds for cash prior to the application of the proceeds thereof. 

(d)    In making the determinations and allocations in accordance with Section 3.4(a), the Collateral
Trustee may conclusively rely upon information supplied by the relevant Parity Lien Representative as to the amounts of unpaid principal and interest and other amounts outstanding with respect to its respective Parity Lien Debt and any other Parity
Lien Obligations. 
 Section 3.5.    Powers of the Collateral Trustee. 

(a)    The Collateral Trustee is irrevocably authorized and empowered to enter into and perform its obligations and
protect, perfect, exercise and enforce its interest, rights, powers and remedies under the Parity Lien Security Documents and applicable law and in equity and to act as set forth in this Article 3 or, subject to the other provisions of this
Agreement, as requested in any lawful directions given to it from time to time in respect of any matter by an Act of Parity Lien Debtholders. 

(b)    No Parity Lien Representative or holder of Parity Lien Obligations (other than the Collateral Trustee) will have
any liability whatsoever for any act or omission of the Collateral Trustee, and the Collateral Trustee will have no liability whatsoever for any act or omission of any Parity Lien Representative or any holder of Parity Lien Obligations. 

Section 3.6.    Documents and Communications. The Collateral Trustee will permit each Parity Lien Representative
and each holder of Parity Lien Obligations upon reasonable written notice and at reasonable times from time to time to inspect and copy, at the cost and expense of the party requesting such copies, any and all Parity Lien Security Documents and
other documents, notices, certificates, instructions or communications received by the Collateral Trustee in its capacity as such. 

Section 3.7.    For Sole and Exclusive Benefit of Holders of Parity Lien Obligations. The Collateral Trustee will
accept, hold, administer and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and remedies at any time granted to or enforceable by the Collateral Trustee and all other property
of the Trust Estate solely and exclusively for the benefit of the present and future holders of present and future Parity Lien Obligations, and will distribute all proceeds received by it in realization thereon or from enforcement thereof solely and
exclusively pursuant to the provisions of Section 3.4. 

  
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 Section 3.8.    Additional Parity Lien Debt. 

(a)    The Collateral Trustee will, as collateral trustee hereunder, perform its undertakings set forth in Section
3.1(a) with respect to any Parity Lien Obligations constituting a Series of Parity Lien Debt that is issued or incurred after the date hereof; provided that: 

(1)    such Parity Lien Obligations are identified as Parity Lien Debt in accordance with the procedures
set forth in Section 3.8(b); and 
 (2)    the designated Parity Lien Representative
identified pursuant to Section 3.8(b) signs a Collateral Trust Joinder and an Additional Secured Debt Designation and delivers the same to the Collateral Trustee. 

(b)    The Company will be permitted to designate as an additional holder of Parity Lien Debt hereunder each Person who
is, or who becomes, the registered holder of Parity Lien Debt incurred by the Company or any Guarantor after the date of this Agreement in accordance with the terms of all applicable Parity Lien Documents. The Company may only effect such
designation by delivering to the Collateral Trustee an (i) Officers’ Certificate stating that the incurrence of such Additional Parity Lien Debt (as defined below) is authorized and permitted by the Parity Lien Documents and (ii) Additional
Parity Lien Debt Certificate that: 
 (1)    states that the Company or applicable Grantor intends to
incur additional Parity Lien Debt (“Additional Parity Lien Debt”) that is permitted by each applicable Parity Lien Document to be secured with a Parity Lien equally and ratably with all previously existing and future Parity
Lien Debt; 
 (2)    specifies the name, address and contact information of the Parity Lien
Representative for such series of Additional Parity Lien Debt for purposes of Section 7.6; 

(3)    attaches as Exhibit 1 to such Additional Parity Lien Debt Certificate a Reaffirmation Agreement in
substantially the form attached as Exhibit 1 to Exhibit A of this Agreement, which Reaffirmation Agreement has been duly executed by the Company and each Guarantor; and 

(4)    states that the Company has caused a copy of the Additional Parity Lien Debt Certificate and the
related Collateral Trust Joinder to be delivered to each then existing Parity Lien Representative. 
 Although the Company shall be required to deliver a
copy of each Additional Parity Lien Debt Certificate, each Collateral Trust Joinder and each Additional Secured Debt Designation to each then existing Parity Lien Representative, the failure to so deliver a copy of the Additional Parity Lien Debt
Certificate, Collateral Trust Joinder and/or Additional Secured Debt Designation to any then existing Parity Lien Representative shall not affect the status of such debt as Additional Parity Lien Debt if the other requirements of this Section
3.8 are complied with. Each of the Collateral Trustee and the other then existing Parity Lien Representatives shall have the right to request that the Company provide a legal opinion or opinions of counsel (subject to customary assumptions
and qualifications) as to the Additional Parity Lien Debt being secured by a valid and perfected security interest in the Collateral; provided that (i) such legal opinion or opinions need not address any collateral of a type not previously
covered by any legal opinion delivered by or on behalf of the Company and (ii) nothing shall preclude such legal opinion or opinions from being delivered on a post-closing basis after the incurrence of such Additional Parity Lien Debt if permitted
by the Parity Lien Representative for such Additional Parity Lien Debt. Notwithstanding the foregoing, nothing in this Agreement will be construed to allow the Company or any Guarantor to incur additional Indebtedness unless otherwise permitted by
the terms of all applicable Parity Lien Documents. 
 (c)    With respect to any Parity Lien Obligations constituting a
Series of Parity Lien Debt that is issued or incurred after the date hereof, the Company and each of the Guarantors agrees to take such actions (if any) as may from time to time reasonably be requested by the Collateral Trustee, any Parity Lien
Representative or any Act of Parity Lien Debtholders, and enter into such technical amendments, modifications and/or supplements to the then existing Guarantees and Parity Lien Security Documents (or execute and deliver such additional Parity Lien
Security Documents) as may from time to time be reasonably requested by such Persons (including as contemplated by Section 3.8(d) below), to ensure that the Additional Parity Lien Debt is secured by, and entitled to the benefits of,
the Parity Lien Security Documents, and each Parity Lien Secured Party (by its acceptance of the benefits hereof) hereby agrees to, and authorizes the Collateral Trustee to enter into, 

  
 12 

 
any such technical amendments, modifications and/or supplements (and additional Parity Lien Security Documents). The Company and each Guarantor hereby further agree that, if there are any
recording, filing or other similar fees payable in connection with any of the actions to be taken pursuant to this Section 3.8(c) or Section 3.8(d), all such amounts shall be paid by, and shall be for the account of, the
Company and the respective Guarantors, on a joint and several basis. 
 (d)    Without limitation of the foregoing, upon
reasonable request of the Collateral Trustee, any Parity Lien Representative or any Act of Parity Lien Debtholders, each Grantor agrees to take the following actions with respect to any real property Collateral (including Oil and Gas Properties)
with respect to all Additional Parity Lien Debt (it being understood that any such actions may be taken following the incurrence of any such Additional Parity Lien Debt on a post-closing basis if permitted by the Parity Lien Representative for such
Additional Parity Lien Debt): 
 (1)    each applicable Grantor shall enter into, and deliver to the
Collateral Trustee a mortgage modification or new mortgage, debenture, hypothec, deed of trust, deed to secure Indebtedness or similar document, instrument or agreement with regard to each real property subject to a mortgage, debenture, hypothec,
deed of trust, deed to secure Indebtedness or similar document, instrument or agreement (each such mortgage, debenture, hypothec, deed of trust, deed to secure Indebtedness or similar document, instrument or agreement a
“Mortgage” and each such property a “Mortgaged Property”), in proper form for recording in all applicable jurisdictions, in a form reasonably satisfactory to the Collateral Trustee; 

(2)    each applicable Grantor will cause to be delivered to the Collateral Trustee a local counsel opinion
(subject to customary assumptions and qualifications) to the effect that the Collateral Trustee has a valid and perfected Lien with respect to each such Mortgaged Property; and 

(3)    each applicable Grantor will cause a title company to have delivered to the Collateral Trustee an
endorsement to each title insurance policy for any real property Collateral (excluding Oil and Gas Properties), if any, then in effect for the benefit of the Parity Lien Secured Parties, date down(s) or other evidence (which may include a new title
insurance policy) (each such delivery, a “Title Datedown Product”), in each case insuring that (i) the priority of the Liens of the applicable Mortgage(s) as security for the Parity Lien Obligations has not changed and, if a
new Mortgage is entered into, that the Lien of such new Mortgage securing the Parity Lien Debt then being incurred shall have the same priority as any existing Mortgage securing then existing Parity Lien Obligations, (ii) since the later of the
original date of such title insurance policy and the date of the Title Datedown Product delivered most recently prior to (and not in connection with) such additional Indebtedness, there has been no change in the condition of title and (iii) there
are no intervening liens or encumbrances which may then or thereafter take priority over the Lien of the applicable Mortgage(s), in each case other than with respect to Liens permitted by each Parity Lien Document. 

The Company will deliver an Officers’ Certificate to the Collateral Trustee confirming that the foregoing conditions have been satisfied.

 Section 3.9.    Duties Prior to Springing Event. Notwithstanding anything in this Agreement to the
contrary, prior to the occurrence of a Springing Event, the Collateral Trustee’s sole duties shall be to (1) hold the Trust Estate in trust for the benefit of itself and the other Parity Lien Secured Parties, (2) enter into the Intercreditor
Agreement and (3) exercise remedies as and when provided by the last sentence of Section 3.3. 
 ARTICLE 4 

OBLIGATIONS ENFORCEABLE BY THE COMPANY AND THE OTHER GRANTORS 

Section 4.1.    Release of Liens on Collateral. 

(a)    The Collateral Trustee’s Liens upon the Collateral will be automatically released: 

(1)    in whole, upon (A) payment in full in cash and discharge of all outstanding Parity Lien Debt and all
other Parity Lien Obligations that are outstanding, due and payable at the time all of the Parity Lien Debt is paid 

  
 13 

 
in full in cash and discharged (other than contingent indemnity obligations for which no claim has been made), (B) termination or expiration of all commitments to extend credit under all Parity
Lien Documents and (C) the cancellation or termination or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the
applicable Parity Lien Documents) of all outstanding letters of credit issued pursuant to any Parity Lien Documents; 

(2)    as to any Collateral of a Guarantor that is (A) released as a Guarantor under each Parity Lien
Document and (B) is not obligated (as primary obligor or guarantor) with respect to any other Parity Lien Obligations and so long as the respective release does not violate the terms of any Parity Lien Document which then remains in effect; 

(3)    as to any Collateral of the Company or a Guarantor that is sold, transferred or otherwise disposed
of by the Company or any Guarantor to a Person that is not (either before or after such sale, transfer or disposition) the Company or a Subsidiary of the Company and is permitted by all of the other Parity Lien Documents, at the time of such sale,
transfer or other disposition or to the extent of the interest sold, transferred or otherwise disposed of; provided that the Collateral Trustee’s Liens upon the Collateral will not be released if the sale or other disposition is subject
to Article 11 of the Indenture; 
 (4)    as to a release of less than all or substantially all of the
Collateral, if consent to the release of all Parity Liens on such Collateral has been given by an Act of Parity Lien Debtholders; 

(5)    in whole, if the Liens on such Collateral have been released in accordance with the terms of each
Series of Parity Lien Debt; 
 (6)    as to a release of all or substantially all of the Collateral, if
(A) consent to the release of that Collateral has been given by the requisite percentage or number of holders of each Series of Parity Lien Debt at the time outstanding as provided for in the applicable Parity Lien Documents and (B) the Company has
delivered an Officers’ Certificate to the Collateral Trustee certifying that all such necessary consents have been obtained; or 

(7)    if and to the extent, and in the manner, required by Section 4.01(a) of the Intercreditor Agreement.

 (b)    The Collateral Trustee agrees for the benefit of the Company and the other Grantors that if the Collateral
Trustee at any time receives: 
 (1)    an Officers’ Certificate (which the Collateral Trustee shall
be entitled to rely upon) stating that (A) the signing officer has read Article 4 of this Agreement and understands the provisions and the definitions relating hereto, (B) such officer has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not the conditions precedent in this Agreement, the Intercreditor Agreement and all other Parity Lien Documents, if any, relating to the release of the Collateral have been complied
with, (C) in the opinion of such officer, such conditions precedent, if any, have been complied with and (D) such release of Collateral did not violate the terms of any applicable Parity Lien Document; and 

(2)    the proposed instrument or instruments releasing such Lien as to such property in recordable form,
if applicable; 
 then, promptly following receipt by the Collateral Trustee of the items required by this Section 4.1(b), upon
request of the Company, the Collateral Trustee will execute (with such acknowledgements and/or notarizations as are required) and deliver evidence of such release to the Company or other applicable Grantor; provided that, in the case of a
release of Liens under Section 4.1(a)(7), the Collateral Trustee shall execute and deliver such proposed instruments releasing its Liens contemporaneously with the execution and delivery of such similar instruments by the Priority Lien
Collateral Agent in accordance with the terms of the Intercreditor Agreement. 
 (c)    The Collateral Trustee hereby
agrees that: 

  
 14 

 (1)    in the case of any release pursuant to Section
4.1(a)(3), if the terms of any such sale, transfer or other disposition require the payment of the purchase price to be contemporaneous with the delivery of the applicable release, then, subject to the Intercreditor Agreement and at the
written request of and at the expense of the Company or other applicable Grantor, the Collateral Trustee will either (A) be present at and deliver the release at the closing of such transaction or (B) deliver the release under customary escrow
arrangements that permit such contemporaneous payment and delivery of the release; and 
 (2)    at any
time when a Parity Lien Debt Default has occurred and is continuing, within three Business Days of the receipt by a Responsible Officer of any Act of Parity Lien Debtholders pursuant to Section 4.1(a)(4), the Collateral Trustee will
deliver a copy of such Act of Parity Lien Debtholders to each Parity Lien Representative. 
 Section 4.2.    Delivery
of Copies to Parity Lien Representatives. The Company will deliver to each Parity Lien Representative a copy of each Officers’ Certificate delivered to the Collateral Trustee pursuant to Section 4.1(b), together with copies of
all documents delivered to the Collateral Trustee with such Officers’ Certificate. The Parity Lien Representatives will not be obligated to take notice thereof or to act thereon. Each Parity Lien Representative shall, within three Business Days
of the receipt by it of the Officers’ Certificate and proposed release instrument(s) delivered to the Collateral Trustee pursuant to Section 4.1(b), deliver a copy of such notice to each registered holder of the Series of Parity
Lien Debt for which it acts as Parity Lien Representative. 
 Section 4.3.    Collateral Trustee not Required to
Serve, File or Record. Subject to Section 3.2, the Collateral Trustee is not required to serve, file, register or record any instrument releasing or subordinating its Liens on any Collateral; provided that if the Company or
any other Grantor shall make a written demand for a termination statement under Section 9-513(c) of the UCC, the Collateral Trustee shall comply with the written request of the Company or Grantor to comply with the requirements of such UCC provision
(at the sole cost and expense of the Company or such Grantor and which written request must be accompanied by an Officers’ Certificate relating to the same); provided, further, that the Collateral Trustee must first confirm with the
Parity Lien Representatives that the requirements of such UCC provisions have been satisfied. 
 Section
4.4.    Release of Liens in Respect of Notes. In addition to any release pursuant to Section 4.1 hereof, the Collateral Trustee’s Parity Liens will no longer secure the Notes outstanding under the
Indenture or any other Obligations under the Note Documents, and the right of the holders of the Obligations under the Indenture to the benefits and proceeds of the Collateral Trustee’s Parity Liens on the Collateral will terminate and be
discharged as provided for in Section 15.03 of the Indenture. 
 Section 4.5.    Release of Liens in Respect of any
Series of Parity Lien Debt other than the Notes. In addition to any release pursuant to Section 4.1 hereof, as to any Series of Parity Lien Debt other than the Notes, the Collateral Trustee’s Parity Lien will no longer secure
such Series of Parity Lien Debt if such Parity Lien Debt has been paid in full, all commitments to extend credit in respect of such Series of Parity Lien Debt have been terminated and all other Parity Lien Obligations related thereto that are
outstanding and unpaid at the time such Series of Parity Lien Debt is paid are also paid in full, or if otherwise released by the terms of such Parity Lien Debt or the Intercreditor Agreement. 

ARTICLE 5 
 IMMUNITIES
OF THE COLLATERAL TRUSTEE 
 Section 5.1.    No Implied Duty. The Collateral Trustee will not have any
fiduciary duties nor will it have responsibilities or obligations other than those expressly assumed by it in this Agreement, the other Parity Lien Security Documents and the Intercreditor Agreement. No implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement, the other Parity Lien Documents or the Intercreditor Agreement, or otherwise exist against the Collateral Trustee. Without limiting the generality of the
foregoing sentences, the use of the term “trustee” in this Agreement with reference to the Collateral Trustee is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. The Collateral Trustee will not be required to take any
action that is contrary to applicable law or any provision of this Agreement, the other Parity Lien Security Documents or the Intercreditor Agreement. 

  
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 Section 5.2.    Appointment of Agents and Advisors. The Collateral
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good faith as it may reasonably
require and will not be responsible for any misconduct or negligence on the part of any of them. 
 Section
5.3.    Other Agreements. The Collateral Trustee has accepted its appointment as collateral trustee hereunder and is bound by the Parity Lien Security Documents executed by the Collateral Trustee as of the date of this
Agreement, and the Collateral Trustee shall at the request of the Company (in the form of an Officers’ Certificate) execute the Notes Security Agreement and each additional Parity Lien Security Documents delivered to it after the date of this
Agreement (including to secure Obligations arising under Additional Parity Lien Debt to the extent such Obligations are permitted to be incurred and secured under the Parity Lien Documents); provided that such additional Parity Lien Security
Documents do not adversely affect the rights, privileges, benefits and immunities of the Collateral Trustee or conflict with the terms of the Intercreditor Agreement. The Collateral Trustee will not otherwise be bound by, or be held obligated by,
the provisions of any credit agreement, indenture or other agreement governing Parity Lien Debt (other than this Agreement and the other Parity Lien Security Documents to which it is a party). 

Section 5.4.    Solicitation of Instructions. 

(a)    The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Parity
Lien Debtholders, an Officers’ Certificate, a legal opinion from counsel to the Company or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the
performance of any of its obligations under this Agreement or the other Parity Lien Security Documents, and the Collateral Trustee will not be liable for any action it takes or omits to take in good faith in reliance on any such certificate, opinion
or order. In the absence of bad faith on its part, the Collateral Trustee may rely, and will be protected in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Collateral Trustee need not investigate any fact or matter
stated in the document, but, in the case of any document which is specifically required to be furnished to the Collateral Trustee pursuant to any provision hereof, the Collateral Trustee shall examine the document to determine whether it conforms to
the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(b)    No written direction given to the Collateral Trustee by an Act of Parity Lien Debtholders that in the sole judgment
of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Parity Lien Security Documents
will be binding upon the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction. 

(c)    The Collateral Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Agreement at the request, order or direction of the Required Parity Lien Debtholders pursuant to the provisions of this Agreement, unless such holders shall have furnished to the Collateral Trustee security or indemnity satisfactory to it against
the costs, expenses and liabilities which may be incurred therein or thereby. 
 Section 5.5.    Limitation of
Liability. The Collateral Trustee will not be responsible or liable for any action taken or omitted to be taken by it hereunder or under any other Parity Lien Security Document, except as determined by a court of competent jurisdiction in a
final, nonappealable judgment to have resulted from the Collateral Trustee’s gross negligence or willful misconduct. 
 Section
5.6.    Documents in Satisfactory Form. The Collateral Trustee will be entitled to require that all agreements, certificates, opinions, instruments and other documents at any time submitted to it, including those expressly
provided for in this Agreement, be delivered to it in a form and with substantive provisions reasonably satisfactory to it. The Collateral Trustee (i) makes no representation as to the validity or adequacy of any Parity Lien Document and (ii) is not
responsible for any statement in any Parity Lien Document other than any representations and warranties made by it. 
 Section
5.7.    Entitled to Rely. The Collateral Trustee may seek and rely upon, and shall be fully protected in relying upon, any judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent
consultants 

  
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and other experts selected by it in good faith and upon any certification, instruction, notice or other writing delivered to it by the Company or any Guarantor in compliance with the provisions
of this Agreement or delivered to it by any Parity Lien Representative as to the holders of Parity Lien Obligations for whom it acts, without being required to determine the authenticity thereof or the correctness of any fact stated therein or the
propriety or validity of service thereof. The Collateral Trustee may act in reliance upon any instrument comporting with the provisions of this Agreement or any signature believed by it in good faith to be genuine and may assume that any Person
purporting to give notice or receipt or advice or make any statement or execute any document in connection with the provisions hereof or the other Parity Lien Security Documents has been duly authorized to do so. To the extent an Officers’
Certificate or opinion of counsel is required or permitted under this Agreement to be delivered to the Collateral Trustee in respect of any matter, the Collateral Trustee may rely conclusively on an Officers’ Certificate or opinion of counsel
as to such matter and such Officers’ Certificate or opinion of counsel shall be full warranty and protection to the Collateral Trustee for any action taken, suffered or omitted by it under the provisions of this Agreement and the other Parity
Lien Security Documents. The Collateral Trustee (a) shall not be responsible to any Parity Lien Secured Party for any recitals, statements, information, representations or warranties of any other Person contained herein, in the Parity Lien Documents
or in any document, certificate or other writing delivered in connection herewith or therewith or for the execution, effectiveness, genuineness, validity, enforceability, collectability, priority of sufficiency of this Agreement, the Parity Lien
Documents or the financial condition of the Company, the Guarantors or any of them and (b) shall not be required to ascertain or inquire as to the performance or observation of any of the terms, covenants or conditions of this Agreement or any
Parity Lien Document. 
 Section 5.8.    Parity Lien Debt Default. The Collateral Trustee will not be required to
inquire as to the occurrence or absence of any Parity Lien Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Parity Lien Debt Default unless and until it is directed by an Act of
Parity Lien Debtholders. 
 Section 5.9.    Actions by Collateral Trustee. As to any matter not expressly
provided for by this Agreement or the other Parity Lien Security Documents, the Collateral Trustee will act or refrain from acting as directed by an Act of Parity Lien Debtholders and will be fully protected if it does so, and any action taken,
suffered or omitted pursuant to hereto or thereto shall be binding on the holders of Parity Lien Obligations. The Collateral Trustee shall not be liable for any action it takes or omits to take in good faith in accordance with any Act of Parity
Lien Debtholders. 
 Section 5.10.    Security or Indemnity in favor of the Collateral Trustee. The Collateral
Trustee will not be required to advance or expend any funds or otherwise incur any financial liability in the performance of its duties or the exercise of its powers or rights hereunder unless it has been provided with security or indemnity
satisfactory to it against any and all loss, liability or expense which may be incurred by it by reason of taking or continuing to take such action. 

Section 5.11.    Rights of the Collateral Trustee. In the event of any conflict between any terms and provisions
set forth in this Agreement and those set forth in any other Parity Lien Security Document, the terms and provisions of this Agreement shall supersede and control the terms and provisions of such other Parity Lien Security Document. In the event
there is any bona fide, good faith disagreement between the other parties to this Agreement or any of the other Parity Lien Security Documents resulting in adverse claims being made in connection with Collateral held by the Collateral Trustee and
the terms of this Agreement or any of the other Parity Lien Security Documents do not unambiguously mandate the action the Collateral Trustee is to take or not to take in connection therewith under the circumstances then existing, or the Collateral
Trustee is in doubt as to what action it is required to take or not to take hereunder or under the other Parity Lien Security Documents, it will be entitled to refrain from taking any action (and will incur no liability for doing so) until directed
otherwise in writing by a request signed jointly by the parties hereto entitled to give such direction or by order of a court of competent jurisdiction. 

Section 5.12.    Limitations on Duty of Collateral Trustee in Respect of Collateral. 

(a)    Beyond the exercise of reasonable care in the custody of Collateral in its possession, the Collateral Trustee will
have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the
Collateral Trustee will not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Liens on
the Collateral; provided that, notwithstanding the foregoing, the Collateral Trustee will execute, file or record UCC-3 continuation statements and other documents and instruments to preserve, protect or perfect the security interests granted
to the Collateral 

  
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Trustee (subject to the priorities set forth herein) if it shall receive a specific written request to execute, file or record the particular continuation statement or other specific document or
instrument by any Parity Lien Representative, along with drafts of such UCC-3 continuation statements or other documents or instruments in recordable form (it being understood that the Trustee shall have no duty to make such request). The Collateral
Trustee shall deliver to each other Parity Lien Representative a copy of any such written request. The Collateral Trustee will be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is
accorded treatment substantially equal to that which it accords its own property, and the Collateral Trustee will not be liable or responsible for any loss or diminution in the value of any of the Collateral by reason of the act or omission of any
carrier, forwarding agency or other agent or bailee selected by the Collateral Trustee in good faith. 
 (b)    Except
as provided in Section 5.12(a), the Collateral Trustee will not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the
Collateral, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of any Grantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges,
assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral Trustee hereby disclaims any representation or warranty to the current and future holders of the Parity Lien Obligations concerning the
perfection of the security interests granted to it or in the value of any Collateral. The Collateral Trustee shall not be under any obligation to the Trustee or any holder of Parity Lien Debt to ascertain or to inquire as to the observance or
performance of any of the agreements contained in, or conditions of, this or any other Parity Lien Security Document or the Intercreditor Agreement or to inspect the properties, books or records of the Company or any Guarantor. 

Section 5.13.    Assumption of Rights, Not Assumption of Duties. Notwithstanding anything to the contrary contained
herein: 
 (1)    each of the parties thereto will remain liable under each of the Parity Lien Security
Documents (other than this Agreement) to the extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this Agreement had not be executed; 

(2)    the exercise by the Collateral Trustee of any of its rights, remedies or powers hereunder will not
release such parties from any of their respective duties or obligations under the other Parity Lien Security Documents; and 

(3)    the Collateral Trustee will not be obligated to perform any of the obligations or duties of the
Company or any Grantor. 
 Section 5.14.    No Liability for Clean Up of Hazardous Materials. In the event that
the Collateral Trustee is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in the Collateral
Trustee’s sole discretion may cause the Collateral Trustee to be considered an “owner or operator” under any environmental laws or otherwise cause the Collateral Trustee to incur, or be exposed to, any environmental liability or any
liability under any other federal, state or local law, the Collateral Trustee reserves the right, instead of taking such action, either to resign as Collateral Trustee or to arrange for the transfer of the title or control of the asset to a court
appointed receiver. The Collateral Trustee will not be liable to any Person for any environmental liability or any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral
Trustee’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or release or threatened discharge or release of any hazardous materials into the environment. 

Section 5.15.    Other Relationships with the Company or Guarantors. Wilmington Trust, National Association and its
Affiliates (and any successor Collateral Trustee and its Affiliates) may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial
advisory, underwriting or other business with the Company or any Guarantor and its Affiliates as though it was not the Collateral Trustee hereunder and without notice to or consent of the Trustee. The Trustee and the holders of the Parity Lien
Obligations acknowledge that, pursuant to such activities, Wilmington Trust, National Association or its Affiliates (and any successor Collateral Trustee and its Affiliates) may receive information regarding the Company or any Guarantor or its
Affiliates (including information that may be subject to confidentiality obligations in favor of the Company, such Guarantor or such Affiliate) and acknowledge that the Collateral Trustee shall not be under any obligation to provide such information
to the Trustee or the holders of the Parity Lien Obligations. Nothing herein shall impose or imply any obligation on the part of Wilmington Trust, National Association (or any successor Collateral Trustee) to advance funds. 

  
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 Section 5.16.    No Liability for Interest. The Collateral
Trustee shall not be liable for interest or investment income on any money or securities received by it, except as the Collateral Trustee may agree in writing with the Company. 

Section 5.17.    Non-Reliance on Collateral Trustee. 

(a)    The Collateral Trustee shall not be required to keep itself informed as to the performance or observance by the
Company or Guarantors of any of its obligations under this Agreement, any Parity Lien Document or any other document referred to or provided for herein or therein. Except for notices, reports and other documents and information expressly
required to be furnished to any Parity Lien Secured Party by the Collateral Trustee hereunder, the Collateral Trustee shall have no duty or responsibility to provide any Parity Lien Secured Party with any credit or other information concerning the
affairs, financial condition or business of the Company or any Guarantor that may come into the possession of the Collateral Trustee or any of its Affiliates. 

(b)    Each Parity Lien Representative, on behalf of itself and each Parity Lien Secured Party it represents, acknowledges
that such Parity Lien Secured Parties have, independently and without reliance on any other Parity Lien Representative or the Collateral Trustee, and based on documents and information deemed by them appropriate, made their own credit analysis and
decision to enter into the Parity Lien Documents to which they are party or by which they are bound, this Agreement and the transactions contemplated hereby and thereby, and they will continue to make their own credit decisions in taking or not
taking any action under the Parity Lien Documents or this Agreement (it being understood that neither the Trustee nor Collateral Trustee has made and neither has a duty to make any such credit analysis). 

ARTICLE 6 

RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE 

Section 6.1.    Resignation or Removal of Collateral Trustee. Subject to the appointment of a successor Collateral
Trustee as provided in Section 6.2 and the acceptance of such appointment by the successor Collateral Trustee: 

(a)    the Collateral Trustee may resign at any time by giving not less than 30 days’ notice of resignation to each
Parity Lien Representative and the Company; and 
 (b)    the Collateral Trustee may be removed at any time, with or
without cause, by an Act of Parity Lien Debtholders by giving not less than 30 days’ notice to the Collateral Trustee. 
 Section
6.2.    Appointment of Successor Collateral Trustee. Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an Act of Parity Lien Debtholders. If no successor Collateral Trustee has been
so appointed and accepted such appointment within 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Company), at its option, appoint a successor
Collateral Trustee, or petition a court of competent jurisdiction for appointment of a successor Collateral Trustee, which must be a bank or trust company: 

(1)    authorized to exercise corporate trust powers; and 

(2)    having a combined capital and surplus of at least $250,000,000. 

The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral Trustee meeting the requirements of this
Section 6.2 has accepted its appointment as Collateral Trustee and the provisions of Section 6.3 have been satisfied. 

  
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 Section 6.3.    Succession. When the Person so appointed as successor
Collateral Trustee accepts such appointment: 
 (1)    such Person will succeed to and become vested with
all the rights, powers, privileges and duties of the predecessor Collateral Trustee, and the predecessor Collateral Trustee will be discharged from its duties and obligations hereunder; and 

(2)    the predecessor Collateral Trustee will (at the expense of the Company) promptly transfer all Liens
and collateral security and other property of the Trust Estate within its possession or control to the possession or control of the successor Collateral Trustee and will execute instruments and assignments as may be reasonably requested by the
successor Collateral Trustee to transfer to the successor Collateral Trustee all Liens, interests, rights, powers and remedies of the predecessor Collateral Trustee in respect of the Parity Lien Security Documents or the Trust Estate. 

Thereafter the predecessor Collateral Trustee will remain entitled to enforce the immunities granted to it in Article 5 and the provisions of
Sections 7.8 and 7.9, and said provisions will survive termination of this Agreement for the benefit of the predecessor of the Collateral Trustee. 

Section 6.4.    Merger, Conversion or Consolidation of Collateral Trustee. Any Person into which the Collateral
Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Trustee shall be a party, or any Person succeeding to the business of the
Collateral Trustee shall be the successor of the Collateral Trustee pursuant to Section 6.3, provided that (i) without the execution or filing of any paper with any party hereto or any further act on the part of any of the
parties hereto, except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding, such Person satisfies the eligibility requirements specified in clauses (1) and (2)
of Section 6.2 and (ii) prior to any such merger, conversion or consolidation, the Collateral Trustee shall have notified the Company and each Parity Lien Representative thereof in writing. 

Section 6.5.    Concerning the Collateral Trustee and the Parity Lien Representatives. 

(a)    Notwithstanding anything contained herein to the contrary, it is expressly understood and agreed by the parties
hereto that this Agreement has been signed by each Parity Lien Representative not in its individual capacity or personally but solely in its capacity as trustee, representative or agent for the benefit of the related holders of the applicable Series
of Parity Lien Debt in the exercise of the powers and authority conferred and vested in it under the related Parity Lien Documents, and in no event shall such Parity Lien Representative, in its individual capacity, have any liability for the
representations, warranties, covenants, agreements or other obligations of any other party under this Agreement, any Parity Lien Document or in any of the certificates, reports, documents, data notices or agreements delivered by such other party
pursuant hereto or thereto. 
 (b)    Notwithstanding anything contained herein to the contrary, it is expressly
understood and agreed by the parties hereto that this Agreement has been signed by Wilmington Trust, National Association, not in its individual capacity or personally but solely in its capacity as Collateral Trustee, and in no event shall
Wilmington Trust, National Association, in its individual capacity, have any liability for the representations, warranties, covenants, agreements or other obligations of any other party under this Agreement, any Parity Lien Document or in any of the
certificates, reports, documents, data notices or agreements delivered by such other party pursuant hereto or thereto. 

(c)    Notwithstanding anything contained herein to the contrary, it is expressly understood and agreed by the parties
hereto that this Agreement has been signed by Wilmington Trust, National Association not in its individual capacity or personally but solely in its capacity as Trustee, and in no event shall Wilmington Trust, National Association or any other Parity
Lien Representative, in its individual capacity, have any liability for the representations, warranties, covenants, agreements or other obligations of any other party under this Agreement, any Parity Lien Document or in any of the certificates,
reports, documents, data notices or agreements delivered by such other party pursuant hereto or thereto. 
 (d)    In
entering into this Agreement, the Collateral Trustee shall be entitled to the benefit of every provision of the Indenture relating to the rights, exculpations or conduct of, affecting the liability of or otherwise affording protection to the
“Collateral Trustee” thereunder. In no event will the Collateral Trustee be liable for any act or omission on the part of the Grantors or any Parity Lien Representative. In entering into this Agreement, the Trustee shall be entitled
to the benefit of every provision of the Indenture relating to the rights, exculpations or conduct of, affecting the liability of or otherwise affording protection to the “Trustee” thereunder. In no event will the Trustee be liable for any
act or omission on the part of the Grantors or any other Parity Lien Representative. 

  
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 (e)    Except as otherwise set forth herein, neither the Collateral Trustee
nor any Parity Lien Representative shall be required to exercise any discretion or take any action, but shall be required to act or refrain from acting (and shall be fully protected in so acting or refraining from acting) solely upon the
instructions of the applicable Required Parity Lien Debtholders as provided in the Indenture or the related Parity Lien Document; provided that neither the Collateral Trustee nor any Parity Lien Representative shall be required to take any
action that (i) it in good faith believes exposes it to personal liability unless it receives an indemnification satisfactory to it from the applicable holders of the Parity Lien Obligations with respect to such action or (ii) is contrary to this
Agreement, the Intercreditor Agreement or applicable law. 
 ARTICLE 7 

MISCELLANEOUS PROVISIONS 

Section 7.1.    Amendment. 

(a)    Except as provided in the Intercreditor Agreement and Section 2.4, no amendment or supplement to the provisions of
any Parity Lien Security Document will be effective without the approval of the Collateral Trustee acting as directed by an Act of Parity Lien Debtholders, except that: 

(1)    any amendment or supplement that has the effect solely of: 

(A)    adding or maintaining Collateral, securing additional Parity Lien Debt that was otherwise permitted
by the terms of the Parity Lien Documents to be secured by the Collateral or preserving, perfecting or establishing the Liens thereon or the rights of the Collateral Trustee therein; or 

(B)    providing for the assumption of the Company or any Guarantor’s obligations under any Parity
Lien Document in the case of a merger or consolidation or sale of all or substantially all of the properties or assets of the Company or such Guarantor to the extent permitted by the terms of the Indenture and the other Parity Lien Documents, as
applicable; 
 will become effective when executed and delivered by the Company or any other applicable Grantor party thereto and, if
required for effectiveness pursuant to its terms, the Collateral Trustee; 
 (2)    no amendment or
supplement that reduces, impairs or adversely affects the right of any holder of Parity Lien Obligations: 

(A)    to vote its outstanding Parity Lien Debt as to any matter described as subject to an Act of Parity
Lien Debtholders or direction by the Required Parity Lien Debtholders (or amends the provisions of this clause (2) or the definition of “Act of Parity Lien Debtholders” or “Required Parity Lien
Debtholders”), 
 (B)    to share in the order of application described in Section
3.4 in the proceeds of enforcement of or realization on any Collateral; or 
 (C)    to require
that Liens securing Parity Lien Obligations be released only as set forth in the provisions described in Sections 4.1, 4.4 or 4.5, 

will become effective without the consent of the requisite percentage or number of holders of each Series of Parity Lien Debt adversely
affected thereby under the applicable Parity Lien Document; and 
 (3)    no amendment or supplement that imposes any
obligation upon the Collateral Trustee or any Parity Lien Representative or adversely affects the rights of the Collateral Trustee or any Parity Lien Representative, respectively, in its individual capacity as such will become effective without the
consent of the Collateral Trustee or such Parity Lien Representative, respectively. 

  
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 Any amendment or supplement to the provisions of the Parity Lien Security Documents that releases
Collateral will be effective only in accordance with the requirements set forth in the applicable Parity Lien Document referenced in Section 4.1 hereof. Any amendment or supplement that results in the Collateral Trustee’s Liens
upon the Collateral no longer securing the Notes and the other Obligations under the Indenture and other Note Documents may only be effected in accordance with Section 4.4 hereof. 

(b)    Notwithstanding anything to the contrary contained in Section 7.1(a) but subject to Sections 7.1(a)(2) and
7.1(a)(3): 
 (1)    any mortgage or other Parity Lien Security Document may be amended or supplemented
with the approval of the Collateral Trustee acting as directed in writing by the Required Parity Lien Debtholders, unless such amendment or supplement would not be permitted under the terms of this Agreement, the Intercreditor Agreement or any
Priority Lien Documents; 
 (2)    any amendment or waiver of, or any consent under, any provision of any
security document that secures Priority Lien Obligations will apply automatically to any comparable provision of any comparable Parity Lien Security Document without the consent of or notice to any holder of Parity Lien Obligations and without any
action by the Company or any Guarantor, the Collateral Trustee or any holder of Notes or other Parity Lien Obligations; and 

(3)    any mortgage or other Parity Lien Security Document may be amended or supplemented with the approval
of the Collateral Trustee (but without the consent of or notice to any holder of Parity Lien Obligations and without any action by any holder of Notes or other Parity Lien Obligations) (i) to cure any ambiguity, defect or inconsistency, or (ii) to
make other changes that do not have an adverse effect on the validity of the Lien created thereby. 
 (c)    The
Collateral Trustee will not enter into any amendment or supplement unless it has received an Officers’ Certificate to the effect that such amendment or supplement will not result in a breach of any provision or covenant contained in this
Agreement, the Intercreditor Agreement or any of the Parity Lien Documents. Prior to executing any amendment or supplement pursuant to this Section 7.1, the Collateral Trustee will be entitled to receive an opinion of counsel of the
Company to the effect that the execution of such document is authorized or permitted hereunder, and with respect to amendments adding Collateral, an opinion of counsel of the Company addressing customary creation and perfection, and if such
additional Collateral consists of equity interests of any Person which equity interests constitute certificated securities, priority matters with respect to such additional Collateral (which opinion may be subject to customary assumptions and
qualifications). 
 Section 7.2.    Voting. In connection with any matter under this Agreement requiring a vote
of holders of Parity Lien Debt, each Series of Parity Lien Debt will cast its votes in accordance with the Parity Lien Documents governing such Series of Parity Lien Debt. The amount of Parity Lien Debt to be voted by a Series of Parity Lien Debt
will equal (1) the aggregate principal amount of Parity Lien Debt held by such Series of Parity Lien Debt (including outstanding letters of credit whether or not then available or drawn), plus (2) other than in connection with an exercise of
remedies, the aggregate unfunded commitments to extend credit which, when funded, would constitute Indebtedness of such Series of Parity Lien Debt (to the extent such unfunded commitments have not been terminated by the holders of such Series of
Parity Lien Debt). Following and in accordance with the outcome of the applicable vote under its Parity Lien Documents, the Parity Lien Representative of each Series of Parity Lien Debt will vote the total amount of Parity Lien Debt under that
Series of Parity Lien Debt as a block in respect of any vote under this Agreement. In connection with this Section 7.2, the Collateral Trustee may conclusively rely upon information supplied by the relevant Parity Lien Representative as to the
amounts of Parity Lien Debt held by each Series of Parity Lien Debt. 

  
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 Section 7.3.    Further Assurances. 

(a)    The Company and each of the Guarantors will do or cause to be done all acts and things that may be required, or that
the Collateral Trustee from time to time may reasonably request, to assure and confirm that the Collateral Trustee holds, for the benefit of the holders of Parity Lien Obligations, duly created and enforceable and perfected Liens upon the Collateral
(including any property or assets that are acquired or otherwise become, or are required by any Parity Lien Document to become, Collateral after the date hereof), in each case, as contemplated by, and with the Lien priority required under, the
Parity Lien Documents and in connection with any merger, consolidation or sale of assets of the Company or any Guarantor, the property and assets of the Person which is consolidated or merged with or into the Company or any Guarantor, to the extent
that they are property or assets of the types which would constitute Collateral under the security documents, shall be treated as after-acquired property and the Company or such Guarantor shall take such action as may be necessary to cause such
property and assets to be made subject to the Parity Liens, in the manner and to the extent required under the Parity Lien Documents. 

(b)    Upon the reasonable request of the Collateral Trustee or any Parity Lien Representative at any time and from time
to time, the Company and each of the Guarantors will promptly execute, acknowledge and deliver such security documents, instruments, certificates, notices and other documents, and take such other actions as may be required, or that the Collateral
Trustee may reasonably request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case as contemplated by the Parity Lien Documents for the benefit of holders of Parity Lien Obligations;
provided that no such security document, instrument or other document shall be materially more burdensome upon the Company and the Guarantors than the Parity Lien Document executed and delivered (or required to be executed and delivered
promptly after the date hereof) by the Company and the Guarantors in connection with the issuance of the Notes on or about the date hereof. 

(c)    From and after the date hereof, the Company shall, or shall cause the applicable Guarantor to, deliver such
documents and takes such actions as are required by Article 15 of the Indenture. 
 (d)    Upon the request of the
Collateral Trustee, the Company and the Guarantors will permit the Collateral Trustee or any of its agents or representatives, at reasonable times and intervals upon reasonable prior notice, to visit their offices and sites and inspect any of the
Collateral and to discuss matters relating to the Collateral with their respective officers and independent public accountants. The Company and the Guarantors shall, at any reasonable time and from time to time upon reasonable prior notice, permit
the Collateral Trustee or any of its agents or representatives to examine and make copies of and abstracts from the records and books of account of the Company and the Guarantors and their Subsidiaries, all at the Company’s expense. 

Section 7.4.    Successors and Assigns. 

(a)    Except as provided in Section 5.2 and 6.1 through 6.4, the Collateral
Trustee may not, in its capacity as such, delegate any of its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Collateral Trustee
hereunder will inure to the sole and exclusive benefit of, and be enforceable by, each Parity Lien Representative and each present and future holder of Parity Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party
beneficiary hereof, and all of their respective successors and assigns. 
 (b)    Neither the Company nor any Guarantor
may delegate any of its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Company and the Guarantors hereunder will inure to the sole
and exclusive benefit of, and be enforceable by, the Collateral Trustee, each Parity Lien Representative and each present and future holder of Parity Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party
beneficiary hereof, and all of their respective successors and assigns. 
 Section 7.5.    Delay and Waiver. No
failure to exercise, no course of dealing with respect to the exercise of, and no delay in exercising, any right, power or remedy arising under this Agreement or any of the other Parity Lien Security Documents will impair any such right, power or
remedy or operate as a waiver thereof. No single or partial exercise of any such right, power or remedy will preclude any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and
are not exclusive of any remedies provided by law. 

  
 23 

 Section 7.6.    Notices. Any communications, including notices and
instructions, between the parties hereto or notices provided herein to be given may be given to the following addresses: 
  

			
	If to the Collateral Trustee:	  	 Wilmington Trust, National Association
 Global
Capital Markets
 15950 N, Dallas Parkway, Suite 550
 Dallas,
Texas 75248
 Telephone: 972-383-3156
 Facsimile:
888-316-6238
 Attention: SandRidge Energy Administrator

		
	If to the Company or any other Grantor:	  	 SandRidge Energy, Inc.
 123 Robert S. Kerr
Avenue
 Oklahoma City, Oklahoma 73102
 Facsimile:
405-429-5983
 Attention: General Counsel

		
	If to the Trustee:	  	 Wilmington Trust, National Association
 Global
Capital Markets
 15950 N. Dallas Parkway, Suite 550
 Dallas,
Texas 75248
 Telephone: 972-383-3156
 Facsimile:
888-316-6238
 Attention: SandRidge Energy Administrator

 and if to any other Parity Lien Representative, to such address as it may specify by written notice to the parties named
above. 
 All notices and communications will be mailed by first class mail, certified or registered, return receipt requested, by overnight
air courier guaranteeing next day delivery, or delivered by facsimile to the relevant address or number set forth above or, as to holders of Parity Lien Debt, its address shown on the register kept by the office or agency where the relevant Parity
Lien Debt may be presented for registration of transfer or for exchange. Failure to mail or delivery by facsimile a notice or communication to a holder of Parity Lien Debt or any defect in it will not affect its sufficiency with respect to other
holders of Parity Lien Debt. 
 If a notice or communication is mailed or delivered by facsimile in the manner provided above within the
time prescribed, it is duly given, whether or not the addressee receives it; provided that notices to the Collateral Trustee shall be deemed given upon actual receipt by a Responsible Officer of the Collateral Trustee. 

Section 7.7.    Entire Agreement. This Agreement states the complete agreement of the parties relating to the
undertaking of the Collateral Trustee set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking. 

Section 7.8.    Compensation; Expenses. The Grantors jointly and severally agree to pay, promptly upon demand: 

(1)    such compensation to the Collateral Trustee and its agents as the Company and the Collateral Trustee
may agree in writing from time to time; 
 (2)    all reasonable costs and expenses incurred by the
Collateral Trustee and its agents in the preparation, execution, delivery, filing, recordation, administration or enforcement of this Agreement or any other Parity Lien Security Document or any consent, amendment, waiver or other modification
relating hereto or thereto; 

  
 24 

 (3)    all reasonable fees, expenses and disbursements of
legal counsel and any auditors, accountants, consultants or appraisers or other professional advisors and agents engaged by the Collateral Trustee or any Parity Lien Representative incurred in connection with the negotiation, preparation, closing,
administration, performance or enforcement of this Agreement and the other Parity Lien Security Documents or any consent, amendment, waiver or other modification relating hereto or thereto and any other document or matter requested by the Company or
any Guarantor; 
 (4)    all reasonable costs and expenses incurred by the Collateral Trustee and its
agents in creating, perfecting, preserving, releasing or enforcing the Collateral Trustee’s Liens on the Collateral, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, and title insurance premiums;

 (5)    all other reasonable costs and expenses incurred by the Collateral Trustee and its agents in
connection with the negotiation, preparation and execution of the Parity Lien Security Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby or the exercise of rights or performance
of obligations by the Collateral Trustee thereunder; and 
 (6)    after the occurrence of any Parity
Lien Debt Default, all costs and expenses incurred by the Collateral Trustee, its agents and any Parity Lien Representative in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Parity Lien
Security Documents or any interest, right, power or remedy of the Collateral Trustee or in connection with the collection or enforcement of any of the Parity Lien Obligations or the proof, protection, administration or resolution of any claim based
upon the Parity Lien Obligations in any Insolvency or Liquidation Proceeding, including all fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by the Collateral Trustee, its agents or
the Parity Lien Representatives. 
 The agreements in this Section 7.8 will survive repayment of all other Parity Lien Obligations and the
removal or resignation of the Collateral Trustee and termination of this Agreement. 
 Section 7.9.    Indemnity.

 (a)    The Grantors jointly and severally agree to defend, indemnify, pay and hold harmless the Collateral Trustee,
each Parity Lien Representative, each holder of Parity Lien Obligations and each of their respective Affiliates and each and all of their directors, officers, partners, trustees, employees, attorneys and agents, and (in each case) their respective
heirs, representatives, successors and assigns (each of the foregoing, an “Indemnitee”) from and against any and all Indemnified Liabilities; provided that no Indemnitee will be entitled to indemnification hereunder
with respect to any Indemnified Liability to the extent such Indemnified Liability is found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such
Indemnitee. THIS INDEMNITY COVERS ORDINARY NEGLIGENCE OF ANY OF THE FOREGOING PARTIES. 
 (b)    All amounts due under
this Section 7.9 will be payable within 10 days upon written demand. 
 (c)    To the extent that the
undertakings to defend, indemnify, pay and hold harmless set forth in Section 7.9(a) may be unenforceable in whole or in part because they violate any law or public policy, each of the Grantors will contribute the maximum portion that
it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. 

(d)    No Grantor will ever assert any claim against any Indemnitee, on any theory of liability, for any lost profits or
special, indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any punitive damages arising out of, in connection with, or as a result of, this Agreement or any other Parity Lien Document or
any agreement or instrument or transaction contemplated hereby or relating in any respect to any Indemnified Liability, and each of the Grantors hereby forever waives, releases and agrees not to sue upon any claim for any such lost profits or
special, indirect, consequential or (to the fullest extent lawful) punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor. 

  
 25 

 (e)    Without limiting the agreements set forth in Section
7.9(d) above, in no event shall the Collateral Trustee be responsible or liable to any person for lost profits or special, indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any
punitive damages arising out of, in connection with, or as a result of this Agreement or any other Parity Lien Document or any agreement or instrument or transaction contemplated hereby. 

(f)    The agreements in this Section 7.9 will survive repayment of all other Parity Lien Obligations and
the removal or resignation of the Collateral Trustee and termination of this Agreement. 
 Section
7.10.    Severability. If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of
all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby. 
 Section
7.11.    Headings. Section headings herein have been inserted for convenience of reference only, are not to be considered a part of this Agreement and will in no way modify or restrict any of the terms or provisions
hereof. 
 Section 7.12.    Obligations Secured. All obligations of the Grantors set forth in or arising under
this Agreement will be Parity Lien Obligations and are secured by all Liens granted by the Parity Lien Security Documents. 
 Section
7.13.    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION
LAW). 
 Section 7.14.    Consent to Jurisdiction. All judicial proceedings brought against any party hereto
arising out of or relating to this Agreement or any of the other Parity Lien Security Documents may be brought in any state or federal court of competent jurisdiction in the State, County and City of New York. By executing and delivering this
Agreement, each party hereto irrevocably: 
 (1)    submits, for itself and its property, to the
nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard
and determined in such New York State court or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any
jurisdiction; 
 (2)    waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (1) of this Section 7.14, and waives, to the fullest extent
permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court; 

(3)    agrees that service of all process in any such proceeding in any such court may be made by
registered or certified mail, return receipt requested, to such party at its address provided in accordance with Section 7.6; 

(4)    agrees that service as provided in clause (3) above is sufficient to confer personal
jurisdiction over such party in any such proceeding in any such court and otherwise constitutes effective and binding service in every respect; and 

(5)    agrees each party hereto retains the right to serve process in any other manner permitted by law or
to bring proceedings against any party in the courts of any other jurisdiction. 

  
 26 

 Section 7.15.    Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT
WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING UNDER THIS AGREEMENT OR ANY OF THE OTHER PARITY LIEN SECURITY DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING
TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE INTENTS AND PURPOSES OF THE OTHER PARITY LIEN SECURITY DOCUMENTS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO
THE SUBJECT MATTER OF THIS AGREEMENT AND THE OTHER PARITY LIEN SECURITY DOCUMENTS, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES THAT THIS
WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH PARTY HERETO HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH PARTY HERETO WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE
DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 7.15 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER WILL APPLY TO
ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS OF OR TO THIS AGREEMENT OR ANY OF THE OTHER PARITY LIEN SECURITY DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING THERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE
FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 Section 7.16.    Counterparts, Electronic Signatures. This
Agreement may be executed in any number of counterparts (including by facsimile), each of which when so executed and delivered will be deemed an original, but all such counterparts together will constitute but one and the same instrument. The
parties hereto may sign this Agreement and any Collateral Trust Joinder and transmit the executed copy by electronic means, including facsimile or noneditable *.pdf files. The electronic copy of the executed Agreement and any Collateral Trust
Joinder is and shall be deemed an original signature. 
 Section 7.17.    Effectiveness. This Agreement will
become effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by each party of written notification of such execution and written or telephonic authorization of delivery thereof. 

Section 7.18.    Grantors and Additional Grantors. Each Grantor represents and warrants that it has duly executed
and delivered this Agreement. The Company will cause each Person that hereafter becomes a Grantor or is required by any Parity Lien Document to become a party to this Agreement to become a party to this Agreement, for all purposes of this Agreement,
by causing such Person to execute and deliver to the Collateral Trustee a Collateral Trust Joinder, whereupon such Person will be bound by the terms hereof to the same extent as if it had executed and delivered this Agreement as of the date hereof.
The Company shall promptly provide each Parity Lien Representative with a copy of each Collateral Trust Joinder executed and delivered pursuant to this Section 7.18; provided that the failure to so deliver a copy of the
Collateral Trust Joinder to any then existing Parity Lien Representative shall not affect the inclusion of such Person as a Grantor if the other requirements of this Section 7.18 are complied with. 

Section 7.19.    Insolvency. This Agreement will be applicable both before and after the commencement of any
Insolvency or Liquidation Proceeding by or against any Grantor. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency or Liquidation Proceeding on the same basis as prior to the date of
the commencement of any such case, as provided in this Agreement. 
 Section 7.20.    Rights and Immunities of Parity
Lien Representatives. The Trustee and the Collateral Trustee will be entitled, to the extent applicable to such entity, to all of the rights, protections, immunities and indemnities set forth in the Indenture and any future Parity Lien
Representative will be entitled to all of the rights, protections, immunities and indemnities set forth in the credit agreement, indenture or other agreement governing the applicable Parity Lien Debt with respect to which such Person will act as
representative, in each case as if specifically set forth herein. In no event will any Parity Lien Representative be liable for any act or omission on the part of the Grantors or the Collateral Trustee hereunder. 

  
 27 

 Section 7.21.    Intercreditor Agreement. Each Person that is secured
hereunder, by accepting the benefits of the security provided hereby, (i) consents (or is deemed to consent), to the subordination of Liens in favor of the Collateral Trustee as provided for in the Intercreditor Agreement, (ii) agrees (or is deemed
to agree) that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement, (iii) authorizes (or is deemed to authorize) and instructs (or is deemed to instruct) the Collateral Trustee on behalf of such
Person to enter into, and perform under, the Intercreditor Agreement as “Subordinated Collateral Trustee” (as defined in the Intercreditor Agreement). The Collateral Trustee agrees to enter into any amendments or joinders to the
Intercreditor Agreement, without the consent of any Holder or the Trustee, to add additional Indebtedness as Priority Lien Debt or Parity Lien Debt (to the extent permitted to be incurred and secured by the applicable Secured Debt Documents) and add
other parties (or any authorized agent or trustee therefor) holding such Indebtedness thereto and to establish that the Lien on any Collateral securing such Indebtedness ranks equally with the Liens on such Collateral securing the other Priority
Lien Debt or Parity Lien Debt, as applicable, then outstanding. The foregoing provisions are intended as an inducement to the lenders under the Priority Credit Agreement to extend credit to the Company, as the borrower under the Priority Credit
Agreement, and such lenders are intended third party beneficiaries of this provision and the provisions of the Intercreditor Agreement. Notwithstanding anything to the contrary contained herein, to the extent that any Lien on any Collateral is
perfected by the possession or control of such Collateral or of any account in which such Collateral is held, and if such Collateral or any such account is in fact in the possession or under the control of the Priority Lien Representative, or of
agents or bailees of the Priority Lien Representative, the perfection actions and related deliverables described in this Agreement or the other Parity Lien Security Documents shall not be required. 

Section 7.22.    Force Majeure. The Collateral Trustee shall not be liable for delays or failures in performance
resulting from acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations superimposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters or similar acts
beyond its control. 
 Section 7.23.    Representations and Warranties. The Collateral Trustee, the Company, each
Guarantor and each Parity Lien Representative represents and warrants to the others as of the date hereof (or, in the case of any Parity Lien Representative that becomes a party hereto after the date hereof, on the date that it becomes party
hereto), that: (a) neither the execution and delivery of this Agreement nor its performance of or compliance with the terms and provisions hereof will conflict with, or result in a breach of the terms, conditions, or provisions of, or constitute a
default under, any other agreement to which it is now subject; (b) it has all requisite authority to execute, delivery and perform its obligations under this Agreement; and (c) this Agreement constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms, subject only to applicable bankruptcy, insolvency or similar laws and general principles of equity. 

Section 7.24.    Incorporation by Reference. Article 15 of the Indenture is hereby incorporated by reference into
this Agreement as if the provisions thereof were fully set forth herein. 
 Section 7.25.    Additional Persons Bound
Hereby. Each Parity Lien Secured Party (other than the Parity Lien Representative) and each holder of any Parity Lien Debt (other than the Parity Lien Representative) agrees, by virtue of becoming a Parity Lien Secured Party or a holder of any
Parity Lien Debt, as applicable, that it shall be bound by the terms of this Agreement as if it were a party hereto. 

  
 28 

 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Agreement to be executed
by their respective officers or representatives as of the day and year first above written. 
  

							
	COMPANY:	 		 	SANDRIDGE ENERGY INC.
				
		 		 	By:	 	 /s/ Julian Bott

		 		 	Name:	 	Julian Bott
		 		 	Title:	 	Executive Vice President and Chief Financial Officer
			
	GUARANTORS:	 		 	 SANDRIDGE OPERATING COMPANY

INTEGRA ENERGY, L.L.C.
 SANDRIDGE HOLDINGS, INC.

LARIAT SERVICES, INC.
 SANDRIDGE EXPLORATION AND
PRODUCTION, LLC
 SANDRIDGE MIDSTREAM, INC.

				
		 		 	By:	 	 /s/ Julian Bott

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

 [Signature Page to Collateral Trust Agreement] 

 WILMINGTON TRUST, NATIONAL ASSOCIATION, as 

			
	Trustee under the Indenture
		
	By:	 	 /s/ Shawn Goffinet

	Name:	 	Shawn Goffinet
	Title:	 	Assistant Vice President

 WILMINGTON TRUST, NATIONAL
ASSOCIATION, as 

			
	Collateral Trustee
		
	By:	 	 /s/ Shawn Goffinet

	Name:	 	Shawn Goffinet
	Title:	 	Assistant Vice President

 [Signature Page to Collateral Trust Agreement] 

 EXHIBIT A 

FORM OF 

ADDITIONAL PARITY LIEN DEBT CERTIFICATE 

Reference is made to the Collateral Trust Agreement, dated as of [●] (as amended, supplemented, amended and restated or otherwise
modified and in effect from time to time, the “Collateral Trust Agreement”), among SandRidge Energy, Inc., a Delaware corporation (the “Company”), the Guarantors from time to time party thereto,
Wilmington Trust, National Association, as Trustee under the Indenture (as defined therein), the other Parity Lien Representatives from time to time party thereto and Wilmington Trust, National Association, as Collateral Trustee. Capitalized terms
used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Additional Parity Lien Debt Certificate is being executed and delivered in order to designate additional secured debt as Parity Lien
Debt entitled to the benefit of the Collateral Trust Agreement. 
 The undersigned, the duly appointed [specify title] of the Company
hereby certifies on behalf of [the Company or applicable Grantor] that: 
 (A)    [the Company
or applicable Grantor] intends to incur additional Parity Lien Debt (“Additional Parity Lien Debt”) which will be permitted by each applicable Parity Lien Document to be secured by a Parity Lien equally and ratably with
all previously existing and future Parity Lien Debt; 
 (B)    the name and address of the Parity Lien
Debt Representative for the Additional Parity Lien Debt for purposes of Section 7.6 of the Collateral Trust Agreement is: 
  

					
		 	  
	 	
		 	  
	 	

									
		 	 Telephone:
	 	  
	 		 	
		 	 Fax:
	 	  
	 		 	

 (C)    Attached as Exhibit 1 hereto is a Reaffirmation Agreement duly
executed by the Company and each Guarantor, and 
 (D)    the Company has caused a copy of this
Additional Parity Lien Debt Certificate and the related Collateral Trust Joinder to be delivered to each existing Parity Lien Representative. 

  
 A-1 

 IN WITNESS WHEREOF, the Company has caused this Additional Parity Lien Debt Certificate to be
duly executed by the undersigned officer as of                 , 20    . 

SANDRIDGE ENERGY INC. 

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 ACKNOWLEDGEMENT OF RECEIPT 

The undersigned, the duly appointed Collateral Trustee under the Collateral Trust Agreement, hereby acknowledges receipt of an executed copy
of this Additional Parity Lien Debt Certificate. 
 WILMINGTON TRUST, NATIONAL ASSOCIATION, as 

			
	Collateral Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 A-2 

 EXHIBIT 1 TO ADDITIONAL PARITY LIEN DEBT CERTIFICATE 

FORM OF 
 REAFFIRMATION
AGREEMENT 
 , 20 

Reference is made to the Collateral Trust Agreement, dated as of [●] (as amended, supplemented, amended and restated or otherwise
modified and in effect from time to time, the “Collateral Trust Agreement”), among SandRidge Energy, Inc., a Delaware corporation (the “Company”), the Guarantors from time to time party thereto,
Wilmington Trust, National Association, as Trustee under the Indenture (as defined therein), the other Parity Lien Representatives from time to time party thereto and Wilmington Trust, National Association, as Collateral Trustee. Capitalized terms
used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Reaffirmation Agreement is being executed and delivered as of
                , 20     in connection with an Additional Parity Lien Debt Certificate of even date herewith which Additional Parity Lien Debt
Certificate has designated additional Parity Lien Debt entitled to the benefit of the Collateral Trust Agreement. 
 Each of the undersigned
hereby consents to the designation of additional secured debt as Parity Lien Debt as set forth in the Additional Parity Lien Debt Certificate of even date herewith and hereby confirms its respective guarantees, pledges, grants of security interests
and other obligations, as applicable, under and subject to the terms of each of the Parity Lien Documents to which it is party, and agrees that, notwithstanding the designation of such additional indebtedness or any of the transactions contemplated
thereby, such guarantees, pledges, grants of security interests and other obligations, and the terms of each Parity Lien Document to which it is a party, shall continue to be in full force and effect. 

Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement will apply with like effect
to this Reaffirmation Agreement. 
 IN WITNESS WHEREOF, each of the undersigned has caused this Reaffirmation Agreement to be duly executed
as of the date written above. 
 [names of the Company and Guarantors] 

			
	
	  

	Name:	 	  

	Title:	 	  

  
 A-3 

 EXHIBIT B 

FORM OF 

COLLATERAL TRUST JOINDER – ADDITIONAL DEBT 

Reference is made to the Collateral Trust Agreement, dated as of [●] (as amended, supplemented, amended and restated or otherwise
modified and in effect from time to time, the “Collateral Trust Agreement”), among SandRidge Energy, Inc., a Delaware corporation (the “Company”), the Guarantors from time to time party thereto,
Wilmington Trust, National Association, as Trustee under the Indenture (as defined therein), the other Parity Lien Representatives from time to time party thereto and Wilmington Trust, National Association, as Collateral Trustee. Capitalized terms
used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Collateral Trust Joinder is being executed and delivered pursuant to Section 3.8 of the Collateral Trust Agreement as a
condition precedent to the debt for which the undersigned is acting as agent being entitled to the benefits of being additional Parity Lien Debt under the Collateral Trust Agreement. 

1.    Joinder. The undersigned,
                 a                 , (the “New Representative”)
as [trustee, administrative agent] under that certain [described applicable indenture, credit agreement or other document governing the additional secured debt] hereby agrees to become party as a Parity Lien Representative under
the Collateral Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the
date thereof. 
 [1][2.]    Additional Secured Debt Designation 

The undersigned, on behalf of itself and each holder of Obligations in respect of the Series of Parity Lien Debt for which the undersigned is
acting as Parity Lien Representative hereby agrees, for the enforceable benefit of each existing and future holder of Priority Lien Obligations, the Priority Lien Collateral Agent, all holders of each current and future Series of Parity Lien Debt,
each other current and future Parity Lien Representative and each current and future holder of Parity Lien Obligations and as a condition to being treated as Parity Lien Debt under the Collateral Trust Agreement that: 

(a)    all Parity Lien Obligations will be and are secured equally and ratably by all Parity Liens at any time granted by
the Company or any other Grantor to secure any Obligations in respect of any Series of Parity Lien Debt, whether or not upon property otherwise constituting collateral for such Series of Parity Lien Debt, and that all such Parity Liens will be
enforceable by the Collateral Trustee for the benefit of all holders of Parity Lien Obligations equally and ratably; 

(b)    the undersigned and each holder of Obligations in respect of the Series of Parity Lien Debt for which the
undersigned is acting as Parity Lien Representative are bound by the provisions of the Collateral Trust Agreement and the Intercreditor Agreement, including the provisions relating to the ranking of Parity Liens and the order of application of
proceeds from the enforcement of Parity Liens; and 
 (c)    the Collateral Trustee shall perform its obligations under
the Collateral Trust Agreement, the other Parity Lien Security Documents and the Intercreditor Agreement. 

3.    Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement
will apply with like effect to this Collateral Trust Joinder. 
 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust
Joinder to be executed by their respective officers or representatives as of                 , 20    . 

[insert name of the new representative or the Trustee] 

			
	
	  

	Name:	 	  

	Title:	 	  

  
 B-1 

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

WILMINGTON TRUST, NATIONAL ASSOCIATION, as 

			
	Collateral Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 B-2 

 EXHIBIT C 

FORM OF 

COLLATERAL TRUST JOINDER – ADDITIONAL GRANTOR 

Reference is made to the Collateral Trust Agreement, dated as of [●] (as amended, supplemented, amended and restated or otherwise
modified and in effect from time to time, the “Collateral Trust Agreement”), among SandRidge Energy, Inc., a Delaware corporation (the “Company”), the Guarantors from time to time party thereto,
Wilmington Trust, National Association, as Trustee under the Indenture (as defined therein), the other Parity Lien Representatives from time to time party thereto and Wilmington Trust, National Association, as Collateral Trustee. Capitalized terms
used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Collateral Trust Joinder is being executed and delivered pursuant to Section 7.18 of the Collateral Trust Agreement. 

1.    Joinder. The undersigned,
                , a                 , hereby agrees to become party as a Grantor under
the Collateral Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the
date thereof. 
 2.    Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral
Trust Agreement will apply with like effect to this Collateral Trust Joinder. 
 IN WITNESS WHEREOF, the parties hereto have caused this
Collateral Trust Joinder to be executed by their respective officers or representatives as of                 , 20    . 

[                       
                                 ] 

			
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 The Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as
Collateral Trustee with respect to the Collateral pledged by the new Grantor: 
 WILMINGTON TRUST, NATIONAL ASSOCIATION, as

			
	Collateral Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 C-1 

 EXHIBIT D 

FORM OF 
 COLLATERAL
TRUST AMENDMENT – TRUST ESTATE UPON SPRINGING EVENT 
 Reference is made to the Collateral Trust Agreement, dated as of October 4,
2016 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “Collateral Trust Agreement”), among SandRidge Energy, Inc., a Delaware corporation (the
“Company”), the Guarantors from time to time party thereto, Wilmington Trust, National Association, as Trustee under the Indenture (as defined therein), the other Parity Lien Representatives from time to time party thereto
and Wilmington Trust, National Association, as Collateral Trustee. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Collateral Trust Amendment is being executed and
delivered pursuant to Section 2.4 of the Collateral Trust Agreement. 
 1.    Amendment. The
undersigned hereby agrees to amend and restate Section 2.1 of the Collateral Trust Agreement in its entirety to read as follows: 
 To
secure the payment of the Parity Lien Obligations and in consideration of the premises and the mutual agreements set forth herein, each of the Grantors hereby confirms the grant of Liens in favor of the Collateral Trustee, and the Collateral Trustee
hereby accepts and agrees to hold, in trust under this Agreement for the benefit of all current and future Parity Lien Secured Parties, all of such Grantor’s right, title and interest in, to and under all Collateral and all Liens now or
hereafter granted to the Collateral Trustee by each Grantor under any Parity Lien Security Document for the benefit of the Parity Lien Secured Parties, together with all of the Collateral Trustee’s right, title and interest in, to and under the
Parity Lien Security Documents, and all interests, rights, powers and remedies of the Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof (collectively, the “Trust Estate”). 

2.    Governing Law and Miscellaneous Provisions. The provisions of Article 7 of the Collateral Trust Agreement
will apply with like effect to this Collateral Trust Amendment. 

  
 D-1 

 IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Agreement to be executed
by their respective officers or representatives as of the day and year first above written. 
  

							
	COMPANY:	 		 	SANDRIDGE ENERGY INC.
				
		 		 	By:	 	  

		 		 	Name:	 	Julian Bott
		 		 	Title:	 	Executive Vice President and Chief Financial Officer
			
	GUARANTORS:	 		 	 SANDRIDGE OPERATING COMPANY

INTEGRA ENERGY, L.L.C.
 SANDRIDGE HOLDINGS, INC.

LARIAT SERVICES, INC.
 SANDRIDGE EXPLORATION AND
PRODUCTION, LLC
 SANDRIDGE MIDSTREAM, INC.

				
		 		 	By:	 	  

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

        WILMINGTON TRUST, NATIONAL ASSOCIATION, as

			
	 Trustee under the Indenture
		
	 By:	 	  

	 Name:	 	
	 Title:	 	

       WILMINGTON TRUST, NATIONAL ASSOCIATION, as 

			
	 Collateral Trustee
		
	 By:	 	  

	 Name:	 	
	 Title:	 	

  
 D-2EX-10.6

 Exhibit 10.6 

WARRANT AGREEMENT 

dated as of October 4, 2016 

between 
 SANDRIDGE
ENERGY, INC. 
 and 

AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, 

as Warrant Agent 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.
	 	 Certain Definitions
	  	 	3	  
	
	ARTICLE 2	  
	ISSUANCE, EXECUTION AND TRANSFER OF WARRANTS	  
			
	 Section 2.01.
	 	 Issuance of Warrants
	  	 	10	  
	 Section 2.02.
	 	 Execution and Authentication of Warrants
	  	 	10	  
	 Section 2.03.
	 	 Form of Warrant Certificates
	  	 	11	  
	 Section 2.04.
	 	 Transfer Restrictions
	  	 	11	  
	 Section 2.05.
	 	 Transfer, Exchange and Substitution
	  	 	11	  
	 Section 2.06.
	 	 Global Warrants
	  	 	12	  
	 Section 2.07.
	 	 Surrender of Warrant Certificates
	  	 	13	  
	
	ARTICLE 3	  
	EXERCISE AND SETTLEMENT OF WARRANTS	  
			
	 Section 3.01.
	 	 Exercise of Warrants
	  	 	14	  
	 Section 3.02.
	 	 Procedure for Exercise
	  	 	14	  
	 Section 3.03.
	 	 Automatic Exercise
	  	 	15	  
	 Section 3.04.
	 	 Settlement of Warrants
	  	 	16	  
	 Section 3.05.
	 	 Delivery of Common Stock
	  	 	16	  
	 Section 3.06.
	 	 No Fractional Shares to Be Issued
	  	 	18	  
	 Section 3.07.
	 	 Acquisition of Warrants by Company
	  	 	18	  
	 Section 3.08.
	 	 Certain Calculations
	  	 	18	  
	 Section 3.09.
	 	 Validity of Exercise
	  	 	18	  
	
	ARTICLE 4	  
	ADJUSTMENTS	  
			
	 Section 4.01.
	 	 Adjustments to Exercise Price
	  	 	19	  
	 Section 4.02.
	 	 Adjustments to Warrant Share Number
	  	 	24	  
	 Section 4.03.
	 	 Certain Distributions of Rights and Warrants; Shareholder Rights Plan
	  	 	24	  
	 Section 4.04.
	 	 Discretionary Adjustments
	  	 	26	  
	 Section 4.05.
	 	 Restrictions on Adjustments
	  	 	26	  
	 Section 4.06.
	 	 Deferral of Adjustments
	  	 	27	  
	 Section 4.07.
	 	 Reclassifications and Other Changes
	  	 	27	  
	 Section 4.08.
	 	 Consolidation, Merger and Sale of Assets
	  	 	28	  
	 Section 4.09.
	 	 Common Stock Outstanding
	  	 	29	  
	 Section 4.10.
	 	 Covenant to Reserve Shares for Issuance on Exercise
	  	 	29	  
	 Section 4.11.
	 	 Calculations Final
	  	 	30	  
	 Section 4.12.
	 	 Notice of Adjustments
	  	 	30	  
	 Section 4.13.
	 	 Statements on Warrants
	  	 	30	  

							
	ARTICLE 5	  
	OTHER PROVISIONS RELATING TO RIGHTS OF WARRANTHOLDERS	  
			
	 Section 5.01.
	 	 No Rights as Stockholders
	  	 	31	  
	 Section 5.02.
	 	 Mutilated or Missing Warrant Certificates
	  	 	31	  
	 Section 5.03.
	 	 Modification and Waiver
	  	 	31	  
	 Section 5.04.
	 	 Rights of Action
	  	 	32	  
	 Section 5.05.
	 	 No Redemption
	  	 	32	  
	
	ARTICLE 6	  
	CONCERNING THE WARRANT AGENT AND OTHER MATTERS	  
			
	 Section 6.01.
	 	 Payment of Certain Taxes
	  	 	33	  
	 Section 6.02.
	 	 Change of Warrant Agent
	  	 	33	  
	 Section 6.03.
	 	 Compensation; Further Assurances
	  	 	35	  
	 Section 6.04.
	 	 Reliance on Counsel
	  	 	35	  
	 Section 6.05.
	 	 Proof of Actions Taken
	  	 	35	  
	 Section 6.06.
	 	 Correctness of Statements
	  	 	35	  
	 Section 6.07.
	 	 Validity of Agreement
	  	 	35	  
	 Section 6.08.
	 	 Use of Agents
	  	 	36	  
	 Section 6.09.
	 	 Liability of Warrant Agent
	  	 	36	  
	 Section 6.10.
	 	 Legal Proceedings
	  	 	36	  
	 Section 6.11.
	 	 Other Transactions in Securities of the Company
	  	 	36	  
	 Section 6.12.
	 	 Actions as Agent
	  	 	36	  
	 Section 6.13.
	 	 Appointment and Acceptance of Agency
	  	 	37	  
	 Section 6.14.
	 	 Successors and Assigns
	  	 	37	  
	 Section 6.15.
	 	 Notices
	  	 	37	  
	 Section 6.16.
	 	 Applicable Law
	  	 	38	  
	 Section 6.17.
	 	 Benefit of this Warrant Agreement
	  	 	39	  
	 Section 6.18.
	 	 Registered Warrantholders
	  	 	39	  
	 Section 6.19.
	 	 Inspection of this Warrant Agreement
	  	 	39	  
	 Section 6.20.
	 	 Headings
	  	 	39	  
	 Section 6.21.
	 	 Counterparts
	  	 	39	  
	 Section 6.22.
	 	 Termination
	  	 	40	  
	 Section 6.23.
	 	 Severability
	  	 	40	  
	 Section 6.24.
	 	 Entire Agreement
	  	 	40	  
	 Section 6.25.
	 	 Force Majeure
	  	 	40	  
	 Section 6.26.
	 	 Proceedings by Holders; Specific Performance
	  	 	40	  
			
	 EXHIBIT A
	 	 FORM OF GLOBAL WARRANT LEGEND
	  	 	A-1	  
	 EXHIBIT B-1
	 	 FORM OF SERIES A WARRANT CERTIFICATE
	  	 	B-1-1	  
	 EXHIBIT B-2
	 	 FORM OF SERIES B WARRANT CERTIFICATE
	  	 	B-2-1	  
	 EXHIBIT C
	 	 FORM OF COMMON STOCK REQUISITION ORDER
	  	 	C-1	  

  
 2 

 WARRANT AGREEMENT 

This Warrant Agreement (“Warrant Agreement”) dated as of October 4, 2016 is between SandRidge Energy, Inc., a Delaware
corporation (the “Company”), and American Stock Transfer & Trust Company, LLC, as warrant agent (the “Warrant Agent”). 

WITNESSETH THAT: 

WHEREAS, pursuant to the terms and conditions of the Plan of Reorganization, dated May 18, 2016, as the same may be amended, modified or
restated from time to time (the “Plan”) relating to the reorganization under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) of the Company and certain of its direct and indirect
subsidiaries, the Holders of General Unsecured Claims (as defined in the Plan) other than Holders of Unsecured Trade Claims (as defined in the Plan), if any, that elect to receive cash pursuant to the Plan (the “Initial
Warrantholders”) are to be issued (i) Series A Warrants, exercisable until the Expiration Date, to purchase up to an aggregate of 4,913,251 shares (the “Initial Series A Warrant Shares”) of Common Stock at the Series A
Exercise Price specified herein and (ii) Series B Warrants, exercisable until the Expiration Date, to purchase up to an aggregate of 2,068,690 shares (the “Initial Series B Warrant Shares”) of Common Stock at the Series B
Exercise Price specified herein; 
 WHEREAS, the Warrants have the terms and conditions set forth in this Warrant Agreement (including the
Exhibits hereto); 
 WHEREAS, the Company desires that the Warrant Agent act on behalf of the Company, and the Warrant Agent is willing to
act, in connection with the issuance, exchange, transfer, substitution and exercise of Warrants; and 
 WHEREAS, the Warrants and the
underlying shares of Common Stock are being offered and sold in reliance on the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), and any applicable state securities or
“blue sky” laws afforded by Section 1145 of the Bankruptcy Code. 
 NOW THEREFORE in consideration of the mutual agreements
herein contained, the Company and the Warrant Agent agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.01. Certain Definitions. (a) As used in this Warrant Agreement, the following terms shall have their respective
meanings set forth below: 
 “$” refers to such coin or currency of the United States as at any time of payment is legal
tender for the payment of public and private debts. 
 “Affiliate” shall mean, with respect to any specified Person, any
other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, 

  
 3 

 
or is under common control with, such first specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 “Affiliated Entity” means any Person (a) who is an Affiliate of the Company, (b) who is an officer,
director, employee, partner or member of the Company or any Affiliate of the Company, or (c) a majority of which Person’s total outstanding equity, upon consummation of such transaction, is held by Persons who are equityholders in the
Company immediately prior to the consummation of such transaction. 
 “Authentication Order” means a Company Order for
authentication and delivery of Warrants. 
 “Board of Directors” means the board of directors of the Company or any
committee of such board of directors duly authorized to exercise the power of such board of directors with respect to the matters provided for in this Warrant Agreement as to which the board of directors is authorized or required to act. 

“Business Day” means any day other than a Saturday or Sunday or other than a day on which banking institutions in New York
City, New York are authorized or obligated by law or executive order to close. 
 “Capital Stock” means, for any entity,
any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 

“Certificated Warrant” means a Warrant represented by a Warrant Certificate, in definitive, fully registered form, that is
not a Global Warrant. 
 “Close of Business” means 5:00 p.m., New York City time. 

“Closing Date” means the date hereof. 

“Common Stock” means the common stock, par value $0.001 per share, of the Company at the date of this Warrant Agreement,
subject to Section 4.07. 
 “Company Order” means a written order signed in the name of the Company by its Chief Executive
Officer, President or Chief Financial Officer, and delivered to the Warrant Agent. 
 “Deemed Liquidation Date” means the
date on which a Deemed Liquidation Event occurs. 
 “Deemed Liquidation Event” means: (i) the effective time of
(A) any recapitalization, reclassification or change of the Common Stock (other than changes resulting from a subdivision or combination) as a result of which the Common Stock 

  
 4 

 
would be converted into, or exchanged for, stock, other securities, other property or assets, (B) any share exchange, consolidation or merger of the Company pursuant to which the Common
Stock will be converted into cash, securities or other property or assets or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the consolidated assets of the Company and its
subsidiaries, taken as a whole, to any Person other than one of the Company’s Wholly Owned Subsidiaries; or (ii) the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; provided,
however, that neither (I) a transaction described in clause (i) with an Affiliated Entity nor (II) a transaction described in clause (i)(A) in which the holders of all classes of the Company’s Voting Stock immediately prior to
such transaction own, directly or indirectly, more than 50% of all classes of Voting Stock of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in substantially the same proportions as
such ownership immediately prior to such transaction, shall be a Deemed Liquidation Event. 
 “Depositary” means The
Depository Trust Company, its nominees, and their respective successors. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Ex-Date” means, in connection with any dividend, issuance or distribution, the first date on
which the shares of Common Stock trade on the applicable exchange or in the applicable market, regular way, without the right to receive such dividend, issuance or distribution. 

“Exercise Notice” means, for any Warrant, the exercise notice set forth on the reverse of the Warrant Certificate,
substantially in the form set forth in Exhibit B-1 or B-2, as applicable, hereto. 
 “Exercise Price” means (i) for
the Series A Warrants, the Series A Exercise Price and (ii) for the Series B Warrants, the Series B Exercise Price. 

“Expiration Date” means, for any Warrant, October 4, 2022, regardless of whether such date is a Trading Day. 

“Fair Market Value” means, as of a specified date, the per-share price of the Common Stock determined as follows: (i) if
the Common Stock is listed on a National Securities Exchange, the VWAP of one share of Common Stock for the thirty (30) Trading Days ending on, and including, the specified date; (ii) if the Common Stock is not then listed on a National
Securities Exchange, the VWAP of the Common Stock on the principal over-the-counter quotation system on which such Common Stock trades, measured over the immediately preceding thirty (30) Trading Days in which such Common Stock traded with a
minimum volume of 7,500 shares of the Common Stock on each such Trading Day (and such preceding Trading Days need not be consecutive); or (iii) in all other cases, the price reflected in the most recent third-party valuation provided to the
Company by a valuation firm or financial advisor retained by the Company (e.g. 

  
 5 

 
for valuing stock awards); provided that if such valuation is more than six months old or no such valuation has been provided, the Board of Directors shall determine the Fair Market Value
in good faith on the basis of such factors as it reasonably determines to be appropriate, including, if the Board of Directors so elects, upon the written advice of a valuation firm or financial advisor; provided further, that if the Board of
Directors determines in good faith that the application of clauses (i) and (ii) would result in a VWAP based on the trading prices of thinly-traded Common Stock such that the price resulting therefrom may not represent an accurate
measurement of the Fair Market Value of such Common Stock, the Board of Directors at its election may apply the provisions of clause (iii) in lieu of the applicable clauses (i) and (ii) with respect to the determination of the Fair
Market Value of such Common Stock. Such determination by the Board of Directors shall be conclusive, final and binding on the Company and the Warrantholders absent manifest error. 

If during a period applicable for calculating Fair Market Value, an issuance, distribution, subdivision, combination, or other transaction or
event occurs that requires an adjustment to the applicable Exercise Price or Warrant Share Number for each Warrant pursuant to Article 4 hereof, the Fair Market Value shall be calculated for such period in a manner determined by the Company in good
faith to appropriately reflect the impact of such issuance, distribution, subdivision, combination, or other transaction or event on the price of the Common Stock during such period. 

“Full Physical Settlement” means the settlement method pursuant to which if the Common Stock is not listed on a National
Securities Exchange as of the applicable Exercise Date, an exercising Warrantholder shall be entitled to receive from the Company, for each Warrant exercised, a number of shares of Common Stock equal to the Full Physical Settlement Amount in
exchange for payment by the Warrantholder of the applicable Exercise Price; provided that any election for Full Physical Settlement shall be invalid if Section 1145 of the Bankruptcy Code does not apply to the Warrants and the shares of
Common Stock underlying the Warrants. 
 “Full Physical Settlement Amount” means, for each Warrant exercised as to which
Full Physical Settlement is applicable, the Warrant Share Number for such Warrant as of the Exercise Date. 
 “Global
Warrant” means a Warrant in the form of a permanent global Warrant Certificate, in definitive, fully registered form. 

“Global Warrant Legend” means the legend set forth in Section 2.06(a). 

“National Securities Exchange” means The New York Stock Exchange, the NASDAQ Global Market, the NASDAQ Global Select Market
or another U.S. national securities exchange. 
 “Net Share Settlement” means the settlement method pursuant to which an
exercising Warrantholder shall be entitled to receive from the Company, for each Warrant exercised, a number of shares of Common Stock equal to the Net Share Amount without any payment therefor. 

  
 6 

 “Number of Warrants” means, for a Warrant Certificate, the “Number of
Warrants” specified on the face of such Warrant Certificate (or, in the case of a Global Warrant, on Schedule A to such Warrant Certificate). 

“Officer’s Certificate” means a certificate signed by the Company’s Chief Executive Officer, President or Chief
Financial Officer. 
 “Open of Business” means 9:00 a.m., New York City time. 

“Person” means an individual, partnership, firm, corporation, limited liability company, business trust, joint stock company,
trust, unincorporated association, joint venture, governmental authority or other entity of whatever nature. 
 “Record
Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock have the right to receive any cash, securities or other property or in which Common Stock (or other applicable
security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of Common Stock entitled to receive such cash, securities or other property (whether such date is fixed
by the Board of Directors or by statute, contract or otherwise). 
 “Series A Exercise Price” means, as of the date hereof,
$41.34 per warrant, subject to adjustment pursuant to Article 4. 
 “Series A Warrant” means a warrant of the Company
exercisable for one share of Common Stock at the Series A Exercise Price as provided herein, and issued pursuant to this Warrant Agreement with the terms, conditions and rights set forth in this Warrant Agreement. 

“Series B Exercise Price” means, as of the date hereof, $42.03 per warrant, subject to adjustment pursuant to Article 4. 

“Series B Warrant” means a warrant of the Company exercisable for one share of Common Stock at the Series B Exercise Price as
provided herein, and issued pursuant to this Warrant Agreement with the terms, conditions and rights set forth in this Warrant Agreement. 

“Settlement Date” means, in respect of a Warrant that is exercised hereunder, the third Trading Day immediately following the
Exercise Date for such Warrant. 
 “subsidiary” means, with respect to any Person, any corporation, association,
partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more subsidiaries of such Person; or (iii) one or more
subsidiaries of such Person. 

  
 7 

 “Trading Day” means (i) if the applicable security is listed on a National
Securities Exchange, a day on which trades may be made thereon or (ii) if the applicable security is not listed on a National Securities Exchange, a day on which the principal over-the-counter quotation system on which such security trades is
open for business or (iii) if the applicable security is not so listed or traded, any Business Day. 
 “Trading Day Closing
Sale Price” means, as of a specified date, (i) the last reported per-share sale price of a share of Common Stock (or such other Capital Stock or equity interest pursuant to Section 4.01(c)) on such date (or, if no last reported sale
price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices on such date) as reported on a National Securities Exchange, or if the Common Stock or such other
security is not listed on a National Securities Exchange, as reported by the principal over-the-counter quotation system on which the Common Stock or such other security is then listed or quoted; or (ii) if the Common Stock (or such other
Capital Stock or equity interest pursuant to Section 4.01(c)) is not so listed or quoted, the price for such security reflected in the most recent third-party valuation provided to the Company by a valuation firm or financial advisor retained by the
Company; provided that if such valuation is more than six months old or no such valuation has been provided, the Board of Directors shall determine the Trading Day Closing Sale Price in good faith on the basis of such factors as it reasonably
determines to be appropriate, including, if the Board of Directors so elects, upon the written advice of a valuation firm or financial advisor. Such determination by the Board of Directors shall be conclusive, final and binding on the Company and
the Warrantholders absent manifest error. 
 If during a period applicable for calculating the Trading Day Closing Sale Price, an issuance,
distribution, subdivision, combination or other transaction or event occurs that requires an adjustment to the applicable Exercise Price or Warrant Share Number for each Warrant pursuant to Article 4 hereof, the Trading Day Closing Sale Price shall
be calculated for such period in a manner determined by the Company in good faith to appropriately reflect the impact of such issuance, distribution, subdivision, combination or other transaction or event on the price of the Common Stock (or such
other Capital Stock or equity interest pursuant to Section 4.01(c)) during such period. 
 “Voting Stock” means Capital
Stock having the right to vote for the election of directors under ordinary circumstances. 
 “VWAP” means the
volume-weighted average price, which shall be determined without regard to after-hours trading or any other trading outside of the regular trading session trading hours. 

“Warrant” means a Series A Warrant or a Series B Warrant, as applicable. 

  
 8 

 “Warrant Certificate” means any certificate representing Warrants satisfying the
requirements set forth in Section 2.03, including the Global Warrants. 
 “Warrant Share Number” means the number of shares
of Common Stock into which each Warrant is exercisable. The initial Warrant Share Number is one, subject to adjustment pursuant to Article 4. 

“Warrantholder” means each Person in whose name Warrants are registered in the Warrant Register. 

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

(b) Each of the following terms is defined in the Section set forth opposite such term: 

 

			
	 Term
	  	 Section

	Adjustment Event	  	Section 4.06
	Agent Members	  	Section 2.06(b)
	Automatic Exercise Time	  	Section 3.03(a)
	Bankruptcy Code	  	Recitals
	Company	  	Recitals
	Determination Date	  	Section 4.06
	Exercise Date	  	Section 3.02(b)
	Fundamental Change	  	Section 4.07
	Funds	  	Section 2.01
	Funds Account	  	Section 2.01
	Initial Series A Warrant Shares	  	Recitals
	Initial Series B Warrant Shares	  	Recitals
	Initial Warrantholders	  	Recitals
	Net Share Amount	  	Section 3.04
	Offer Expiration Date	  	Section 4.01(d)
	Plan	  	Recitals
	Reference Property	  	Section 4.07
	Securities Act	  	Recitals
	Successor Entity	  	Section 4.08
	Trigger Event	  	Section 4.03
	Valuation Period	  	Section 4.01(c)
	Warrant Agent	  	Recitals
	Warrant Agreement	  	Recitals
	Warrant Register	  	Section 2.05

  
 9 

 ARTICLE 2 

ISSUANCE, EXECUTION AND TRANSFER OF WARRANTS 

Section 2.01. Issuance of Warrants. (a) The Company shall execute and deliver to the Warrant Agent, for authentication and
delivery to the Depositary, or its custodian, for crediting to the accounts of its participants for the benefit of the Initial Warrantholders pursuant to the procedures of the Depositary on the Closing Date, (i) one or more Global Warrants in
substantially the form set forth in Exhibit B-1 hereto, together with an Authentication Order with respect thereto, evidencing an initial aggregate Number of Warrants equal to the number of Initial Series A Warrant Shares and (ii) one or more
Global Warrants in substantially the forms set forth in Exhibit B-2 hereto, together with an Authentication Order with respect thereto, evidencing an initial aggregate Number of Warrants equal to the number of Initial Series B Warrant Shares. On the
Closing Date, the Warrant Agent shall, upon receipt of such Global Warrants and Authentication Orders, authenticate and deliver such Global Warrants to the Depositary, or its custodian, for crediting to the accounts of its participants for the
benefit of the Initial Warrantholders pursuant to the procedures of the Depositary in accordance with Section 2.02 and register such Global Warrants in accordance with Section 2.05. 

(b) Except as set forth in Section 2.05, Section 5.02 and Article 4, the Global Warrants delivered to the Depositary (or a nominee thereof) on
the Closing Date shall be the only Warrants issued or outstanding under this Warrant Agreement. 
 (c) All Warrants issued under this
Warrant Agreement shall in all respects be equally and ratably entitled to the benefits hereof, without preference, priority, or distinction on account of the actual time of the issuance and authentication or any other terms thereof. 

Section 2.02. Execution and Authentication of Warrants. (a) Warrants shall be executed on behalf of the Company by the Chief
Executive Officer, President or Chief Financial Officer of the Company. The signature of any of these officers on Warrants may be manual or facsimile. Typographical and other minor errors or defects in any such signature shall not affect the
validity or enforceability of any Warrant that has been duly authenticated and delivered by the Warrant Agent. 
 (b) Warrants bearing the
manual or facsimile signatures of individuals, each of whom was, at the time he or she signed such Warrant or his or her facsimile signature was affixed to such Warrant, as the case may be, a proper officer of the Company, shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Warrants or did not hold such offices at the date of such Warrants. 

(c) No Warrant shall be entitled to any benefit under this Warrant Agreement or be valid or obligatory for any purpose unless there appears on
such Warrant a certificate of authentication substantially in the form provided for herein executed by the Warrant Agent by manual or facsimile signature, and such certificate upon any Warrant shall be conclusive evidence, and the only evidence,
that such Warrant has been duly authenticated and delivered hereunder. 

  
 10 

 Section 2.03. Form of Warrant Certificates. Each Warrant Certificate shall be in
substantially the forms set forth in Exhibits B-1 and B-2 hereto, as applicable, and shall have such insertions as are appropriate or required by this Warrant Agreement and may have such letters, numbers or other marks of identification and such
legends and endorsements, stamped, printed, lithographed or engraved thereon, as the Company may deem appropriate and as are not inconsistent with the provisions of this Warrant Agreement, such as may be required to comply with this Warrant
Agreement, any law or any rule of any securities exchange on which Warrants may be listed, and such as may be necessary to conform to customary usage. 

Section 2.04. Transfer Restrictions. The Warrants and the underlying shares of Common Stock are being offered and sold pursuant to
an exemption from the registration requirements of Section 5 of the Securities Act provided by Section 1145 of the Bankruptcy Code, and to the extent that any Warrantholder or beneficial owner of a Warrant is an “underwriter” as
defined in Section 1145(b)(1) of the Bankruptcy Code, such Warrantholder or beneficial owner, as applicable, may not be able to sell or transfer any Warrants in the absence of an effective registration statement under the Securities Act or an
exemption from registration thereunder. By accepting a transfer of a Warrant, the Warrantholder or beneficial owner, as applicable, acknowledges the restrictions set forth herein. 

Section 2.05. Transfer, Exchange and Substitution. (a) Warrants shall be issued in registered form only. The Company shall
cause to be kept at the office of the Warrant Agent, and the Warrant Agent shall maintain, a register (the “Warrant Register”) in which, subject to such reasonable regulations as the Company may prescribe, the Company shall provide
for the registration of Warrants and transfers, exchanges or substitutions of Warrants as herein provided. All Warrants issued upon any registration of transfer or exchange of or substitution for Warrants shall be valid obligations of the Company,
evidencing the same obligations, and entitled to the same benefits under this Warrant Agreement, as Warrants surrendered for such registration of transfer, exchange or substitution. 

(b) A Warrantholder may transfer a Warrant only upon surrender of such Warrant for registration of transfer. Warrants may be presented for
registration of transfer and exchange at the offices of the Warrant Agent with a written instruction of transfer in form satisfactory to the Warrant Agent, duly executed by such Warrantholder or by such Warrantholder’s attorney, duly authorized
in writing. No such transfer shall be effected until, and the transferee shall succeed to the rights of a Warrantholder only upon, final acceptance and registration of the transfer in the Warrant Register by the Warrant Agent. Prior to the
registration of any transfer of a Warrant by a Warrantholder as provided herein, the Company, the Warrant Agent, and any agent of the Company or the Warrant Agent may treat the Person in whose name Warrants are registered as the owner thereof for
all purposes and as the Person entitled to exercise the rights represented thereby, any notice to the contrary notwithstanding. 

  
 11 

 (c) Every Warrant presented or surrendered for registration of transfer or for exchange or
substitution shall (if so required by the Company or the Warrant Agent) be duly endorsed, or be accompanied by a duly executed instrument of transfer in form reasonably satisfactory to the Company and the Warrant Agent, by the holder thereof or such
Warrantholder’s attorney duly authorized in writing. 
 (d) When Warrants are presented to the Warrant Agent with a request to register
the transfer of, or to exchange or substitute, such Warrants, the Warrant Agent shall register the transfer or make the exchange or substitution as requested if its requirements for such transactions and any applicable requirements hereunder are
satisfied. To permit registrations of transfers, exchanges and substitutions, the Company shall execute Warrant Certificates at the Warrant Agent’s request and the Warrant Agent shall countersign and deliver such Warrant Certificates. No
service charge shall be made for any registration of transfer or exchange of or substitution for Warrants, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed on the registered
holder in connection with any such exchange or registration of transfer of Warrants. 
 (e) A Certificated Warrant may be exchanged at the
option of the holder or holders thereof, when presented or surrendered in accordance with this Warrant Agreement, for another Warrant Certificate or other Warrant Certificates of like tenor and representing in the aggregate a like Number of
Warrants. If less than all Warrants represented by a Certificated Warrant are transferred, exchanged or substituted in accordance with this Warrant Agreement, the Warrant Certificate shall be surrendered to the Warrant Agent and a new Warrant
Certificate for a Number of Warrants equal to the Warrants represented by such Warrant Certificate that were not transferred, exchanged or substituted, registered in such name or names as may be directed in writing by the surrendering Warrantholder,
shall be executed by the Company and delivered to the Warrant Agent and the Warrant Agent shall countersign such new Warrant Certificate and shall deliver such new Warrant Certificate to the Person or Persons entitled to receive the same. 

Section 2.06. Global Warrants. (a) Any Global Warrant shall bear the legend substantially in the form set forth in Exhibit A
hereto (the “Global Warrant Legend”). 
 (b) So long as a Global Warrant is registered in the name of the Depositary or its
nominee, members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Warrant Agreement with respect to the Global Warrant held on their behalf by the Depositary or the Warrant Agent as its
custodian, and the Depositary may be treated by the Company, the Warrant Agent and any agent of the Company or the Warrant Agent as the absolute owner of such Global Warrant for all purposes. Accordingly, any such owner’s beneficial interest in
such Global Warrant will be shown only on, and the transfer of such interest shall be effected only through, records maintained by the Depositary or its nominee or its Agent Members, and neither the Company nor the Warrant Agent shall have any
responsibility with respect to such records maintained by the Depositary or its nominee or its Agent Members. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant 

  
 12 

 
Agent or any agent of the Company or the Warrant Agent from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the
Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Warrantholder. 
 (c) Any
holder of a Global Warrant registered in the name of the Depositary or its nominee shall, by acceptance of such Global Warrant, agree that transfers of beneficial interests in such Global Warrant may be effected only through a book-entry system
maintained by the holder of such Global Warrant (or its agent), and that ownership of a beneficial interest in Warrants represented thereby shall be required to be reflected in book-entry form. 

(d) Transfers of a Global Warrant registered in the name of the Depositary or its nominee shall be limited to transfers in whole, and not in
part, to the Company, the Depositary, their successors, and their respective nominees. Interests of beneficial owners in a Global Warrant registered in the name of the Depositary or its nominee shall be transferred in accordance with the rules and
procedures of the Depositary. 
 (e) A Global Warrant registered in the name of the Depositary or its nominee shall be exchanged for
Certificated Warrants only if the Depositary (i) has notified the Company that it is unwilling or unable to continue as or ceases to be a clearing agency registered under Section 17A of the Exchange Act and (ii) a successor to the
Depositary registered as a clearing agency under Section 17A of the Exchange Act is not able to be appointed by the Company within 90 days or the Depositary is at any time unwilling or unable to continue as Depositary and a successor to the
Depositary is not able to be appointed by the Company within 90 days. In any such event, a Global Warrant registered in the name of the Depositary or its nominee shall be surrendered to the Warrant Agent for cancellation, and the Company shall
execute, and the Warrant Agent shall countersign and deliver, to each beneficial owner identified by the Depositary, in exchange for such beneficial owner’s beneficial interest in such Global Warrant, Certificated Warrants representing, in the
aggregate, the Number of Warrants theretofore represented by such Global Warrant with respect to such beneficial owner’s respective beneficial interest. Any Certificated Warrant delivered in exchange for an interest in a Global Warrant pursuant
to this Section 2.06(e) shall not bear the Global Warrant Legend. Interests in the Global Warrant may not be exchanged for Certificated Warrants other than as provided in this Section 2.06(e). 

(f) The holder of a Global Warrant registered in the name of the Depositary or its nominee may grant proxies and otherwise authorize any
Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Warrantholder is entitled to take under this Warrant Agreement or the Warrant. 

Section 2.07. Surrender of Warrant Certificates. Any Warrant Certificate surrendered for registration of transfer, exchange,
substitution or exercise of Warrants represented thereby shall, if surrendered to the Company, be delivered to the Warrant Agent, and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be promptly cancelled by the
Warrant Agent and shall not be reissued by the 

  
 13 

 
Company and, except as provided in this Article 2 in case of an exchange, transfer or substitution, or Article 3 in case of the exercise of less than all Warrants represented thereby, or Section
5.02 in case of mutilation, no Warrant Certificate shall be issued hereunder in lieu thereof. The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of such cancelled Warrant Certificates as the Company may direct.

 ARTICLE 3 

EXERCISE AND SETTLEMENT OF WARRANTS 

Section 3.01. Exercise of Warrants. At any time prior to the Close of Business on the Expiration Date, an individual Warrantholder
shall be entitled to exercise, in accordance with this Article 3, the full Number of Warrants represented by any Warrant Certificate then registered in such individual Warrantholder’s name or any portion thereof. Any Warrants not exercised
prior to such time shall expire unexercised. 
 Section 3.02. Procedure for Exercise. (a) To exercise a Warrant (i) in
the case of a Certificated Warrant, the Warrantholder must surrender the Warrant Certificate evidencing such Warrant at the principal office of the Warrant Agent (or successor Warrant Agent), with the Exercise Notice set forth on the reverse of the
Warrant Certificate duly completed and executed, together with payment of any applicable transfer taxes as set forth in Section 6.01(b), or (ii) in the case of a Global Warrant, the Warrantholder must comply with the procedures established by
the Depositary for the exercise of Warrants. If the Common Stock is not listed on a National Securities Exchange on the applicable Exercise Date and Full Physical Settlement is elected, the Warrantholder shall pay the applicable Exercise Price for
each Warrant to be exercised, together with any payment of applicable transfer taxes as set forth in Section 6.01(b), by federal wire or other immediately available funds payable to the order of the Company to the account maintained by the Warrant
Agent in its name as agent for the Company or, in respect of a Global Warrant, otherwise in accordance with the applicable procedures of the Depositary. The Warrant Agent shall provide an exercising Warrantholder, upon request, with the appropriate
payment instructions. 
 (b) The date on which (i) a Warrantholder complies with the requirements for exercise set forth in this
Section 3.02 in respect of a Warrant or (ii) the Automatic Exercise Time for any automatic exercise set forth in Section 3.03 in respect of a Warrant occurs is the “Exercise Date” for such Warrant. However, if such date is not
a Trading Day or the Warrantholder satisfies such requirements after the Close of Business on a Trading Day, then the Exercise Date shall be the immediately succeeding Trading Day. 

(c) The Company shall assist and cooperate with any Warrantholder required to make any governmental filings or obtain any governmental
approvals prior to or in connection with any exercise of a Warrant (including, without limitation, making any filings required to be made by the Company), and any exercise of a Warrant may be made contingent upon the making of any such filing and
the receipt of any such approval. 

  
 14 

 (d) All funds received by the Warrant Agent under this Agreement that are to be distributed or
applied by the Warrant Agent in the performance of services in accordance with this Agreement (the “Funds”) shall be held by the Warrant Agent as agent for the Company and deposited in one or more bank accounts to be maintained by
the Warrant Agent in its name as agent for the Company (the “Funds Account”). Until paid pursuant to the terms of this Agreement, the Warrant Agent will hold the Funds through the Funds Account in deposit accounts of commercial
banks with Tier 1 capital exceeding $1 billion or with an average rating above investment grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating), each as reported by
Bloomberg Finance L.P. The Warrant Agent shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by the Warrant Agent in accordance with this paragraph, including any losses resulting from a
default by any bank, financial institution or other third party. The Warrant Agent may from time to time receive interest, dividends or other earnings in connection with such deposits. The Warrant Agent shall not be obligated to pay such interest,
dividends or earnings to the Company, any Warrantholder or any other party. 
 (e) The Warrant Agent shall forward funds deposited in the
Funds Account in a given month by the fifth Business Day of the following month by wire transfer to an account designated by the Company. Notwithstanding the foregoing, in the event such received funds equal or exceed $5,000, all such accumulated
funds shall be delivered within five (5) Business Days after reaching such $5,000 threshold. 
 Section 3.03. Automatic
Exercise. (a) Notwithstanding any other provision of this Warrant Agreement, in the case of a Deemed Liquidation Event, all Warrants outstanding as of the Close of Business on the Trading Day immediately preceding the Deemed Liquidation
Date (the “Automatic Exercise Time”) shall be deemed exercised (even if not surrendered) as of the Automatic Exercise Time and settled as set forth in Section 3.04 below. For the avoidance of doubt, no Warrant shall remain
outstanding or exercisable after the Automatic Exercise Time and each Person in whose name any shares of Common Stock are issued as a result of this Section 3.03 shall for all purposes be deemed to have become the holder of record of such shares as
of the Automatic Exercise Time. 
 (b) The Company shall promptly notify the Warrantholders and the Warrant Agent of any automatic exercise
pursuant to this Section 3.03 and the number of shares of Common Stock, if any, issuable to each Warrantholder as a result of such automatic exercise. 

  
 15 

 Section 3.04. Settlement of Warrants. 

(a) Unless the Common Stock is not listed on a National Securities Exchange on the applicable Exercise Date and the Warrantholder elects for
Full Physical Settlement, Net Share Settlement shall apply to each Warrant upon exercise of such Warrant. For any Warrants exercised or deemed exercised hereunder to which Net Share Settlement applies, on the Settlement Date for such Warrants, the
Company shall cause to be delivered to the Warrantholder, together with cash in lieu of any fractional shares as provided in Section 3.06, a number of shares of Common Stock (which in no event will be less than zero) (the “Net Share
Amount”) equal to: 
  

					
	N =	 	(S × W) (A – B)	  	
	 	A	  	

  

					
	where:
			
	N	  	=	  	the number of shares of Common Stock to be issued to the Warrantholder, rounded down to the nearest whole share with cash paid in lieu of any fractional shares pursuant to Section 3.06;
			
	W	  	=	  	the number of Warrants being exercised;
			
	S	  	=	  	the Warrant Share Number as of the Exercise Date;
			
	A	  	=	  	the Fair Market Value of one share of Common Stock as of the Exercise Date; and
			
	B	  	=	  	the applicable Exercise Price as of the Exercise Date.

 (b) If Full Physical Settlement applies to the exercise of a Warrant, upon the proper and valid exercise
thereof by a Warrantholder and payment of the applicable Exercise Price as of the Exercise Date therefor, the Company shall cause to be delivered to the exercising Warrantholder the Full Physical Settlement Amount for such Warrant. 

(c) If there is a dispute as to the determination of the applicable Exercise Price or the calculation of the number of shares of Common Stock
to be delivered to an exercising Warrantholder, the Company shall cause to be promptly delivered to the exercising Warrantholder the number of shares of Common Stock that are not in dispute. 

(d) Any cash to be paid to the Warrantholders hereunder shall be delivered to the Warrant Agent no later than the Business Day immediately
preceding the date such consideration is required to be delivered to the Warrantholders. 
 Section 3.05. Delivery of Common
Stock. (a) In connection with the delivery of shares of Common Stock to an exercising Warrantholder pursuant to Section 3.04, the Warrant Agent shall: 

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

(ii) where an Exercise Notice or any other document appears on its face to have been improperly completed or executed or some
other irregularity in connection with the exercise of the Warrants exists, the Warrant Agent shall endeavor to inform the appropriate parties (including the Person submitting the instrument) of the need for fulfillment of all requirements,
specifying those requirements which appear to be unfulfilled, so that the Warrant may be properly exercised; 

  
 16 

 (iii) inform the Company of and cooperate with and assist the Company in
resolving any reconciliation problems between Exercise Notices received and delivery of Warrants to the Warrant Agent’s account; 

(iv) inform the Company of (A) the receipt of Exercise Notices and the number of Warrants exercised in accordance with the
terms and conditions of this Warrant Agreement, (B) the number of shares of Common Stock underlying the Warrants which were exercised, (C) the instructions with respect to issuance of such shares of Common Stock, subject, in the case of
exercise of a Global Warrant, to the timely receipt from the Depositary of the necessary information, (D) the number of Persons who will become holders of record of the Company (who were not previously holders of record) as a result of
receiving such shares of Common Stock upon exercise of the Warrants and (E) such other information as the Company shall reasonably require; and (x) if such shares of Common Stock are in book-entry form at the Depositary, the Company shall
(or shall cause the transfer agent to) deliver such shares of Common Stock by electronic transfer to such Warrantholder’s account, or any other account as such Warrantholder may designate, at the Depositary or at an Agent Member, or (y) if
such shares of Common Stock are not in book-entry form at the Depositary, the Company shall (or shall cause the transfer agent to) deliver to or upon the order of such Warrantholder a certificate or certificates, in each case for the number of full
shares of Common Stock to which such Warrantholder is entitled, registered in such name or names as may be directed by such Warrantholder; 

(v) deliver cash, as has been provided to the Warrant Agent by the Company, to such Warrantholder in respect of any fractional
shares, as provided in Section 3.06; 
 (vi) promptly deposit in the Funds Account all Funds received in payment of the
applicable Exercise Price in connection with Full Physical Settlement of any Warrants; 
 (vii) if the Number of Warrants
represented by a Warrant Certificate shall not have been exercised in full, (A) in the case of a Certificated Warrant, deliver a new Warrant Certificate or (B) in the case of a Global Warrant, make the appropriate adjustments in Schedule A
of such Global Warrant, in each case, countersigned by the Warrant Agent, for the balance of the number of Warrants represented by the surrendered Global Warrant or Warrant Certificate; and 

(viii) provide to the Company, upon the Company’s request, the number of Warrants previously exercised, the number of
shares of Common Stock issued and/or the amount of cash paid in lieu of any fractional share in connection with such exercises and the number of remaining outstanding Warrants. 

  
 17 

 (b) Each Person in whose name any shares of Common Stock are issued shall for all purposes be
deemed to have become the holder of record of such shares as of the Close of Business on the Exercise Date. However, if any such date is a date when the stock 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 stock transfer books are open. 
 (c) Promptly after
the Warrant Agent shall have taken the action required above (or at such later time as may be mutually agreeable to the Company and the Warrant Agent), the Warrant Agent shall account to the Company with respect to any Warrants exercised. 

Section 3.06. No Fractional Shares to Be Issued. (a) Notwithstanding anything to the contrary in this Warrant Agreement, the
Company shall not be required to issue any fraction of a share of Common Stock upon exercise of any Warrants. 
 (b) If any fraction of a
share of Common Stock would, except for the provisions of this Section 3.06, be issuable on the exercise of any Warrant or Warrants, the Company shall pay the Warrantholder cash in lieu of such fractional shares valued at the Fair Market Value as of
the Exercise Date. However, if more than one Warrant shall be exercised hereunder at one time by the same Warrantholder, the number of full shares which shall be issuable upon exercise thereof shall be computed on the basis of all Warrants so
exercised. 
 (c) The beneficial owners of the Warrants and the Warrantholders, by their acceptance hereof, expressly agree to receive cash
in lieu of any fraction of a share of Common Stock or a stock certificate representing a fraction of a share of Common Stock. 

Section 3.07. Acquisition of Warrants by Company. The Company shall have the right, except as limited by law, to purchase or
otherwise to acquire Warrants (including by cash-settled swaps or other derivatives) at such times, in such manner and for such consideration as it may deem appropriate and shall have agreed with the holder of such Warrants. 

Section 3.08. Certain Calculations. The Company shall be responsible for performing all calculations required in connection with
the exercise and settlement of the Warrants and the payment or delivery, as the case may be, of cash and/or Common Stock as described in this Article 3. 

Section 3.09. Validity of Exercise. All questions as to the validity, form and sufficiency (including time of receipt) of any
exercised Warrant, Exercise Notice or the Warrant Certificate evidencing any exercised Warrant will be determined by the Company in its sole discretion, which determination shall be final and binding absent any manifest error. The Company reserves
the right to reject any and all Exercise Notices not in proper form or for which any corresponding agreement by the Company to exchange would, in the opinion of the Company, be unlawful. Such determination by the Company shall be final and binding
on the Warrantholders, absent manifest error. Moreover, the Company reserves the absolute right to waive any of the conditions to the exercise of Warrants or defects in the exercise thereof with regard to any particular exercise of Warrants. 

  
 18 

 ARTICLE 4 

ADJUSTMENTS 

Section 4.01. Adjustments to Exercise Price. The applicable Exercise Price for the Warrants shall be subject to adjustment
(without duplication) upon the occurrence of any of the following events: 
 (a) The issuance of shares of Common Stock as a dividend or
distribution on shares of the Common Stock, or a subdivision, combination, split or reclassification of Common Stock (excluding any dividend, distribution or issuance covered by Section 4.07) into a greater or smaller number of shares of Common
Stock, in which event the applicable Exercise Price shall be adjusted based on the following formula: 
  

					
	EP1 = EP0 ×	 	OS0	  	
	 	OS1	  	

 where: 
  

					
	EP0	  	=	  	the applicable Exercise Price in effect immediately prior to the Open of Business on the Ex-Date for such dividend or distribution, or immediately prior to the Open of Business on the effective date for such subdivision,
combination, split or reclassification, as the case may be;
			
	EP1	  	=	  	the applicable Exercise Price in effect immediately after the Open of Business on the Ex-Date for such dividend or distribution, or immediately after the Open of Business on the effective date for such subdivision, combination,
split or reclassification, as the case may be;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the Open of Business on the Ex-Date for such dividend or distribution, or immediately prior to the Open of Business on the effective date for such subdivision,
combination, split or reclassification, as the case may be; and
			
	OS1	  	=	  	the number of shares of Common Stock that would be outstanding immediately after giving effect to such dividend, distribution, subdivision, combination, split or reclassification.

 Such adjustment shall become effective immediately after the Open of Business on the Ex-Date for such dividend
or distribution, or immediately after the Open of Business on the effective date for such subdivision, combination, split or reclassification, as the case may be. If any dividend or distribution or subdivision or combination of the type described in
this Section 4.01(a) is declared or announced but not so paid or made, the applicable Exercise Price shall again be adjusted to the applicable Exercise Price that would then be in effect if such dividend or distribution, or subdivision, combination,
split or reclassification had not been declared or announced, as the case may be. 

  
 19 

 (b) The issuance to all or substantially all holders of Common Stock of rights, options or
warrants entitling them for a period expiring 45 calendar days or less from the date of announcement of such issuance to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Trading Day Closing
Sale Prices of Common Stock for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance, in which event the applicable Exercise Price will be adjusted
based on the following formula: 
  

					
	EP1 = EP0 × 	 	OS0 + Y	 	
	 	OS0 + X	 	

 where: 
  

					
	EP0	  	=	  	the applicable Exercise Price in effect immediately prior to the Open of Business on the Ex-Date for such issuance;
			
	EP1	  	=	  	the applicable Exercise Price in effect immediately after the Open of Business on the Ex-Date for such issuance;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the Open of Business on the Ex-Date for such issuance;
			
	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Trading Day Closing Sale Prices of Common Stock for the ten (10) consecutive
Trading Day period ending on, and including, the Trading Day immediately preceding the date of announcement of such issuance.

 Any such adjustment shall be made successively whenever any such rights, options or warrants are issued and
shall become effective immediately after the Open of Business on the Ex-Date for such issuance. In the event that the issuance of any such rights, options or warrants is announced but such rights, options or warrants are not so issued, the
applicable Exercise Price shall again be adjusted to be the applicable Exercise Price that would then be in effect if the Ex-Date for such issuance had not occurred. To the extent that any such rights, options or warrants are not exercised prior to
their expiration or shares of Common Stock are otherwise not delivered pursuant to such rights, options or warrants, upon the expiration, termination or maturity of such rights, options or warrants, the applicable Exercise Price shall be readjusted
to the applicable Exercise Price that would then be in effect had the adjustments made upon the issuance of such rights, options or warrants been made on the basis of the delivery of only the number of shares of Common Stock actually delivered. In
determining the aggregate 

  
 20 

 
price payable for such shares of Common Stock, there shall be taken into account any consideration received for such rights, options or warrants, as well as any consideration received in
connection with the exercise or conversion thereof, and the value of such consideration, if other than cash, shall be determined in good faith by the Board of Directors. 

(c) The dividend or distribution to all or substantially all holders of Common Stock of (i) shares of the Company’s Capital Stock
(other than Common Stock), (ii) evidences of the Company’s indebtedness, (iii) other assets or property of the Company, (iv) rights, options or warrants to purchase the Company’s securities or (v) cash (excluding any
dividend, distribution or issuance covered by clauses (a) or (b) above or Section 4.07 below), in which event the applicable Exercise Price will be adjusted based on the following formula: 

 

					
	EP1 = EP0 × 	 	SP0 – FMV	 	
	 	      SP0	 	

 where: 
  

					
	EP0	  	=	  	the applicable Exercise Price in effect immediately prior to the Open of Business on the Ex-Date for such dividend or distribution;
			
	EP1	  	=	  	the applicable Exercise Price in effect immediately after the Open of Business on the Ex-Date for such dividend or distribution;
			
	SP0	  	=	  	the average of the Trading Day Closing Sale Prices of Common Stock for the ten (10) consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Date for such dividend or distribution;
and
			
	FMV	  	=	  	the fair market value (as determined in good faith by the Board of Directors), on the Ex-Date for such dividend or distribution, of the shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options
or warrants so distributed or the amount of cash expressed as an amount per share of outstanding Common Stock.

 Such adjustment shall become effective immediately after the Open of Business on the Ex-Date for such dividend
or distribution. In the event that such dividend or distribution is declared or announced but not so paid or made, the applicable Exercise Price shall again be adjusted to be the applicable Exercise Price which would then be in effect if such
distribution had not been declared or announced. 

  
 21 

 However, notwithstanding the above, if the transaction that gives rise to an adjustment pursuant
to this clause (c) is one pursuant to which the payment of a dividend or other distribution on Common Stock consists of shares of Capital Stock of, or similar equity interests in, a subsidiary of the Company or other business unit of the Company
(i.e., a spin-off) that are, or, when issued, will be, traded or quoted on a National Securities Exchange, then the applicable Exercise Price will instead be adjusted based on the following formula: 

 

					
	EP1 = EP0 × 	 	MP0	 	
	 	MP0 + FMV	 	

 where: 
  

					
	EP0	  	=	  	the applicable Exercise Price in effect immediately prior to the end of the Valuation Period;
			
	EP1	  	=	  	the applicable Exercise Price in effect immediately after the end of the Valuation Period;
			
	FMV	  	=	  	the average of the Trading Day Closing Sale Prices of the Capital Stock or similar equity interests distributed to holders of Common Stock applicable to one share of Common Stock for the first ten (10) consecutive Trading Day period
commencing after, and including, the Ex-Date for such dividend or distribution (the “Valuation Period”); and
			
	MP0	  	=	  	the average of the Trading Day Closing Sale Prices of Common Stock over the Valuation Period.

 Such adjustment shall become effective immediately after the Close of Business on the last Trading Day of the
Valuation Period; provided that in respect of any exercise of Warrants, if the relevant Exercise Date occurs during the Valuation Period, references to “ten” or “10” in the preceding paragraph shall be deemed to be
replaced with such lesser number of Trading Days as have elapsed between the Ex-Date for such dividend or distribution and the Exercise Date in determining the applicable Exercise Price. In the event that such dividend or distribution is declared or
announced but not so paid or made, the applicable Exercise Price shall again be adjusted to be the applicable Exercise Price which would then be in effect if such distribution had not been declared or announced. 

(d) The payment by the Company or any of its subsidiaries in respect of a tender or exchange offer for the Common Stock, to the extent that
the cash and value of any other consideration included in the payment per share of the Common Stock exceeds the average of the Trading Day Closing Sale Prices of the Common Stock over the ten (10) consecutive Trading Day period commencing on,
and including, the Trading Day next succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (such last date, the “Offer Expiration Date”), in which event the applicable Exercise
Price will be adjusted based on the following formula: 
  

					
	EP1 = EP0 × 	 	SP × OS0	 	
	 	AC + (SP × OS1)	 	

 where: 
  

					
	EP0	  	=	  	the applicable Exercise Price in effect immediately prior to the Close of Business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Offer Expiration
Date;

  
 22 

					
	EP1	  	=	  	the applicable Exercise Price in effect immediately after the Close of Business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the Offer Expiration Date;
			
	AC	  	=	  	the aggregate cash and fair market value (as determined in good faith by the Board of Directors) of any other consideration paid or payable for shares of Common Stock purchased in such tender offer or exchange offer;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the Offer Expiration Date (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender offer or exchange
offer and excluding any treasury shares);
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after the Offer Expiration Date (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender offer or exchange offer
and excluding any treasury shares);
			
	SP	  	=	  	the average of the Trading Day Closing Sale Prices of Common Stock for the ten (10) consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the Offer Expiration Date.

 Such adjustment shall become effective immediately after the Close of Business on the 10th Trading Day
immediately following, and including, the Trading Day next succeeding the Offer Expiration Date; provided that in respect of any exercise of Warrants, if the relevant Exercise Date occurs during the ten (10) consecutive Trading Day
period commencing on, and including, the Trading Day next succeeding the Offer Expiration Date, references to “ten”, “10” or “10th” in the preceding paragraph shall be deemed replaced with such lesser number of Trading
Days as have elapsed between the Offer Expiration Date and the Exercise Date in determining the applicable Exercise Price. In the event that the Company or a subsidiary of the Company is obligated to purchase shares of Common Stock pursuant to any
such tender offer or exchange offer, but the Company or such subsidiary is permanently prevented by applicable law from effecting all or any such purchases, or all or any portion of such purchases are rescinded, then the applicable Exercise Price
shall again be adjusted to be the applicable Exercise Price which would then be in effect if such tender offer or exchange offer had been made only in respect of the purchases actually effected. 

(e) For the purposes of Section 4.01(a), (b) and (c), any dividend or distribution to which Section 4.01(c) is applicable that also includes
shares of Common Stock, or rights, options or warrants to subscribe for or purchase shares of Common Stock (or both), shall be deemed instead to be (i) a dividend or distribution of the indebtedness,

  
 23 

 
assets or property, cash or shares of Capital Stock other than such shares of Common Stock or rights, options or warrants (and any Exercise Price adjustment required by Section 4.01(c) with
respect to such dividend or distribution shall be made in respect of such dividend or distribution (without regard to the parenthetical in Section 4.01(c) that begins with the word “excluding”)) immediately followed by (ii) a dividend
or distribution of such shares of Common Stock or such rights, options or warrants (and any further Exercise Price adjustment required by Section 4.01 with respect to such dividend or distribution shall then be made), except, for purposes of such
adjustment, any shares of Common Stock included in such dividend or distribution shall not be deemed “outstanding immediately prior to the Open of Business on the Ex-Date.” 

(f) Notwithstanding this Section 4.01 or any other provision of this Warrant Agreement or the Warrants, if an Exercise Price adjustment
becomes effective on any Ex-Date and a Warrantholder that has exercised its Warrants on or after such Ex-Date and on or prior to the related Record Date would be treated as the record holder of the shares of Common Stock as of the related Exercise
Date as described under Section 3.05(b) based on an adjusted Exercise Price for such Ex-Date, then, notwithstanding the Exercise Price adjustment provisions in this Section 4.01, the Exercise Price adjustment relating to such Ex-Date shall not be
made for such exercising Warrantholder. Instead, such Warrantholder shall be treated as if such Warrantholder were the record owner of the shares of Common Stock on an unadjusted basis and participate in the related dividend, distribution or other
event giving rise to such adjustment. 
 (g) For the avoidance of doubt, for the purpose of this Article 4, “all holders of Common
Stock” shall exclude any shares of Common Stock held in treasury by the Company. 
 Section 4.02. Adjustments to Warrant Share
Number. Concurrently with any adjustment to the applicable Exercise Price under Section 4.01, the Warrant Share Number for each Warrant will be adjusted such that the Warrant Share Number for each such Warrant in effect immediately following the
effectiveness of such adjustment will be equal to the Warrant Share Number for each such Warrant in effect immediately prior to such adjustment, multiplied by a fraction, (a) the numerator of which is the applicable Exercise Price in
effect immediately prior to such adjustment and (b) the denominator of which is the applicable Exercise Price in effect immediately following such adjustment. 

Section 4.03. Certain Distributions of Rights and Warrants; Shareholder Rights Plan. (a) Rights, options or warrants
distributed by the Company to all holders of Common Stock (including under any shareholder rights plan in existence on October 4, 2016 or thereafter put into effect) entitling the holders thereof to subscribe for or purchase shares of the
Company’s Capital Stock (either initially or under certain circumstances), which rights, options or warrants, until the occurrence of a specified event or events (a “Trigger Event”): 

(i) are deemed to be transferred with such shares of Common Stock; 

(ii) are not exercisable; and 

(iii) are also issued in respect of future issuances of Common Stock, 

  
 24 

 shall be deemed not to have been distributed for purposes of Section 4.01 (and no adjustment to the applicable
Exercise Price or the Warrant Share Number under Section 4.01 will be made) until the occurrence of the earliest Trigger Event, whereupon such rights, options and warrants shall be deemed to have been distributed and an appropriate adjustment (if
any is required) to the applicable Exercise Price and the Warrant Share Number shall be made under this Section 4.01 (subject in all respects to Section 4.03(d)). 

(b) If any such right or warrant is subject to events, upon the occurrence of which such rights, options or warrants become exercisable to
purchase different securities, evidences of indebtedness or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Date with respect to new rights, options or warrants with such
rights (subject in all respects to Section 4.03(d)). 
 (c) In addition, except as set forth in Section 4.03(d), in the event of any
distribution (or deemed distribution) of rights, options or warrants, or any Trigger Event or other event (of the type described in Section 4.03(b)) with respect thereto that was counted for purposes of calculating a distribution amount for which an
adjustment to the applicable Exercise Price and the Warrant Share Number under Article 4 was made (including any adjustment contemplated in Section 4.03(d)): 

(i) in the case of any such rights, options or warrants that shall all have been redeemed or repurchased without exercise by
the holders thereof, the applicable Exercise Price and the Warrant Share Number shall be readjusted upon such final redemption or repurchase as if such rights, options or warrants had not been issued, and shall be again readjusted to give effect to
such distribution (or deemed distribution) or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such
rights, options or warrants (assuming such holder had retained such rights, options or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase; and 

(ii) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by the holders
thereof, the applicable Exercise Price and the Warrant Share Number shall be readjusted as if such rights, options and warrants had not been issued. 

(d) If a Company shareholders rights plan under which any rights are issued provides that each share of Common Stock issued upon exercise of
Warrants at any time prior to the distribution of separate certificates representing such rights shall be entitled to receive such rights, prior to the separation of such rights from the Common Stock, the applicable Exercise Price and the Warrant
Share Number shall not be adjusted pursuant to Section 4.01. If, however, prior to any exercise of a Warrant, such rights have separated from the Common Stock, the applicable Exercise Price and the Warrant Share

  
 25 

 
Number shall be adjusted at the time of separation as if the Company had made a distribution to all holders of Common Stock, the Company’s Capital Stock, evidences of the Company’s
indebtedness, certain rights, options or warrants to purchase the Company’s securities or other of the Company’s assets as described in Section 4.01(c), subject to readjustment in the event of the expiration, termination or redemption of
such rights. 
 Section 4.04. Discretionary Adjustments. The Company may from time to time, to the extent permitted by law and
subject to applicable rules of any exchange on which any of the Company’s securities are then listed, decrease the applicable Exercise Price and/or increase the Warrant Share Number by any amount for any period of at least twenty
(20) days. In that case, the Company shall give the Warrantholders at least fifteen (15) days’ prior notice in accordance with Section 6.15 of such increase or decrease, and such notice shall state the decreased Exercise Price and/or
increased Warrant Share Number for each Warrant and the period during which the decrease and/or increase will be in effect. The Company may make such decreases in the applicable Exercise Price and/or increases in the Warrant Share Number for each
Warrant, in addition to those set forth in this Article 4, as the Company’s Board of Directors deems advisable, including to avoid or diminish any income tax to holders of the Common Stock resulting from any dividend or distribution of stock
(or rights to acquire stock) or from any event treated as such for income tax purposes. 
 Section 4.05. Restrictions on
Adjustments. (a) Except in accordance with Section 4.01 or Section 4.07, the applicable Exercise Price and the Warrant Share Number for any Warrant will not be adjusted for the issuance of Common Stock or any securities convertible into or
exchangeable for Common Stock or carrying the right to purchase any of the foregoing, including, without limitation: 
 (i)
in the case of a Deemed Liquidation Event; 
 (ii) upon the issuance of any other securities by the Company on or after the
Closing Date not contemplated by the Plan or upon the issuance of shares of Common Stock upon the exercise of such securities; 

(iii) upon the issuance of any shares of Common Stock or other securities or any payments pursuant to the Employee Incentive
Plan (as defined in the Plan) or any other equity incentive plan of the Company; 
 (iv) upon the issuance of any shares of
Common Stock pursuant to the exercise of the Warrants; 
 (v) upon the issuance of any shares of Common Stock or other
securities of the Company in connection with a business acquisition transaction; or 
 (vi) for a change in the par value of
the Common Stock. 

  
 26 

 (b) Before taking any action that would cause an adjustment reducing the Exercise Price below the
then par value of any of the shares of Common Stock into which the Warrants are exercisable, the Company will take any corporate action that may be necessary in order that the Company may validly and legally issue fully paid and non-assessable
shares of such Common Stock at such adjusted Exercise Price. 
 (c) No adjustment shall be made to the Exercise Price or the Warrant Share
Number for any Warrant for any of the transactions described in Section 4.01 if the Company makes provisions for Warrantholders to participate in any such transaction without exercising their Warrants on the same basis as holders of Common Stock and
with notice that the Board of Directors determines in good faith to be fair and appropriate. 
 (d) No adjustment shall be made to the
applicable Exercise Price, nor will any corresponding adjustment be made to the Warrant Share Number for any Warrant, unless the adjustment would result in a change of at least 1% of the applicable Exercise Price; provided that any
adjustments that are less than 1% of the applicable Exercise Price shall be carried forward and such carried forward adjustments, regardless of whether the aggregate adjustment is less than 1% of the applicable Exercise Price, shall be made
(i) immediately prior to the time of any exercise and (ii) five (5) Business Days prior to the Expiration Date, unless, in each case, such adjustment has already been made. 

(e) If the Company takes a record of the holders of Common Stock for the purpose of entitling them to receive a dividend or other
distribution, and thereafter (and before the dividend or distribution has been paid or delivered to stockholders) legally abandons its plan to pay or deliver such dividend or distribution, then thereafter no adjustment to the applicable Exercise
Price or the Warrant Share Number for any Warrant then in effect shall be required by reason of the taking of such record. 

Section 4.06. Deferral of Adjustments. In any case in which Section 4.01 provides that an adjustment shall become effective
immediately after (a) the Open of Business on the Ex-Date for an event or (b) the effective date (in the case of a subdivision or combination of the Common Stock) (each a “Determination Date”), the Company may elect to
defer, until the later of the date the adjustment to the applicable Exercise Price and Warrant Share Number for each Warrant can be definitively determined and the occurrence of the applicable Adjustment Event (as hereinafter defined),
(i) issuing to the Warrantholder of any Warrant exercised after such Determination Date and before the occurrence of such Adjustment Event, the additional shares of Common Stock or other securities or assets issuable upon such exercise by
reason of the adjustment required by such Adjustment Event over and above the Common Stock issuable upon such exercise before giving effect to such adjustment and (ii) paying to such Warrantholder any amount in cash in lieu of any fractional
share of Common Stock pursuant to Section 3.06. For the purposes of this Section 4.06, the term “Adjustment Event” shall mean in any case referred to in clause (a) or clause (b) hereof, the occurrence of such event. 

Section 4.07. Reclassifications and Other Changes. (a) Subject to Section 3.03, on and after the effective time of any
consolidation, merger, reclassification, exchange, 

  
 27 

 
substitution, sale, lease or other transfer to a third party of the consolidated assets of the Company substantially as an entirety or other event in which the previously outstanding shares of
Common Stock shall be cancelled, reclassified or converted or changed into or exchanged for securities or other property (including cash) or any combination thereof, in each case that is not a Deemed Liquidation Event (a “Fundamental
Change”), a Warrantholder shall be entitled to receive, upon exercise of such Warrant, the amount and kind of securities and property that a holder of Common Stock would have been entitled to receive (the “Reference
Property”) as a result of such Fundamental Change if it held a number of shares of Common Stock equal to the number of shares of Common Stock that such Warrantholder would have received if such Warrant had been exercised immediately prior
to such Fundamental Change. In the event holders of Common Stock have the opportunity to elect the form of consideration to be received in a Fundamental Change, the Reference Property into which the Warrants shall be exercisable from and after the
effective time of such Fundamental Change shall be deemed to be the weighted average of the types and amounts of consideration received by the holders of Common Stock in such Fundamental Change. 

(b) In the event of a Fundamental Change, the Company or the Successor Entity shall promptly execute an amendment to this Warrant Agreement
providing that the Warrants shall be exercisable for the amount and kind of Reference Property as a result of such Fundamental Change. Any such amendment to this Warrant Agreement shall provide for adjustments which shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article 4. If the Reference Property includes shares of stock or securities issued by a Person other than the Company or the Successor Entity, such other Person shall also execute such
amendment to the Warrant Agreement. In the event the Company or the Successor Entity shall execute an amendment to this Warrant Agreement pursuant to this Section 4.07, the Company or the Successor Entity shall promptly file with the Warrant Agent
an Officer’s Certificate briefly stating the reasons therefor, the amount and kind of Reference Property issuable upon exercise of the Warrants, any adjustment to be made with respect thereto and that all conditions precedent have been complied
with. The Company or the Successor Entity shall cause notice of such Fundamental Change and the execution of such amendment to be mailed to each Warrantholder, at its address appearing on the Warrant Register, within 20 Business Days after execution
thereof. Failure to deliver such notice shall not affect the legality or validity of such amendment. 
 (c) The above provisions of this
Section 4.07 shall similarly apply to successive consolidations, mergers, reclassifications, exchanges, substitutions, sales, leases or other transfers or other events. 

(d) If this Section 4.07 applies to any event or occurrence, no other provision of this Article 4 with respect to anti-dilution adjustments
(which for the avoidance of doubt, does not include the covenant set forth in Section 4.08) shall apply to such event or occurrence. 

Section 4.08. Consolidation, Merger and Sale of Assets. The Company may, without the consent of the Warrantholders, consolidate
with, merge into or sell, lease or 

  
 28 

 
otherwise transfer in one transaction or a series of related transactions the consolidated assets of the Company and its subsidiaries substantially as an entirety to any corporation, limited
liability company, partnership or trust organized under the laws of the United States or any of its political subdivisions (a “Successor Entity”); provided that, in each case that is not a Deemed Liquidation Event and the
Company will not be the continuing Person: 
 (a) the Successor Entity shall assume all of the Company’s obligations under this Warrant
Agreement (which must first be amended pursuant to Section 4.07 if applicable in connection with a Fundamental Change) and the Warrants and shall provide written notice of such assumption to the Warrant Agent promptly following the consummation of
such transaction; and 
 (b) upon any such assumption pursuant to (a) above by the Successor Entity, such Successor Entity shall succeed to
and be substituted for the Company with the same effect as if it had been named herein as the Company. Such Successor Entity thereupon may cause to be signed, and may issue any or all of the Warrant Certificates issuable pursuant to this Warrant
Agreement which theretofore shall not have been signed by the Company; and, upon the order of such Successor Entity, instead of the Company, and subject to all the terms, conditions and limitations in this Warrant Agreement prescribed, the Warrant
Agent shall authenticate and deliver, as applicable, any Warrant Certificates that previously shall have been signed and delivered by the officers of the Company to the Warrant Agent for authentication, and any Warrant Certificates which such
Successor Entity thereafter shall cause to be signed and delivered to the Warrant Agent for such purpose. 
 Section 4.09. Common
Stock Outstanding. For the purposes of this Article 4, the number of shares of Common Stock at any time outstanding shall not include shares held, directly or indirectly, by the Company. 

Section 4.10. Covenant to Reserve Shares for Issuance on Exercise. (a) The Board of Directors has authorized and reserved for
issuance and will at all times keep reserved for issuance such maximum number of shares of Common Stock as will be issuable upon the exercise of all outstanding Warrants from time to time. The Company covenants that all shares of Common Stock that
shall be so issuable shall be duly and validly issued, fully paid and non-assessable and will be free from preemptive rights, all taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously or otherwise specified herein). 
 (b) The Company agrees to authorize and direct its current and future transfer agents
for the Common Stock to reserve for issuance the number of shares of Common Stock specified in this Section 4.10 and shall take all action required to increase the authorized number of shares of Common Stock if at any time there shall be
insufficient authorized but unissued shares of Common Stock to permit such reservation or to permit the exercise of a Warrant. The Company shall instruct the transfer agent to deliver to the Warrant Agent, upon written request from the Warrant Agent
substantially in the form of Exhibit C (or as separately agreed between the Warrant Agent and the transfer agent), 

  
 29 

 
stock certificates (or beneficial interests therein) required to honor outstanding Warrants upon exercise thereof in accordance with the terms of this Warrant Agreement. The Company shall pay to
the Warrant Agent, as agent for the Warrantholders, any cash that may be payable as provided in this Article 4. Promptly after the Expiration Date, the Warrant Agent shall certify to the Company the aggregate number of Warrants then outstanding, and
thereafter no shares shall be required to be reserved in respect of such Warrants. 
 Section 4.11. Calculations Final. The
Company shall be responsible for making all calculations called for under this Warrant Agreement. These calculations include, but are not limited to, the Exercise Date, the Trading Day Closing Sale Price, the Fair Market Value, the applicable
Exercise Price, the Warrant Share Number for each Warrant and the number of shares of Common Stock, cash or other property, if any, to be issued upon exercise of any Warrants. The Company shall make the foregoing calculations in good faith and,
absent manifest error, the Company’s calculations shall be final and binding on Warrantholders. The Company shall provide a schedule of the Company’s calculations to the Warrant Agent, and the Warrant Agent is entitled to rely upon the
accuracy of the Company’s calculations without independent verification. 
 Section 4.12. Notice of Adjustments. Whenever
the applicable Exercise Price or the Warrant Share Number for each Warrant is to be adjusted or readjusted, the Company shall promptly notify, or cause to be notified, to Warrantholders a notice of the adjustment or readjustment pursuant to Section
6.15. The Company shall file with the Warrant Agent such notice and an Officer’s Certificate briefly stating the facts requiring the adjustment and the manner of computing it. As provided in Section 6.05, the Warrant Agent shall be entitled to
rely on such Officer’s Certificate and shall be under no duty or responsibility with respect to any such Officer’s Certificate, except to exhibit the same from time to time to any Warrantholder desiring an inspection thereof during
reasonable business hours. 
 Section 4.13. Statements on Warrants. 

(a) The form of Warrant Certificate need not be changed because of any adjustment made pursuant to this Article 4, and Warrant Certificates
issued after such adjustment may state the same information as are stated in the Warrant Certificates initially issued pursuant to this Warrant Agreement. However, the Company may at any time in its sole discretion (which shall be conclusive) make
any change in the form of Warrant Certificate that it may deem appropriate and that does not affect the interest of the Warrantholders in any material respect; and any Warrant Certificates thereafter issued or countersigned, whether in exchange or
substitution for an outstanding Warrant Certificate or otherwise, may be in the form as so changed. 
 (b) In the case of Global Warrant
Certificates, other than notation of any applicable increase or decrease in the Number of Warrants on Schedule A of each Global Warrant Certificate, the form of each Global Warrant Certificate need not be changed because of any adjustment or
readjustment made pursuant to this Article 4, and Global Warrant Certificates issued after such adjustment or readjustment may state the same information as are stated in the Global Warrant Certificates initially issued pursuant to this Warrant
Agreement. 

  
 30 

 ARTICLE 5 

OTHER PROVISIONS RELATING TO RIGHTS OF
WARRANTHOLDERS 
 Section 5.01. No Rights as Stockholders. Warrantholders shall not be entitled, by virtue of
holding Warrants, to vote, to consent, to receive dividends, to receive notice as stockholders with respect to any meeting of stockholders for the election of the Company’s directors or any other matter, or to exercise any rights whatsoever as
the Company’s stockholders unless, until and only to the extent such holders become holders of record of shares of Common Stock issuable upon exercise of the Warrants. 

Section 5.02. Mutilated or Missing Warrant Certificates. If any Warrant at any time is mutilated, defaced, lost, destroyed or
stolen, then on the terms set forth in this Warrant Agreement, such Warrant may be replaced at the cost of the Company at the office of the Warrant Agent. The applicant for a new Warrant shall, in the case of any mutilated or defaced Warrant,
surrender such Warrant to the Warrant Agent and, in the case of any lost, destroyed or stolen Warrant, furnish evidence satisfactory to the Company of such loss, destruction or theft, and, in each case, furnish evidence satisfactory to the Company
of the ownership and authenticity of the Warrant together with such indemnity as the Company may require. Any such new Warrant Certificate shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen,
mutilated or destroyed Warrant Certificate shall be at any time enforceable by anyone. An applicant for such a substitute Warrant Certificate shall also comply with such other reasonable regulations as the Company or the Warrant Agent may prescribe.
All Warrant Certificates shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the substitution for lost, stolen, mutilated or destroyed Warrant Certificates, and shall preclude any and all
other rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the substitution for and replacement of negotiable instruments or other securities without their surrender. 

Section 5.03. Modification and Waiver. (a) This Warrant Agreement may be modified or amended by the Company and the Warrant
Agent, without the consent of the holder of any Warrant, for the purposes of (i) curing any ambiguity or correcting or supplementing any defective provision contained in this Warrant Agreement, (ii) to add or modify any other provisions in
regard to matters or questions arising in this Warrant Agreement which the Company and the Warrant Agent may deem necessary or desirable or (iii) effecting any amendment hereto required by Section 4.07 or providing for the assumption of the
Company’s obligations pursuant to Section 4.08; provided that, in each case, any such modification or amendment does not adversely affect the interests of the Warrantholders in any material respect. 

(b) Modifications and amendments to this Warrant Agreement or to the terms and conditions of Warrants may also be made by the Company and the
Warrant Agent, and noncompliance with any provision of the Warrant Agreement or Warrants may be waived, with the written consent of the Warrantholders of Warrants representing a majority of the aggregate number of Warrants at the time outstanding.

  
 31 

 (c) However, no such modification, amendment or waiver may, without the written consent or the
affirmative vote of: 
 (i) each Warrantholder affected: 

(A) change the Expiration Date; or 

(B) increase the applicable Exercise Price or decrease the Number of Warrants or the Warrant Share Number (except as set forth
in Article 4); or 
 (ii) Warrantholders holding at least a majority of the outstanding Warrants affected: 

(A) impair the right to institute suit for the enforcement of any delivery with respect to the exercise and settlement of any
Warrant; 
 (B) except as otherwise permitted by this Warrant Agreement, impair or adversely affect the exercise rights of
Warrantholders, including any change to the calculation or delivery of the Net Share Amount or Full Physical Settlement Amount; 

(C) reduce the percentage of Warrants outstanding necessary to modify or amend this Warrant Agreement or to waive any past
default; or 
 (D) reduce the percentage in Warrants outstanding required for any other waiver under this Warrant Agreement.

 Section 5.04. Rights of Action. All rights of action against the Company in respect of this Warrant Agreement are vested in
the Warrantholders, and any Warrantholder, without the consent of the Warrant Agent or any other Warrantholder, may, in such Warrantholder’s own behalf and for such Warrantholder’s own benefit, enforce and may institute and maintain any
suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such Warrantholder’s right to exercise such Warrantholder’s Warrants in the manner provided in this Warrant Agreement. 

Section 5.05. No Redemption. The Warrants shall not be subject to redemption by the Company or any other Person. 

  
 32 

 ARTICLE 6 

CONCERNING THE WARRANT AGENT AND OTHER
MATTERS 
 Section 6.01. Payment of Certain Taxes. (a) The Company shall pay any and all documentary, stamp
or other similar issue or transfer taxes that may be payable upon the initial issuance of the Warrants hereunder. 
 (b) The Company shall
pay any and all documentary, stamp or other similar issue or transfer taxes that may be payable upon the issuance of Common Stock upon the exercise of Warrants hereunder and the issuance of stock certificates in respect thereof in the respective
names of, or in such names as may be directed by, the exercising Warrantholders; provided, however, that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance and
delivery of any such stock certificate, any Warrant Certificates or other securities in a name other than that of the registered holder of the Warrant Certificate surrendered upon exercise of the Warrant, and the Company shall not be required to
issue or deliver such certificates or other securities unless and until the Person or Persons other than the registered holder(s) requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established to the
reasonable satisfaction of the Company that such tax has been paid. 
 Section 6.02. Change of Warrant Agent. (a) The
Warrant Agent, or any successor to it hereafter appointed, may resign its duties and be discharged from all further duties and liabilities hereunder (except for liability arising as a result of the Warrant Agent’s own gross negligence, willful
misconduct or bad faith) after giving 60 days’ notice in writing to the Company, except that such shorter notice may be given as the Company shall, in writing, accept as sufficient. If the office of the Warrant Agent becomes vacant by
resignation or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of 60 days after it has been notified in
writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by any Warrantholder (who shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the holder of any Warrants may apply
to any court of competent jurisdiction for the appointment of a successor Warrant Agent. Pending appointment of a successor to the Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the
Company. 
 (b) The Warrant Agent may be removed by the Company at any time upon 30 days’ written notice to the Warrant Agent;
provided, however, that the Company shall not remove the Warrant Agent until a successor Warrant Agent meeting the qualifications hereof shall have been appointed, subject to Section 6.02(a). 

(c) Any successor Warrant Agent appointed as provided in this Section 6.02 shall be a corporation or banking association organized, in good
standing and doing business under the laws of the United States of America or any state thereof or the District of Columbia, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by Federal or
state authority and having a 

  
 33 

 
combined capital and surplus of not less than $50,000,000. The combined capital and surplus of any such successor Warrant Agent shall be deemed to be the combined capital and surplus as set forth
in the most recent report of its condition published prior to its appointment; provided that such reports are published at least annually pursuant to law or to the requirements of a Federal or state supervising or examining authority. After
acceptance in writing of such appointment by the successor Warrant Agent, such 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 to more fully and effectually vest in and conform to such successor Warrant Agent all such authority, powers, rights, immunities, duties and obligations. Upon assumption by a successor Warrant Agent of the duties and
responsibilities hereunder, the predecessor Warrant Agent shall deliver and transfer, at the expense of the Company, to the successor Warrant Agent any property at the time held by it hereunder. As soon as practicable after such appointment, the
Company shall give notice thereof to the predecessor Warrant Agent, the Warrantholders and each transfer agent for the shares of its Common Stock. Failure to give such notice, or any defect therein, shall not affect the validity of the appointment
of the successor Warrant Agent. 
 (d) Any entity into which the Warrant Agent may be merged or with which it may be consolidated, or any
corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any Person succeeding to all or substantially all of the corporate trust or agency business of the Warrant Agent, shall be the successor Warrant
Agent under this Warrant Agreement without any further act on the part of any of the parties hereto; provided that such entity would be eligible for appointment as a successor Warrant Agent under Section 6.02(c). In case at the time such
successor to the Warrant Agent shall succeed to the agency created by this Warrant Agreement, any of the Warrant Certificates shall have been countersigned but not delivered, any such successor to the Warrant Agent may adopt the countersignature of
the original Warrant Agent and deliver such Warrant Certificates so countersigned, and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor to the Warrant Agent may countersign such Warrant
Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Warrant Agreement.

 (e) In case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been
countersigned but not delivered, the Warrant Agent may adopt the countersignatures under its prior name and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been
countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this
Warrant Agreement. 

  
 34 

 Section 6.03. Compensation; Further Assurances. The Company agrees that it will
(a) pay the Warrant Agent reasonable compensation for its services as Warrant Agent hereunder and, except as otherwise expressly provided, will pay or reimburse the Warrant Agent upon written demand for all reasonable expenses, disbursements
and advances incurred or made by the Warrant Agent in accordance with any of the provisions of this Warrant Agreement (including the reasonable compensation, expenses and disbursements of its agents and counsel) except any such expense, disbursement
or advance as may arise from its or any of their gross negligence, willful misconduct or bad faith, and (b) 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 Warrant Agreement. 

Section 6.04. Reliance on Counsel. The Warrant Agent may consult with legal counsel (who may be legal counsel for the Company),
and the opinion of such counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by it in good faith and in accordance with such opinion or advice. 

Section 6.05. Proof of Actions Taken. Whenever in the performance of its duties under this Warrant Agreement the Warrant Agent
shall deem it necessary or desirable that any matter be proved or established by the Company prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may,
in the absence of bad faith on the part of the Warrant Agent, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Warrant Agent; and such Officer’s Certificate shall, in the absence of bad faith
on the part of the Warrant Agent, be full warrant to the Warrant Agent for any action taken, suffered or omitted in good faith by it under the provisions of this Warrant Agreement in reliance upon such certificate; but in its discretion the Warrant
Agent may in lieu thereof accept other evidence of such fact or matter or may require such further or additional evidence as to it may seem reasonable. 

Section 6.06. Correctness of Statements. The Warrant Agent shall not be liable for or by reason of any of the statements of fact
or recitals contained in this Warrant Agreement or in the Warrant Certificates (except its countersignature thereof and to the extent such statements describe actions taken or to be taken by the Warrant Agent) or be required to verify the same, and
all such statements and recitals are and shall be deemed to have been made by the Company only. 
 Section 6.07. Validity of
Agreement. The Warrant Agent shall not be under any responsibility in respect of the validity of this Warrant Agreement or the execution and delivery hereof (except the due authorization to execute this Warrant Agreement and the due execution
and delivery hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificates (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained
in this Warrant Agreement or in any Warrant Certificate. 

  
 35 

 Section 6.08. Use of Agents. The Warrant Agent may execute and exercise any of the
rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents, provided that the Warrant Agent shall remain responsible for the activities or omissions of any such attorney or agent
and commercially reasonable care has been exercised in the appointment and continued employment of such attorney or agent. 

Section 6.09. Liability of Warrant Agent. The Warrant Agent shall incur no liability or responsibility, except to the extent such
liability arises from the Warrant Agent’s gross negligence, willful misconduct or bad faith, to the Company or to any Warrantholder for any action taken in reliance on any notice, resolution, waiver, consent, order, certificate, or other paper,
document or instrument reasonably believed by it to be genuine and to have been signed, sent or presented by the proper party or parties. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all losses, expenses and
liabilities, including judgments, costs and reasonable counsel fees, for anything done or omitted in good faith by the Warrant Agent in the execution of this Warrant Agreement or otherwise arising in connection with this Warrant Agreement, except as
a result of the Warrant Agent’s gross negligence or willful misconduct or bad faith. 
 Section 6.10. Legal Proceedings.
The Warrant Agent shall promptly notify the Company in writing of any claim made or action, suit or legal proceeding instituted against it arising out of or in connection with this Warrant Agreement. 

Section 6.11. Other Transactions in Securities of the Company. The Warrant Agent in its individual or any other capacity may
become the owner of Warrants or other securities of the Company, or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though
it were not Warrant Agent under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 

Section 6.12. Actions as Agent. The Warrant Agent shall act hereunder solely as agent and not in a ministerial or fiduciary
capacity, and its duties shall be determined solely by the provisions hereof. The duties and obligations of the Warrant Agent shall be determined solely by the express provisions of the Warrant Agreement. No implied covenants or obligations shall be
read into the Warrant Agreement against the Warrant Agent. No provision of the Warrant 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 of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

  
 36 

 Section 6.13. Appointment and Acceptance of Agency. The Company hereby appoints the
Warrant Agent to act as agent for the Company in accordance with the instructions set forth in this Warrant Agreement, and the Warrant Agent hereby accepts the agency established by this Warrant Agreement and agrees to perform the same upon the
terms and conditions herein set forth. 
 Section 6.14. Successors and Assigns. All the covenants and provisions of this Warrant
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 hereunder. 

Section 6.15. Notices. 

(a) Any notice or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by any Warrantholder to or on the
Company shall be sufficiently given or made if sent electronically in PDF format or by mail first-class, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

SandRidge Energy, Inc. 
 123
Robert S. Kerr Avenue 
 Oklahoma City, OK 73102 

Attention: Philip Warman 

Telephone: (405) 429-6136 

Facsimile: (405) 429-6267 

E-mail: pwarman@sandridgeenergy.com 

with a copy to: 

Kirkland & Ellis LLP 

600 Travis Street, Suite 3300 

Houston, Texas 77002 
 Attention:
Matthew R. Pacey, P.C. 
 Telephone: (713) 835-3786 

Facsimile: (713) 835-3601 

E-mail: matt.pacey@kirkland.com 

Any notice or demand authorized by this Warrant Agreement to be given or made by any Warrantholder or by the Company to or on the Warrant
Agent shall be sufficiently given or made if sent electronically in PDF format or by mail first-class, 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 
 Attention: Reorganization Group 

Re: SandRidge Energy, Inc. Warrant Agreement 

Telephone: (781) 921-8200 

E-mail: ReorgWarrants@amstock.com 

  
 37 

 Unless the Warrant is a Global Warrant, any notice or communication shall be sufficiently given
or made if sent electronically in PDF format or mailed to the Warrantholder by first-class mail, postage prepaid to the last address of such Warrantholder as it shall appear on the Warrant Register. Any notice to the owners of a beneficial interest
in a Global Warrant may be distributed by electronic transmission through the Depositary in accordance with the procedures of the Depositary, and such notice shall be deemed to be effective at the time of dispatch to the Depositary. 

(b) In case the Company commences action: 

(i) that would require an adjustment in the applicable Exercise Price pursuant to Section 4.01; 

(ii) to effect any consolidation, merger, reclassification, exchange, substitution or other event in which the previously
outstanding shares of Common Stock shall be cancelled, reclassified or converted or changed into or exchanged for securities or other property (including cash) or any combination thereof; or 

(iii) to effect the voluntary or involuntary dissolution, liquidation or winding-up of the Company; 

then, and in each such case (unless notice of such event is otherwise required pursuant to another provision of this Warrant Agreement), the
Company shall cause to be filed with the Warrant Agent and shall deliver to each Warrantholder, in accordance with Section 6.15(a) (which may be through the procedures of the Depositary), (A) in the case of an action described in clause
(i) above, at least 10 days prior to the applicable date hereinafter specified or (B) in the case of an action described in clause (ii) or (iii) above, at least 20 days prior to the applicable date hereinafter specified, in each
case, a notice stating: (1) the date on which a record is to be taken for the purpose of such action by the Company or, if a record is not to be taken, the date as of which the holders of Common Stock of record are to be determined for the
purposes of such action by the Company, or (2) the date on which such event specified in clause (ii) or (iii) is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record
shall be entitled to exchange their Common Stock for securities or other property deliverable upon such event; provided that, notwithstanding the foregoing, in each case notice need not be provided in advance of public communication to
holders of the Common Stock of any of the foregoing events. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company. 

Section 6.16. Applicable Law. The validity, interpretation and performance of this Warrant Agreement and of the Warrant
Certificates shall be governed by the law of the State of New York without giving effect to the principles of conflicts of laws thereof. Each of the parties hereto irrevocably consents to the non-exclusive jurisdiction of the courts of the State of
New York or the courts of the United States located in the Borough 

  
 38 

 
of Manhattan, New York City, New York in connection with any action, suit or legal proceeding arising out of or relating to this Warrant Agreement. Each of the parties hereto irrevocably and
unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Warrant Agreement
or any Warrant Certificate brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to
plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 6.17. Benefit of this Warrant Agreement. Nothing in this Warrant 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 Warrantholders any right, remedy or claim under or by reason of this Warrant Agreement or of
any covenant, condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and agreements in this Warrant Agreement contained shall be for the sole and exclusive benefit of the parties hereto and their
successors and of the Warrantholders. 
 Section 6.18. Registered Warrantholders. Prior to due presentment for registration of
transfer, the Company and the Warrant Agent may deem and treat the Person in whose name any Warrants are registered in the Warrant Register as the absolute owner thereof for all purposes whatever (notwithstanding any notation of ownership or other
writing thereon made by anyone other than the Company or the Warrant Agent) and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary or be bound to recognize any equitable or other claim to or interest in any
Warrants on the part of any other Person and shall not be liable for any registration of transfer of Warrants that are registered or to be registered in the name of a fiduciary or the nominee of a fiduciary unless made with actual knowledge that a
fiduciary or nominee is committing a breach of trust in requesting such registration of transfer or with such knowledge of such facts that its participation therein amounts to bad faith. 

Section 6.19. Inspection of this Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times
for inspection by any registered Warrantholder at the principal office of the Warrant Agent (or successor Warrant Agent). The Warrant Agent may require any such holder to submit his Warrant Certificate for inspection by it before allowing such
holder to inspect a copy of this Warrant Agreement. 
 Section 6.20. Headings. The Article and Section headings herein are for
convenience only and are not a part of this Warrant Agreement and shall not affect the interpretation thereof. 
 Section 6.21.
Counterparts. This Warrant Agreement may be executed in any number of counterparts on separate counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute one and the same
instrument. The exchange of copies of this Warrant Agreement and of signature 

  
 39 

 
pages by e-mail or PDF transmission shall constitute effective execution and delivery of this Warrant Agreement as to the parties hereto and may be used in lieu of the original Warrant Agreement
for all purposes. Signatures of the parties hereto transmitted by e-mail or PDF shall be deemed to be their original signatures for all purposes. 

Section 6.22. Termination. This Warrant Agreement shall terminate at the Expiration Date (or Close of Business on the Settlement
Date for any Warrants exercised on or prior to the Expiration Date to the extent the Company shall have performed all of its obligations in respect thereof and solely as to such Warrants). Notwithstanding the foregoing, this Warrant Agreement will
terminate on such earlier date on which all outstanding Warrants have been exercised and the Company shall have performed all of its obligations in respect thereof. All provisions regarding indemnification, warranty, liability and limits thereon
shall survive the termination or expiration of this Warrant Agreement. 
 Section 6.23. Severability. Wherever possible, each
provision of this Warrant Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant Agreement shall be prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Warrant Agreement. 

Section 6.24. Entire Agreement. This Warrant Agreement and the Warrant Certificates constitute the entire agreement of the
Company, the Warrant Agent and the Warrantholders with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the Company, the Warrant Agent and the Warrantholders with respect to the
subject matter hereof. 
 Section 6.25. Force Majeure. Notwithstanding anything to the contrary contained herein, no party shall
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. 

Section 6.26. Proceedings by Holders; Specific Performance. Each holder of a Warrant shall have the right to receive delivery of
any consideration due upon exercise of such Warrant, on or after the respective due dates provided for in such Warrant or in this Warrant Agreement, or to institute suit for the enforcement of any such delivery. Any Person having rights under any
provision of this Warrant Agreement shall be entitled to enforce such rights specifically, to recover damages caused by reason of any breach of any provision of this Warrant Agreement and to exercise all other rights existing in their favor. The
parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of this Warrant Agreement and that any party may in its sole discretion apply to any court of law or equity of competent
jurisdiction for specific performance and/or injunctive relief (without posting any bond or 

  
 40 

 
other security) in order to enforce or prevent violation of the provisions of this Warrant Agreement and shall not be required to prove irreparable injury to such party or that such party does
not have an adequate remedy at law with respect to any breach of this Warrant Agreement (each of which elements the parties admit). The parties hereto further agree and acknowledge that each and every obligation applicable to it contained in this
Warrant Agreement shall be specifically enforceable against it and hereby waives and agrees not to assert any defenses against an action for specific performance of their respective obligations hereunder. All rights and remedies existing under this
Warrant Agreement are cumulative to, and not exclusive of, any rights or remedies available under this Warrant Agreement or otherwise. 

  
 41 

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

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

		 	Name:	 	Julian Bott
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Warrant Agent
		
	By:	 	 /s/ Paula Caroppoli

		 	Name:	 	Paula Caroppoli
		 	Title:	 	Senior Vice President

  
 [Signature Page to
Warrant Agreement] 

 EXHIBIT A 

FORM OF GLOBAL WARRANT LEGEND1 

UNLESS THIS GLOBAL WARRANT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO SANDRIDGE ENERGY, INC., A DELAWARE CORPORATION, THE CUSTODIAN OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFER
OF THIS GLOBAL WARRANT SHALL BE LIMITED TO TRANSFERS IN WHOLE, AND NOT IN PART, TO THE COMPANY, DTC, THEIR SUCCESSORS AND THEIR RESPECTIVE NOMINEES. 
  

 

	1 	Insert for Global Warrant. 

  
 A-1 

 EXHIBIT B-1 

FORM OF SERIES A WARRANT CERTIFICATE 

[FACE] 
 SANDRIDGE ENERGY, INC.

 Series A Warrants 
  

	 No.              
	 CUSIP No. 80007P 117 

NUMBER OF WARRANTS: Initially, 4,913,251 Warrants, subject to adjustment as described in the Warrant Agreement dated as of October 4,
2016 between SANDRIDGE ENERGY, INC., a Delaware corporation, and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Warrant Agent (as may be further amended or supplemented from time to time in accordance with its terms, the “Warrant
Agreement”), each of which is initially exercisable for one share of Common Stock, subject to adjustment as described in the Warrant Agreement. 

SERIES A EXERCISE PRICE: Initially, $41.34 per Warrant, subject to adjustment as described in the Warrant Agreement. 

FORM OF SETTLEMENT: 
 Full
Physical Settlement: If the Common Stock is not listed on a National Securities Exchange on the applicable Exercise Date and Full Physical Settlement is elected, the Company shall deliver, against payment of the Exercise Price therefor, a number
of shares of Common Stock equal to the Full Physical Settlement Amount as described in the Warrant Agreement. 
 Net Share
Settlement: If Net Share Settlement is elected, the Warrantholder shall be entitled to receive, without any payment therefor, a number of shares of Common Stock equal to the Net Share Amount as described in the Warrant Agreement. 

DATES OF EXERCISE: At any time, and from time to time, prior to 5:00 p.m., New York City time, on the Expiration Date, the Warrantholder shall
be entitled to exercise all Warrants then represented hereby and outstanding or any portion thereof. 
 PROCEDURE FOR EXERCISE: Warrants may
be exercised by (a) in the case of a Certificated Warrant, surrendering the Warrant Certificate evidencing such Warrant at the principal office of the Warrant Agent (or successor Warrant Agent), with the Exercise Notice set forth on the reverse
of the Warrant Certificate duly completed and executed, together with any applicable transfer taxes, or (b) in the case of a Global Warrant, complying with the procedures established by the Depositary for the exercise of Warrants. 

EXPIRATION DATE: October 4, 2022. 

  
 B-1-1 

 This Warrant Certificate certifies that [CEDE & CO.]2 [                    ]3, or its
registered assigns, is the Warrantholder of the Number of Warrants (the “Warrants”) specified above[, as modified in Schedule A hereto,]4 (such number subject to adjustment from
time to time as described in the Warrant Agreement). 
 In connection with the exercise of any Warrants: (a) in the case of Net Share
Settlement, (i) the Company shall determine the Net Share Amount for each Warrant, and (ii) the Company shall, or shall cause the Warrant Agent to, deliver to the exercising Warrantholder, on the applicable Settlement Date, for each
Warrant exercised, a number of shares of Common Stock equal to the relevant Net Share Amount, together with cash in lieu of any fractional shares as described in the Warrant Agreement; and (b) in the case of Full Physical Settlement, the
Company shall, or shall cause the Warrant Agent to, deliver to the exercising Warrantholder, on the applicable Settlement Date, against payment of the applicable Exercise Price for each Warrant exercised, the Full Physical Settlement Amount as
described in the Warrant Agreement. 
 Prior to the relevant Exercise Date as described more fully in the Warrant Agreement, Warrants will
not entitle the Warrantholder to any of the rights of the holders of shares of Common Stock. 
 Reference is hereby made to the further
provisions of this Warrant Certificate set forth on the reverse hereof, and such further provisions shall for all purposes have the same effect as though fully set forth in this place. 

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

In the event of any inconsistency between the Warrant Agreement and this Warrant Certificate, the Warrant Agreement shall govern. 

 
  

	2 	Insert for Global Warrant. 

	3 	Insert for Certificated Warrant. 

	4 	Insert for Global Warrant. 

  
 B-1-2 

 IN WITNESS WHEREOF, SandRidge Energy, Inc. has caused this instrument to be duly executed. 

 

	
	Dated:                                     
                                    

  

			
	SANDRIDGE ENERGY, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-1-3 

 Certificate of Authentication 

These are the Warrants referred to in the above-mentioned Warrant Agreement. 

Countersigned as of the date above written: 
  

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Warrant Agent
		
	By:	 	  

		 	Authorized Officer
		 	
		 	

  
 B-1-4 

 [FORM OF REVERSE OF WARRANT CERTIFICATE] 

SANDRIDGE ENERGY, INC. 

Series A Warrants 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants issued by the Company pursuant to the Warrant Agreement, dated as of October 4, 2016 (as may be further amended or supplemented from time to time in
accordance with its terms, the “Warrant Agreement”), between the Company and American Stock Transfer & Trust Company, LLC (the “Warrant Agent”), and are subject to the terms and provisions contained in the
Warrant Agreement, to all of which terms and provisions each Warrantholder consents by acceptance of this Warrant Certificate or a beneficial interest herein. Without limiting the foregoing, all capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent’s Office. 

The Warrant Agreement and the terms of the Warrants are subject to amendment as provided in the Warrant Agreement. 

This Warrant Certificate shall be governed by, and interpreted in accordance with, the laws of the State of New York without regard to the
conflicts of laws principles thereof. 

  
 B-1-5 

 [To be attached if Warrant is a Certificated Warrant] 

Exercise Notice 
 Series A
Warrants 
 American Stock Transfer & Trust Company, LLC 

6201 15th Avenue 
 Brooklyn, New York 11219 

Attention: Reorganization Group 
 Re: SandRidge Energy, Inc.
Warrant Agreement 
 The undersigned (the “Registered Warrantholder”) hereby irrevocably exercises
                     Warrants (the “Exercised Warrants”) and delivers to you herewith a Warrant Certificate or Warrant
Certificates, registered in the Registered Warrantholder’s name, representing a Number of Warrants at least equal to the number of Exercised Warrants, pursuant to the following settlement method (check one): 

 

	 	☐	Net Share Settlement 

  

	 	☐	Full Physical Settlement 

 (Full Physical Settlement may only be elected if the Common Stock is
not listed on a National Securities Exchange as of the Exercise Date) 
 If Full Physical Settlement is elected, the undersigned shall
tender payment of the aggregate Exercise Price of $         in immediately available funds in accordance with instructions received from the Warrant Agent. 

The Registered Warrantholder hereby directs the Warrant Agent to: 

(a) deliver the Full Physical Settlement Amount or Net Share Amount, as applicable, for each of the Exercised Warrants as follows: 

                       
                                         
                                         
                                         
                                         
      ; and 
 (b) if the number of Exercised Warrants is less than the Number of Warrants represented by the
enclosed Warrant Certificates, to deliver a Warrant Certificate representing the unexercised Warrants to: 
  

                       
                                         
                                         
                                         
                                         
      

  
 B-1-6 

									
	Dated:	 	  
	 		 	  

		 		 		 	(Registered Warrantholder)
					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signature
		 		 		 		 	Address:
		 		 		 		 	Telephone:

  
 B-1-7 

 [To Be Attached if Warrant is a Global Warrant] 

SCHEDULE A 
 SCHEDULE OF
INCREASES OR DECREASES IN WARRANTS 
 Series A Warrants 

The initial Number of Warrants represented by this Global Warrant is 4,913,251. In accordance with the Warrant Agreement, dated as of
October 4, 2016, between the Company and American Stock Transfer & Trust Company, LLC, as Warrant Agent, the following increases or decreases in the Number of Warrants represented by this certificate have been made: 

 

													
	 Date
	 	 Amount of increase

in Number of
 Warrants
evidenced
 by this Global

Warrant
	 	 Amount of decrease

in Number of

Warrants
 evidenced by
this
 Global

Warrant
	  	Number of
Warrants
evidenced by this
Global Warrant
following
such decrease or
increase	 	  	Signature of
authorized
signatory	 
		 		 		  				  			
		 		 		  				  			
		 		 		  				  			

  
 B-1-8 

 [To Be Attached if Warrant is a Global Warrant or Certificated Warrant] 

FORM OF ASSIGNMENT 
 Series
A Warrants 
 FOR VALUE RECEIVED, the undersigned assigns and transfers the Warrant(s) represented by this Certificate to: 

 

	
	                                      
                          
	Name, Address and Zip Code of Assignee

					
		
	and irrevocably appoints	 	  

		 	Name of Agent

 as its agent to transfer this Warrant Certificate on the books of the Warrant Agent. 

[Signature page follows] 

  
 B-1-9 

									
	Dated:	 	  
	 		 	  

		 		 		 	Name of Transferee
					
		 		 		 	By:	 	  

		 		 		 		 	Name:
		 		 		 		 	Title:

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

NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and
credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended. 

  
 B-1-10 

 EXHIBIT B-2 

FORM OF SERIES B WARRANT CERTIFICATE 

[FACE] 
 SANDRIDGE ENERGY, INC.

 Series B Warrants 
  

	 No.              
	 CUSIP No. 80007P 125 

NUMBER OF WARRANTS: Initially, 2,068,690 Warrants, subject to adjustment as described in the Warrant Agreement dated as of October 4,
2016 between SANDRIDGE ENERGY, INC., a Delaware corporation, and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Warrant Agent (as may be further amended or supplemented from time to time in accordance with its terms, the “Warrant
Agreement”), each of which is initially exercisable for one share of Common Stock, subject to adjustment as described in the Warrant Agreement. 

SERIES B EXERCISE PRICE: Initially, $42.03 per Warrant, subject to adjustment as described in the Warrant Agreement. 

FORM OF SETTLEMENT: 
 Full
Physical Settlement: If the Common Stock is not listed on a National Securities Exchange on the applicable Exercise Date and Full Physical Settlement is elected, the Company shall deliver, against payment of the Exercise Price therefor, a number
of shares of Common Stock equal to the Full Physical Settlement Amount as described in the Warrant Agreement. 
 Net Share
Settlement: If Net Share Settlement is elected, the Warrantholder shall be entitled to receive, without any payment therefor, a number of shares of Common Stock equal to the Net Share Amount as described in the Warrant Agreement. 

DATES OF EXERCISE: At any time, and from time to time, prior to 5:00 p.m., New York City time, on the Expiration Date, the Warrantholder shall
be entitled to exercise all Warrants then represented hereby and outstanding or any portion thereof. 
 PROCEDURE FOR EXERCISE: Warrants may
be exercised by (a) in the case of a Certificated Warrant, surrendering the Warrant Certificate evidencing such Warrant at the principal office of the Warrant Agent (or successor Warrant Agent), with the Exercise Notice set forth on the reverse
of the Warrant Certificate duly completed and executed, together with any applicable transfer taxes, or (b) in the case of a Global Warrant, complying with the procedures established by the Depositary for the exercise of Warrants. 

  
 B-2-1 

 EXPIRATION DATE: October 4, 2022. 

This Warrant Certificate certifies that [CEDE & CO.]5
[                    ]6, or its registered assigns, is the Warrantholder of the Number of
Warrants (the “Warrants”) specified above[, as modified in Schedule A hereto,]7 (such number subject to adjustment from time to time as described in the Warrant Agreement). 

In connection with the exercise of any Warrants: (a) in the case of Net Share Settlement, (i) the Company shall determine the Net
Share Amount for each Warrant, and (ii) the Company shall, or shall cause the Warrant Agent to, deliver to the exercising Warrantholder, on the applicable Settlement Date, for each Warrant exercised, a number of shares of Common Stock equal to
the relevant Net Share Amount, together with cash in lieu of any fractional shares as described in the Warrant Agreement; and (b) in the case of Full Physical Settlement, the Company shall, or shall cause the Warrant Agent to, deliver to the
exercising Warrantholder, on the applicable Settlement Date, against payment of the applicable Exercise Price for each Warrant exercised, the Full Physical Settlement Amount as described in the Warrant Agreement. 

Prior to the relevant Exercise Date as described more fully in the Warrant Agreement, Warrants will not entitle the Warrantholder to any of
the rights of the holders of shares of Common Stock. 
 Reference is hereby made to the further provisions of this Warrant Certificate set
forth on the reverse hereof, and such further provisions shall for all purposes have the same effect as though fully set forth in this place. 

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

In the event of any inconsistency between the Warrant Agreement and this Warrant Certificate, the Warrant Agreement shall govern. 

 
  

	5 	Insert for Global Warrant. 

	6 	Insert for Certificated Warrant. 

	7 	Insert for Global Warrant. 

  
 B-2-2 

 IN WITNESS WHEREOF, SandRidge Energy, Inc. has caused this instrument to be duly executed. 

 

	
	Dated:                                     
                                    

  

			
	SANDRIDGE ENERGY, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-2-3 

 Certificate of Authentication 

These are the Warrants referred to in the above-mentioned Warrant Agreement. 

Countersigned as of the date above written: 
  

			
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Warrant Agent
		
	By:	 	  

		 	Authorized Officer

  
 B-2-4 

 [FORM OF REVERSE OF WARRANT CERTIFICATE] 

SANDRIDGE ENERGY, INC. 

Series B Warrants 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants issued by the Company pursuant to the Warrant Agreement, dated as of October 4, 2016 (as may be further amended or supplemented from time to time in
accordance with its terms, the “Warrant Agreement”), between the Company and American Stock Transfer & Trust Company, LLC (the “Warrant Agent”), and are subject to the terms and provisions contained in the
Warrant Agreement, to all of which terms and provisions each Warrantholder consents by acceptance of this Warrant Certificate or a beneficial interest herein. Without limiting the foregoing, all capitalized terms used herein and not otherwise
defined shall have the meanings set forth in the Warrant Agreement. A copy of the Warrant Agreement is on file at the Warrant Agent’s Office. 

The Warrant Agreement and the terms of the Warrants are subject to amendment as provided in the Warrant Agreement. 

This Warrant Certificate shall be governed by, and interpreted in accordance with, the laws of the State of New York without regard to the
conflicts of laws principles thereof. 

  
 B-2-5 

 [To be attached if Warrant is a Certificated Warrant] 

Exercise Notice 
 Series B
Warrants 
 American Stock Transfer & Trust Company, LLC 

6201 15th Avenue 
 Brooklyn, New York 11219 

Attention: Reorganization Group 
 Re: SandRidge Energy, Inc.
Warrant Agreement 
 The undersigned (the “Registered Warrantholder”) hereby irrevocably exercises
                     Warrants (the “Exercised Warrants”) and delivers to you herewith a Warrant Certificate or Warrant
Certificates, registered in the Registered Warrantholder’s name, representing a Number of Warrants at least equal to the number of Exercised Warrants, pursuant to the following settlement method (check one): 

 

	 	☐	Net Share Settlement 

  

	 	☐	Full Physical Settlement 

 (Full Physical Settlement may only be elected if the Common Stock is
not listed on a National Securities Exchange as of the Exercise Date) 
 If Full Physical Settlement is elected, the undersigned shall
tender payment of the aggregate Exercise Price of $         in immediately available funds in accordance with instructions received from the Warrant Agent. 

The Registered Warrantholder hereby directs the Warrant Agent to: 

(a) deliver the Full Physical Settlement Amount or Net Share Amount, as applicable, for each of the Exercised Warrants as follows: 

                       
                                         
                                         
                                         
                                   ; and 

(b) if the number of Exercised Warrants is less than the Number of Warrants represented by the enclosed Warrant Certificates, to deliver a
Warrant Certificate representing the unexercised Warrants to: 
  

                       
                                         
                                         
                                         
                                   

  
 B-2-6 

									
	Dated:	 	  
	 		 	  

		 		 		 	(Registered Warrantholder)
					
		 		 		 	By:	 	  

		 		 		 		 	Authorized Signature
		 		 		 		 	Address:
		 		 		 		 	Telephone:

  
 B-2-7 

 [To Be Attached if Warrant is a Global Warrant] 

SCHEDULE A 
 SCHEDULE OF
INCREASES OR DECREASES IN WARRANTS 
 Series B Warrants 

The initial Number of Warrants represented by this Global Warrant is 2,068,690. In accordance with the Warrant Agreement, dated as of
October 4, 2016, between the Company and American Stock Transfer & Trust Company, LLC, as Warrant Agent, the following increases or decreases in the Number of Warrants represented by this certificate have been made: 

 

									
	 Date
	 	 Amount of increase

in Number of
 Warrants
evidenced
 by this Global

Warrant
	 	 Amount of decrease

in Number of

Warrants
 evidenced by
this
 Global

Warrant
	  	Number of
Warrants
evidenced by this
Global Warrant
following
such decrease or
increase	  	Signature of
authorized
signatory

  
 B-2-8 

 [To Be Attached if Warrant is a Global Warrant or Certificated Warrant] 

FORM OF ASSIGNMENT 
 Series
B Warrants 
 FOR VALUE RECEIVED, the undersigned assigns and transfers the Warrant(s) represented by this Certificate to: 

 

	
	                                      
                          
	Name, Address and Zip Code of Assignee

					
		
	and irrevocably appoints	 	  

		 	 Name of Agent

 as its agent to transfer this Warrant Certificate on the books of the Warrant Agent. 

[Signature page follows] 

  
 B-2-9 

											
	Dated:	 		 	  
	 		 	  

		 		 		 		 	Name of Transferee
						
		 		 		 		 	By:	 	  

		 		 		 		 		 	Name:
		 		 		 		 		 	Title:

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

NOTICE: The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and
credit unions with membership in an approved signature guarantee medallion program), pursuant to Rule 17Ad-15 promulgated under the Securities Exchange Act of 1934, as amended. 

  
 B-2-10 

 EXHIBIT C 

FORM OF COMMON STOCK REQUISITION ORDER 

[Date] 
 Via Facsimile
[                    ] 
 SandRidge Energy, Inc.

 123 Robert S. Kerr Avenue 
 Oklahoma City, Oklahoma 73102

	Re:	DWAC Issuance 

 Control No. 

Ladies and Gentlemen: 
 You are hereby
authorized to issue and deliver the shares of Common Stock as indicated below via DWAC. The shares are being issued to cover the exercise of Warrants under the Warrant Agreement, dated as of October 4, 2016, between the Company and American
Stock Transfer & Trust Company, LLC, as Warrant Agent (as may be further amended or supplemented from time to time in accordance with its terms, the “Warrant Agreement”). Defined terms used but not defined herein have the
meaning assigned to them in the Warrant Agreement. 
  

							
	Number of Shares:	 	  
	 	
		 	  
	 	Original Issue or	 	
		 	  
	 	Transfer from Treasury Account	 	
			
	Broker Name:	 	  
	 	
	Broker’s DTC Number:	 	  
	 	
	Contact and Phone:	 	  
	 	

  
 C-1 

 The Broker will initiate the DWAC transaction on (date). 

 

			
	 Sincerely,
  

AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Warrant Agent

		
	By:	 	  

		 	Name:
		 	Title:

  

	cc:	[Insert name] via facsimile [insert fax number] 

 Broker 

  
 C-2

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